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  Economics : Type Curve

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New Upper Marcellus Development Performing Favorably Alongside Premier Lower Marcellus productivity cumulative mcf per lateral foot economics 700 Lower Marcellus Lower Upper Marcellus Marcellus 600 Well count 187 wells 13 wells Continue to expect 2021-23 vintage 2022 vintage Upper Marcellus well 500 productivity between Well spacing 800 foot 1,000 foot 70-80% of Lower Average lateral length 7,500 feet 8,700 feet Marcellus, with lower 400 /ft costs driving capital Assumptions for economics below: efficient returns Average lateral length 7,500 feet 10,000 feet 300 Dobrosielski wells Well cost per lateral foot 1,110/ft 950/ft performing at high end of range Flat price assumption, 3.50/mmbtu 3.50/mmbtu 200 NYMEX PVI101 2.3x 2.0x 100 Payout 11 months 17 months 0 range of competitive returns 0 100 200 300 400 expected across Upper Marcellus days online 16 1See appendix for non-GAAP reconciliations and definitions.
Coterra Energy
August 2023

Antero Well Performance vs. Peers Antero leads its Appalachian peers in well productivity trends, and importantly, continues to increase its liquids productivity AR Oil & NGLs Cumulative Well Productivity AR Cumulative Well Productivity vs. Peers 200 800 +20% vs 87% Increase peer avg 180 Normalized Cumulative Gas Equivalent (MMcfe/1,000') 700 Cumulative Oil and C3+ Production (MBbl) 160 600 Since 140 2020 Peer 500 120 Average (1) 100 400 80 300 60 200 40 100 20 0 0 0 30 60 90 120 150 180 0 6 12 18 24 Days On Line Months On Line Source: Wellhead production from Enverus public data. Well BTU categorization based on Antero internal BTU mapping data. Processing shrink and NGL yields consistently assigned across all operators based on assigned BTU buckets. Note: Production data cutoff at 24 months. Peers limited to SW Marcellus Operators with a minimum of 120 wells TIL since 2020. Represents cumulative sum of the average rate-time profile. Assumes no processing for wells with less than 1100 BTU (zero C3+ yield). Represents Enverus lateral lengths for peer average and internal lateral lengths for AR data. Antero Resources (NYSE: AR) 1) Peers include EQT, RRC and SWN (SW Marcellus wells). 4
Antero Resources
April 2023

MARCELLUS WELL RESULTS Capital efficient and highly productive drilling inventory Marcellus well performance 2018-2021(1) Average cumulative well production per 1,000 ft lateral Avg. 0.8 Avg. 9,600 lateral ft 8,200 37% INCREASE lateral ft IN 6-MONTH CUMULATIVE PRODUCTION / 0.7 Avg. LATERAL FT IN 2021 VS 2018 0.6 9,200 lateral ft Bcf/1,000 ft lateral 0.5 Avg. 6,300 0.4 lateral ft 0.3 0.2 0.1 0.0 1 2 3 4 5 6 7 8 9 10 11 12 Months on production 2018 2019 2020 2021 20 1) Enerplus average working interest in the Marcellus wells is 4.5% in 2021, 3.3% in 2020, 9.7% in 2019, 9.2% in 2018 (production weighted).
Enerplus Corp
February 2022
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