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

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

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