Baird Investment Banking Pitch Book

AR BENCHMARKING (CONT.) Valuation metrics ($ in millions, unless otherwise noted) GAS-WEIGHTED PEERS EQT (5) Gulfport swn (6) ELITE E&P's & Co CONCHO Current DIAMONDBACK (7) Beogresources PIONEER NATURAL RESOURCES Pre-SallingStone 130 Antero (8) Bay Antero (4) (4) See following page for footnotes. Equity Market Cap. $10,985 13,060 1,710 3,519 Equity Market Cap. $10,985 22,877 12,006 64,315 32,899 Market Data Total Enterprise Value $11,268 25,387 3,684 7,628 $11,268 25,435 13.711 70,263 34,656 $6,313 $11,574 Anny Implied E&P E&P Debt / 2018E EBITDAX $6,454 $11,992 Enterprise Value $11,268 12,987 Total Implied E&P E&P Debt / Enterprise : Enterprise 2018E Value Value EBITDAX 3,684 5,165 Low Median High $11,268 25,435 11,411 70,263 34,656 Low Median High $6,820 3.2x $7,673 3.1x 2.2x 1.1x 0.9x 0.5x 0.5x 0.8x 0.9x EV/E&P EBITDAX (3) 2018E 2019E 2020E 4.1x 6.0x 4.5x 4.5x 5.2x 2018E 9.0x 11.2x 3.7x 10.3x 6.6x EV / E&P EBITDAX (3) 2019E 9.0x 9.5x 10.3x 49x 4,0x 5.4x 4.2x 4.2x 4.9x 5.4x 6.6x 8.6x 6.0x 8.2x 6.6x 8.2x 8.6x 3.7x 4.1x 5.5x 4.5x 4.5x 3.9x 3.9x 4.5x 4.5x 2020E 5.5x 7.1x 6.8x 7.2x 5.5x 6.8x 7.1x 3.7x EV/E&P DACF (3) 2019E 2018E 9.1x 4,0x 6.1x 4.5x 4.5x 6.1x 2018E 9.1x 11.3x 7.8x 9.7x Valuation Metrics (1) 10.3x 9.1x 9.7x 10.3x 6.9x EV / E&P DACF (3) 2019E 5.8x 4.0x 5.5x 5.0x 5.0x 5.5x 6.9x 6.2x 8.8x 6.9x 8.7x 8.8x 2020E 4,2x 6.1x 4.5x 4.3x 4.5x 5.3x 2020E 7.2x 7.1x 7.3x 6.1x 7.1x 7.2x 3.9x 4.3x Price / NAV (2) 1.0x 10x 10x 0.8x 1.1x Price / NAV (2) 1.0x 08x 09x EV / Production (3) (S/Mcle/d Current 0.9x $6,216 09x 3,975 2,895 1,835 1.0x $2,630 $2,588 10x 1.0x 2,895 2,835 3,975 09x 9,217 0.9x $8,249 0.9% 10x 2018E 8,559 $5,261 2,958 EV / Production (3) (S/Mcle/d) 8,284 8,559 2.588 Current 2018E $2,846 2,83.5 $6,216 $5,261 1,842 6,719 7,997 $6,719 7,997 Confidential $2,467 EV/ Reserves (S/Mcfe) Proved $1.09 0.63 0.30 Proved $0.42 $0.76 0.58 1.09 0.63 $1.09 EV/ Reserves (S/Mce) 2.36 2.36 $2.22 2.36 $2,154 $0.34 PD $1.73 50.38 1.74 PD $1.73 3.84 $3.14 3.84 $0.70 $0.77 BAIRD Growth Metrics (2) Per Debt-Adj. Share 17-22 CAGR DACF Production 27% 0% 5% 18% 27% 34% Per Debt-Adj. Share 17-22 CAGR DACH Production 25% 27% 28% 20% 100% 20% 3% 10% 24% 25% 25% 24% 31% 17% 17% 17% 24% 25% 26% Project Bronco | Page 29

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