INVESTOR UPDATE

November 2018

EP ENERGY CORPORATION

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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 potential for 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 operating 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 “EBITDAX”, “Adjusted EBITDAX”, ”Free Cash Flow”, “Adjusted Cash General and Administrative Expenses”, “Adjusted Oil and Gas Expenditures” and “Net Debt”. Definitions of these measures and reconciliations between U.S. GAAP and non-GAAP financial measures are included in the Third Quarter 2018 press release at epenergy.com.

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OURMISSIONThe EP Energy team is driven to deliver superior returns for our investors by developing the oil and natural gas that feeds America’s growing energy needs. 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.

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3Q’18 CONTINUES TREND OF EXECUTING STRATEGY TO DE-LEVER AND CREATE SIGNIFICANT EQUITY VALUE

Innovate - Execute new projects to unlock significant valueApplied learnings and new designs have led to most productive well in company’s history

Completed first two horizontal wells in Northeastern Utah (NEU)

Operationalized third Enhanced Oil Recovery (EOR) pilot in the Eagle Ford

Improve capital and cost efficiencies to reduce maintenance capitalReduced Adjusted Cash G&A by 26% over last twelve months with go-forward annualized savings of ~$30MMInstalled water disposal infrastructure in Eagle Ford to reduce costs from $2/Bbl to $0.20/BblDrilled two 16,000 foot horizontal wells in the Eagle Ford in 3Q’18

High-grade portfolio via A&D transactions to leverage competitive advantagesThrough October, net acquisitions of approximately $65MM executed at accretive valueTotal net A&D completed at ~$25K Boe/d with 1,900 net acres and 44 gross locations added at no costNet Eagle Ford acreage increased by 30% and added 200+ gross horizontal locations

Manage spend on each dollar to improve leverage metricsAchieved historic FIRST free cash flow quarter excluding hedges during 3Q’18

Net Debt to EBITDAX improved ONE full turn from 3Q’17 to 3Q’18

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2017 2018 3Q’18 vs. 3Q’173Q 3Q

Oil Production (MBbls/d) 45.1 46.4 +3%

Equivalent Production (MBoe/d) 81.0 80.4 -1%

Percent Oil (%) 55.7 57.7 +4%

Produced Volumes (Mboe/d)1 81.0 81.7 +1%

Adjusted Oil and Gas Expenditures (excl Acquisitions and Other Items) ($MM) 2 133 133 0%

Adjusted Cash G&A2 26 19 - 26%

Net Loss ($MM) (72) (44) +39%

Adjusted EBITDAX ($MM)2 159 214 +34%

Net Debt / Annualized Adjusted EBITDAX1 6.24 5.09 -18%

3Q’18 RESULTS CONTINUE IMPROVING METRICS

1 Produced volumes include 8 MMcf/d of reinjected gas volumes used in operations during the 3Q’18 2 See the Third Quarter 2018 press release for the company’s non-GAAP reconciliations and definitions.

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STRATEGY DELIVERING RESULTS YEAR OVER YEAR

Note: % change arrows represent % change from 3Q’17 to 3Q’18.1. Ratio calculated by dividing total net debt by annualized quarterly Adjusted EBITDAX for each period.2. See the Third Quarter 2018 press release for the company’s non-GAAP reconciliations and definitions.

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120

170

220

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

Adjusted EBITDAX ($MM)2

4.04.55.05.56.06.5

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

Net Debt / Annualized Adjusted

EBITDAX1,2

35

40

45

50

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

Oil Production (MBbls/d)

15

20

25

30

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

Adjusted Cash G&A2 (MM)

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DEMONSTRATED FINANCIAL DISCIPLINE 1ST QUARTER OF FREE CASH FLOW

1 See the Third Quarter 2018 press release for the company’s non-GAAP reconciliations and definitions.2 Excludes cash flow from hedges and $22MM of capital adjustments under a joint venture agreement.

+$4.02

10

20

30

40

50

60

70

80

90

100

110

(360)

(320)

(280)

(240)

(200)

(160)

(120)

(80)

(40)

0

40

1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

($USD

)($M

M)

Quarterly Free Cash Flow1

Adj EBITDAX - Adjusted CAPEX - Hedges - Annualized Interest WTI

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NEU HAS DELIVERED THE MOST PRODUCTIVE OIL WELLIN COMPANY’S HISTORY ACROSS ALL BASINS

Company record oil production from NEU horizontal well

Duchesne City 2H has produced ~110,000 barrels of oil in first 78 days

The 2H is still flowing up casing with minimal production decline

Completed lateral length of ~9,500’ and D&C cost of $10.7MM

Significant running room to improve costs and efficiencies

Note: Grey area includes gross oil production history from all existing producing wells in the company’s third quarter 2018 reserve report.

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A

A’

*Top of Castle Peak Structure

INCREASING POTENTIAL: NEU HORIZONTAL ACTIVITY MAP

EP Energy

Newfield

Crescent Point Energy

Axia Energy II

Horizontal Wells

EP Energy Acreage

*Top of Castle Peak Structure

LGR Hz Potential

Wasatch Hz Potential

LGR and Wasatch Hz Potential

NEU Stats as of 3Q’18 #

Gross Operated Wells 400

Net Equivalents Production (MBoe/d)

17.5

Net Oil Production (MBbl/d) 12.0

Net Acres 159,000

Horizontal Permits in Process 57

2H

1H

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A A’

LGR (Black/Yellow

Wax)

Wasatch (Yellow Wax)

GARDEN GULCH

DOUGLAS CREEK

BLACK SHALE

CASTLE PEAK

UTELAND BUTTE

WASATCH 5

WASATCH 4

WASATCH 3

3350’

8,000’

9,000’

10,000’

11,000’

12,000’

13,000’

14,000’

15,000’

UGR

MGR

7,000’

Red Bed Wedge

TVD16,000’

LGR and WasatchHorizontal Potential

LGRHorizontal Potential

2H1H

INCREASING POTENTIAL: NEU HORIZONTAL TARGETS

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HORIZONTAL WELLS IMPROVING OIL PRODUCTIVITY IN NEU

Completed the first two horizontal wells in company’s history in 3Q 2018

Will continue to apply new learnings and expect to drive D&C costs down further by +$1MM

Note: Grey area includes gross oil production history from all existing producing wells in the company’s third quarter 2018 reserve report in NEU only.

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NEU OIL MARKETS HAVE OPPORTUNITIES FOR INCREASED CAPACITY

Crude oil production sold at wellhead, transported by insulated truck to local refineries or rail terminals

Wax crude an attractive feedstock due to:

Low acid, sulfur and metals content

High gasoil content

High paraffin content for lube oil production

API gravity range: 38° to 43°

Five refineries in Salt Lake City with approximately 88 kb/d of wax crude refining capacity

Five local rail terminals with approximately 60 kb/d of transloading capacity, easily expandable

Savage Terminal

Wildcat Loadout

Price River Terminal

Crescent Point Terminal

Ogden Terminal

HollyFrontier

Silver Eagle

Big West

Marathon

Chevron

NEU

Rail Terminal

Refinery

10 miles

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EAGLE FORD DEMONSTRATING IMPROVED OIL PRODUCTIVITY PER WELL

Drilled the most productive Eagle Ford oil well in program history in 2018

Note: Grey area includes gross oil production history from all existing producing wells in the company’s third quarter 2018 reserve report in Eagle Ford only.

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EAGLE FORD DEMONSTRATING IMPROVED CAPITAL EFFICIENCY

2018 design wells are 8% more capital efficient through 160 days and forecast to be 20% at EUR

To produce a comparison of design efficiency, current realized prices and current unit service costs were used for the calculation of both 2018 RPI and immediate Historical Offsets.

• RPI definition is:

Realized $ per Boe xCumulative NRI Boe /

WI CAPEX

• Historical Offset is the most proximal or similar offset to the 2018 well

• RPI calculation does not include the benefit of any drilling carry

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PERMIAN – APPLIED LEARNINGS TO DRILL SECOND MOST PRODUCTIVE WELL SINCE PROGRAM INCEPTION

The 0823DH is the second most productive well in program history and the first test of our new completion design

Completed two more wells with the same design in 3Q’18 producing with similar early results

Note: Grey area includes gross oil production history from all existing producing wells in the company’s third quarter 2018 reserve report in the Permian only.

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PERMIAN – APPLIED LEARNINGS DEMONSTRATE IMPROVED CAPITAL EFFICIENCY

New completion design and artificial lift strategy driving outperformance of historical revenue per investment by >50% at 160 days

• RPI definition is:

Realized $ per Boe xCumulative NRI Boe /

WI CAPEX

• Historical Offset is the most proximal or similar offset to the 2018 well

• RPI calculation does not include the benefit of any drilling carry

To produce a comparison of design efficiency, current realized prices and current unit service costs were used for the calculation of both 2018 RPI and immediate Historical Offsets.

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YTD Actuals (as of

September 30,2018)

FY’18 Estimate

VOLUMES

Oil Production (MBbls/d) 46.4 45 – 47

Equivalent Production (MBoe/d) 81.0 79 – 82

OIL & GAS EXPENDITURES ($MM) 1 545 630 – 670

Eagle Ford 349 ~65%

Permian 98 ~15%

NEU 98 ~20%

AVERAGE GROSS DRILLING RIGS

Eagle Ford 2.8 3

Permian 0.4 -

NEU 2.0 2

OPERATING COSTS

Lease operating expense ($/Boe) 5.53 $5.00 – $5.70

G&A expense ($/Boe) 3.09 $2.90 – $3.25

Adjusted G&A expense ($/Boe) 2 2.33 $2.30 – $2.60

Transportation ($/Boe) 3.44 $3.15 – $3.45

Taxes, other than income ($/Boe) 3 2.86 $2.75 – $2.85

DD&A ($/Boe) 17.00 $17.00 – $17.50

2018 OUTLOOK MAINTAINED

1 Excludes acquisition and other capital of $332MM.2 See the Third Quarter 2018 press release for the company’s non-GAAP reconciliations and definitions.3 Severance tax estimates are based on current WTI prices.

2018 guidance maintained

2019 guidance will be released upon completion of the 2018 program

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INVESTOR UPDATE

November 2018

EP ENERGY CORPORATION