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South Texas

FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT

2020 Plan Objectives

COMPLETIONS EXECUTION

• Expect ~ 12 net wells drilled and ~ 4 net well completed for the year; 7 net wells drilled and 4 net wells completed through 3Q

• Expected DC&E costs further reduced to ~ $600/lateral foot for 2H20

MARKETING UPDATE

• Transportation costs expected to decrease ~ $0.25/Mcf starting mid-year 2021 and decrease an additional ~ $0.35/Mcf in 2023

• Condensate prices expected to improve by ~ $5/Bbl relative to prior contract terms starting 4Q20

Austin Chalk Success

• Continued optimization of Austin Chalk landing zone and completion design has led to outstanding performance for latest wells

• Delineation program of 9 wells has projected Austin Chalk inventory over a broad area

Operating Details*

*as of October 29, 2020