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Rates Of Return
Utica Shale
  Economics : Rates of Return/ IRR

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Inventory Expansion Adding High Quality Resource Depth Discretionary Acreage Acquisitions Marcellus Delineation Key Highlights Discretionary acreage acquisitions will have Marcellus development and delineation added 4.5 years(2,3) since 2022, capturing significant value, within the wet gas and dry gas windows Strategic discretionary acreage acquisitions has added 4 years(2) of drillable inventory quality inventory, optionality to near-term development Recent target and strengthened the long-term value of the Company Marcellus areas include North Belmont and Peer activity and learnings from Gulfports development Monroe Counties has expanded Marcellus resource viability to the north, increasing Marcellus inventory by 200% Attractive Rates of Return(1) Utica dry gas, Utica liquids and Marcellus 1,000 providing returns 70%+ IRR 900 / ft <800 / ft <800 / ft <800 / ft 800 / ft 100% Average Well Cost (/ft) Ongoing Rates of Return Assessment Marcellus Core - 0% Legend Legend Marcellus Marcellus Utica Utica Utica Gulfport Marcellus Acreage Gulfport Utica Acreage North Core Condensate Wet Gas Dry Gas Marcellus Development 1. Based on flat 3.75 / MMBtu natural gas and 65 / Bbl oil. Average internal rates of returns based on actual planned lateral lengths and type curves for each defined development area over the next five years of development. 2. Based on assumed development cadence of approximately 20 to 25 wells per year. GPOR 9 3. Assumes completion of previously announced discretionary acreage acquisition program, expecting to allocate in total 100 million by the end of 1Q2026.
Gulfport Energy Corp.
February 2026

Appalachia: Overview Miles 0 4 8 Acres PDP Well Count PDP Decline 1Q21 Activity 540,000 Op: 963 2020 TILs: 53% Wells drilled: 16 40% WI, 35% NRI Non-Op: 292 Field: 23% (5-yr avg) Wells TILd: 18 2021E Production Outlook 2021E EBITDAX Outlook 2021E Capital Plan 1,052 1,061 1,061 1,061 653 Appalachia Gulf Coast South Texas Brazos Valley Powder River Basin 2.25 2.50 2.75 3.00 TOTAL (2) Development Locations (PV-20) (2) Development & Appraisal Locations (PV-0) (1) 20% ROR at current spacing assumption, proven development zones. (2) Location counts do not include exploration wells or zones still in early evaluation. 1Q 2021 Earnings May 12, 2021 10
Chesapeake Energy Corp
May 2021

E&P and Gathering WDA Development Plan Beechwood Development Area Provides 90 Potential Utica Locations with Strong Economics WDA Development Update WDA Potential RV-Beechwood Development Area WDA-CRV Area: producing from both Utica and Marcellus wells, with recent development focused on return trips to existing pads Avg. CRV Utica Production: 140 MMcf/d Avg. CRV Marcellus Production: 229 MMcf/d WDA RV-Beechwood Area: 90 potential Utica locations, with economics equal to or greater than prior CRV-Utica development program Consolidated WDA Economics EUR IRR% 15% IRR (Bcf/1000) 2.25(1) (/MMBtu) Utica (RV-Beechwood) 1.5 - 1.8 42% 1.42 Marcellus (CRV Return Trip) 1.1 - 1.2 39% 1.47 24 (1) Internal Rate of Return is for consolidated Seneca and Gathering, is pre-tax, and includes expected gathering capital expenditures, well costs under current cost structure, and non-gathering LOE.
National Fuel Gas Co.
February 2021
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