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Rates Of Return
Spraberry Play
  Economics : Rates of Return/ IRR

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FLAT TOP DEVELOPMENT DELIVERS TOP TIER ECONOMICS(1) Base Capital Economics 90/bbl 100/bbl 110/bbl D,C,E&F Capital (mm) 7.25 Gross IP365 (Boe/d) 509 % oil 92% Oil EUR (Mbo) 701 Gas EUR (Mmcf) 569 Total EUR (Mboe) 795 Reserves (% oil / % liquid) 84% / 94% F&D (/Boe) 11.56 NPV10 (mm) 18 21 24 IRR 190% 200% 200% Recycle Ratio2 5.8x 6.7x 7.6x Payout (years)3 0.6 0.5 0.5 Single well economics deliver quick payout & high NPV10 Low break-even oil price of 29/bbl 1. Single well economics based on average type curves from year-end 2021 reserve report for Lower Spraberry & Wolfcamp A for 12,500 laterals 3. From first production. 2. Recycle Ratio calculated using Q1/22 differentials & costs excluding G&A & hedging expenses 21
HighPeak Energy
May 2022

Long Reinvestment Runway Provides Development Optionality Parsley Drill Spacing Unit (DSU)(1) Other Parsley Acreage 2019 Action Plan Publication Date: February 2019 (167,000 net acres)(2) (22,000 net acres)(2) Development Inventory (1) DrilledDrilled Durable, geographically balanced Inventory Life: As of YE18 DSU Development Inventory (3) 2019E 2018 Development Program DSU Development (2) (3) Program inventory enables shift to a more ROR- ANDREWS HOWARD focused development approach in 2019 Development Pace: 1.35MM ft/yr 2019E Inventory LifeDevelopment at 2019EProgram Pace(3) (4) Remaining DSU Inventory Life at 2019E Pace(4)(5) Higher concentration of activity in MARTIN Martin, Midland, and Upton Counties HOWARD Combination of upsized fracs and wider spacing in select areas Over a decade of running room in GLASSCOCK each distinct core geography at 2019 development patterns 2017-2018 Development Approach MIDLAND ECTOR Geographically balanced program Emphasis on resource discovery and delineation WARD Central Basin Platform CRANE UPTON PECOS REAGAN REEVES (1) Leasehold where Parsley can drill or propose drilling horizontal wells with lateral lengths equal to or greater than 1-mile; (2) As of 6/30/2019 pro forma for 2019 acreage expirations recorded in 4Q18; (3) Development inventory includes operated locations in Lower Spraberry, Wolfcamp A, Wolfcamp B, and Wolfcamp C zones in defined DSUs. Darker shade of blue represents actual 2018 development program; (4) Based on 2019E activity levels in each development area; (5) Bottom of inventory range represents development of inventory in defined DSUs utilizing increased proppant and wider spacing configuration, consistent with 2019 development approach and is comprised of 26 21 million gross (22 million net) lateral feet in proven formations (Lower Spraberry, Wolfcamp A, Wolfcamp B, and Wolfcamp C zones). Top of inventory range represents full development inventory in defined DSUs and is comprised of 35 million gross (30 million net) lateral feet in proven formations.
Parsley Energy Inc.
January 2020

Significant Position in the Midland Basin 30,200 Total Net Acres in Core of Midland Basin Midland Basin Overview 866 gross locations Significant Operated Position in Midland Basin(1) 23,300 net acres, 94% average working interest, 500 gross locations 2Q 2019 Net Production of 11,392 Boe/d(2) (58% oil, 81% liquids) Wells in progress drive immediate production growth Attractive Rates of Returns (ROR)(3) Single well RORs of 60% to +100% Position Delineated In Multiple Benches Strong offset results in the Wolfcamp A and B, Lower Spraberry, Additional Spraberry and Wolfcamp Benches ESTE Operated Completion Evolution Sets Stage for Further Well ESTE Non-Operated Performance Improvement (1) Does not include non-operated position (2) Represents reported sales volumes for both operated and non-operated properties 15 (3) Single well rates of return based on flat price deck of Oil 60.00/Bbl, Gas - 3.00/Mcf before deductions for transportation, gathering and quality differential
Earthstone Energy Inc.
September 2019
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