Baird Investment Banking Pitch Book

COMPARATIVE COMPANY ANALYSIS (CONT.) Multi-Basin Operators - Large Cap ($ in millions, except per share data) Multi-Basin - Large Cop Anadarko Apache Corporation Continental devon Soogr og resources HESS Marathon Oil ne noble energy OX % of 52- Week 03/16/18 High Share Price $58.53 36.14 53.07 31.96 100.45 48.98 15.12 29.40 Median 66% 13,786 90% 71% 91% $31,166 $10,736 $44,996 84% Equity Market Cap 77% 82% 19,913 16,814 58,124 15,431 12,848 14,315 Market Data 83% 49,314 Net Debt 6,816 6,310 7,180 5,553 2,050 4,481 4,982 Total Enterprise Value 8,156 21,977 26,222 28,844 63,677 18,785 17,329 19,980 57,470 83% $16,814 $6,310 $26,222 2018E EBITDA (2) $7,216 4,180 3,547 3,904 7,146 1,942 3,363 2,947 7,436 $3,904 2019E EBITDA (2) $7,842 4,142 4,018 4,488 8,365 2,448 3,397 8,060 $4,142 Current 2018E '17-'18E Prod. Prod. Prod. (Mmde/d) (2) (Mmde/d) (2) Growth (2) 8,300 5,575 3,655 6,408 3,820 5,052 4,092 8,528 5,575 8,678 5,799 3,811 6,623 9,155 3,037 4,948 3,874 9,002 5,799 Operational Metrics (1) 4.3% 26% 18% (20%) 12% (3%) 9% 2018E Prod. % Gas Confidential Proved Reserves Bele 16% 16,871 17% 14,321 20% 15,357 19% 22,043 14% 31,646 14% 14,970 19% 15,500 28% 16,770 Source: Company filings, S&P Capital IQ and Wall Street Research as of March 16, 2018. Note: Market data, proved reserves and production data are adjusted pro forma for any capital markets and M&A transactions announced or completed since the most recent filings. (1) Where applicable, Baird currently utilizes the following conversion ratios for gas and NGLs, respectively: 17.5 to 1 and 2.0 to 1. (2) Wall Street consensus estimates. 10% 34,237 17% 16,770 % PDP 77% 47% 73% 51% 61% 54% 74% 61% % Gas BAIRD 19% 16% 27% 27% 13% 13% 14% 43% 11% 16% 2017E R/P Ratio (Years) 5.6 6.9 13.9 112 10.8 9.6 11.5 11.3 10.8 Project Bronco | Page 22

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