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  Economics : Rates of Return/ IRR

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3 Develop Highest ROR Locations Attractive Well Economics Anteros average unhedged half cycle rate of return for its near-term development program areas is 52% Antero Half Cycle Well Economics by BTU Regime 70% Marcellus Utica 59% 60% 57% 56% Pre-tax Rate of Return (ROR) 52% 50% 48% 42% 40% 2020 + 2021 Average: 52% 30% 20% 10% 0% Marcellus - Highly Marcellus - Highly Marcellus - High Marcellus - Highly Utica - Dry Gas Marcellus Dry Gas Rich Gas 1250 Rich Gas 1225 Rich Gas 1275 Rich Gas 1215 1050 BTU 1050 BTU BTU BTU BTU BTU Note: Assumes 8/7/2020 strip pricing. Half cycle burdened, post-ORRI with 71% of AM fee, variable FT costs and no charge for G&A or land. Assumes 13,000 lateral lengths, 180 days spud to 1st sales and 2,000 lb/ft completions. 35
Antero Resources
September 2020

MARCELLUS WELL RESULTS Capital efficient and highly productive drilling inventory Marcellus well performance 2017-2020 Average cumulative production per well(1) 8 65 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 71 wells Breakeven US (10% IRR): 2.19/Mcf Bcf per well 4 48 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 180 wells on production since January 2017. 18 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
September 2020

2 Appalachian Program Expected to Generate Free Cash Flow . . . . . . In Fiscal 2021 at Natural Gas Prices . . . While Generating Strong Consolidated Well Below Current NYMEX Strip. . . Returns Across Senecas Acreage Footprint 250 Seneca and Gathering Consolidated Economics 210-220 (Realized Price is NYMEX less applicable transport charges) Free Cash Flow ( Millions)(1) 200 Realized Pricing (2) 15% IRR (3) 165-175 2.25 2.00 Prospect Reservoir Realized IRR (%) (2) IRR (%) (2) Price 150 120-130 Tract 100 & Gamble Marcellus 73% 59% 1.11 Lycoming Co. EDA 100 75-85 Tioga County Utica 57% 47% 1.34 50 CRV Return Trip Utica 30% 25% 1.60 WDA CRV Return Trip Marcellus 33% 26% 1.57 0 2.25 2.50 2.75 3.00 NYMEX Price (/MMBtu) (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. (1) The Company defines free cash flow on page 64 of this presentation. Assumes current hedges and (3) Consolidated Seneca and Gathering IRR is pre-tax and includes expected gathering capital expenditures, 42.50/Bbl WTI oil price. well costs under current cost structure, and non-gathering LOE. 9
National Fuel Gas Co.
August 2020

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