Midland Basin
Top-Tier Execution, Well Performance and Capital Efficiency
2020 Plan Objectives
2020 REVISED PLAN
• ~11,300′ expected average lateral feet per well
• ~$6.8MM expected average well cost
• ~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
• Expected DC&E costs further reduced to ~$600/lateral foot
Operating Details*
*as of April 29, 2020
