Capital Structure and Market Summary Capital Structure Market Capitalization (As of May 7, 2018) 2.5 billion Series A Preferred 185 million Net Debt 1.2 billion Enterprise Value 3.9 billion Net Debt(1) / EBITDAX(2) 2.2x Market…
Extraction Company Overview DJ Basin Net Acreage DJ Basin-Focused Position of Scale CO 325,000 net acres with 170,000 in Core DJ Basin Laramie Kimball Contiguous acreage blocks allow for longer laterals Limited vertical well…
Key Investment Highlights Experienced management and technical teams with proven track record of execution Extensive acreage position yields decades of high-quality drilling inventory Strong balance sheet with ample liquidity…
Transitioning from Growth to Returns-Focused Growth Phase Returns Phase Targeting Cash-flow Positive beginning in 2H18 Significant outspend pre- Cash flow-driven growth Average Daily Production funded with equity and…
Management Incentives Aligned with Shareholder Value Creation 7% Management Ownership 2018 Annual Short-Term Plan Incentive Plan Highlights Financial Goals (50% weighting) Net Debt Ratio Free Cash Flow Per-Share Rate-of-Return for…
2018 Strategy and Guidance: Focused on Execution Strategy Grow production by 75% year-over-year resulting in positive all-in free cash flow sometime in 2H18 Targeting run-rate net leverage of approximately 1.5x Net Debt-to-EBITDAX in…
Recent Codell Wells Outperforming Type Curves Recent Codell Oil Performance 120,000 100,000 4Q17/1Q18 Codell wells (25) Cumulative Oil (normalized to 2 mi) 80,000 60,000 1Q/2Q17 DCP Codell wells choked back to allow…
Recent Well Pads Demonstrate Strong Performance Average Cumulative Oil by Pad: Most Recent 115 Wells 140,000 WES DCP 120,000 Cumulative Oil (normalized to 2 mi) 100,000 80,000 60,000 40,000 Triple Creek…
Triple Creek Wells Demonstrate Greeley Acreage Quality 22 Well Pad with 2.5 Mile Laterals Niobrara Oil Rates 800 Unconstrained Average Constrained Average 700 Barrels of Oil per Day (normalized to 2 mi) 600 500 400…
Expansive Acreage Position Provides Midstream Optionality DJ Basin Net Acreage Laramie Kimball Uniquely positioned to grow production CO despite the elevated line pressures in northern portion of Wattenberg Field 75% of core…
Hawkeye Area: Large Inventory of High-Return, High Working Interest Drilling Locations Acquisition total in Hawkeye area: 66,000 net acres for Hawkeye Area Well Results 470mm in Arapahoe and Adams Counties; 200,000 470mm closed prior…
Offset Operator Activity in Hawkeye Area 1 11 Watkins 30-5-4H Sunset 21-22 1H 6 Mo CUM/1,000: 21 MBOE 6 Mo CUM/1,000: 15 MBOE (61% Oil) (78% Oil) LL: 3,866 LL: 8,950 2 12 Tebo 29 2H Tebo 4 1H 6 Mo CUM/1,000: 19 MBOE 6 Mo CUM/1,000:…
Strong Offset Operator Results Near Broomfield Project Offset Broomfield Niobrara Oil Production Extraction Acreage, Offset Well Pads 16,000 Actual Average 14,000 Standard Nio Type Curve 12,000 Cumulative Oil per 1,000'…
Northern Extension Acreage Overview Highlights Northern Extension Acreage 154,000 net acres concentrated in Northern Weld County EOG area of activity EOG Wells Codell Gross EUR/well (Mboe) 695 Represents considerable future…
Ample Liquidity to Execute Growth Plan Liquidity as of 3/31/18 Enhanced liquidity profile through IPO, Dec. 2016 equity offering, and recent senior ( in millions) unsecured notes issuances Cash on Balance Sheet 15 Top tier balance…
Highly Efficient Operating Cost Structure PUD Development Costs / Boe (1) (/boe) 9.33 Median: 8.86 8.86 8.72 XOG Permian Peers DJ Basin Peers Recycle Ratio (2) 3.4x Median 3.3x 2.7x 2.4x Permian Peers XOG DJ…
Cash Flow Protection Through Hedges Strong hedge portfolio protects cash flow Maintain a multi-year rolling hedge program 2018E positions: 5,100 MBbls of oil hedged with swaps that have an average price of 51.61/Bbl 7,050 MBbls of…
Appendix 23
Current Focus on Niobrara and Codell Formations Other Horizons Provide Additional Upside Extraction has producing wells in the Niobrara A, B, C and Codell benches DJ Basin Prospective Horizons DJ Basin Formations Other Major…
2018 Outlook XOG Guidance 2018 outlook reflects a 2+ rig & 2+ frac fleets operated program as well as additional capital Production 2018E for land and non-operated wells Net Sales (MBoed) 87 93 Approximately 85 gross wells in…
Longer Laterals Lead to Increased Economics Niobrara average lateral length: 1.7 miles Codell average lateral length: 1.5 miles Niobrara (Standard Completions) Codell Lateral Length D&C Cost F&D Cost EUR Lateral Length D&C Cost F&D…
High Caliber Management Team Management Team Name Position Prior Experience Years in Industry Mark Erickson CEO, Chairman and Co-Founder 30+ Matt Owens President, Director and Co-Founder 10 Rusty Kelley Chief Financial…
Board of Directors Name Position Background Mr. Erickson serves as Chairman, CEO and co-founder of Extraction. Prior to this, he served as Mark Erickson Chairman, CEO, Co-founder Chairman and CEO of PRE Resources, LLC from 2010 to 2014…
Non-GAAP Measures The following table presents a reconciliation of Adjusted EBITDAX and Adjusted EBITDAX, Unhedged to the GAAP financial measure of Net income (loss) for each of the periods indicated: For the Three Months Ende d For…
Corporate Contact Information Extraction Oil & Gas, Inc. Auditor 370 17th Street PricewaterhouseCoopers LLP Suite 5300 Denver, Colorado Denver, Colorado 80202 720-974-7773 Independent Petroleum Engineer Ryder Scott Denver,…
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