Exhibit (c)11
Citigroup Global Markets Inc. | Global Energy Group March 2019 Project Prairie Discussion Materials Strictly Private and Confidential
Major US Basins – Lower 48 Bakken/Williston Powder River Marcellus Piceance DJ Basin Utica San Juan SCOOP/STACK Fayetteville Permian Barnett Haynesville Tuscaloosa Eagle Ford Tallgrass Core Operations Basins Other Major US Onshore Basins Source: EIA, company disclosure. 1
Rig Count by Basin Rig Count by Basin Since 2011 250 Projected Rig Count 200 150 100 80 80 58 67 50 28 34 24 17 — 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022 2023 2023DJ-Niobrara Powder River Williston Appalachia Projected Well Spuds Williston BasinDJ-Niobrara Basin Powder River Basin Appalachia 2,267 1,951 2,002 1,968 1,972 1,964 1,317 1,356 1,376 1,376 1,275 1,234 1,244 1,288 1,288 1,266 1,211 1,133 265 272 284 284 284 284 2018A 2019E 2020E 2021E 2022E 2023E 2018A 2019E 2020E 2021E 2022E 2023E 2018A 2019E 2020E 2021E 2022E 2023E 2018A 2019E 2020E 2021E 2022E 2023E Actual Projected Source: Baker Hughes, IHS Markit. 2
Bakken RegionNew-Well Oil Production per RigNew-Well Gas Production per Rig 1,600 250 4,500 250 (bbl) 1,400 (bbl) 4,000 200 3,500 200 Rig 1,200 Rig 3,000 Per 1,000 150 Rig Per 150 Rig 2,500 800 2,000 600 100 Count 100 Count 1,500 Production 400 Production 1,000 50 50 200 500——-1/11 1/13 1/15 1/17 2/19 1/11 1/13 1/15 1/17 2/19 Production per Rig Rig Count Production per rig Rig Count Oil Production (Mbbl/d) Gas Production (MMcf/d) 1,600 Oil +13 Mbbl/d month over month 6,000 Gas +14 MMcf/d month over month 1,400 5,000 1,200 4,000 1,000 800 3,000 600 2,000 400 1,000 200 0 0 1/11 1/13 1/15 1/17 2/19 1/11 1/13 1/15 1/17 2/19 Total Production Total Production Monthly Additions From One Average Rig Oil Gas 1,903 March 1,458 March +6 +6 1,897 February barrels/day 1,452 February thousand cubic feet/day thousand barrels/day month over month month over month cubic/feet/day Source: EIA. Note: Drilling data through January 2019. Projected production through March 2019. 3
Niobrara Region (Including DJ and Powder River Basins)New-Well Oil Production per RigNew-Well Gas Production per Rig 1,600 250 4,500 250 (bbl) 1,400 (bbl) 4,000 200 3,500 200 Rig 1,200 Rig 3,000 Per 1,000 150 Rig Per 150 Rig 2,500 800 2,000 600 100 Count 100 Count 1,500 Production 400 Production 1,000 50 50 200 500——-1/11 1/13 1/15 1/17 2/19 1/11 1/13 1/15 1/17 2/19 Production per Rig Rig Count Production per rig Rig Count Oil Production (Mbbl/d) Gas Production (MMcf/d) 1,600 Oil +16 Mbbl/d month over month 6,000 Gas +63 MMcf/d month over month 1,400 5,000 1,200 4,000 1,000 800 3,000 600 2,000 400 1,000 200 0 0 1/11 1/13 1/15 1/17 2/19 1/11 1/13 1/15 1/17 2/19 Total Production Total Production Monthly Additions From One Average Rig Oil Gas 4,169 March 1,206 March +3 +3 4,166 February barrels/day 1,203 February thousand cubic feet/day thousand barrels/day month over month month over month cubic/feet/day Source: EIA. Note: Drilling data through January 2019. Projected production through March 2019. 4
DJ and Powder River Basin Detail Only 21% of historical Rockies Niobrara production came from the Powder River Basin (“PRB”); the bulk comes from the DJ Basin to the south. However, recent PRB Niobrara results have been highly productive, raising the possibility for the PRB to experience a similar growth trajectory as seen in the more mature DJ. DJ and PRB Niobrara Growth (Mboe/d)(1) DJ versus PRB 2017 Niobrara Production(1) 500 DJ Basin Powder River Basin The DJ Niobrara is more carbonate rich and was easier for operators to develop with early drilling 400 technology. In order for the PRB to bridge the production gap, operators must prove that new, The Niobrara in more intense completions can overcome the the PRB is an 300 lower permeability seen in the PRB Niobrara oil play, but the DJ Niobrara has gas and 200 oil, which can be a factor in boosting PRB 100 economics 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Oil Gas DJ Niobrara Production PRB Niobrara Production Oil Production (Mbbl/d) DJ Basin Powder River Basin 500 500 400 400 300 300 200 200 100 100 — 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Wood Mackenzie. (1) Niobrara formation only production shown for comparative purposes; excludes production from the Codell and other subformations in the DJ and the Turner, Parkman, Teapot, Sussex and 5 other subformations in the PRB.
Appalachia Region (Utica and Marcellus)New-Well Oil Production per RigNew-Well Gas Production per Rig 1,600 250 18,000 250 (bbl) 1,400 (bbl) 16,000 200 14,000 200 Rig 1,200 Rig 12,000 Per 1,000 150 Rig Per 150 Rig 10,000 800 8,000 600 100 Count 100 Count 6,000 Production 400 Production 4,000 50 50 200 2,000——-1/11 1/13 1/15 1/17 2/19 1/11 1/13 1/15 1/17 2/19 Production per Rig Rig Count Production per rig Rig Count Oil Production (Mbbl/d) Gas Production (MMcf/d) 1,600 Oil +3 Mbbl/d month over month 35,000 Gas +310 MMcf/d month over month 1,400 30,000 1,200 25,000 1,000 20,000 800 15,000 600 10,000 400 200 5,000 0 0 1/11 1/13 1/15 1/17 2/19 1/11 1/13 1/15 1/17 2/19 Total Production Total Production Monthly Additions From One Average Rig Oil Gas 15,600 March 144 March +0 +3 15,300 February barrels/day 144 February thousand cubic feet/day thousand barrels/day month over month month over month cubic/feet/day Source: EIA. Note: Drilling data through January 2019. Projected production through March 2019. 6
Breakevens by Basin Crude Oil Breakevens by Basin(1) Select Commentary Bakken WTI Price: $56.12 “Interestingly, [observed] $/location was the highest in the Bakken, albeit deal activity has been relatively sparse over the past few $47.00 years. Given the magnitude of well productivity gains, well $40.50 $41.00 level returns in the Bakken core represent the most attractive $31.07 $31.42 drilling opportunities in U.S. shale.” $28.41 $28.70 $28.74 $29.76 $26.37 $27.31 DJ – Niobrara “Despite lower returns on a half-cycle basis, the DJ ranks ahead of both the Bakken and Eagle Ford on a full-cycle basis, as the play benefits from lower entry costs based on our Midland SCOOP Eagle Delaware Bakken DJ—STACK Powder Oswego Duvernay Uinta Ford Niobrara River analysis. Despite negative investor sentiment on the DJ Basin, on the current strip IRRs andNPV-10s per well look attractive in the Wattenberg core and northeastern Colorado.” Natural Gas Breakevens by Basin(1) Powder River “The PRB was originally developed with completions that were too light and too tightly spaced. Operators are now revisiting the $3.90 formation with new completion techniques, and the results are promising…. The Turner, Teapot and Parkman formations have HH Price: $2.87 $3.10 been proven in several locations around the basin. Single-well $2.64 $2.71 breakevens can range between$40-$55/bbl. The Sussex, Teapot and the Frontier become economic at $70/bbl.” $1.95 $1.78 $1.83 Appalachia “Overall, on the current strip IRRs andNPV-10s per well appear largely unattractive below $3.00 per Mcf outside of the Marcellus in NEPA and West Virginia wet plays, which would still Marcellus (SW) Marcellus (NE) Montney Haynesville Utica Barnett Fayetteville generate a ~40% or higher IRR on the current strip assuming full-cycle costs.” Basins Where TGE Operates Source: Wood Mackenzie, Wall Street Research. FactSet data as of 3/8/2019. Note: Oil breakevens assumes flat $3.00/Mcfe natural gas price, natural gas breakevens assumes flat $50/bbl oil price. 7 (1) Represents Half-Cycle Economics at a Before Tax IRR of 10% – excludes infrastructure and corporate costs, includes any oil and gas price basis differentials and transportation costs.
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