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these names have driven solid improvements to their opex/capex cost structure in recent years driving down FCF breakeven oil price substantially. Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0086603 SDNY_GM_00232787 EFTA01385319

to keep FCF neutral in a maintenance mode, along with downside asset valuations. Based on the above, in the Mid Quality space, we are positive on WPX Energy (BUY-rated) and Oasis Petroleum (HOLD-rated) as they otter significantly faster growth through FY 19E with lower cash burn when compared with

nons at oceans' OS M9fS Me Iowan *ta men SOOMOWO caws. pomp* on* AMPPOCAIRLICCI.CAO.PANG,EPELPSCN.AIMAIPO,OASPEPVANOSESA<SCYC4N,5147101.71W•xf inPx Deutsche Bank Securities Inc. Page 21 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044564 CONFIDENTIAL SDNY_GM_00190748 EFTA01357787

3 4 3 3 223 Exco Resources Inc earstamewccc•(staixe) xco 4 4 2 1 4 3 3.00 Sanchez Energy D3(Posid8 (Pas) SN 3 3 3 2 3 4 3.00 WPX Energy EMI (Stateel/BEHNeg) WPX 3 2 4 2 3 4 3.00 SandRoge rnergy Batabie)/B-(Slable) SD 4 3 4 2 4 2 3.17 Ligiestream Resources Caa2(Neg

131% 161% 146% 131% CHK Chesapeake Energy Etal (Positive)/88. (Positive) 54.000 $4.000 64.000 $3,937 98% UM% 162% 137% NM 162% 137% Deutsche Bank Securities Inc. Same 04~4. EMS (II Anrpen was o' Mrs brolly. rho 1,043 now. wow thew is no ?noisy in ow &alarm tore War 20:6 fa fricton • mabger non Pas .n$n 05000

43% 21% 10% -1% -70% 45% -119% SEVGEN Swam Generations 1B(PoNCCD•(Stable) 5030 $480 $480 $480 100% 35% 20% 5% -36% 46% 97% WPX WPX Energy Ba1(Stable)/88.(Neg) NA $1.500 $1,500 $614 41% 77% 37% 19% 70% 24% 2% MHR Magnum Humor 113(Stable)/CCC(Neg) $325 $750 $325 $175 5