EFTA01367348

31 May 2015 Integrated Oil US Integrated Oils Figure 48: Scorecards (Defy! • -,!93 Councei Net Debt= ace 3 elnigailtalaill 1112O 9 4 DVN 1 9 PXD 4 2 143C 7 11 10 Div Yield F CF Yield EVIDACF CFMAS CAGR Liquids towage Delimoly• 0NBounc• 21 3 11 7 20 30 4 4 . 6 24 26 8 8 3 27, 6 32 21 11 7 11 34 A 9 5 38 NR0 9 2 act HES MUR It 6 8 Div Yreld FCF Yield EVA)ACF CF/DAS Nadia CAGR Uqukhleyetage Washy 01113omme -1 7 11 2 3 22 33 17 1 21 5 10 32 21 21 3 30 25 75 6 4 9 24 26 6 It 20 !U San. O.. Mt Morn Onintot ewe Ix atone' I Se Ow ears:ton f nue weinere of me folovongnints1040.00,1, Nee OrbefiC Ore •edo. iCf USA IV/04Cf. C1/04.0 .,w the Waft tang. ••••Iv 014110110PISII•111V. a *le Me Mewl 00 Oxen wow **awl bad c.warm-. Inislogrebrip) of Ow icdonng ams tiVtMCP. Pron.:or GG LW. Immo We repreter net canyon of A/NUS (00 AU 11C4 nano? 01064 cow welthwe• ;ratan EWOACP. ICI Mt Net 0tatITC al bean art 20741 /001 Prollaa, CAC. tar/ ov 2013-2077 honey p-oxY1 On a 2017 EV/DACF (APC and DVN, ex-MLP value) vs CF/DAS growth (2015- 2017, ex hedging) basis, we find that MRO and COP look particularly cheap, with most of the other names hovering in the expected relative value territories. Figure 49: CF/DAS growth (ex hedging) vs. 2016 EV/DACF multiple et Figure 50: CF/DAS growth (ex hedging) vs, 20(7 EV/DACF multiple 120x 100x ,.,,,,, , A rrOG ka 100x I cc" 8.0x e e G 01 • „pc • g • A Ox i r, 6 Ox 14ES Cl 5a 1 Ar* MRO 4 Ox 1 ...- 4 ox gal 15 OD% 2000% 2500% 3000% X00% 40.03% 4500% 50 OD% CF (ex hedgesyDAS Growth (1 5-1 7) Sant dumbt int Noel CroseaSeceriMesoWeremaim becigfrq APC A Myymy 4, • KS. • Net OX • OY COP • MRO 2.0x 1600% 20.00% 2600% 3000% 3i 00% 40.00% 4600% 6000% CF (ex lie<1901)/DAS Growth (' 16:17) Sant DeursaWilmt Nat Crosfixlessi strOx atinact awn Ivey We also take a look at the ratio of forecasted exit 2015 outspend (4Q15 annualized, both excluding and including dividend obligations) relative to their 2015-2017 production CAGR (with outspend/growth as the numerator/denominator, the lower the ratio, the better). While using 4Q15 outspend levels as a rough proxy for medium-term outspend has its drawbacks (also not accounting for players with high DUC counts), we believe that in a relatively defensive oil price-minded world, this may be a ratio to consider. Page 30 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00205065 DB-SDNY-0058881 EFTA01367348