Economics : Break-Even

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2017 CAPITAL ALLOCATION FLEXIBLE PROGRAM VALUE FOCUSED Powder River Basin Marcellus Shale 35 45/bbl breakeven 2.00/mcf breakeven 2 Rigs / 1 Frac Crew 1 Rig / 1 Frac Crew 2017 D&C Asset Funding Utica Shale 2.15/mcf breakeven Mid-Continent 2 Rigs / 2 Frac Crews < 40/bbl breakeven 4 Rigs / 2 Frac Crews Haynesville 20% Eagle Ford 30% Eagle Ford Shale Haynesville Shale Utica < 40/bbl breakeven < 2.35/mcf breakeven 15% 6 Rigs / 3 Frac Crews 3 Rigs / 2 Frac Crews Marcellus Mid-Continent 5% 15% Powder Other River Capital allocation drivers 5% 10% High-margin production growth Cash-generating capability Available infrastructure and operational efficiency PV10 positive breakeven price assuming 3 gas price and 60 oil price GOLDMAN SACHS HOUSTON CREDIT INVESTOR TOUR 5
Chesapeake Energy Corp
April 2017

Attractive Single Well Economics RICE continues to drive down D&C and operating costs to maximize returns Inventory currently generates 95% returns at strip; HHUB PV-10 breakevens of 1.75 HHUB(1) DRY GAS SINGLE WELL ECONOMICS 206% 142% 166% 92% 115% 53% 72% 39% 2.50 3.00 NYMEX (/MMBtu) 3.50 4.00 MARCELLUS UTICA Net Locations (2) 861 194 HHUB PV-10 Breakeven (/MMBtu) 1.67 1.90 __________________________ Note: Marcellus and Utica economics assume E&P is burdened by 50% of the gathering and compression fee and 50% of water completion fees (Rices direct subsidiary, REO, owns a 26% LP interest in RMP, 100% of Rice Olympus Midstream and 91.75% of RMP IDRs). Assumes long-term well costs of 875 per lateral foot and 1,235 per lateral foot in the Marcellus and Utica, respectively. Assumes EURs of 17.3 Bcf and 21.0 Bcf in the Marcellus and Utica, respectively. 1. Strip pricing as of February 10, 2017. 2. Excludes 47 wet OH Utica net undeveloped locations and 228 dry gas PA Utica net undeveloped locations. 46 www.riceenergy.com
Rice Energy
March 2017

Drilling Inventory Low Breakeven Prices Antero has a 15 year drilling inventory at 3.00 natural gas or less assuming a 20% ROR and the 2017 development pace (170 completions) Cumulative 3P Drilling Inventory Breakeven Prices at 20% ROR (1)(2) 4,000 Marcellus Rich Gas Marcellus Dry Gas Ohio Utica Rich Gas Ohio Utica Dry Gas Average Lateral Length 3,611 3,645 70% of total locations 3,419 Ohio Utica Dry Gas 3,500 generate a 20% rate of return at 3.00/Mcf Nymex or less Ohio Utica Rich Gas 3,000 2,536 2,500 Marcellus Dry Gas Locations 29% of total locations generate 2,000 a 20% rate of return at 1,756 2.00/Mcf Nymex or less 1,500 1,060 Marcellus Rich Gas 1,000 500 247 9,229 9,109 8,630 8,607 8,177 8,062 8,253 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 1/31/2017. Categorized by breakeven price solving for a 20% BTAX ROR and assuming 50% of AM fees due to AR ownership of AM. Assumes strip pricing for oil which averages 56.00/Bbl over the next five years and 50% of WTI for NGLs (27/Bbl). 15 2. Includes 3,443 total core locations plus 202 non-core 3P locations, including 211 3P locations with laterals less than 4,000 feet.
Antero Resources
March 2017

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