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  Economics : Break-Even

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2020 Outlook Lowering Capital Spending Guidance Improved outlook underpinned by Delaware efficiencies 2020 CAPITAL ACTIVITY New Devon 2020e E&P capital E&P CAPITAL NEW WELLS ONLINE (MM) (Operated) Delaware Basin 1,050 (+15% YoY) 115-125 DELAWARE POWDER Powder River 350 45-55 60% RIVER 20% Eagle Ford 300 95-105(1) E&P CAPITAL +15% CAPITAL 1.70-1.85 STACK 75 (-75% YoY) 10 (VS. 2019) New Devon Total 1,700 - 1,850 BILLION (1) Average working interest for 2020 is 40-45%. Previous Guidance (1.7 - 1.9 billion) LOWERING top-end of 2020 capital guidance by 50 million Driven by improvements in Delaware costs & cycle times Low breakeven funding provides margin of safety (pg. 14) STACK EAGLE FORD Flexibility to tailor activity to market conditions 3% 17% WOLFCAMP success driving capital shift to Delaware (pg. 18) Activity targeting Wolfcamp to double in 2020 REALLOCATING CAPITAL TO DELAWARE BASIN Represents 65% of total Delaware drilling program Q4 2019 Operations Report 11
Devon Energy Corp
March 2020

3 Develop Liquids-Rich Locations Superior Economics vs Dry Gas Antero has significant core drilling inventory with breakeven natural gas prices around 2.00 per MMBtu due to the liquids pricing uplift received Natural Gas Breakeven Price by Region 25% ROR Half Cycle Breakeven Prices(1)(2) AR Locations AR Drilling Rigs Antero has 1,205 locations with a breakeven price averaging 2.07/MMBtu, which AR Undrilled Locations Industry Dry Gas Locations equates to over 10 years of inventory life at (2,623 Premium Locations) the current pace 4.00 Nat Gas Breakeven (/MMBtu) 3.50 3.27 3.34 3.18 3.00 2.79 2.85 2.87 2.40 (2020-2023 Strip) 2.50 2.37 2.07 2.23 2.00 1.50 1.00 0.50 1,205 Undeveloped <2.00 Locations 147 1,271 0.00 Permian / Bakken / DJ / Marcellus 1250+ Btu / NE Marcellus OH Utica Dry Marcellus WV Haynesville Ohio Utica Marcellus Haynesville Eagle Ford SCOOP/STACK Utica (Susquehana Gas 1050 Btu Dry 1050 Btu Core Long Dry Gas SW PA + WV Core Standard Dry 1235 - 1307 Btu County) / Rich Laterals Dry Laterals 1150 Btu Associated Gas (Oily) Appalachia Associated Production: Current Dry Gas Production From Lowest Cost Areas: Gas (NGLs): 19 Bcf/d 10 Bcf/d 41 Bcf/d 75% of current natural gas supply (3) Source: JP Morgan Equity Research breakeven analysis for best industry dry gas drilling locations as of October 2019. Excludes associated gas inventory with 50% liquids. Breakeven analysis for AR prepared by management and excludes AR hedges. AR drilling inventory as of 4/1/20. Assumes midpoint of well cost target range at 830/foot of lateral in the Marcellus. 1) Breakeven price is defined as half cycle pre-tax ROR of 25%. Assumes average 2020-2023 strip WTI oil price of 54.18/Bbl as of 12/31/2019 and C3+ NGL pricing of 27/Bbl for 2020 2023 and 30/Bbl thereafter. Assumes 830/ft budgeted Marcellus well costs. 2) AR half cycle well economics assume 12,000 lateral lengths and 71% of AM gathering and compression fees paid by AR to AM to account for ARs midstream dividend stream from AM (based on 29% ownership of AM). 3) Based on Platts current lower 48 dry marketed natural gas production of 93 Bcf/d at 12/31/2019. 12
Antero Resources
February 2020

Appendix 1. Anadarko Basin Acronyms 2. Corporate Structure 3. Black Mesa Production, LLC 4. Single Well Breakeven Prices 5. Notes 6. Glossary brookside-energy.com.au 13
Brookside Energy Limited
July 2019

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