Baird Investment Banking Pitch Book

STOCK PERFORMANCE ACROSS THE E&P LANDSCAPE Gas-weighted indexes have under performed the broader sector STOCK PERFORMANCE SINCE 2014 1 (63.7%) F 1 (67.8%) (85.6%) (48.2%) (30.3%) (45.5%) (31.2%) (36.7%) Permian S&P 500 5.3% Large Cap E&P Niobrara index includes: BCDEI, HPR, SRCL and XOG. Gas-weighted index includes: AR, CNX, COG, EQT, GPOR, RRC and SWN. Mid Cap E&P Niobrara Appalachia Antero Resources Bakken HHUB WTI Source: S&P Capital IQ as of most recent filings. Market prices as of March 16, 2018. Large Cap index includes: APA, APC, CLR, DVN, EOG, HES, MRO, NBL and OXY. Mid Cap index includes: CRZO, NEX, PDCE QEP, SM, WPX and WRD. Permian index includes: CDEV, CPE, CXO, EGN, FANG, JAG, LPI, MTDR, PE, PXD, RSPP and XEC. Bakken index includes: OAS and WLL. 48.9% STOCK PERFORMANCE SINCE 2016 (40.6%) Permian Large Cap E&P (0.1%) Appalachia (0.6%) (6.4%) (8.1%) WTI S&P 500 HHUB 13.9% Mid Cap E&P Bakken Antero Resources I Confidentiat Niobrara 13.7% 40.9% 34.6% Project Bronco BAIRD 68.3% Page 3

View entire presentation