Baird Investment Banking Pitch Book

EV / CONSENSUS EBITDA MULTIPLES CURRENT VALUATION MULTIPLES ACROSS THE E&P SECTOR Snapshot 2018 and 2019 EV / EBITDA Trading multiples & rankings across the sector Multi-Basin Oil-Weighted Resource Plays Large - Cap Gas-Weighted Resource Plays Mid - Cap Permian Bakken Niobrara ========== ‒‒‒‒‒‒‒‒========— Appalachia Source: Capital IQ, Bloomberg and Wall Street consensus estimates. Note: Valuation multiples are not adjusted for non-E&P assets. 1x 2019 EV Multiple 2x WANA 3x cha CHEEK Highlan Gulfport LAREDO Pathon SMA CHUY AR INTROY QEP INF NEWHILLD Swn 5x OASIS pady a pa ▬▬▬▬▬▬=============================================== Aparta na ENERGEN CNX Jak Antero RI 6x 2018 EV Multiple WwXENERGY devon @ 105 EQT 7x DKY Confidential Matador LIN 8x PIONEER J HI 9x ========▬▬▬▬▬▬▬▬▬▬▬===== BAIRD Project Bronco CONCHO 10x 11x Page 4

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