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  Economics : Rates of Return/ IRR

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Responsibly Sourced Gas to Premium Markets Balanced portfolio provides marketing Canada: 1% Dawn Greater diversification, sales location optionality and Appalachia: 26% basis protection, supplemented by City Gate Dominion TCO Pool and Greater Appalachia sales locations with TGP 219/313 premium winter pricing Transco Leidy Tetco M2 Direct access to LNG corridor and growing demand Gulf Coast markets Mid-West: 2% 90% of Appalachia and Haynesville basis ANR Shelbyville TGT Lebanon protected in 2022 City Gate: 6% Algonquin Tetco M3 TGP Z6 South Differential to NYMEX Transco Z5 Transportation (1) Location (2) Transco Z6 NY LNG Corridor / Average Rate per Average Basis per Gulf Coast: 65% Year NYMEX-based MMBtu MMBtu CGT Mainline FGT Z2 2022E (0.24) (0.36) Sonat LA Transco Z3 Trunkline Z1A 1) Rate per MMBtu based on estimated 2022 production and August 2022 SESH contracted takeaway and firm sales. Estimates for natural gas differentials include all commitment costs. 2) Basis as of August 2022. Includes basis differentials, transportation variable cost, physical basis sales, third-party transportation charges and fuel charges, and excludes financial basis derivatives. NOTE: Percentages on map approximate 2022 sales by location based on estimated production, firm transportation and firm sales. Resilient Free Cash Flow Shareholder Returns Financial Strength 15 Attractive Valuation Asset Quality Gulf Coast Access Responsible Producer
Southwestern Energy Co.
October 2022

Marcellus: Premium Scale, Leading Returns 0 3 6 12 Asset overview 1Q22 2Q22E FY22E Miles Net Production (bcf/d) 1.45 1.85 1.95 1.9 2.0 Wells Drilled 14 24 28 80 95 Wells TILd 17 24 28 80 95 Average LL (feet) 11,000 PDP Decline (5 year) 20% 2022 TIL Decline (1 year) 60% Cost assumptions (net) 1Q22 2Q22E FY22E Differential to NYMEX (/mcf) (0.29) (0.50) (0.60) LOE (/mcf) 0.10 0.09 0.11 GP&T (/mcf) 0.55 0.55 0.65 Total Capital (mm) 64 140 150 425 525 22E Production Outlook 22E EBITDAX Outlook 22E Capital Plan 1,575 1,430 1,430 1,435 1,235 Operated Development Locations (PV-10)(1) Operated Development & Appraisal Locations (PV-0) (2) 2.25 2.50 2.75 3.00 Total (1) 10% ROR at current spacing assumption, proven development zones. Location Assumptions: Average Lateral Length = 9,800' (2) Location counts are based on existing acreage and do not include exploration wells or zones still in early evaluation. 1,300' 1,500' Average Spacing (4 WPS) 1Q22 Earnings May 4, 2022 6
Chesapeake Energy Corp
May 2022

2021 guidance, operating statistics and well economics 2021 ANNUAL GUIDANCE(1) Q4 2021 GUIDANCE WELL ECONOMICS E&D capital spending (CMM)(2) 380 BAKKEN - FORT BERTHOLD(1) Total production (Mboe/d) 113.75-114.75 Total production (Mboe/d) 124.5-128.5 WTI oil price US50/bbl US60/bbl Liquids production (Mbbl/d) 69.75-70.75 Liquids production (Mbbl/d) 80-83 Payout 1.5 years 0.9 years Operating expense (/boe) 8.80 Operating expense (/boe) 8.80 IRR: 60% 100%+ Cash G&A expense (/boe) 1.15 Breakeven (10% IRR) US38/bbl WTI Transportation expense (/boe) 3.85 MARCELLUS(2) Avg. royalty & prod. tax rate 26% NYMEX natural gas price US3.00/Mcf US3.50/Mcf Current income tax expense (USMM) 3 Payout 2.0 years 1.4 years Bakken oil price diff. vs WTI (US/bbl) (2.00) IRR 50% 90% Marcellus natural gas price diff. vs NYMEX (US/Mcf) (0.55) Breakeven (10% IRR) US2.30/Mcf NYMEX 1) Fort Berthold well economics are based on the average 2P reserves booked per undeveloped location for a 2-mile lateral (730 mboe) and a total well cost of US5.7MM. 2021 ASSET DETAILS(3) BAKKEN MARCELLUS CANADA DJ BASIN 2) Marcellus well economics are based on the average 2P reserves booked per undeveloped location (18 Bcf/well, 7,400 ft lateral) and a total well cost of US6.3MM. Capital allocation (approx.)(2) 80% 10% 5% 5% 18-20 66-72 2 Wells drilled (gross) - (99% WI) (4% WI) (15% WI) 50 77-83 2 3 Wells online (gross) (80% WI) (6% WI) (15% WI) (87% WI) 1) Guidance has been adjusted for Williston Basin divestment which closed Nov 2, 2021 . 21 2) Capital spending includes capitalized G&A. 3) Wells drilled and completed are based on operated activity only except for the Marcellus and Canada which include non-operated activity.
Enerplus Corp
December 2021
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