South Texas
FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT
2021 Plan Objectives
2021 Plan Details
• 1Q21: 3 net wells were completed and 5 net wells were drilled
• ~12,000’ expected average lateral feet per well
• ~$520/lateral foot expected DC&E costs
• ~20% Boe PDP decline expected (YE20 – YE21)
Marketing Update
• Transportation costs expected to decrease ~$0.25/Mcf starting mid-year 2021 and decrease an additional ~$0.35/Mcf in mid 2023
• Condensate prices improved by $9-$10 per Bbl relative to prior contract terms in 4Q20
Austin Chalk Success
• 2020 Austin Chalk wells have an expected breakeven flat oil price range of $12 – $28/Bbl NYMEX(1) at go forward development capital
• Delineation program of 9 wells has indicated Austin Chalk inventory over a broad area
Operating Details*
*as of April 29, 2021
