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  Economics : Rates of Return/ IRR

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Haynesville: Profitable Growth, Advantaged Markets Asset overview 1Q22 2Q22E FY22E Net Production (bcf/d) 1.63 1.65 1.75 1.6 1.7 Wells Drilled 12 15 20 60 75 Wells TILd 20 15 20 60 75 Average LL (feet) 9,000 PDP Decline (5 year) 30% 2022 TIL Decline (1 year) 65% Cost assumptions (net) 1Q22 2Q22E FY22E Differential to NYMEX (/mcf) (0.49) (0.55) (0.65) LOE (/mcf) 0.22 0.25 0.35 GP&T (/mcf) 0.45 0.45 0.55 0 3 6 12 Total Capital (mm) 200 210 220 675 775 Miles 22E Production Outlook 22E EBITDAX Outlook 22E Capital Plan 1,530 1,300 1,045 1,090 Operated Development 790 Locations (PV-10)(1) Operated Development & Appraisal Locations (PV-0) (2) 2.25 2.50 2.75 3.00 Total (1) 10% ROR at current spacing assumption, proven development zones. Location Assumptions: Average Lateral Length = 7,500' (2) Location counts are based on existing acreage and do not include exploration wells or zones still in early evaluation. 1,250' 1,750' Average Spacing (4 WPS) 1Q22 Earnings May 4, 2022 7
Chesapeake Energy Corp
May 2022

Haynesville vs. Appalachia Favorable differentials Lower midstream costs Superior full-cycle economics 2021 Q3 Differentials vs. Henry Hub 2021 Q3 Gathering & Transportation 2020 EBITDAX Margin / 3-Year F&D (/mcfe) (/mcfe) Higher IRRs (1) Faster payouts Ample in-basin demand Basin Average Payback (Years) IRR (%) Haynesville Appalachia Basin Under- Over-supplied Demand supplied Access to Open, More Nearly Full ex Premium Capacity in MVP / ACP Markets Process Source: RSEG, Public filings. Appalachia includes AR, CNX, COG, EQT and RRC (1) Based on RSEG type curves at 2.75 per Mcf. 8
Comstock Resources Inc.
January 2022

Assumptions Louisiana 4,600' Lateral Type Curve 100,000 Avg Daily Production (Mcfpd) EUR 13 Bcf (2.8 Bcf/1,000) 10,000 Sales Gas BTU Price 1.020 Adjustment 1,000 Pricing Average - NYMEX less 0.20 / MMBtu Differentials/ Transportation: 0.30 / Mcf Transportation 100 Fixed Opex Fixed Opex: 3,000 / month 0 20 40 60 80 100 120 Months Variable Opex 0.05 / Mcf 4,600' Lateral Severance Tax Severance Tax Abatement Until Payout (Assumed at 12 months), R Sensitivity Analysis Estimates (IRR Sensitivity to EURs and Capex) thereafter 0.09 / Mcf IRRs Based on Composite Curve from Actual Results EUR Capex Ad Val Tax 0.03 / Mcf (Mmcfe) (M) 90% 100% 110% 90% 100% 110% Royalty Burden 27.0% 2.50 62% 84% 109% 2.50 111% 84% 64% 2.75 88% 117% 152% 2.75 155% 117% 91% Gas Price D&C Capex 7.2 MM 3.00 118% 158% 204% 3.00 209% 158% 122% Facilities/Tubing 3.25 154% 206% 268% 3.25 275% 206% 159% 0.200 MM, included in D&C Capex Capex 3.50 197% 263% 346% 3.50 355% 263% 203% Spud to 1st Sale 60 Days Ownership: WI 100% - NRI 73% PV10 Pricing: Flat Pricing 9.3 Million (Post Capex) (3.00/Mcf Pricing) AFE: Two well pad. Economic EURs vary depending on gas price assumptions. 11
Goodrich Petroleum Corp.
November 2021
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