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  Economics : Rates of Return/ IRR

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MARCELLUS WELL RESULTS Capital efficient and highly productive drilling inventory Marcellus well performance 2018-2020 Average cumulative well production per 1,000 ft lateral 0.8 Avg. 0.7 Avg. 9,500 8,200 30% INCREASE lateral ft lateral ft IN 6-MONTH CUMULATIVE PRODUCTION / LATERAL 0.6 Avg. FT IN 2020 VS 2018 Bcf/1,000 ft lateral 0.5 6,300 lateral ft 0.4 WELL ECONOMICS(1) 0.3 NYMEX Gas Price (US): 2.50/Mcf 3.00/Mcf 0.2 Payout: 2.9 yrs 1.7 yrs 0.1 IRR: 28% 61% Breakeven US (10% IRR): 2.15/Mcf - 1 2 3 4 5 6 7 8 9 10 11 12 Months on production 2018 2019 2020 18 1) Well economics are based on the average 2P reserves booked per undeveloped location (16 Bcf) and a total well cost of US5.9MM.
Enerplus Corp
November 2020

E&P and Gathering WDA Development Plan Beechwood Development Area Provides 100 Potential Utica Locations with Strong Economics WDA Development Update WDA Potential RV-Beechwood Development Area WDA-CRV Area: producing from both Utica and Marcellus wells, with recent development focused on return trips to existing pads Avg. CRV Utica Production: 160 MMcf/d Avg. CRV Marcellus Production: 182 MMcf/d WDA RV-Beechwood Area: 100 potential Utica locations, with economics equal to or greater than prior CRV-Utica development program Consolidated WDA Economics EUR IRR% 15% IRR (Bcf/1000) 2.25(1) (/MMBtu) Utica (RV-Beechwood) 1.5 - 1.8 42% 1.42 Marcellus (CRV Return Trip) 1.1 - 1.2 39% 1.47 (1) Internal Rate of Return is for consolidated Seneca and Gathering, is pre-tax, and includes expected gathering capital expenditures, well costs under current cost structure, and non-gathering LOE. 25
National Fuel Gas Co.
November 2020

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

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