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  Economics : Rates of Return/ IRR

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Responsibly Sourced Gas to Premium Markets Balanced portfolio provides marketing Canada: 1% Dawn Greater diversification, sales location optionality and Appalachia: 26% basis protection, supplemented by City Gate Dominion TCO Pool and Greater Appalachia sales locations with TGP 219/313 premium winter pricing Transco Leidy Tetco M2 Direct access to LNG corridor and growing demand Gulf Coast markets Mid-West: 2% 90% of Appalachia and Haynesville basis ANR Shelbyville TGT Lebanon protected in 2022 City Gate: 6% Algonquin Tetco M3 TGP Z6 South Differential to NYMEX Transco Z5 Transportation (1) Location (2) Transco Z6 NY LNG Corridor / Average Rate per Average Basis per Gulf Coast: 65% Year NYMEX-based MMBtu MMBtu CGT Mainline FGT Z2 2022E (0.24) (0.36) Sonat LA Transco Z3 Trunkline Z1A 1) Rate per MMBtu based on estimated 2022 production and August 2022 SESH contracted takeaway and firm sales. Estimates for natural gas differentials include all commitment costs. 2) Basis as of August 2022. Includes basis differentials, transportation variable cost, physical basis sales, third-party transportation charges and fuel charges, and excludes financial basis derivatives. NOTE: Percentages on map approximate 2022 sales by location based on estimated production, firm transportation and firm sales. Resilient Free Cash Flow Shareholder Returns Financial Strength 15 Attractive Valuation Asset Quality Gulf Coast Access Responsible Producer
Southwestern Energy Co.
October 2022

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
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