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  Economics : Rates of Return/ IRR

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Upstream Appalachia Drilling Program Economics Large Inventory of Marcellus and Utica Location Economic Below 2.00/MMBtu(1) Internal Rate of Return % (2) Realized (1) Locations Completed Price Anticipated Remaining Lateral EUR / 1000' Well Cost 2.50 2.25 2.00 Required for Delivery Prospect Reservoir to Be Drilled Length (ft) (Bcf) M/1,000 ft Realized Realized Realized 15% IRR Markets Transco Leidy & Tract 100 & Atlantic Sunrise Gamble Marcellus 55 4,900 2.5 1,115 61% 48% 34% 1.63 Southeast US Lycoming Co. EDA (NYMEX+) DCNR 007 Utica 50 7,500 2.0 1,045 45% 31% 19% 1.91 TGP 300 Tioga Co. Clermont Utica 125 - 500+ 7,500 1.7 915 29% 23% 16% 1.95 TGP 300 & Rich Valley WDA Niagara Expansion Core Areas Marcellus 640 8,500 1.0 to 1.1 655 25% 19% 13% 2.09 Canada (Dawn) (1) Net realized price reflects either (a) price received at the gathering system inteconnect or (b) price received at delivery market net of firm transportation charges. (2) Internal Rate of Return (IRR) is pre-tax and includes estimated well costs under current cost structure, LOE, and Gathering tariffs anticipated for each prospect. 20
National Fuel Gas Co.
February 2018

2018 Activity Economic Focus Plan to focus Utica Shale activity in the dry gas windows and SCOOP activity in the wet gas window of the play Allocation of capital split between two top-tier basins with dry gas and liquids inventory SCOOP Single Well Economics(1,2) Utica Single Well Economics(1,2) 140% 140% 130% 122% 129% 120% 120% 125% 120% 109% 100% 100% 91% Current 85% Current 89% Drilling Plan IRRs 80% Drilling Plan 80% 86% 78% 65% 77% 57% 57% 60% 60% 52% 55% 48% 46% 53% 52% 35% 49% 40% 40% 36% 29% 42% 28% 43% 27% 32% 26% 32% 15% 23% 20% 20% 12% 26% 24% 11% 19% 13% 11% 10% 0% 0% Gas 2.50 / Oil 42.50 Gas 3.00 / Oil 50.00 Gas 3.50 / Oil 58.00 Gas 4.00 / Oil 67.00 Gas 2.50 / Oil 42.50 Gas 3.00 / Oil 50.00 Gas 3.50 / Oil 58.00 Gas 4.00 / Oil 67.00 Woodford Dry Gas Woodford Wet Gas Woodford Condensate Condensate West Condensate East Wet Gas Springer Oil Springer Gas / Condensate Dry Gas West Dry Gas Central Dry Gas East Woodford Woodford Woodford Springer Gas Springer Condensate Condensate Wet Dry Gas Dry Gas Dry Gas Dry Gas Wet Gas Condensate Condensate Oil West East Gas West Central East Gross Undeveloped Locations 402 528 249 215 354 Gross Undeveloped Locations(3) 134 77 119 182 444 258 Net Undeveloped Locations 65 182 33 72 70 Net Undeveloped Locations 100 58 89 137 333 193 1. Assumes ethane rejection. 2. Well economics are adjusted for transport fees and regional price differentials. 3. Assumes net undeveloped locations grossed up from 75% working interest. WWW.GULFPORTENERGY.COM 5
Gulfport Energy Corp.
January 2018

ATAX IRR 10% 20% 30% 40% 50% 60% 70% 80% 0% Woodenhouse ** Ellerslie Montney Frobisher/Alida Woodford Eagle Ford Marcellus Woodford Meramec Eagle Ford ** Woodenhouse Heavy Oil Play IRR 178% Ellerslie Mannville Eagle Ford Bakken Shaunavon Montney Wasatch Montney WY Turner Sand Lloydminster Midale Viking Montney Kakwa Provost Turner Sand Upper Mannville Duvernay Upper Mannville Montney Permian Spirit River Austin Chalk Permian Permian Spirit River Montney VET Bakken Permian Montney Marcellus Marcellus Viking Midale Permian Permian Permian Woodford SE Sask Midale Montney ROBUST RETURNS AMONGST NORTH AMERICAN PROJECTS Utica Permian Permian Spirit River Montney Oil/Liquids Permian Permian Cardium Eagle Ford Gething Utica Cardium Eagle Ford Torquay *Scotia Capital research, September 2017. Price assumptions: WTI US50/bbl, HH Natural Gas US3.00/mmbtu, AECO 2.63/mmbtu, US/CAD 0.80. Duvernay Permian Gas Permian Cardium Woodford Viking Niobara Mannville Utica Cardium Dunvegan Cardium PROJECT RANKING BY AFTER TAX (ATAX) IRR Bakken Deep Basin Permian Montney Duvernay Eagle Ford SAGD - Heavy Oil NORTH AMERICAN PROJECT RANKING Permian Montney Barnett Shale Woodford Cotton Valley Codell Marcellus Bakken Swan Hills Bakken Mississippian Lime Cleveland Duvernay SAGD - Oil Sands Bakken Haynesville Bakken Fayetteville Permian Marcellus Eagle Ford Granite Wash Permian 87
Vermilion Energy Inc.
January 2018

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