Epstein Secrets

s. Look for thoughts around potential for further incremental improvements from here, as well as the impact of high density completions in both the Bakken and Permian. • Decision Points for Growth: The key question around a pick-up in activity remains at what combination of price and service cost def

n. Forecasts And Rhros Year End Dee 31 2014A 2015E FY EPS 1USD) 4.95 -0.70 Iliyidendyietc11%) 0.6 0.7 Sea Onto* EWA ostinsfam etyma, 401* Deutsche Bank Securities Inc. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have

he period and still would have a modestly negative FCF in Pe 19E. Among the non-Permian names, we are more constructive on Oasis versus its larger Bakken player, WLL - both HOLD rated. OAS has meaningfully lower FCF B/E oil price (-$43) vs. closer to $50 for WLL, and just acquired a Permian asset wit

es in bringing down maintenance capex and opex costs, still has an FCF B/E oil price well north of $60 given the capital structure and asset base. Deutsche Bank Securities Inc. Page 59 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086618 CONFIDENTIAL SDNY_GM_00232802 EFTA01385334

ttractive. Specifically, QEP lacks high quality assets with significant scale (i.e. lower inventory life) comparable to peers like RRC and NFX; its Bakken acreage is only 109K net acres of which the top quality South Antelope acreage is just 27K net acres. The issue was only partially addressed by its

erform, of which QEP is one. Upside risks include using cash on hand to pay down debt while downside risks include potential levering acquisitions. Deutsche Bank Securities Inc. Page 97 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044640 CONFIDENTIAL SDNY_GM_00190824 EFTA01357821