Clayton Williams Energy — Merger or Acquisition (April 2017)
5 slides from Clayton Williams Energy's merger presentation, Apr 4, 2017
Slide 1: NBL Combination Provides Competitive Advantages
NBL Combination Provides Competitive Advantages U.S. Onshore ? Deep inventory of locations in high-return, low-cost basins ? Contiguous acreage in multiple stacked pay resource plays ? Significant capital efficiency gains with sustainable cost reductions Eastern Mediterranean ? Long-life assets with
Slide 2: Positioning the Portfolio for Robust High Margin Growth
NBL Positioning the Portfolio for Robust High Margin Growth Combined Oil and EMED Gas Reach ~50% of Total Company Volumes by 2020 Approximately 75% of Total Company Capital to DJ, Delaware, and EMED 2016-2020E EMED Cash Margins Competitive with Best U.S. Unconventional Oil Basins Employee Incentives
Slide 3: Enhancing NBL Position as Leading U.S. Onshore Operator with Top Tier Acreage
NBL Enhancing NBL Position as Leading U.S. Onshore Operator with Top Tier Acreage 55% of Future Drilling Locations with at Least 10% BTAX Rate of Return at $40/Bbl and $2/Mcf 8,000 ft. lateral avg. Combined ~8 BBoe Net Unrisked Resources 5 2 BBoe each in core oil positions in DJ and Delaware Delaw
Slide 4: Combined 2nd Largest Position in Core Southern Delaware
NBL Combined 2nd Largest Position in Core Southern Delaware Differential Value with Long Laterals, Midstream Advantage and High Liquids Content NBL Top-tier Well Results in the Basin Enhancing Value Through M&A - ROSE Outcomes Far Exceed Merger Plan ? Over 145% increase in Delaware net unrisked reso
Slide 5: Combined Delaware Outlook to 2020
NBL 0 2 4 6 8 10 12 14 0 25 50 75 100 125 150 175 200 2017E 2018E 2019E 2020E Delaware Sales Volumes 0 250 500 750 1,000 1,250 1,500 2017E 2018E 2019E 2020E $MM Delaware Capital** Combined (NBL+CWEI) Delaware Outlook to 2020 73-83% CAGR 2016-2020E Pro forma Base plan assumes average $54/Bbl (2017-
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