EP Energy 2021 Budget GUIDANCE $370 Million

EP Energy 2021 budget GUIDANCE $370 million and reported production of 51,000 barrels of oil equivalent (BOE) per day.

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EP Energy 2021 Budget OPERATING PLAN AND GUIDANCE


– Price Deck: $55 WTI & $2.75 Henry Hub
– Production: 46,000-51,000 Boe/d (64% oil)
– Capital Expenditures excluding Acquisitions and Capitalized G&A: $335MM – $370MM
– Drilling and Completion capital 90%
– Based on approximately two rigs running in Northeast Utah (“NEU”) and one-half rig in

EP Energy 2021 Budget Eagle Ford
• Unhedged Adj. EBITDAX excluding G&A of $495MM – $555MM
• Unhedged Free Cash Flow excluding G&A & Interest of $160MM – $190MM
• Year-end 2021 Expected Net Debt of $65-95MM

President and Chief Executive Officer Russell Parker stated about the EP Energy 2021 Budget, “We have a very stable business plan that will lead to consistent free cash flow generation and continued very low leverage. The strength of our balance sheet coupled with our oil-weighted, long-life assets allows us to modestly grow both equivalent
and oil production while maintaining consistent free cash flow generation. We continue to see exceptional
results in NEU where we are continuing to materially reduce well costs. I am very proud of our team’s
performance in being a safe, reliable, low-cost operator.”

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EP Energy Corporation Mid-con Well Permits & Wells Spud

The oil and gas industry is highly regulated by Government agencies. One of the responsibilities is to approve well permits. A well permit is the intent of an oil & gas operator to drill a new well. Well permits include oil wells, gas wells, water wells and more..

Spudding is the process of beginning to drill a well in the oil and gas industry. … After the surface hole is completed, the main drill bit—which performs the task of drilling to the total depth—is inserted and this process can also be referred to as “spudding in.”

EP Energy Corporation Mid-con Well Permits & Wells Spud

EP Energy Corporation Mid-con Wells Drilled Last 2 Years Map

Permian Basin is a shale basin about 250 miles wide and 300 miles long, spanning parts of west Texas and southeastern New Mexico. It includes the highly-prolific Delaware and Midland sub-basins.

EP Energy Corporation Mid-con Wells Drilled Last 2 Years Map

EP Energy Corporation T09271 Pipeline Permit Map

EP Energy Corporation T09271 Pipeline Permit Map

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About EP Energy Corporation

The Company focuses on enhancing the value of its high quality asset portfolio, increasing capital
efficiency, maintaining financial flexibility, and pursuing accretive acquisitions and divestitures. EP Energy
is working to set the standard for efficient development of hydrocarbons in the U.S. Learn more at
epenergy.com.

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