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  Economics : Rates of Return/ IRR

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Appalachia: Overview Miles 0 4 8 Acres PDP Well Count PDP Decline 1Q21 Activity 540,000 Op: 963 2020 TILs: 53% Wells drilled: 16 40% WI, 35% NRI Non-Op: 292 Field: 23% (5-yr avg) Wells TILd: 18 2021E Production Outlook 2021E EBITDAX Outlook 2021E Capital Plan 1,052 1,061 1,061 1,061 653 Appalachia Gulf Coast South Texas Brazos Valley Powder River Basin 2.25 2.50 2.75 3.00 TOTAL (2) Development Locations (PV-20) (2) Development & Appraisal Locations (PV-0) (1) 20% ROR at current spacing assumption, proven development zones. (2) Location counts do not include exploration wells or zones still in early evaluation. 1Q 2021 Earnings May 12, 2021 10
Chesapeake Energy Corp
May 2021

Assumptions Louisiana 4,600' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 12.6 Bcf (2.7 Bcf/1,000) 10,000 Sales Gas BTU Price 1.020 Adjustment 1,000 Pricing Average - NYMEX less 0.15 / MMBtu Differentials/ Transportation: 0.30 / Mcf Transportation 100 Fixed Opex Fixed Opex: 3,290 / month 0 20 40 60 80 100 120 Months Variable Opex 0.07 / Mcf 4,600' Lateral Severance Tax Payout or 24 month tax holiday; IRR Sensitivity Analysis Estimates (IRR Sensitivity to EURs and Capex) thereafter 0.09/ Mcf IRRs Incoporate Early Time Outperformance EUR Capex Ad Val Tax 0.03 / Mcf (Mmcfe) (M) 90% 100% 110% 90% 100% 110% Royalty Burden 27.0% 2.00 25.0% 37.8% 52.6% 2.00 53.0% 37.8% 27.0% 2.25 43.3% 61.3% 81.9% 2.25 82.8% 61.3% 45.9% Gas Price Gas Price D&C Capex 7.0 MM 2.50 65.0% 89.2% 117.1% 2.50 118.5% 89.2% 68.3% Facilities/Tubing 2.75 90.5% 122.1% 158.9% 2.75 161.0% 122.1% 94.6% Capex 0.381 MM, included in D&C Capex 3.00 120.0% 160.6% 208.4% 3.00 211.4% 160.6% 125.1% Ownership: WI 100% - NRI 73% Spud to 1st Sale 60 Days Pricing: Flat Pricing PV10 (M) AFE: Two well pad. 7,047 (Post Capex) (2.75/Mcf Pricing) Economic EURs vary depending on gas price assumptions. 20
Goodrich Petroleum Corp.
May 2021

Haynesville vs. Appalachia Favorable differentials Lower midstream costs Superior full-cycle economics 2020 Q4 Differentials vs. Henry Hub 2020 Q4 Gathering & Transportation 2020 EBITDAX Margin / 3-Year F&D (/mcfe) (/mcfe) Deeper inventory Higher IRRs(1), faster payback Ample in-basin demand IRR (%) Haynesville Appalachia Inventory Life (Years) Basin Under- Over-supplied Demand supplied Access to Open, More Nearly Full ex Premium Capacity in Basin Average Payback (Years) Markets Process MVP / ACP Ability to Grow Open Limited Production Source: RSEG, Public filings. Appalachia includes AR, CHK, CNX, COG, EQT and RRC Note: Inventory life calculated as Locations Remaining/2019 Gross Wells. (1) Based on RSEG type curves at 2.75 per Mcf. 8
Comstock Resources Inc.
April 2021

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