3Q 2018 Investor Presentation November 2018 1
Important Disclosures Forward-Looking Statements and Risk Factors The information in this presentation includes “forward-looking statements.” All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on certain assumptions and expectations made by Roan Resources, Inc. (“Roan” or the “Company”), which reflect management’s experience, estimates and perception of historical trends, current conditions and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in the Company’s filings with the Securities and Exchange Commission, including its Current Report on Form 8-K, filed September 24, 2018 and any subsequently filed quarterly reports on Form 10-Q or current reports on Form 8-K. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, or incidental to the development, production, gathering and sale of oil, natural gas and NGLs. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures and the other risks. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this release. Our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or cost increases. Non-GAAP Measures Adjusted EBITDAX, Adjusted Net Income, Adjusted Net Income per Share, and Net Debt are financial measures not presented in accordance with generally accepted accounting principles in the United States (“GAAP”). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in the appendix to this presentation. Industry and Market Data This presentation has been prepared by ROAN and includes market data and other statistical information from sources believed by ROAN to be reliable, including independent industry publications, government publications or other published independent sources. Some data is also based on ROAN’s good faith estimates, which are derived from its review of internal sources as well as the independent sources described above. Although ROAN believes these sources are reliable, they have not independently verified the information and cannot guarantee its accuracy and completeness. 2
Roan Highlights Company Overview Largest Contiguous Acreage Position in Merge 46.5 MBoe/d net production (56% liquids) as of 3Q’18 170,000 total net acres with 118,500 of contiguous acreage in the Merge ~80% of acreage is in the oil and liquids-rich windows in Merge Multi-decade inventory of highly economic locations 8 rigs running with ~4 frac crews Well-capitalized balance sheet with significant financial flexibility 1.3x 3Q’18 annualized leverage ratio, 16% net debt to total capitalization Expected to be free cash flow positive in 1H 2020 Average Daily Production (Mboe/d) 58-62 52-56 Acreage Position (Net Acres) 46.5 Merge 118,500 37.7 36.1 SCOOP 26,700 25.7 22.9 STACK 7,500 Other 17,300 Total 170,000 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 2018 Exit (Estimate) (Estimate) 3
3Q 2018 Highlights 3Q’18 corporate highlights • Reorganization process closed to form publicly traded Roan Resources, Inc. • Uplisted to NYSE on November 9, 2018 3Q’18 operational highlights • Total production increased 30% QoQ to 46.5 MBoe/d; liquids production increased 35% QoQ • Drilled 27 gross operated wells Spectacular Bid 18-11-6 2H - 44.6 gross miles drilled - Averaged ~7.5 rigs Doris 1-36-10-6-1XH Brought 26 gross operated wells online (eight with 90+ • days of production) - 43% average oil for eight wells at peak 90-day rates compared to 28% for 2Q wells McNeff Unit • Standout recent wells include: - Doris 1-36-10-6-1XH: 30-day peak rate of 2,398 Boe/d (52% oil, 71% total liquids) normalized to a 10,000-foot lateral (actual 9,915-foot lateral) targeting the Mayes - Spectacular Bid 18-11-6 2H: 30-day peak rate of 3,997 Boe/d (46% oil, 81% total liquids), normalized to 10,000-foot lateral (actual 4,915- foot lateral) targeting the Mayes - First Woodford density test at the McNeff unit generating positive early results 4
Roan Overview 170,000 net acres located in the Merge, SCOOP and STACK plays in Central Oklahoma – 118,500 highly contiguous acreage in the high return oil and liquids-rich windows of the Merge play Over 130 operated horizontal wells developed as of Sept. 2018, ranking Roan as the most active developer and producer in the Merge play Large Scale, Contiguous Asset Base in a Premier Oil Stacked pay with multiple well-delineated benches with superior reservoir properties Basin Merge acreage is ~78% operated (1) and is ~82% held by production (HBP’d), allowing for high impact full-field development with decades of high quality inventory Oil production priced off Cushing WTI with all-in differential of less than $1.50 per barrel, with opportunities to improve differential Attractive baseline well results established through horizontal development activity by Citizen and Linn Roan’s subsurface and development team leverage in-basin experience, extensive seismic, and enhanced well control to produce differentiated Rate-of-Change development model Improvements in Development Program Roan’s technical approach and experience offers visibility to significant improvements in wellhead productivity and cost savings – Advances in lateral targeting, drilling times and cost initiatives already evident in results Substantial growth opportunities with 8 rigs Ample, Organic Growth – 4Q 2017 to 4Q 2018 projected to deliver YoY production growth of ~110% Potential, Supported by Development program in the Merge de-risked through 215 producing wells (132 operated and 83 non-operated) Large Base Production Sizable current base production of ~46.5 MBoe/d as of 3Q’18 Well-capitalized balance sheet with significant current production and cashflow; LQA leverage of 1.3x at 3Q’18; net debt to total capitalization of 16% Best in Class Financial $391MM of Net Debt (2) at 3Q’18 (all debt held in the credit facility); current borrowing base of $675MM Flexibility Line of sight to free cash flow generation by 1H 2020 Led by Tony Maranto, Roan’s technical teams have extensive Merge experience and were integral in building EOG’s current Mid-Con position Experienced Management Team Executive leadership has over 90 years of combined experience from EOG and other top tier operators 1) Assumes any unit in which we have leased a minimum of 37.5% of the acreage in the unit 2) Net Debt is a non-GAAP measure, please see slide 26 for a reconciliation of these measures to the most directly comparable GAAP measure 5
Introduction to the Merge Merge Highlights: More favorable rock properties in the Merge: • Geologic “sweet spot” of Oklahoma’s premier unconventional basin Merge SCOOP STACK • Multiple identified landing zones (Mayes/Woodford) with Porosity 4% - 10% 4% - 8% 3% - 8% additional upside potential in the Hunton and Springer Gross • Basin well results competitive with Tier 1 L48 plays 70 - 400+ 125 - 400 100 - 500 Thickness (ft) • Substantial de-risking through over 400 horizontal wells with opportunity of step change in results through Net to Gross 40% - 80% 50% - 80% 30% - 50% implementation of best-in-class Roan approach Mayes / Primary Target Woodford Meramec Woodford Stratigraphic Cross Section Schematic Merge A’ A A A’ Merge has the best combination of the Mayes and Woodford Roan acreage 6
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