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Wolfcamp Shale

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  Economics : Break-Even

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10+ Years of Economic Permian Inventory Reflects Current Cost Structure Economic Inventory Breakeven Distribution (Gross)1 100 1,700 locations achieve Gross Locations by Basin More than 1,000 10% return at 75 locations achieve 10% Delaware return at 50 Basin 80 WTI oil price for 10% IRR ( / bbl)(1) Midland Basin 60 40 20 - - 500 1,000 1,500 Location Count (1) Breakeven defined as oil price required to achieve a 10% rate of return; Assumes 2.50 Waha gas price APA CORPORATION 12
APA Corp.
February 2026

EASTERN HOWARD COUNTY THE NEXT BIG OIL PLAY Eastern Howard County projected wells compare favorably with Western Howard County wells Western vs. Eastern Howard County (Wolfcamp A 10,000) Howard County Map Western Eastern HighPeak Howard Howard Energy EUR (MBbls/1,000) (1) 58 62 68 Avg. Net Thickness 200 300 200 250 Avg. Net to Gross 82% 89% % Developed 32% 8% % Oil 71% 85-90% Total Well Cost (/ft) 573/ft 649/ft 530/ft (2) Western Howard NPV/Well (MM) (3) 9.4mm 8.0mm 10.6mm Avg. Breakeven (/Bbl, 20:1) (3) 33/Bbl 36/Bbl 28/Bbl HighPeak planned average lateral length of 12,500 in the WCA has a projected per well NPV of 13.6mm (4) Source: Enverus. (3) Based on average Hz WCA well from 2017-2020 using stated D&C costs for a 10,000 lateral. Eastern Howard based on (1) WCA average for 2017-2020, Eastern Howard results based on HighPeak performance for wells with greater than 6 months HighPeak WCA YE20 audited type curve. NPV assumes 63/Bbl (WTI) & 3.00/Mcf (Henry Hub). of production data. (4) Based on average CGA provided HighPeak type curve for the Wolfcamp A. 13 (2) Represents HighPeaks average development costs for a 10,000 lateral length well.
HighPeak Energy
March 2021

2021 Program: 1 Billion FCF for 1 Billion of Capex Fully consistent with reinvestment rate capital allocation framework 2021 capital program of 1B delivers strong financial and operational outcomes 2021 Free Cash Flow Sensitivity 1,600 80% 1B of FCF1 at 50/bbl WTI with 50% reinvestment rate1 Corporate FCF breakeven below 35/bbl WTI Free Cash Flow (MM) Before Dividend 70% 1,200 500MM of targeted gross debt reduction Reinvestment Rate GHG intensity reduction2 of 30% vs. 2019 60% Total oil flat vs. 4Q20 exit rate 800 90% of capex to Bakken and Eagle Ford, 50% industrys most capital efficient Basins Total of 5 to 6 rigs and 2 frac crews 400 40% Bakken: 60 to 80 wells to sales in 2021 Eagle Ford: 100 to 130 wells to sales in 2021 0 30% Oklahoma: 5 DUCs online 2H21 2021 FCF 2021 FCF 2021 FCF 2021 FCF 45/bbl, 50/bbl, 55/bbl, 60/bbl, Continued progression of Texas Delaware oil play 2.50/HH 3.00/HH 3.00/HH 3.00/HH Total FCF Reinvestment Rate 1 1.0B of expected 2021 FCF at 50/bbl WTI and 3.00/MMBtu comprised of approximately 2.0B of net cash provided by operating activities adjusted for working capital, EG LNG return of capital, and other less approximately 1.0B of capital expenditures; 1.0B of capital expenditures divided by approximately 2.0B of net cash provided by operating activities adjusting for working capital, EG LNG return of capital and other equates to a reinvestment rate of approximately 50% 6 2 Greenhouse Gas (GHG) intensity: as measured by metric tonnes carbon dioxide equivalent (CO2e) emissions per thousand barrels of oil equivalent of hydrocarbons produced from Marathon Oil-operated facilities
Marathon Oil Corp
February 2021
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