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  Economics : Rates of Return/ IRR

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OVVs Keys to Success High-Quality Portfolio Four top-tier assets with substantial operating scale Montney Innovations distributed across the portfolio to drive results Strong production across all products & advantaged costs Operational Excellence Drives Efficiencies Proven operational flexibility and margin enhancement Optimized development programs across asset base Multi-Product Commodity Exposure Premium return options across both oil & condensate and gas Maximizing price realizations through market diversification Uinta Emerging and undeveloped Deep Premium Inventory 10-15 yrs of oil & condensate & 20 yrs of natural gas Premium inventory high-margin oil option Proven organic assessment and appraisal program Anadarko Strong cash flows & Premium Multi-Basin Portfolio & Resource multi-product option Durable Expertise & Culture to Convert Resource to Free Cash Flow Returns Disciplined Capital Allocation Recipe = Durable Return on Invested Capital & Return of Cash to Shareholders Permian Strong oil mix, substantial resource & proven well results 15 Note: Premium reflects 35% IRR at 55/bbl WTI oil and 2.75/MMBtu NYMEX
Ovintiv Inc
August 2023

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** 55
Vermilion Energy Inc.
January 2020

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

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