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  Economics : Rates of Return/ IRR

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Dry Gas Basin Breakeven Analysis Most of the dry gas plays in the U.S. have breakeven prices above the current 2020-2023 strip at 2.48/MMBtu - Dry gas producers will require higher realized prices than the current strip to incentivize the drilling activity needed to deliver new supply - Dry gas rig count has declined 24%, or 34 rigs, since March 15th 6.00 (1) 30 Breakeven (25% ROR) 2020-2023 Strip(2) Dry Gas Rig Count 28 Rigs 108 Dry Gas Rigs Breakeven Price Assuming 25% ROR (/Mcf) 5.00 25 Current Rig Count 3.96 4.00 20 20 3.32 3.40 3.18 3.07 16 3.00 2.48 15 (2020-2023 Strip) 11 2.00 2.43 10 8 8 6 1.00 5 5 3 2 1 0.00 0 0 0 Marcellus Marcellus Haynesville - Marcellus Utica Shale - Eagle Ford - Haynesville - Marcellus Green River Cotton Barnett CoreUinta Basin - Rockies - Shale - NE Shale - SW N LA Core - Shale - WV Dry Gas Dry Gas N LA Core - Shale - Basin - Valley - Lower Piceance PA - Dry PA - Dry Long Dry Ohio Standard Central PA Pinedale Horizontal Mesaverde Laterals Laterals Breakeven analysis source: J.P. Morgan Equity Research estimates. RigData report dated 8/22/19. 1) Breakeven price is defined as half cycle pre-tax ROR of 25%. Excludes rich gas basins; SW Marcellus Rich, SCOOP/STACK, DJ Basin, 2) 2020-2023 average Nymex Henry Hub price. Strip pricing as of 8/30/19. ANTERO RESOURCES NATURAL GAS FUNDAMENTALS 13
Antero Resources
September 2019

DJ Basin: Analysts See the Value of the Basin Competitive with all other basins 90 70 % 63 % 83 Breakeven (PV-10, 20:1 WTI:HH Ratio, US / bbl) 80 74 60 % 54 % 70 70 67 64 50 % 58 59 60 55 50 50 48 48 48 48 40 % 41 % 41 % 45 46 IRR 41 30 % 38 39 39 40 30 % 34 31 % 34 % 30 25 % 23 % 20 % 20 % 19 % 20 17 % 10 % 10 11 % 11 % 5% 3% 4% 7% 0% 6% 0 0% (1) Piceance Basin Permian STACK Eagle Ford Powder River Basin SCOOP Haynesville TMS Marcellus Cotton Valley Barnett Gulf Coast Arkoma Woodford DJ Basin Bakken SK Bakken Utica Montney Fayetteville Uinta Basin Half Cycle: Excludes Acreage Acquisition Costs Source: RS Energy Group. Note: Basin breakeven reflect single well economics. (1) Permian basin breakeven represents Midland basin breakeven.
Extraction Oil and Gas
May 2019

Significant Inventory of High Return Development Opportunities Tier 1 Additional 870 80 7,053 793 424 IRRs1,2 904 78 % 359 % 65 % 585 (Wells / Incl. Producers & Injectors) 452 3,397 1,860 774 Additional Well Count 311 Upside Extended San Joaquin Hill Diatomite Thermal Thermal Uinta Total Tier 1 Hill Diatomite Thermal Thermal Uinta Piceance East Texas Total development (non-thermal) Diatomite Sandstones (non-thermal) Diatomite Sandstones Enhanced production techniques (PSA Signed Enhanced drilling and San Joaquin San Joaquin and expected to close Q4 completion techniques 2018) Cost / efficiencies upside 1 IRRs based on Strip Pricing. Berry's Strip Pricing oil, natural gas and NGL reserves were determined using index prices for natural gas and oil, respectively, as of May 31, 2018 without giving effect to derivative transactions. The average future prices for benchmark commodities used in determining Berry's Strip Pricing reserves were 74.59 per Bbl for oil and NGLs for 2018, 72.98 for 2019, 69.15 for 2020 and 66.49 for 2021 thereafter, on the ICE (Brent), and 2.94 per MMBtu for natural gas for 2018, 2.75 for 2019, 2.68 for 2020 and 2.66 for 2021 thereafter, on the NYMEX Henry Hub. For a comparison to SEC Pricing, please see slides 48-49 in Berry's July 2018 Investor Presentation (available at berrypetroleum.com/Investors). 2 IRRs calculated based on Berry's type curves and management's assumptions. Please see slide 2 for a note regarding Berry's type curves and slides 37-38 of Berry's July 2018 Investor Presentation (available at berrypetroleum.com/Investors) for more detailed information related to those curves. 7 November 2018
Berry Corporation
November 2018
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