Economics : Break-Even

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SIGNIFICANT POSITIONS IN PREMIER, LOW-COST BASINS 4.5 BBoe net unrisked resource potential, 7,500 liquids-rich locations Over 65% Inventory with Wells Breakeven Below 40 8,000 BTAX PV10 or Greater 6,000 352,000 net acres 3,220 gross locations 4,000 8,400 average lateral length 2 BBoe net unrisked resources 2,000 DJ Basin 0 118,000 net acres <40/Bbl Base Plan Gross Identified 4,225 gross locations <2/Mcf Pricing* Locations 7,800 average lateral length DJ Delaware Eagle Ford 2 BBoe net unrisked resources 35,000 net acres 360 gross locations 7,600 average lateral length MBbl/d 2017 USO Oil Growth Delaware 120 460 MMBoe net unrisked resources 40% 90 30% Eagle Ford 60 30 0 FY 2016 FY 2017E 2H 2016 2H 2017E Note: Reflects Marcellus divestiture, anticipated to close in 2Q17. * See appendix for base plan pricing NBL 7
Noble Energy, Inc.
June 2017

Pinedale Asset is Competitive with Core Marcellus Acreage Third party independent research firm, RS Energy, estimates UPLs 2016 breakeven was 2.23 per Mcfe Ultra ranks 2nd best in study with a lower breakeven than all Marcellus producers other than COG Ultra Source: RS Energy Group report dated 3/23/17 Ultra Petroleum Corp. NASDAQ: UPL 14
Ultra Petroleum Corp.
June 2017

CAPITAL EFFICIENCY LONGER LATERALS IMPROVE ROR Anteros typical Marcellus well in 2017 will have a 9,200 lateral length, an EUR of 22.3 Bcfe, including 857 MBbls of NGLS and 66 MBbls of oil and cost 7.7 MM(1) Antero 2016 average 6,500 Foot Lateral(2) 11,500 Foot Lateral lateral: 9,000 feet Pre-Tax Economics Pre-Tax Economics Pre-Tax Economics ROR (%) 58% ROR (%) 72% ROR (%) 83% PV-10 (MM) 8.3 PV-10 (MM) 12.4 PV-10 (MM) 16.5 Breakeven Nymex Breakeven Nymex Breakeven Nymex 1.29 1.11 1.01 (/MMBtu) (/MMBtu) (/MMBtu) Dev. Cost (/Mcfe) 0.42 Dev. Cost (/Mcfe) 0.38 Dev. Cost (/Mcfe) 0.35 6,500 9,000 11,500 NOTE: Assumes 2.0 Bcf/1,000 type curve for the Antero Marcellus Highly-Rich Gas/Condensate (1275 1350 Btu) and 3/31/2017 strip pricing. 1. Assumes ethane rejection and 2.0 Bcf/1,000 recovery at the wellhead. 2. Represents 2016 Marcellus average for peers including: CNX, COG, EQT, RICE, RRC based on public guidance. 18
Antero Resources
June 2017

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