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Positioned For Durable Shareholder Returns Premium Portfolio Each asset generates substantial Free Cash Flow Deep Premium 10Years 20Years Oil & Condensate Natural Gas Provides risk mitigation against single basin headwinds Inventory2 Opportunities Across the Portfolio Multi-Basin Advantage Cross-basin learnings reinforce innovative culture Operational best practices distributed across the portfolio Multi-Product Commodity Exposure Balanced production across oil & condensate and gas Maximized price realizations through market diversification Montney Revenue Mix1 Recipe for Durable Returns Bakken Premium Multi-Basin Portfolio & Resource Uinta 40% Efficient Resource to Cash Flow Conversion Gas & NGLs Anadarko Disciplined Capital Allocation = Durable Return Profile Permian Oil & C5+ NGL Gas Non-GAAP measures defined in advisories. For additional information regarding non-GAAP measures see the Companys website. 6 1) Reflects unhedged 3Q22 revenue. NGLs are Other NGLs C2 C4 2) Premium defined as 35% at 55 WTI and 2.75 NYMEX
Ovintiv Inc
November 2022

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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