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  Economics : Break-Even

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MARCELLUS WELL RESULTS Capital efficient and highly productive drilling inventory Marcellus well performance 2017-2020 Average cumulative production per well(1) 8 60 wells Well economics(2) Lateral Length < 5,000 ft 7 NYMEX Gas Price (US): 2.50/Mcf 3.00/Mcf Lateral Length 5,000 ft - 7,500 ft Lateral Length 7,500 ft Payout: 3.4 yrs 2.0 yrs 6 IRR: 24% 54% 5 65 wells Breakeven US (10% IRR): 2.19/Mcf Bcf per well 4 45 wells 3 2 1 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Months on Production 1) Based on 145 wells on production since January 2017. 16 2) Well economics are based on the average 2P reserves booked per undeveloped location for a 6,300 ft lateral (16 Bcf) and a total well cost of US6.5MM.
Enerplus Corp
May 2020

Appendix Consolidated Seneca and Gathering Economics Average Realized Pricing (2) Locations Average 15% IRR (3) Completed EUR Prospect Reservoir Remaining CAPEX 2.50 2.25 2.00 Realized Lateral (Bcf/1000') to Be Drilled (M/1000') IRR (%) (3) IRR (%) (3) IRR (%) (3) Price Length (ft) Tract 100 & Gamble 5,500 - 1,050- Marcellus 30-35 2.5-2.9 89% 73% 59% 1.11 Lycoming Co. 6,000 1,100 EDA 8,500 - 1,250- Tioga Co Utica 180 2.0-2.3 68% 57% 47% 1.34 9,000 1,300 9,000- CRV Return Trip Utica 70-75 1.6-1.7 900-950 39% 30% 25% 1.60 WDA 10,000 8,500- CRV Return Trip Marcellus 10-15 1.1-1.2 675-725 42% 33% 26% 1.57 9,500 Over 1,000 Potential Additional Marcellus and Utica Locations Economic on a Stand-Alone Basis at 2.00/MMBtu(1) (1) Stand-alone Seneca breakeven economics (15% pre-tax IRR) by prospect are as follows: Tract 100 & Gamble: 1.51; Tioga County: 1.68; CRV Return Trip (Utica): 2.00; CRV Return Trip (Marcellus): 1.95. Internal Rate of Return (IRR) for stand-alone Seneca is pre-tax and includes estimated well costs under current cost structure, LOE, and Gathering tariffs anticipated for each prospect. (2) Net realized price reflects either (a) price received at the gathering system interconnect or (b) price received at delivery market net of firm transportation charges. (3) Consolidated Seneca and Gathering IRR is pre-tax and includes expected gathering capital expenditures, well costs under current cost structure, and non-gathering LOE. 68
National Fuel Gas Co.
May 2020

GULF OF MEXICO: WHY NOW Attractive Economics Deepwater Gulf Of Mexico Competes Favorably With The Best Onshore US Plays 100 Deepwater GoM Half Cycle Breakeven / bb (WTI to Henry Hub 20:1) Breakeven 80 <30/bbl WTI 60 40 20 0 Barnett Utica Marcellus SCOOP Bakken-US Haynesville Eagle Ford Delaware Midland GOM STACK Deepwater Source: RSEG Note: Half cycle breakeven includes drilling, completion and tie-in costs (excludes G&A, land acquisition costs, financing costs) Capital Markets Presentation February 25, 2019 22
Kosmos Energy
February 2020

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