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

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Breakeven (PV10, 20:1 WTI:HH Ratio) 20 40 60 80 0 100 120 TMS /BBL Stella Kraken Mariner Western Isles Barnett Arkoma Woodford Granite Wash Fayetteville Uinta Basin Mississippi Lime Libra Big Foot Utica Upper Devonian Gulf Coast Atlanta-Oliva Piceance Basin Jack/St Malo Perdido Shenandoah Martin Linge Ivar Aasen Amoca Offshore Guyana: Anchor Stampede Cascade/Chinook North Park Basin OCTP Offshore TEN Greater Green River Basin Appomattox Gina Krog Catcher North Platte Golden Eagle Sapinhoa Duvernay Lula Haynesville Jupiter Onshore Tonkawa Powder River Basin Cotton Valley Cleveland Edvard Grieg Johan Castberg Heidelberg Mad Dog 2 Montney Liza Bakken SK Bakken SCOOP Eaglebine Deep Basin Zama Cold Flow Heavy FAN Vito Solan Sepia Shaunavon STACK Marcellus Trion Lapa Eagle Ford Iara NW Shelf Itapu Stones San Juan Basin Lancaster RS Energy Analysis of 50 Top Offshore Developments & Shale Plays Carcara DJ Basin SNE Lucius Liza breakeven lowest of global offshore developments and shale plays CBP Johan Sverdup Buzios Viking Delaware Midland Buzzard Jubilee Source: RS Energy Group OFFSHORE FIRST CLASS The L.I.Z.A Framework (January 2018); onshore single well breakeven include facility and G&A costs and exclude acquisition costs. Liza Liza 13
Hess Corp
September 2018

Anadarko Basin Strong acreage position of 122,000 net acres (90,000 in Texas and 32,000 in Oklahoma) Consistent results in the Cleveland, with encouraging early results in the Marmaton, Cottage Grove and Tonkawa horizons Primary horizons demonstrate similar and predictable results and provide attractive returns with achievable cost reductions and/or more favorable commodity prices Small reductions in capital costs have a dramatic Cleveland IRRs at Various Prices and D&C costs(1) IRR impact 60% Expanding geological understanding and high 30% Capex 50% Reduction grading locations 40% Reviewing drilling and completion designs to 15% Capex IRR (%) Reduction lower cost and improve returns through 30% learnings from Mississippian Lime development 20% and offset operators 2014 Capex 10% Focus in 2015 is on a highreturn capital and 0% expense workover program, and improving LOE 50/bbl 60/bbl 70/bbl 80/bbl 90/bbl Large inventory of predictable drilling provides solid returns with lower cost or improved prices (1) Gas prices held flat at 3.00/MMBtu NYSE: MPO www.MidstatesPetroleum.com 16
Midstates Petroleum
April 2015

Tonkawa Provides Opportunities for Significant Additional Oil Production Drilling program underway Tonkawa 2.9 million acres Drilled 4 wells in 3Q14 using 20- stage cemented sliding sleeve 5th well spud and progressing Average formation depth: On track to achieve target well cost Tonkawa: 7,500 feet of 3.5 million, 1 million less than Cleveland: 8,500 feet industry average Numerous locations to drill with more being added through active leasing 220 drilling locations with zero currently booked as proved reserves Dedicated rig line during 2H14 to ramp activity and evaluate 2015 potential Appealing economics if target AFE is achieved with average returns Tonkawa wells are 50% crude with significant NPV opportunities at a JONES ACREAGE 3.5 million AFE With liquids composing 75% of Industry Figures average production stream, Tonkawa wells: 500 (75% APA/CHK) accelerates growth of Jones crude oil IRR range: 25% - 65% and NGLs D&C range ( in mill.): 3.5 - 4.5 20
Jones Energy Inc.
November 2014
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