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  Economics : Rates of Return/ IRR

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3 Develop Highest ROR Locations Attractive Well Economics Post ORRI transaction, Anteros average half cycle rate of return for its 2020 and 2021 development program is 41% Antero Half Cycle Well Economics by BTU Regime (2020 + 2021 Drilling Program) 50% Marcellus Utica 45% 43% 42% 41% 40% 37% 40% 40% Pre-tax Rate of Return (ROR) 35% 30% 2020 + 2021 Average: 41% 25% 20% 15% 10% 5% 0% Marcellus - Highly Marcellus Dry Gas Marcellus - Highly Marcellus - High Utica - Dry Gas Marcellus - Highly Rich Gas 1250 1050 BTU Rich Gas 1225 Rich Gas 1275 1050 BTU Rich Gas 1215 BTU BTU BTU BTU Note: Assumes 5/29/2020 strip pricing. Half cycle burdened with 71% of AM fee, variable FT costs and no charge for G&A or land. Assumes 12,000 lateral lengths, 180 days spud to 1st sales and 2,000 lb/ft completions. 35
Antero Resources
June 2020

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

3 Appalachian Program Expected to Generate Free Cash Flow . . . . . . During the 12 months Post-Acquisition at . . . While Generating Strong Consolidated Natural Gas Prices of 2.00/MMBtu or Higher . . . Returns Across Senecas Acreage Footprint Significant Free Cash Flow Seneca and Gathering Consolidated Economics 200 Generation Expected at Prices 185-195 (Realized Price is NYMEX less applicable transport charges) Free Cash Flow ( Millions)(1) Below Current NYMEX Strip Realized Pricing (2) 15% IRR (3) 140-150 Prospect Reservoir 2.25 2.00 Realized 150 IRR (%) (2) IRR (%) (2) Price 95-105 Tract 100 & Gamble Marcellus 73% 59% 1.11 Lycoming Co. EDA 100 Tioga County Utica 57% 47% 1.34 50-60 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 73 of this presentation. Assumes current hedges and 25/Bbl (3) Consolidated Seneca and Gathering IRR is pre-tax and includes expected gathering capital expenditures, WTI oil price in the 12 months post-closing of acquisition (August 1, 2020 July 31, 2021). well costs under current cost structure, and non-gathering LOE. 20
National Fuel Gas Co.
May 2020

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