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Midland Basin

Top-Tier Execution, Well Performance and Capital Efficiency

2020 Plan Objectives

2020 REVISED PLAN

• ~70 net completions planned for 2020

• 22 net completions in 3Q20; 50 net completions YTD

BEST IN CLASS WELL PERFORMANCE

• RSEG/Enverus research: SM had the lowest breakeven prices in 2019

TOP – TIER CAPITAL EFFICIENCY

• Drilling and completing wells faster, longer laterals, lower sand costs

LEADING EDGE CAPITAL COSTS

• Expected DC&E costs further reduced to less than $560/lateral foot

Operating Details*

*as of October 29, 2020