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  Economics : Rates of Return/ IRR

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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

3 Develop Highest ROR Locations Attractive Well Economics Anteros average unhedged half cycle rate of return for its near-term development program areas is 52% Antero Half Cycle Well Economics by BTU Regime 70% Marcellus Utica 59% 60% 57% 56% Pre-tax Rate of Return (ROR) 52% 50% 48% 42% 40% 2020 + 2021 Average: 52% 30% 20% 10% 0% Marcellus - Highly Marcellus - Highly Marcellus - High Marcellus - Highly Utica - Dry Gas Marcellus Dry Gas Rich Gas 1250 Rich Gas 1225 Rich Gas 1275 Rich Gas 1215 1050 BTU 1050 BTU BTU BTU BTU BTU Note: Assumes 8/7/2020 strip pricing. Half cycle burdened, post-ORRI with 71% of AM fee, variable FT costs and no charge for G&A or land. Assumes 13,000 lateral lengths, 180 days spud to 1st sales and 2,000 lb/ft completions. 35
Antero Resources
September 2020
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