Economics : Break-Even

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December 2017 2018 Type Curve Summary at 10K, 14K, 16K and 18K Project Area Estimates Utica Dry Gas Utica Rich Gas Utica Condensate Marcellus Condensate Flat Castle Base Case Flat Case Upside Case Gas IP Rate (Mcf/d) 31,680 30,600 7,200 9,900 40,712 45,598 Initial Cond. Yield (Bbl/MMcf) N/A N/A 130 100 N/A N/A 18,000' Lateral EUR (w / processing) (Bcfe) 1 39.5 40.4 19.2 28.2 28.3 31.7 BT IRR (3.00 Gas, 55.00 Oil, NGL 40% of WTI) 70% 56% 67% 83% 58% 77% PV10 (M) 24,370 17,890 17,510 22,700 22,200 27,000 Well Cost (MM) 17.5 14.3 14.3 13.7 17.8 17.8 Breakeven Gas Price at 55.00 Oil (/Dth)2 1.99 2.12 0.00 0.00 1.96 1.84 Breakeven Oil Price at 3.00 Gas (/Bbl)2 N/A 0.00 28.00 22.00 N/A N/A EUR, Bcfe/1000' 2.2 2.2 1.1 1.6 1.6 1.8 Gas IP Rate (Mcf/d) 28,160 27,200 6,400 8,800 36,189 40,531 Initial Cond. Yield (Bbl/MMcf) N/A N/A 130 100 N/A N/A 16,000' Lateral EUR (w / processing) (Bcfe) 1 35.1 35.9 17.0 25.0 32.4 36.3 BT IRR (3.00 Gas, 55.00 Oil, NGL 40% of WTI) 66% 50% 61% 80% 52% 72% PV10 (M) 20,990 15,310 15,010 20,220 14,745 23,410 Well Cost (MM) 16.1 13.2 13.2 12.6 16.4 16.4 Breakeven Gas Price at 55.00 Oil (/Dth)2 2.03 2.17 0.00 0.00 1.99 1.88 Breakeven Oil Price at 3.00 Gas (/Bbl)2 N/A 0.00 29.00 22.50 N/A N/A EUR, Bcfe/1000' 2.2 2.2 1.1 1.6 2.0 2.3 Gas IP Rate (Mcf/d) 24,640 23,800 5,600 7,700 31,665 35,465 Initial Cond. Yield (Bbl/MMcf) N/A N/A 130 100 N/A N/A 14,000' Lateral EUR (w / processing) (Bcfe) 1 30.7 31.4 14.9 21.9 36.4 40.8 BT IRR (3.00 Gas, 55.00 Oil, NGL 40% of WTI) 59% 45% 55% 76% 47% 66% PV10 (M) 17,640 12,810 12,610 17,390 16,170 19,910 Well Cost (MM) 14.8 12.0 12.0 11.2 14.8 14.8 Breakeven Gas Price at 55.00 Oil (/Dth)2 2.08 2.28 0.00 0.00 2.05 1.92 Breakeven Oil Price at 3.00 Gas (/Bbl)2 N/A 0.00 31.00 23.00 N/A N/A EUR, Bcfe/1000' 2.2 2.2 1.1 1.6 2.6 2.9 Gas IP Rate (Mcf/d) 17,600 17,000 4,000 5,500 22,618 25,332 Initial Cond. Yield (Bbl/MMcf) N/A N/A 130 100 N/A N/A 10,000' Lateral EUR (w / processing) (Bcfe) 1 21.9 22.4 10.6 15.6 20.2 22.7 BT IRR (3.00 Gas, 55.00 Oil, NGL 40% of WTI) 46% 37% 45% 66% 37% 47% PV10 (M) 11,310 8,250 8,200 11,680 10,140 12,810 Well Cost (MM) 11.6 9.3 9.3 8.6 11.9 11.9 Breakeven Gas Price at 55.00 Oil (/Dth)2 2.21 2.32 0.00 0.00 2.19 2.05 Breakeven Oil Price at 3.00 Gas (/Bbl)2 N/A 0.00 33.00 25.00 N/A N/A EUR, Bcfe/1000' 2.2 2.2 1.1 1.6 2.0 2.3 1 Assumes ethane rejection with contractual 30% recovery. 2 Breakeven is defined as PV-10 0.00. 34
Eclipse Resources Corp.
December 2017

2017 CAPITAL ALLOCATION FLEXIBLE PROGRAM VALUE FOCUSED Appalachia 2 Rigs / 2 Frac Crews Marcellus Breakeven 2.10/mcf (1) Utica Dry Breakeven 2.50/mcf (1) Appalachia Optimizing stimulation designs Utica oil growth Significant resource potential (1) Breakeven is PV10 with oil held flat at 50/bbl and gas held flat at 3/mcf NOVEMBER 2017 UPDATE 11
Chesapeake Energy Corp
November 2017

Drilling Inventory Low Breakeven Prices Antero has a 16-year drilling inventory that generates a 20% rate of return at 3.00/MMbtu NYMEX or less, assuming the 2017 development pace (170 completions) Cumulative 3P Drilling Inventory Breakeven Prices at 20% ROR (1)(2) Marcellus Rich Gas Marcellus Dry Gas Ohio Utica Rich Gas Ohio Utica Dry Gas Average Lateral Length 4,500 4,121 4,000 3,828 Ohio Utica Dry Gas 65% of total locations generate a 20% rate of return at 3,481 Ohio Utica Rich Gas 3,500 3.00/MMbtu NYMEX or less 3,000 2,684 Marcellus Dry Gas Locations 2,500 25% of total locations generate a 20% rate of return at 2.00/MMbtu NYMEX or less 2,000 1,728 1,500 Marcellus Rich Gas 1,049 1,000 500 211 9,111 9,271 8,785 8,683 8,236 7,935 7,733 0 < < 1.50 < 2.00 < 2.50 < 3.00 < 3.50 < 4.00 4.00 NYMEX Natural Gas Price (/MMBtu) 1. Marcellus and Utica 3P locations as of 6/30/2017. Categorized by breakeven price solving for a 20% BTAX ROR and assuming 50% of AM fees due to AR ownership of AM. Assumes 55.00/Bbl WTI over the next five years and strip pricing for C3+ NGLs, which is 53% of WTI. 2. Includes 3,890 total core locations plus 231 non-core 3P locations. 14
Antero Resources
September 2017

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