INVESTOR UPDATE

The New EPE

May 2018

EP ENERGY CORPORATION

CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTSThis presentation includes certain forward-looking statements and projections of EP Energy. EP Energy has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed, including, without limitation, the volatility of, and sustained low oil, natural gas, and NGL prices; the supply and demand for oil, natural gas and NGLs; changes in commodity prices and basis differentials for oil and natural gas; EP Energy’s ability to meet production volume targets; the uncertainty of estimating proved reserves and unproved resources; the future level of service and capital costs; the availability and cost of financing to fund future exploration and production operations; the success of drilling programs with regard to proved undeveloped reserves and unproved resources; EP Energy’s ability to comply with the covenants in various financing documents; EP Energy’s ability to obtain necessary governmental approvals for proposed E&P projects and to successfully construct and operate such projects; actions by the credit rating agencies; credit and performance risks of EP Energy’s lenders, trading counterparties, customers, vendors, suppliers, and third party operators; general economic and weather conditions in geographic regions or markets served by EP Energy, or where operations of EP Energy are located, including the risk of a global recession and negative impact on oil and natural gas demand; the uncertainties associated with governmental regulation, including any potential changes in federal and state tax laws and regulation; competition; and other factors described in EP Energy’s Securities and Exchange Commission filings. While EP Energy makes these statements and projections in good faith, neither EP Energy nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. EP Energy assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by EP Energy, whether as a result of new information, future events, or otherwise.

This presentation presents certain production and reserves-related information on an "equivalency" basis. Equivalent volumes are computed with natural gas converted to barrels at a ratio of six Mcf to one Bbl. These conversions are based on energy equivalency conversion methods primarily applicable at the burner tip and do not represent value equivalencies at the wellhead. Although these conversion factors are industry accepted norms, they are not reflective of price or market value differentials between product types.

This presentation refers to certain non-GAAP measures such as “Adjusted Cash Operating Costs”, “Adjusted EBITDAX”, “Adjusted General and Administrative Expenses” and “Net Debt”. Definitions of these measures and reconciliations between U.S. GAAP and non-GAAP financial measures are included in the First Quarter 2018 press release at epenergy.com.

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Returns-focused leadership with a fresh perspective in all areas

OPPORTUNITY, OPPORTUNITY, OPPORTUNITY

High quality assets under new management

Management incentives aligned with equity shareholders

Swiftly executing operational improvements as well as new concepts

Executing accretive A&D

Extended debt maturities and improving the balance sheet

Improving cash flow

1Q 2018

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45.1

Adjusted EBITDAX ($MM)1

Lease Operating Expense ($MM)

Oil Production (MBbls/d)

% Change

SIGNIFICANT IMPROVEMENT

Adjusted Cash Operating Costs ($MM)1

3Q 2017

Adjusted G&A($MM)1

39

45.4

-7%

1%

20 17 -15%

110 101 -8%

159 189 +19%

Permian Completed Well Cost ($MM)2 4.67 4.23 -9%

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41 See the First Quarter 2018 press release for the company’s non-GAAP reconciliations and definitions2 Comparison of wells completed in the Permian with similar proppant loading normalized to 7,500’

SOLID GUIDANCE BEAT WITH GROWTH INTO 2Q

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1Q 2018 Guidance 1Q 2018

Delta to mid-pt.

2Q 2018 Guidance

VOLUMES

Oil Production (MBbls/d) 43 – 44 45.4 +4% 47 – 49

Equivalent Production (MBoe/d) 77 – 79 80.1 +3% 80 – 82

OIL & GAS

EXPENDITURES ($MM) 210 – 220 208 -3% 200 – 210

OPERATIONAL EXECUTION

Testing of new zones in the Permian underway in 2Q’18

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1st Huff & Puff pilot in the Eagle Ford is operational

Electric Frac fleet operational in Permian – reduces $/stage and improves pump time

1st Horizontal Altamont wells currently drilling

1st permanent water recycling facility in the Permian is operational

PRODUCING MORE WITH LESS

Streamlined organizational structure – Significant reduction in G&A

Flatter organization – Engineers are one step from the CEO

Reduced unnecessary process to add productivity

Example: The company has a smaller technical staff than in 2017, however, without hiring consultants or FTE’s, we have implemented Huff & Puff and now create detailed, fit for purpose completion designs on each new well.

More autonomy, more responsibility, more ownership producing a dynamic decision making process

Employee incentives aligned with management

Daily executive oversight of activity and CAPEX

Monthly executive presence in all field locations 7

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AMENDED DRILLING JV KEY TERMS Eagle Ford well program with initial 34 well tranche

First wells drilled in 2Q’18

Expect to be completed in 2019

Well bore interest only

Investor Benefit:

Option on additional tranche of wells with total funding up to $225MM for 60% of drilling and completion (D&C) cost

Earns 50% WI in completed interval

WI reverts to 15% after investor achieves a 12% return

EP Energy Benefit:

Improves project returns

Operates all wells

Benefits from capital carry

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ADVANTAGED PERMIAN MARKETING

100% of Midland/Cushing basis exposure hedged in 2018 at ($1.02/Bbl)

Over 90% of oil production tied to third-party pipeline gathering system with multiple interconnects to major takeaway pipelines and market hubs

Pipeline interconnectivity creates option to sell physical barrels against Magellan East Houston, LLS, or Brent index

Abundant natural gas gathering, processing, and treating contracts provide flow assurance for NGLs and residue gas

Acreage dedications include “must-take” obligations for processors

Each midstream partner either holds firm transportation capacity on downstream pipelines or has long-term marketing agreements with entities holding firm transport

100% of Waha basis exposure hedged in 2018 at ($0.46/MMBtu) and 47% of 2019 hedged at ($0.39/MMBtu)

Oxy Barnhart Station (access to Colorado City via Cline Shale Pipeline)

Magellan Barnhart Station (interconnect to Longhorn Pipeline to Gulf Coast)

Plains Owens Station (connect to Midland)

Permian Basin Pipeline Infrastructure

EP Energy Oil Takeaway Alternatives

INVESTOR UPDATE

The New EPE

May 2018

EP ENERGY CORPORATION