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  Economics : Rates of Return/ IRR

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Well Positioned to Navigate Evolving Regulatory Environment Diverse Portfolio of Assets and Positive Alignment with Stakeholder Interests EOGs Non-Federal vs. Federal Position Multi-Basin Portfolio Supports Flexible Development 10,500 4.3 MM Net Acres - 8+ Year Development Plan Using Non-Federal Inventory Yields Similar Capital Efficiency to 2020 Plan - Strong Non-Federal Premium Inventory 50% of 4,500+ Wells that Earn 30%+ Direct ATROR at 30 State or Located on Non-Federal Lands Private State or - More Than 2,500 Federal Permits Approved or in Progress 51% Private 75% - Currently Drilling in Six Basins with Active Exploration Program Across 10+ Basins - 80% of Total Federal Acreage Held by Production 90% of Permian Basin Federal Acreage Held by Production Federal EOG Well Aligned with Stakeholder Interests 49% Federal - Revenues from Federal Lands Shared with States 25% - Oil and Gas Revenues Provide Significant Budget Support Public Education, Health Care, Infrastructure Projects Premium Locations1 U.S Acreage2 - Job Creation and Economic Benefits to Local Communities (1) 46% of Permian and 5% of Powder River Basin premium locations are on Non-Federal land. (2) As of December 31, 2019. 50% of Permian and 33% of Powder River Basin acreage is on Non-Federal land. Barclays 2020 22
EOG Resources, Inc.
September 2020

ATAX IRR (%) 20% 40% 60% 80% 0% 100% Ellerslie Frobisher/Alida Marten Hills Montney Montney Montney Eagle Ford Eagle Ford Condy Marcellus Viking Montney Cantuar Mannville Ellerslie Charlie Lake Montney Upper Mannville Frobisher / Alida SE SK Unfracked Dunvegan Montney Upper Mannville Montney Montney Bakken Permian SE SK Bakken Midale Bakken Montney Cold Lake SE SK Fracked Midale Cardium Duvernay Austin Chalk Permian Viking Provost Permian Cold Lake Permian SW SK Viking Shaunavon Mannville Ratcliffe/Midale Cardium Montney VET Sparky Eagle Ford Permian Permian ROBUST RETURNS AMONGST NORTH AMERICAN PROJECTS Gething Ratcliffe/Midale Woodford Permian Permian Permian Montney Bakken Uinta Spirit River Bakken Permian Oil/Liquids Cardium Permian Cardium Pembina Powder River Beaverhill Lake Eagle Ford Montney Shannon; Vermilion capital program targets the Turner only in the Hilight area of the Powder River Basin. ** Permian -3%; Mississippian Mid-Con -4%. PROJECT RANKING BY ATAX IRR Duvernay Montney Permian Gas Utica Permian Utica PRB Parkman / Montney Turner / Shannon* Marcellus Deep Basin Woodford Bakken Bakken Torquay NORTH AMERICAN PROJECT RANKING Montney Woodford Permian SAGD - Heavy Oil Montney Marcellus Spirit River Duvernay Marcellus Marcellus DJ Basin Montney Scotia Capital research, November 2019. Price assumptions: WTI US55/bbl, HH Natural Gas US2.50/mcf, AECO 1.85/mcf, USD/CAD 0.76. * Scotia analyzes a composite of the Parkman / Turner / Eagle Ford Duvernay Woodford Haynesville SAGD - Oil Sands Spirit River DJ Basin Eagle Ford Woodford Gulf Coast Eagle Ford Permian Marcellus Permian** Mississippian** 25
Vermilion Energy Inc.
September 2020

DJ Basin: Analysts See the Value of the Basin Competitive with all other basins 90 70 % 63 % 83 Breakeven (PV-10, 20:1 WTI:HH Ratio, US / bbl) 80 74 60 % 54 % 70 70 67 64 50 % 58 59 60 55 50 50 48 48 48 48 40 % 41 % 41 % 45 46 IRR 41 30 % 38 39 39 40 30 % 34 31 % 34 % 30 25 % 23 % 20 % 20 % 19 % 20 17 % 10 % 10 11 % 11 % 5% 3% 4% 7% 0% 6% 0 0% (1) Piceance Basin Permian STACK Eagle Ford Powder River Basin SCOOP Haynesville TMS Marcellus Cotton Valley Barnett Gulf Coast Arkoma Woodford DJ Basin Bakken SK Bakken Utica Montney Fayetteville Uinta Basin Half Cycle: Excludes Acreage Acquisition Costs Source: RS Energy Group. Note: Basin breakeven reflect single well economics. (1) Permian basin breakeven represents Midland basin breakeven.
Extraction Oil and Gas
May 2019

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