Economics : Type Curve

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WELL PERFORMANCE OPTIMIZING WELL RECOVERIES WITH HIGHER INTENSITY COMPLETIONS Marcellus Cumulative Natural Gas Production Curves (Normalized to 9,000 Lateral) 5,000 Vintage 2013 2014-15 2016 Change Wellhead EUR/1,000 Stage Length (Feet) 280 196 193 (31)% 4,500 Proppant (lb/ft) 913 1,146 1,500 64% 2.0 Water (Bbl/ft) 26 33 41 58% 4,000 Cumulative Wellhead Gas Production (MMcf) Wellhead EUR/1,000' 1.5 1.7 2.0 33% 1.7 3,500 1.5 Year 1 3,000 Year 2 2016 Advanced 2,500 Completions Cumulative Natural Gas Production(1) 2,000 2.0 Bcf/1,000 at the wellhead equates to 2.5 Bcfe/1,000 after 1,500 processing assuming 1275 Btu gas, and 3.2 Bcfe/1,000 processed assuming full ethane recovery 1,000 500 0 Days 22 1. Includes condensate at 6:1 gas/condensate ratio.
Antero Resources
March 2017

Marcellus and Utica Single Well Type Curves MARCELLUS SINGLE WELL TYPE CURVE 14 Restricted Rate Marcellus EUR (Bcf/1,000') 2.16 12 Lateral Length 8,000 10 EUR (Bcf) 17.3 Interwell Spacing 750 MMcf/d 8 Choke (MMcf/d per 1,000') 1.5 6 Flat Time (Days) 180 1-year Cum. (Bcf) 3.8 4 2-year Cum. (Bcf) 5.9 5-year Cum. (Bcf) 9.2 2 10-year Cum. (Bcf) 12.2 IRR (3.00 HHub) 92% 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 PV-10 (MM) (3.00 HHub) 9.6 Years OHIO UTICA SINGLE WELL TYPE CURVE 20 OH Utica Restricted Rate EUR (Bcf/1,000') 2.33 Lateral Length 9,000 15 EUR (Bcf) 21.0 Interwell Spacing 1,000 MMcf/d Choke (MMcf/d per 1,000') 1.8 10 Flat Time (Days) 365 1-year Cum. (Bcf) 5.8 5 2-year Cum. (Bcf) 9.0 5-year Cum. (Bcf) 12.5 10-year Cum. (Bcf) 15.2 IRR (3.00 HHub) 72% 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 PV-10 (MM) (3.00 HHub) 9.9 Years __________________________ Note: See appendix for summary of assumptions used to generate single well IRRs. 47 www.riceenergy.com
Rice Energy
March 2017

PERMIAN BASIN POISED FOR LONG -TERM GROWTH The Permian Basin will drive long-term U.S. oil production growth 6 2025 Permian Basin Oil Growth Forecast 5 MMBOPD (2016 - 2025) Daily Oil Production (MMBOPD) 5 4 3 Today 2 MMBOPD 2 Associated Gas Production Growth Forecast The Permian Basin produces 7 BCFPD of gas today 1 o 2nd largest gas producing region in the U.S. (1 is Marcellus) Associated gas volumes expected to increase to 15 16 BCFPD by 2025 - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: PXD Internal Forecast 40
Pioneer Natural Resources Co.
March 2017

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