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Break Even
Spraberry Play
  Economics : Break-Even

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Top tier economics Single-Well Breakeven Prices ( / Bbl) 55 40 25 Note: Assumes 10% IRR, based on flat oil price of 50/bbl and gas price of 3/mmbtu Source: Evercore ISI 6

bakken stack meramec midland permian delaware basin

eagle ford

watternberg

cana woodford

wolfberry

spraberry

 

Newfield Exploration Co.
September 2017

WildHorse Returns Rival the Premier Basins Break-even prices based on before tax half-cycle IRRs of 30% Oil Breakevens by Play 79.20 / Bbl 76.81 70.64 80.00 62.86 60.89 60.77 57.49 55.50 53.13 51.88 50.40 50.00 49.69 49.20 60.00 48.23 48.19 48.04 47.60 46.70 45.83 44.81 44.70 43.46 43.22 42.69 40.79 36.02 40.00 20.00 0.00 Gas Breakevens by Play / MMBtu 5.41 5.34 6.00 4.53 4.45 4.41 3.95 3.84 3.83 3.81 3.69 3.67 4.50 3.66 3.65 3.59 3.57 3.54 3.27 3.23 3.21 3.14 2.87 2.47 2.45 3.00 1.50 0.00 Note: Break-evens per Wall Street Research based on strip pricing as of 9/1/16. Break-even prices based on before tax half-cycle IRRs of 30%. IRRs elsewhere in presentation based on Consensus Pricing as of 11/15/2016. See slides 16 and 27 for more information on WildHorse IRR calculations at consensus pricing. 1. Midland Basin Lower Spraberry comprised of Core Midland Lower Spraberry, Western Glasscock Lower Spraberry, Howard County Lower Spraberry. 2. Wolfcamp A&B comprised of Core Midland Wolfcamp A&B, Western Glasscock Wolfcamp A&B, Howard County Wolfcamp A&B, Midland East Glassock Wolfcamp A&B. 8 3. Stack Meramec comprised of STACK Meramec Normal-Pressured Oil, STACK Meramec Over-Pressured Oil. 4. Delaware Basin comprised of Delaware Basin Loving Wolfcamp A, Delaware Basin Reeves Wolfcamp A, Delaware Basin NM Avalon/Leonard.
WildHorse Resource Development
April 2017

ROR (%) 0% 20% 40% 60% 80% 100% 120% 140% 160% Meramec Overpressured oil Bakken Core Midland Northern Wolfcamp A & B Tier I Wattenberg Core Marcellus NE PA Delaware Wolfcamp Tier I Meramec Oil Lower Spraberry Delaware Bone Spring & Leonard Utica Dry Gas 82% of CLR SCOOP Condensate D&C capital Marcellus SW Dry gas Non Core Source: Bank of America Merrill Lynch, December 2016 Marcellus SW Wet Gas and Super Rich Central Platform Permian SCOOP Oil Canyon Lime Delaware Wolfcamp Tier II Meramec Wet Gas Plays in the Country Powder River Basin UticaWet gas Haynesville / East Texas Eastern Midland Wolfcamp Southern Midland Wolfcamp Eagle Ford Tier 3 Eagle Ford Tier 2 Cana Midland Wolfcamp D FayettevilleTier 1 Wattenberg Noncore Eaglebine Single Well Rate of Return 60 WTI & 3.50 HH Barnett Bakken Noncore Uinta Basin and Greater Natural Buttes Delaware Wolfcamp Tier 3 Fayetteville Tier 2 Delaware Brushy Canyon Fayetteville Tier 3 185,000 NET ACRES STACK WOODFORD BAKKEN 200,000 NET ACRES 848,000 NET ACRES STACK MERAMEC/OSAGE 1.78 Million Net Reservoir Acres 82% of 2017 D&C Capital Allocated to Top Two ROR Oil 3 346,000 NET ACRES SCOOP WOODFORD SCOOP SPRINGER 200,000 NET ACRES
Continental Resources, Inc.
March 2017
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