EFTA01357799

10 0 O Deutsche Bank Securities Inc. 'Figure 33: Hedge Ratios by Production - 2016 (top) and 2016 (bottom) 100% ,rnk. 90% 17% 26% BO% 6 70% 50% 30% 20% 10% 30% WPX 015 20% 25% 27% 2 21% 19% 12% 40% 52% SANS" I • SD Kt 42% OFR AA OAS 39% 36% 36% 41% 49% 57% OM KO ABM WOG LTS(N • Gas - W404 Gals- Unhedged • Oa • medied a ON- Unballnd 22% S 39% 48% • tWO (o) n 'D e 0 C2 35% 19%, 3 R 45% 45% rz.5) I I 61. III I 405E 54 SP/GIN WA 100% 90% • • • IT a 1 /1 Ir • IF cm In " • • • 80% 35% 18% 45)6 30% 32% 34% 30% 42% 1)% 70% 55% ss% 51% 51% 59% 57% 65% 60% 75% 811% 50% 40% 30% 1111 I 1 20% I 1 10% 0% 04‘ WAX • IAI 141.51 9.1 50 h. . RO Jni AR 044 Xl (X0 BO ALPS ;444 05(.. WA WO Pt WA 80% s6 $5V.45,1 MAI 7.W • Gas • Hedged Gas • Li nhedged ■Oil • Hedged o1. Unhedged San 00~0 Sent CCenpsag la letoxorg Awn(/' Fa rhe 'atoning corselet na co.wedbY POLIO YAW, ele• ;ernes Vire. fere.. gfm.M-0 nerseesus eawnerel 07Y AP.WPI ftAa.SCEI.C.Vat ANS EPELTSCIV faialt0 50.0.4SPf aVa ROSESN.SIVGENSWPWAW am' $WX CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0044583 SDNY_GM_00190767 EFTA01357799