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South Texas

FOCUSED ON EXECUTION AND RETURNS ENHANCEMENT

2021 Plan Objectives

2021 Plan details

• ~21 net completions and ~39 net drilled wells planned

• ~12,000′ expected average lateral feet per well

• ~$520/lateral foot expected DC&E costs

• ~20% Boe PDP decline expected (YE20 – YE21)

Enhancing Inventory Value

• Transportation costs expected to decrease ~$0.25/Mcf starting mid-year2021 and decrease an additional ~$0.35/Mcf in mid 2023

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

Austin Chalk Success

• 2020 Austin Chalk wells have an expected breakeven flat oil price range of $13 – $28/Bbl NYMEX at go forward development

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

Operating Details*

*as of February 17, 2021