Pub.1 2019-2020 Issue 2

Foster Responsible Development Protect Public Health and Safety Preserve the Environment Federal Mineral Lease Royalty Payments Decline However, Production on Federal lands has decreased by 50% since 2015 Overall oil production in Utah has increased since 2015 (~35%) Almost $7 billion of produced mineral resources in 2018 Ongoing Conversations & Interest • Board of Oil, Gas and Mining rulemaking. Aggressive timeline. – Compulsory pooling – Horizontal drilling and spacing, operatorship of drilling units • Potential “bad actor” legislation. What is an appropriate balance? • Further State regulatory control. – Goal: one-stop shop for permitting and compliance – Devil is in the details • Uinta Basin rail line 14 UP DATE