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  Economics : Rates of Return/ IRR

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Appalachia: Overview Miles 0 4 8 Acres PDP Well Count PDP Decline 1Q21 Activity 540,000 Op: 963 2020 TILs: 53% Wells drilled: 16 40% WI, 35% NRI Non-Op: 292 Field: 23% (5-yr avg) Wells TILd: 18 2021E Production Outlook 2021E EBITDAX Outlook 2021E Capital Plan 1,052 1,061 1,061 1,061 653 Appalachia Gulf Coast South Texas Brazos Valley Powder River Basin 2.25 2.50 2.75 3.00 TOTAL (2) Development Locations (PV-20) (2) Development & Appraisal Locations (PV-0) (1) 20% ROR at current spacing assumption, proven development zones. (2) Location counts do not include exploration wells or zones still in early evaluation. 1Q 2021 Earnings May 12, 2021 10
Chesapeake Energy Corp
May 2021

2021 Game Plan Details Increase Returns with Shift to Double Premium Develop Wells that Earn Minimum 60% Direct ATROR1,2 at 40 WTI Target 5% Well Cost Reduction3 Lower Base Decline Rate 50 WTI Oil Price Required for 10% ROCE2 in 2021 Reached Agreement to Divest China Assets for 140 MM (New) Maintain Production in Unbalanced Oil Market Maintain Oil Production at 440 Mbopd4 Leasing and Testing Across Numerous HighImpact Oil Plays Capital Budget of 3.9 Bn4 Fully Funded within Cash Flow at 32 WTI Oil Complete 500 Net Wells Focused on the Delaware Basin, Eagle Ford and Powder River Basin Focused Investments in Exploration, Infrastructure and Emissions Reduction Projects Generate Strong Free Cash Flow Generate 3.4 Bn Free Cash Flow5,2 at 60 WTI (Update) Increased Regular Dividend 10%6 Strengthen Balance Sheet Repaid 750 MM Bond in February 2021 Pay 600 MM Special Dividend (New) (1) Direct ATROR calculated using flat commodity prices of 40 WTI oil, 2.50 Henry Hub natural gas and 16 (4) Based on midpoint of fullyear guidance as of May 6, 2021. NGLs. (5) Discretionary Cash Flow less CAPEX. (2) See accompanying schedules for reconciliations and definitions of nonGAAP measures and other measures. (6) Based on indicated annual rate, as of February 25, 2021. (3) Well Costs = Drilling, Completion, WellSite Facilities and Flowback. 1Q 2021 22
EOG Resources, Inc.
May 2021

ATAX IRR (%) 20% 40% 60% 80% 0% 100% Ellerslie Frobisher/Alida Marten Hills Montney Montney Montney Eagle Ford Eagle Ford Condy Marcellus Viking Montney Cantuar Mannville Ellerslie Charlie Lake Montney Upper Mannville Frobisher / Alida SE SK Unfracked Dunvegan Montney Upper Mannville Montney Montney Bakken Permian SE SK Bakken Midale Bakken Montney Cold Lake SE SK Fracked Midale Cardium Duvernay Austin Chalk Permian Viking Provost Permian Cold Lake Permian SW SK Viking Shaunavon Mannville Ratcliffe/Midale Cardium Montney VET Sparky Eagle Ford Permian Permian ROBUST RETURNS AMONGST NORTH AMERICAN PROJECTS Gething Ratcliffe/Midale Woodford Permian Permian Permian Montney Bakken Uinta Spirit River Bakken Permian Oil/Liquids Cardium Permian Cardium Pembina Powder River Beaverhill Lake Eagle Ford Montney Shannon; Vermilion capital program targets the Turner only in the Hilight area of the Powder River Basin. ** Permian -3%; Mississippian Mid-Con -4%. PROJECT RANKING BY ATAX IRR Duvernay Montney Permian Gas Utica Permian Utica PRB Parkman / Montney Turner / Shannon* Marcellus Deep Basin Woodford Bakken Bakken Torquay NORTH AMERICAN PROJECT RANKING Montney Woodford Permian SAGD - Heavy Oil Montney Marcellus Spirit River Duvernay Marcellus Marcellus DJ Basin Montney Scotia Capital research, November 2019. Price assumptions: WTI US55/bbl, HH Natural Gas US2.50/mcf, AECO 1.85/mcf, USD/CAD 0.76. * Scotia analyzes a composite of the Parkman / Turner / Eagle Ford Duvernay Woodford Haynesville SAGD - Oil Sands Spirit River DJ Basin Eagle Ford Woodford Gulf Coast Eagle Ford Permian Marcellus Permian** Mississippian** 26
Vermilion Energy Inc.
December 2020

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