Economics : Break-Even

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May 2018 2018 Type Curve Summary Utica Condensate Utica Rich Gas Utica Dry Gas Marcellus Condensate Flat Castle Base Case Flat Castle Upside Case Gas IP Rate (Mcf/d) 7,200 30,600 44,350 12,960 40,712 45,598 Initial Cond. Yield (Bbl/MMcf) 130 N/A N/A 60 N/A N/A 18,000' Lateral EUR (w/ processing) (Bcfe)1 19.2 40.4 39.5 31.8 36.4 40.8 BT IRR (3.00 Gas, 55.00 Oil, NGL 40% of WTI) 67% 56% 92% 93% 59% 77% PV10 (M) 13,368 11,721 21,116 19,670 17,258 21,466 Well Cost (MM) 14.3 14.3 17.5 13.3 17.8 17.8 Breakeven Gas Price at 55.00 Oil (/Dth)2 0.00 2.27 1.88 0.37 1.96 1.84 Breakeven Oil Price at 3.00 Gas (/Bbl)2 31.00 0.00 N/A 21.30 N/A N/A EUR, Bcfe/1000' 1.1 2.2 2.2 1.8 2.0 2.3 Gas IP Rate (Mcf/d) 6,400 27,200 39,420 11,520 36,189 40,532 Initial Cond. Yield (Bbl/MMcf) 130 N/A N/A 60 N/A N/A 16,000' Lateral EUR (w/ processing) (Bcfe)1 17.0 35.9 35.1 28.3 32.4 36.3 BT IRR (3.00 Gas, 55.00 Oil, NGL 40% of WTI) 61% 50% 84% 87% 52% 71% PV10 (M) 11,329 9,823 18,094 17,007 14,745 18,485 Well Cost (MM) 13.2 13.2 16.1 12.3 16.4 16.4 Breakeven Gas Price at 55.00 Oil (/Dth)2 0.20 2.31 1.92 0.44 1.99 1.88 Breakeven Oil Price at 3.00 Gas (/Bbl)2 32.00 0.00 N/A 22.30 N/A N/A EUR, Bcfe/1000' 1.1 2.2 2.2 1.8 2.0 2.3 Gas IP Rate (Mcf/d) 5,600 23,800 34,500 10,080 31,665 35,465 Initial Cond. Yield (Bbl/MMcf) 130 N/A N/A 60 N/A N/A 14,000' Lateral EUR (w/ processing) (Bcfe)1 14.9 31.4 30.7 24.8 28.3 31.7 BT IRR (3.00 Gas, 55.00 Oil, NGL 40% of WTI) 55% 45% 75% 81% 48% 66% PV10 (M) 9,389 8,005 15,104 14,473 12,326 15,599 Well Cost (MM) 12.0 12.0 14.8 11.1 14.8 14.8 Breakeven Gas Price at 55.00 Oil (/Dth)2 0.35 2.36 1.98 0.52 2.05 1.92 Breakeven Oil Price at 3.00 Gas (/Bbl)2 33.00 0.00 N/A 23.20 N/A N/A EUR, Bcfe/1000' 1.1 2.2 2.2 1.8 2.0 2.3 Gas IP Rate (Mcf/d) 8,640 Initial Cond. Yield (Bbl/MMcf) 60 12,000' Lateral EUR (w/ processing) (Bcfe)1 21.2 BT IRR (3.00 Gas, 55.00 Oil, NGL 40% of WTI) 73% PV10 (M) 11,944 Well Cost (MM) 9.9 Breakeven Gas Price at 55.00 Oil (/Dth)2 0.61 Breakeven Oil Price at 3.00 Gas (/Bbl)2 24.50 EUR, Bcfe/1000' 1.8 Type curves do not represent proved reserves 1 Assumes ethane rejection with contractual 30% recovery. 2 Breakeven is defined as PV-10 0.00. 31
Eclipse Resources Corp.
May 2018

(1) PREMIER, DIVERSIFIED ASSET BASE MARCELLUS 1 rig POWDER RIVER BASIN 4 rigs 1.60 2.20/mcf Breakeven Acreage 577,000 (86% Held) 4.7 million 25 35/bbl Breakeven Net acres Acreage 275,000 (72% Held) UTICA 2 rigs 1.35 1.80/mcf Breakeven Acreage 938,000 (87% Held) 13,300 Undrilled locations MID-CONTINENT 150 1 rig 30 40/bbl Breakeven TIL Count 125 Acreage 806,000 (97% Held) 100 75 50 HAYNESVILLE 25 3 rigs 2.00 2.50/mcf Breakeven Acreage 358,000 (90% Held) 0 Q1 2018 Q2 2018 Q3 2018 Q4 2018 EAGLE FORD Gulf Coast Rockies 4 rigs Appalachia North Appalachia South 30 40/bbl Breakeven Mid-Continent South Texas Acreage 245,000 (97% Held) (1) Net acreage at December 31, 2017 is proforma for announced Mid-Continent asset divestitures and excludes approximately 1.5 million of Other net acreage; 2018 estimated average rig count; PV10 breakeven with oil held flat at 55/bbl and gas held flat at 3/mcf Q4 2017 EARNINGS 6
Chesapeake Energy Corp
February 2018

Drilling Inventory Low Breakeven Prices Antero has a 16-year drilling inventory that generates a 20% rate of return at 3.00/MMbtu NYMEX or less, assuming the 2017 development pace (170 completions) Cumulative 3P Drilling Inventory Breakeven Prices at 20% ROR (1)(2) Marcellus Rich Gas Marcellus Dry Gas Ohio Utica Rich Gas Ohio Utica Dry Gas Average Lateral Length 4,500 4,121 4,000 3,828 Ohio Utica Dry Gas 65% of total locations generate a 20% rate of return at 3,481 Ohio Utica Rich Gas 3,500 3.00/MMbtu NYMEX or less 3,000 2,684 Marcellus Dry Gas Locations 2,500 25% of total locations generate a 20% rate of return at 2.00/MMbtu NYMEX or less 2,000 1,728 1,500 Marcellus Rich Gas 1,049 1,000 500 211 9,111 9,271 8,785 8,683 8,236 7,935 7,733 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 6/30/2017. Categorized by breakeven price solving for a 20% BTAX ROR and assuming 50% of AM fees due to AR ownership of AM. Assumes 55.00/Bbl WTI over the next five years and strip pricing for C3+ NGLs, which is 53% of WTI. 2. Includes 3,890 total core locations plus 231 non-core 3P locations. 14
Antero Resources
September 2017

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