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  Economics : Rates of Return/ IRR

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Portfolio Driving Durable Returns Premium Portfolio 1 Generating substantial Non-GAAP Free Cash Flow Deep Premium1 10Years 20Years Oil & Condensate Natural Gas Provides risk mitigation against single basin headwinds Inventory Opportunities Across the Portfolio Multi-Basin Advantage Cross-basin learnings reinforce innovative culture Operational best practices distributed across the portfolio Multi-Product Commodity Exposure Premium return options across oil & condensate and gas Maximized price realizations through market diversification Montney Multi-Basin Advantage2 Multi-Product Exposure2 Production by asset Production by Product Bakken Permian Oil & Condensate Anadarko Natural Gas Uinta Bakken NGLs 60% U.S. Anadarko Uinta 50% Liquids 40% Canada 50% Gas Montney Permian Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Companys website. 6 1) Premium defined as 35% at 55 WTI and 2.75 NYMEX 2) Based on FY22 MBOE/d production.
Ovintiv Inc
March 2023

13 Focus Areas & Economics Given current pricing environment we have suspended drilling and completions operations Focus areas are 98% held by production Canadian Miss South Kingfisher Osage Focus Areas 50% 50% 40% 40% Kingfisher Focus Area 30% 30% IRR IRR 20% 20% 10% 10% 0% 0% Low EUR Base EUR Low EUR Base EUR 3.2mm (D&C) 4.0mm (D&C) 2.8mm (D&C) 3.6mm (D&C) Canadian IRR1 13% - 39% 12% - 38% Focus Area EUR (MBoe) 862 - 967 547 - 614 EUR Mix 17% Oil (61% Liquids) 31% Oil (66% Liquids) D&C Costs (mm) 3.2 4.0 2.8 3.6 1 IRR range using 40 / 2.50 / 25% for oil, gas, and NGL pricing, respectively
Chaparral Energy
May 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

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