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  Economics : Rates of Return/ IRR

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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

WE ARE OVINTIV 7 Why the Anadarko Works for Ovintiv World Class Operator o Quality multi-basin assets with scale STACK IRRs Compete with All Basins 1 o Proven operational expertise 50% o Top tier ESG performance Targeted, Contiguous Acreage Position o Grass roots leasing campaign low royalties o Low entry cost o HBPd for development & advantaged marketing <25% Quality Reservoir o Oil weighted reservoir o World class source rock 30 / Bbl WTI Breakeven Legacy NFX Costs Current OVV Costs o Significant scale and running room 7.9 MM D&C / well 6.0 MM D&C / well Ovintiv Edge o Lowered well costs by 2 MM 25% Reduction in STACK D&C well costs 6.0 MM with pacesetter wells achieving 5.2 MM o Substantial cycle time improvements o Consistent well performance 1) 1.1 MMBOE EUR type curve at a flat 55 / Bbl WTI & 2.50 / MMBTU NYMEX price deck. Breakeven represents oil price needed for 10% ATAX IRR with 2.50 / MMbtu gas
Ovintiv Inc.
January 2020

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