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Midland Basin

Top-Tier Execution, Well Performance and Capital Efficiency

2020 Plan Objectives

2020 PLAN DETAILS

• ~85 net completions and ~80 net drilled wells planned

• Deliver ~10% production growth (2020/2019)

• ~11,750′ average lateral feet per well

• ~$7.6MM average well cost

• ~20 net completions expected in 1Q20

• ~48% Boe PDP decline (YE19 – YE20)

BEST IN CLASS WELL PERFORMANCE

• SM wells generate among the highest revenues per well in the Midland Basin

• JP Morgan Equity Research: “We believe that western Howard County is one of the most prolific/economic areas in the Midland Basin.”

LEADING EDGE CAPITAL COSTS

• 2020 plan assumes DC&E costs of ~$650/lateral foot

Operating Details*

*as of February 19, 2020