Economics : Break-Even

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August 2017 2017 Type Curve Summary at 10K, 13K and 15K Utica Dry Gas Utica Rich Gas Utica Condensate Marcellus Condensate Gas IP Rate (Mcf/d) 26,400 25,500 6,000 8,250 Initial Cond. Yield (Bbl/MMcf) N/A N/A 130 100 1 EUR (w / processing) (Bcfe) 32.88 33.66 15.96 23.46 15,000' Lateral BT IRR (3.30 Gas, 60.00 Oil, NGL 40% of WTI) 90% 84% 88% 122% PV10 (M) 19,233 14,624 14,351 19,098 Well Cost (MM) 14.01 11.78 11.78 10.65 Breakeven Gas Price at 60.00 Oil (/Dth) 2 2.06 2.21 0.00 0.00 2 Breakeven Oil Price at 3.30 Gas (/Bbl) N/A 0.00 29.00 22.00 EUR, Bcfe/1000' 2.2 2.2 1.1 1.6 Gas IP Rate (Mcf/d) 22,880 22,100 5,200 7,150 Initial Cond. Yield (Bbl/MMcf) N/A N/A 130 100 1 EUR (w / processing) (Bcfe) 28.49 29.17 13.83 20.33 13,000' Lateral BT IRR (3.30 Gas, 60.00 Oil, NGL 40% of WTI) 82% 76% 80% 114% PV10 (M) 16,057 12,168 11,950 16,150 Well Cost (MM) 12.68 10.64 10.64 9.55 Breakeven Gas Price at 60.00 Oil (/Dth) 2 2.10 2.25 0.00 0.00 2 Breakeven Oil Price at 3.30 Gas (/Bbl) N/A 0.00 30.00 23.00 EUR, Bcfe/1000' 2.2 2.2 1.1 1.6 Gas IP Rate (Mcf/d) 17,600 17,000 4,000 5,500 Initial Cond. Yield (Bbl/MMcf) N/A N/A 130 100 EUR (w / processing) (Bcfe) 1 21.92 22.44 10.64 15.64 10,000' Lateral BT IRR (3.30 Gas, 60.00 Oil, NGL 40% of WTI) 68% 65% 67% 101% PV10 (M) 11,271 8,557 8,375 11,932 Well Cost (MM) 10.71 8.86 8.86 7.71 2 Breakeven Gas Price at 60.00 Oil (/Dth) 2.21 2.35 0.00 0.00 Breakeven Oil Price at 3.30 Gas (/Bbl) 2 N/A 2.00 33.00 24.00 EUR, Bcfe/1000' 2.2 2.2 1.1 1.6 1 Assumes ethane rejection with contractual 30% recovery. 2 Breakeven is defined as PV-10 0.00. 30
Eclipse Resources Corp.
August 2017

UNRECOGNIZED VALUE, UNLOCKED POTENTIAL Investment Opportunity Robust portfolio delivering at low breakeven prices (1) PRB 35/bbl Marcellus 2.10/mcf Eagle Ford 40/bbl Haynesville 2.50/mcf Mid-Continent 40/bbl Utica 2.50/mcf Oil growth driving margin improvement Ample liquidity 3.1 billion Balance sheet transformation continues (1) Breakeven prices reflect PV10 with 3/mcf and 50/bbl Q2 2017 EARNINGS 7
Chesapeake Energy Corp
August 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) 15 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.
Antero Resources
August 2017

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