Vaca Muerta Strategic Investment

Business Plan Initiatives Drive cash flow generation and grow profitably Conventional Tailored Operational Approach ■ Nimble, ultra-lean operating model ■Rapid decision making, close to the work front ■ Continuous cost and efficiency improvements Secure attractive positions early in the basin life cycle ■ Tight integration across subsurface, facilities, D&C(1), and production ■ Full-scale efficiency-focused D&C (1) operation Asset-centric organization ■ Management close to the workfront Tailored standards and operational procedures to improve cost and efficiency Close collaboration with service providers · Recruit and train the best local basin specialists Key Initiatives ■ Development - infill drilling and waterflooding optimization Subsurface - review models - review contracting Operations models - Pulling & Work Over-right-size contract to asset base Field Service - labor efficiencies Top notch unconventional standalone unit - Batch drilling ☐ Extended horizontal laterals ☐ Customized frac designs Strategically sourced key supplies (frac sand, water, and drilling fluids) ■ Integrate and stream line acquired entities and assets ☐ Focus on efficiency and revamp corporate culture Proactive stakeholders engagement Goals Contain production decline Production optimization Find & develop new structures Cost control & opex reduction Rapid growth Accelerated learning curve High IRR development Efficient factory-mode development Optimized well performance Cost synergies P&L accountability Support from key stakeholders Unconventional Corporate (1) Drilling and Completion. 22 22

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