Investor Presentation · 04/05/2020 · At $2.50/MMBtu NYMEX and $25.00/Bbl WTI oil price, expect...

Investor Presentation

May 2020 UpdateMay 4, 2020

2

National Fuel is committed to the safe and environmentally conscious development, transportation, storage, and

distribution of natural gas and oil resources.

For additional information, please visit our corporate responsibility website at https://responsibility.natfuel.com

https://responsibility.natfuel.com/

3

A message from David Bauer, President and CEO of National Fuel Gas Company, on NFG’s COVID-19 response“As we confront the challenges of the COVID-19 pandemic, I am proud to say that National Fuel

has continued to safely and reliably provide natural gas service to our over 743,000 utility customers in western New York and northwestern Pennsylvania, operate our extensive network of transportation, compression and gathering infrastructure, and produce critical natural gas supplies.

The continuity of our operations is a direct result of the dedication and hard work of our over 2,000 employees. During this unprecedented situation, National Fuel has remained committed to our workforce -the bedrock of our Company - and has not instituted any furloughs or workforce reductions. With a large portion of our employees now working remotely, we have implemented a number of initiatives to provide the flexibility needed to address this new normal, including additional paid time off to address child care needs, and encouraging the use of alternative work schedules.

With respect to our in-field workforce and customer service representatives, all of whom provide essential services to our communities each and every day, we have adopted appropriate social distancing measures and have provided necessary personal protective equipment in line with directives from federal, state, and local agencies. As this public health crisis evolves, the health and well-being of our employees and our communities will remain our number one priority, and National Fuel will continue to monitor developments affecting our stakeholders in order to take appropriate steps to mitigate the impacts of the COVID-19 virus.”

4

Acquisition of Shell’s Integrated Appalachian Upstream and Midstream Assets

5

Strategic Rationale - Strengthens NFG’s Integrated Model

Acquisition Expected to Deliver Meaningful Free Cash Flow Generation, While Maintaining Contribution from Regulated Businesses, and Building on Integrated Model

Seneca to acquire contiguous assets, with shallow declining PDP reserves, at less than $0.40 per Mcf(1) PV20+ at current natural gas strip, including only estimated PDP reserves (no value attributed to undeveloped locations)

Expected to lower upstream unit costs through highly synergistic addition to existing Tioga County operations Improvements to both DD&A and G&A (each expected to improve ~$0.05/Mcfe in fiscal 2021)

Increases flexibility to allocate future development capital across different operating areas (Tioga, Lycoming, WDA) Near and medium-term capital expenditures expected to be unchanged post-acquisition

Considerable benefits for midstream businesses (~$35 MM in incremental gathering EBITDA in 12 months post-close) Seneca will acquire valuable Shell’s transportation contract on Empire (200 MDth/day), with access to premium markets

Seneca and Gathering expected to generate free cash flow at NYMEX price of $2.00 or higher in 12 months post-close At $2.50/MMBtu NYMEX and $25.00/Bbl WTI oil price, expect to generate over $100 million in free cash flow over same period(3)

(1) This presentation includes forward-looking statements. Please review the safe harbor for forward looking statements at the end of this presentation.(2) Average weighted NYMEX hedge price ($/MMBtu) for specified fiscal year.(3) Free Cash Flow is defined on page 73 of this presentation. Assumes current hedges.

Significant additional hedges executed for fiscal 2021 and 2022, protecting economics and free cash flow generation Hedges in place equivalent to ~75% of acquired 2021 PDP volumes ($2.71) and ~55% of acquired 2022 PDP volumes ($2.54)(2)

6

Acquisition of Highly-Integrated Assets at Attractive Valuation

$500 million purchase of Royal Dutch Shell’s Appalachian assets(1)

215-230 MMcf/day of net production(2), with 70-75 Bcf of expected production in 12 months post-closing

710 Bcf of net proved developed producing reserves(2)

142 miles of gathering pipelines, compression, and related facilities

Over 400,000 net acres in Appalachia, with ~200,000 acres in Tioga County, contiguous to NFG’s existing footprint

300 MDth/d of transportation capacity, including 200 MDth/d on Empire (NFG)

Over $125 million in incremental EBITDA expected in twelve months post-closing, with ~$35 million from Gathering(3)

WDA – ~915,000 Acres(715,000 - NFG / ~200,000 - Shell)

EDA – ~270,000 Acres (70,000 - NFG / ~200,000 Shell)

(1) Approximate purchase price at time of closing, after estimated closing adjustments.(2) Production and reserves (P90) are estimated at time of closing.(3) Assumes current hedges, $2.50/MMBtu NYMEX natural gas price, and $25/Bbl WTI oil price.

EBITDA is defined on page 73 of this presentation.

7

~185 additional drilling locations (~150 Utica and ~35 Marcellus) with 86-87% average NRI

Integrated gathering assets expected to move 255-270 MMcf/d of gross production(1)

Seneca to acquire valuable pipeline capacity, with acquired gathering highly interconnected

200 MDth/d on Empire Pipeline (NFG)

100 MDth/d on Dominion reaches Transco Leidy line, providing optionality for future Leidy South volumes (Transco/NFG)

Interconnections with additional interstate pipelines (TGP, UGI)

Potential to tie acquired gathering facilities into NFG’s existing Covington system

Significant Integrated Operations in Tioga County

Synergistic E&P and Gathering Assets, Contiguous to NFG’s Highly-Economic Tioga

County Development and Operations

(1) Estimated at time of closing.

Empire (NFG)

DCNR 007

DCNR 595

Covington

Undeveloped Utica

Undeveloped Marcellus

8

Increased Production Base Drives Lower E&P Unit Costs

Immediate Unit Cost Reductions Expected from Additional Scale in Appalachia

Total Exploration & Production Cash OpEx ($/Mcfe)(1)

$0.56 $0.57

$0.32 $0.28

$0.30 $0.27

$0.14$0.11

$1.32~$1.23

FY 2019 FY 2020E FY 2021E(Post-Acqusition)

LOE (Affiliated Gathering) Other LOE G&A Taxes & Other

$0.05 to $0.08 / Mcfe of Cash Unit Costs

Reductions

(1) A non-GAAP reconciliation of E&P Operating Costs is included at the end of this presentation.

9

Acquisition of Mature PDP Stream with Low Base Decline

Shallow Decline of Acquired Production Supports Long-Term Unit Cost Synergies

Annual Appalachian Production Base Decline (%)

0%

5%

10%

15%

20%

25%

30%

35%

40%

Shell Seneca Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6

Peer Average(1)

(1) Peers include AR, CNX, COG, EQT, RRC, and SWN. Source - RS Energy Group. Seneca and Shell base declines are per internal estimates. Estimated base declines for period commencing January 1, 2020.

Acquisition PDP Declines Shallower than Appalachia Peers, with Decline Rate Expected to be Below 20% at Closing

10

Continued Commitment to Prudent Capital Allocation

E&P Capital Expenditure Guidance Further Reduced, With Near-Term Activity Levels Unchanged

E&P

$492

$415-$455 $375-

$410$375-$395

-2019 Actual 2020EGuidance (Aug. '19)

2020EGuidance (Feb. '20)

2020E 2021E(Post-Transaction)

Full Year at 3 rigs

Exploration & Production Capital Expenditures ($ Millions)(1)

Reduced Activity to

2 rigs Further Reduced Activity

Continued Lower

Activity Continued Lower

Activity (1 rig)

(1) A reconciliation to Capital Expenditures as presented on the Consolidated Statement of Cash Flows is included at the end of this presentation.

11

Strong Hedge Position Solidifies Economics of Acquisition

(1) Based on PDP production estimate at time of closing. (2) Hedge percentage represents percentage of fixed price natural gas firm sales and NYMEX hedges at midpoint of production guidance range.(3) Average weighted floor and ceiling prices. (4) Fixed price physical sales exclude joint development partner’s share of fixed price contract WDA volumes as specified under the joint development agreement, and are net of transportation costs. Swaps and 2-way collar prices do not include cost of

transport.

2.4

25.9

-

40.6

46.8

29.6

62.6

118.5

49.3

Swaps Fixed Price Physical 2-Way Collars(4)

Pro Forma Natural Gas Hedges - MMDth, $/MMBtu

105.5 MMDth

191.2MMDth

78.9MMDth

~62% Hedged(2)

$2.69

$2.18

$2.61

$2.22

-

$2.28 / $2.77(3)

$2.52

$2.23

$2.28 / $2.77(3)

Fisc

al 2

020

Fisc

al 2

021

Fisc

al 2

022

Significant Additional Hedges Executed, Minimizing Commodity Price Risk

Seneca has entered into additional NYMEX natural gas swaps in fiscal 2021 and 2022, locking in strong returns, with volumes equivalent to:

2021: ~75% of acquisition PDP production(1)

2022: ~55% of acquisition PDP production

Overall hedge percentage also significantly increased, capitalizing on recent run-up in natural gas prices:

Hedges in place for ~75% of estimated 2021 PDPs

2021: ~130 Bcf of new hedges

2022: ~63 Bcf of new hedges

12

Financing Supportive of Investment Grade Credit Rating . . .

Expected to be accretive to existing credit metrics and to maintain investment grade credit ratings

Post-closing, E&P and Gathering expect to generate combined free cash flow over next 12 months at NYMEX prices of $2.00/MMBtu or higher, supporting credit metrics and investment grade credit ratings(1)

Over $100 million in estimated E&P and Gathering free cash flow generation at NYMEX of $2.50/MMBtu, WTI oil of $25.00/Bbl, and assuming current hedges over same period

Transaction expected to be permanently financed with approximately equal proportions of equity, including equity-linked securities, and long-term debt

Equity backstop to seller significantly de-risks financing strategy, and supports investment grade credit rating

NFG has the right to issue up to $150 million of common equity at a pre-determined price to Shell at closing of the transaction, providing additional financing flexibility to NFG(2)

Existing liquidity affords NFG with flexibility to be opportunistic in accessing capital markets

Existing multi-year credit facility provides approximately $550 million of liquidity

Additional $200 million, 364-day unsecured revolving credit facility closed in April 2020

. . . With Appalachian Program Well-Positioned to Generate Sustainable Free Cash Flow

(1) The company defines free cash flow as funds from operations less capital expenditures.(2) Shares would be issued at price of $38.97 per share.

13

Acquisition Provides Unique Long-Term Growth Opportunity

Attractive Valuation

Integrated Assets

Synergistic Operations

Valuable Pipeline Capacity

Increased Scale

CapEx Plans Unchanged

Enhances Free Cash Flow

Supports Credit Ratings

14

Operations and Business Overview

15

Developing our large, high quality acreage position in Marcellus & Utica shales(1)

NFG: A Diversified, Integrated Natural Gas Company

Providing safe, reliable and affordable service to customers in WNY and NW Pa.

UpstreamExploration &

Production

MidstreamGathering

Pipeline & Storage

38% of NFG EBITDA(1)

DownstreamUtility

% of NFG 20EBITDA(1)

Expanding and modernizing pipeline infrastructure to provide outlets for Appalachian natural gas production

~785,000Net acres in Appalachia

~610 MMcf/dayNet Appalachian natural gas production

$1.7 BillionInvestments

since 2010

3.9 MMDthDaily interstate pipeline capacity under contract

743,400Utility

customers

$324 MillionInvestments in safety since 2015

(1) Twelve months ending March 31, 2020. A reconciliation of Adjusted EBITDA to Net Income as presented on the Consolidated Statement of Income and Earnings Reinvested in the Business is included at the end of this presentation.




Acquisition to add ~400,000 net acres, 215-230 MMcf/d of net production,

and ~142 Miles of gathering

16

Why National Fuel?

Diversified Assets Provide Stability and Long-Term Growth Opportunities

17

Midstream

Integrated Model Enhances Shareholder Value . . .

Ability to adjust to changing commodity price environments

More efficient capital investment Higher returns on investment Operational scale Lower cost of capital Lower operating costs More competitive pipeline

infrastructure projects Strong balance sheet Growing, stable dividend

Geographic and Operational Integration Drives Synergies:

Benefits of National Fuel’s Integrated Structure:

Financial Efficiencies: Investment grade credit rating Shared borrowing capacity Consolidated income tax return

DownstreamUtility

MidstreamGathering

Pipeline & Storage

UpstreamExploration &

Production

Co-Development of Marcellus and Utica Just-in-time gathering facilities Pipeline expansion opportunities

Upstream

Rate-regulated entities share common resources, reducing operating expense

Utility business is a large Pipeline & Storage customer

DownstreamMidstream

1

18

Acquisition of significant, contiguous Tioga County acreage and supporting gathering facilities furthers NFG’s focus on integrated Upstream and Midstream development within Appalachia

Over 1.2 million acre position in the Marcellus and Utica shales (inclusive of acquisition acreage)

NFG’s gathering systems move Seneca’s natural gas production, driving consolidated returns

NFG’s interstate pipelines support Appalachian development and provide new firm takeaway capacity

Further expansion of interstate pipeline systems to satisfy growing natural gas supply and demand

Supply push – Appalachian producers

Demand pull – regional demand-driven projects and utilities

Ongoing investment in safety and modernization of pipeline transportation and distribution systems

$500+ million in new investments expected over the next 5 years

. . . and Continues to Drive Growth Opportunities

Near Term Strategy Leverages Integration Across the Value Chain

UtilityGathering Pipeline & Storage Exploration &

Production

19

Impressive Dividend History

Annual Rate at Fiscal Year End

$3.1 BillionDividend payments since 1970

$1.74per share

49 YearsConsecutive Dividend Increases

$0.19per share

117 YearsConsecutive Payments

4.2%yield(1)

(1) As of April 30, 2020.

2

20

Appalachian Program Expected to Generate Free Cash Flow . . .

(1) The Company defines free cash flow on page 73 of this presentation. Assumes current hedges and $25/Bbl WTI oil price in the 12 months post-closing of acquisition (August 1, 2020 – July 31, 2021).

3

. . . During the 12 months Post-Acquisition at Natural Gas Prices of $2.00/MMBtu or Higher . . .

. . . While Generating Strong Consolidated Returns Across Seneca’s Acreage Footprint

$2.25IRR (%) (2)

$2.00IRR (%) (2)

Tract 100 & GambleLycoming Co.

Marcellus 73% 59% $1.11

Tioga County Utica 57% 47% $1.34

CRV Return Trip Utica 30% 25% $1.60

CRV Return Trip Marcellus 33% 26% $1.57WDA

Prospect ReservoirRealized Pricing (2) 15% IRR (3)

RealizedPrice

EDA

(2) Net realized price reflects either (a) price received at the gathering system interconnect or (b) price received at delivery market net of firm transportation charges.(3) Consolidated Seneca and Gathering IRR is pre-tax and includes expected gathering capital expenditures, well costs under current cost structure, and non-gathering LOE.

$0

$50

$100

$150

$200

$2.25 $2.50 $2.75 $3.00

Free

Cas

h Fl

ow ($

Mill

ions

)(1)

$95-$105

$140-$150

$50-$60

@ NYMEX Price ($/MMBtu)

$185-$195Seneca and Gathering Consolidated Economics (Realized Price is NYMEX less applicable transport charges)

Significant Free Cash Flow Generation Expected at Prices

Below Current NYMEX Strip

COVER

FY19 Q4 Investor Relations Packet

05/04/2020

Model Inputs

WDA Utica

xyy

DurationCost

70 wells700.9460.928

120 wells1200.8820.886

100 wells1000.90760.9028

DCNR 007 Utica

xyy

DurationCost

20 wells201.081

70 wells701.0220.975

43 wells431.053320.9885

PadAreaMarcUtica $/bbl 1019$/bblAve Well #

CRV D09-D2 UWDA4$2.00MarcWDA2.1565

DCNR 100 M3 MLycoming2$1.75MarcLycoming2.3114

HEMLOCK E09-S2WDA6$2.00UticaDCNR 0072.0006

CRV C08-X2 UWDA6$2.70UticaWDA2.2125

DCNR 100 R2 MLycoming5$1.80

HEMLOCK E09-UWDA42$1.75

GAMBLE J Lycoming5$3.25

CRV C09-G2 UWDA6$1.600719$/bblAve Well #Water Delta

GAMBLE K2 MLycoming8$3.50MarcWDA2.12570.031

HEMLOCK E09-T2 MWDA4$2.25MarcLycoming2.21750.094

CRV D08-O2 UWDA4$2.25UticaDCNR 0071.56350.438

CRV D08-U2 UWDA4$2.25UticaWDA1.67160.541

WEST BRANCH E08-L2 UWDA6$2.25

DCNR 007 D UDCNR 0076$2.00

CRV E09-E2 UWDA5$2.25

Boone Mtn. F14-COP-I UWDA1$2.25

CRV C08-G2 UWDA4$2.25

HEMLOCK F10-F2WDA82$2.25

GAMBLE A2 MLycoming5$2.00

CRV C09-D3WDA35$2.25

GAMBLE GLycoming4$2.50

HEMLOCK E09-U2 MWDA8$2.25

BEECHWOOD B09-I UWDA7$2.25

GAMBLE OLycoming5$2.00

BEECHWOOD C09-J UWDA5$2.25

CRV D09-M UWDA5$2.25

HEMLOCK E09-T3 UWDA6$2.25

GAMBLE J2 MLycoming4$2.00

CRV E08-T2 UWDA5$2.25

HEMLOCK E09-J2 UWDA4$2.25

CRV D08-N2 UWDA6$2.25

HEMLOCK F10-F3 UWDA4$2.25

HEMLOCK E09-U3WDA38$2.25

GAMBLE P2 MLycoming2$2.00

CRV D09-M2 UWDA7$2.25

CRV D08-M2WDA26$2.25

BEECHWOOD C09-Q UWDA7$2.25

HEMLOCK E09-S3 UWDA4$2.25

Lycoming

AREA INFORMATION

PROSPECTLycoming*DCNR 100 & Gamble comboTest Month09/2020

COUNTYLycomingGross Gas Prod, MMcf (shrunk)2386.91

Avg Wells per Pad5*from planningGross Gas Prod, MMcf (unshrunk)2391.69Frac$1,557,400drill duration16.2373940763

Net Var Exp, M$$1,316.70Drillout$360,570

ECONOMIC ASSUMPTIONSNet Fix Exp, M$$11.93Toe Prep$87,000

BTU (mmBTU/mcf)1.03112*in LOE sheet, ARIES inputsNet Tot Exp, M$$1,328.62Flowback$218,200W/ Water

FIXED LOE ($/month/well)$994Actual Gas Price, $/Mcf$2.000Sum Total Compl$2,223,170$2,692,326

VARIABLE LOE ($/mcf)$0.036Net Gas Price, $/Mcf$2.062Water$469,156

MIDSTREAM FEE ($/mcf)$0.516*$0.50 transport feeNet Gas Revenue. M$$4,134.80

WATER DISPOSAL LOE ($/well, 1 time fee)$0*water disposal cost removed

PRICING (Realized)$2.50 / $2.25 / $2.00

BASIS DIFFERENTIAL($0.730)

SHRINKAGE %0.20.998

IMPACT FEESPUD_2019*sames as start date

CAPITAL (and Timing)ARIES EntriesValuesCapitalModel(s) Used

DRILLING (-6 Months)$2,211,350*drill capital x efficiencies + rig move/#wellsDRILLING (-6 Months)2211.350DRILLING (-6 Months)DCNR 100 Marc, No Capital Efficiency

COMPLETION (-2 Months)$2,583,308*frac + drillout + toe prep + flowback + waterCOMPLETION (-2 Months)2583.308COMPLETION (-2 Months)used components: DCNR 100/Gamble 200' stg

PRODUCTION (-1 Month)$426,000PRODUCTION (-1 Month)426.000PRODUCTION (-1 Month)EDA 5-7 wells

PAD (-7 Months)$440,000*from planningPAD (-7 Months)440.000PAD (-7 Months)Provided by Planning

TOTAL CAPEX$5,660,657TOTAL CAPEX5660.657

TREATED LENGTH (FT)5,800*per KWMUL Factor1.07411.056

STAGE LENGTH200

OWNERSHIP

WI (%)100

NRI (%)84

TIMING ASSUMPTIONSTYPE CURVE - 5,400' 13,534 MMcf

Production start date of 05/2020*current month + 7 months16706XM/D1.84MOSB/1.276.5

See CAPITAL section for CAPEX timings (relative to production start)*report date = current quarter10627XM/D16.16IMOSB/1.145

6603XM/D6EXPB/.743.8

RESERVESX30M/DXIMOSEXP6

P50 EUR/1000'2.70 BCF/1000'*in TC sheet

P50 EUR15.65 BCF17943.481XM/D1.84MOSB/1.276.5

11414.185XM/D16.16IMOSB/1.145

7092.111XM/D6EXPB/.743.8

X30M/DXIMOSEXP6

2.702037037NEW TYPE CURVE - 5,400' 14,591 MMcf (18 month compression)

15671.8148148148162004788.4M/D18MOSB/2.265

6224XM/D6EXPB/1.041.5

X30M/DXIMOSEXP 6

17400.0005143.096M/D18MOSB/2.265

6685.037XM/D6EXPB/1.041.5

X30M/DXIMOSEXP 6

2.6983333333NEW TYPE CURVE - 5,400' 14,571 MMcf (12 month compression)

15650.3333333333162005670M/D12MOSB/2.265

7371XM/D6EXPB/1.044.5

X30M/DXIMOSEXP 6

17400.0006090.000M/D12MOSB/2.265

7917.000XM/D6EXPB/1.044.5

X30M/DXIMOSEXP 6

DCNR 007 - Tioga Utica

AREA INFORMATION

PROSPECTDCNR 007 UticaTest Month

COUNTYTiogaGross Gas Prod, MMcf (shrunk)3109.73

Avg Wells per Pad6Gross Gas Prod, MMcf (unshrunk)3173.193877551Frac$3,605,280drill duration29.6562218316



BTU (mmBTU/mcf)1.01560*in LOE sheet, ARIES inputsNet Tot Exp, M$$1,705.28Flowback$392,600

FIXED LOE ($/month/well)$994Actual Gas Price, $/Mcf$2.000Water$928,000

VARIABLE LOE ($/mcf)$0.036Net Gas Price, $/Mcf$2.031Total w/ 200' stg$5,666,885





SHRINKAGE %2.00.98



DRILLING (-6 Months)$3,492,515*drill capital x efficiencies + rig movesDRILLING (-6 Months)3492.515DRILLING (-6 Months)007/Boone Mtn Utica, 43 well capital efficiency (0.97286)

COMPLETION (-2 Months)$5,414,515*frac + drillout + toe prep + flowback + waterCOMPLETION (-2 Months)5414.515COMPLETION (-2 Months)used components: Various Utica 200' stg

PRODUCTION (-1 Month)$426,000PRODUCTION (-1 Month)426.000PRODUCTION (-1 Month)EDA 5-7 wells

PAD (-7 Months)$366,667*from planningPAD (-7 Months)366.667PAD (-7 Months)Provided by Planning


TREATED LENGTH (FT)8,700MUL Factor1.16001.13

STAGE LENGTH150

OWNERSHIP

WI (%)100

NRI (%)82

TYPE CURVE - 7,500' 15,212 MMcf

TIMING ASSUMPTIONS

Production start date of 05/2020*current month + 7 months

See CAPITAL section for CAPEX timings (relative to production start)*report date = current quarter

RESERVES


P50 EUR19.57 BCF*in TC sheetSTARTNov-18

GAS1941019410M/D2MOEXPX

"21000XM/D6EXPB/172

"X30M/DXYRSEXP6

DCNR 100

AREA INFORMATION

PROSPECTDCNR 100Test Month

COUNTYLycomingGross Gas Prod, MMcf (shrunk)2788.3

Avg Wells per Pad4.4444444444Gross Gas Prod, MMcf (unshrunk)2822.1659919028Frac$1,631,200



BTU (mmBTU/mcf)1.03120*in LOE sheet, ARIES inputsNet Tot Exp, M$$1,540.30Flowback$40,000W/ Water

FIXED LOE ($/month/well)$1,264Actual Gas Price, $/Mcf$2.000Sum Total Compl$1,953,120$2,355,253

VARIABLE LOE ($/mcf)$0.031Net Gas Price, $/Mcf$1.031Calc Total Compl$2,040,420$2,442,553

MIDSTREAM FEE ($/mcf)$0.516*$0.50 transport feeNet Gas Revenue. M$$2,875.29Water$402,133

WATER DISPOSAL LOE ($/well, 1 time fee)$29,885



SHRINKAGE %1.2



DRILLING (-6 Months)$1,726,811DRILLING (-6 Months)1726.811DRILLING (-6 Months)DCNR 100 Marc, 2018 Capital Efficiency (1.00)

COMPLETION (-2 Months)$2,355,253COMPLETION (-2 Months)2355.253COMPLETION (-2 Months)used components: Model 7, RCS 10K 200' stg WDA or DCNR 595 6 stg/day

PRODUCTION (-1 Month)$426,000PRODUCTION (-1 Month)426.000PRODUCTION (-1 Month)DCNR 100 5 well

PAD (-7 Months)$495,000PAD (-7 Months)495.000PAD (-7 Months)$2.2MM split out by well


TREATED LENGTH (FT)5,600*from geoMUL Factor1.03701.018

STAGE LENGTH190

OWNERSHIP

WI (%)100

NRI (%)84

TIMING ASSUMPTIONS

Production start date of 08/2018*current month + 7 months

See CAPITAL section for CAPEX timings (relative to production start)*report date = current quarter

RESERVES


P50 EUR13.95 BCF

CRV Marcellus

AREA INFORMATION

PROSPECTCore Areas*CRV/Hemlock/RidgewayTest Month

COUNTYVariousGross Gas Prod, MMcf (shrunk)984.4150'


Net Var Exp, M$$597.50Drillout$429,900


BTU (mmBTU/mcf)1.04120*in LOE sheet, ARIES inputsNet Tot Exp, M$$601.84Flowback$80,000W/ Water







SHRINKAGE %0.90.991



DRILLING (-6 Months)$1,655,874*drill capital x efficiencies + rig movesDRILLING (-6 Months)1655.874DRILLING (-6 Months)WDA Marc, No Capital Efficiency

COMPLETION (-2 Months)$3,828,355*frac + drillout + toe prep + flowback + waterCOMPLETION (-2 Months)3828.355COMPLETION (-2 Months)used components: Hemlock Marc 200' stg

PRODUCTION (-1 Month)$260,000PRODUCTION (-1 Month)260.000PRODUCTION (-1 Month)WDA Bulk 7-10 wells

PAD (-7 Months)$180,000PAD (-7 Months)180.000PAD (-7 Months)Provided by planning


TREATED LENGTH (FT)9,000*from geo - adjustedMUL Factor1.20000.99

STAGE LENGTH150

OWNERSHIP

WI (%)100$0.658

NRI (%)1000.0466666667


Production start date of 05/2020*current month + 7 monthsGAS8075XM/D1MOSB/459

See CAPITAL section for CAPEX timings (relative to production start)*report date = current quarter"5758.75XM/D23IMOSB/257

"1873.4XM/D4.8791EXPB/119

RESERVES"X30M/DXIMOSEXP4.8791

P50 EUR/1000'1.15 BCF/1000'*not in TC sheet

P50 EUR10.35 BCF

Core Areas

AREA INFORMATION

PROSPECTCore Areas*CRV/Hemlock/RidgewayTest Month












SHRINKAGE %0.90.991



DRILLING (-6 Months)$1,606,988*drill capital x efficiencies + rig movesDRILLING (-6 Months)1606.988DRILLING (-6 Months)WDA Marc, No Capital Efficiency

COMPLETION (-2 Months)$3,636,225*frac + drillout + toe prep + flowback + waterCOMPLETION (-2 Months)3636.225COMPLETION (-2 Months)used components: Hemlock Marc 200' stg

PRODUCTION (-1 Month)$260,000PRODUCTION (-1 Month)260.000PRODUCTION (-1 Month)WDA Bulk 7-10 wells



TREATED LENGTH (FT)8,500*from geo - adjustedMUL Factor1.13330.99

STAGE LENGTH150

OWNERSHIP$1.21

WI (%)100$1.47

NRI (%)100


Production start date of 05/2020*current month + 7 monthsGAS8075XM/D1MOSB/459

See CAPITAL section for CAPEX timings (relative to production start)*report date = current quarter"5758.75XM/D23IMOSB/257

"1873.4XM/D4.8791EXPB/119

RESERVES"X30M/DXIMOSEXP4.8791

P50 EUR/1000'1.08 BCF/1000'*not in TC sheet

P50 EUR9.18 BCF

Rich Valley Utica

AREA INFORMATION

PROSPECTCRV UticaTest Month09/2020












SHRINKAGE %0.90.991



DRILLING (-5 Months)$3,007,356*drill capital x efficiencies + rig movesDRILLING (-6 Months)3007.356DRILLING (-6 Months)WDA Utica, 100 well Capital Efficiency


PRODUCTION (-1 Month)$352,148*Prod + Fresh Wtr InjPRODUCTION (-1 Month)352.148PRODUCTION (-1 Month)WDA Bulk Utica 7-10 well + Fresh Water Injection Capital for 5 well pad




STAGE LENGTH200

OWNERSHIP

WI (%)100

NRI (%)100

TYPE CURVE - 1,200' spacing, Q419

TIMING ASSUMPTIONS

Production start date of 05/2020*current month + 7 monthsSegmentStart RateEnd RateUnitsDurationDecline Type & ExponentDecline Rate

See CAPITAL section for CAPEX timings (relative to production start)*report date = current quarter101M/D0.75MOSSPDX

21XM/D1IMOSFLAT0

RESERVES31XM/D12IMOSB/246

P50 EUR/1000'1.73 BCF/1000'50XM/D4.8558EXPB/1.227.4

P50 EUR15.61 BCF6X30M/DXIMOSEXP4.8558

18007650M/D0.75MOSSPDX

7650XM/D1IMOSFLAT0

7650XM/D12IMOSB/246

4131XM/D4.8558EXPB/1.227.4

X30M/DXIMOSEXP4.8558

RV-Boone Mt Utica

AREA INFORMATION













SHRINKAGE %0.90.991









STAGE LENGTH200

OWNERSHIP

WI (%)100

NRI (%)100


TIMING ASSUMPTIONS



21XM/D1IMOSFLAT0


P50 EUR/1000'1.82 BCF/1000'50XM/D4.8558EXPB/1.227.4



7650XM/D1IMOSFLAT0

7650XM/D12IMOSB/246

4131XM/D4.8558EXPB/1.227.4


Hemlock - West Branch Utica

AREA INFORMATION













SHRINKAGE %0.90.991









STAGE LENGTH200

OWNERSHIP

WI (%)100

NRI (%)100


TIMING ASSUMPTIONS



21XM/D1IMOSFLAT0


P50 EUR/1000'1.62 BCF/1000'50XM/D4.8558EXPB/1.227.4



8075XM/D1IMOSFLAT0

8075XM/D12IMOSB/246

4360.5XM/D4.8558EXPB/1.227.4


Sheet1

9K Q39K Q4IR Q3IR Q4

00.01679882980.01679882980.02336391130.0172836988

10.03915017460.03781140970.05091333280.0426968661

20.06259734420.05776837330.07803916610.0672299669

30.08377965740.07525710840.10149202140.0898237404

40.10438538550.09207933340.1236035240.1095586515

50.12327981650.10738642520.14340591810.1294226497

60.14187758520.12235976150.16254252040.1476241213

70.159656780.13660002620.18056475310.1655295665

80.17617685740.14977556960.19710939290.1820981345

90.19261802920.16284096490.21340963060.1985297589

100.20798208210.17501257930.22851186320.2143395662

110.22334808360.18715302650.24350518750.2291092649

120.23824275110.19889291730.25794444170.2438770424

130.25171153550.21042451860.27121974430.2577318492

140.26727869460.22312205390.28600343120.2716044046

150.28153194680.23497507630.29960102240.2850462224

160.29557825760.24681859570.31304639520.2968406469

170.30861849040.25792474950.32556128650.3095387265

180.32160688090.26906627560.33805577590.3214882218

190.33419427490.27989577070.3501886460.3335064488

200.34603460560.29010224850.36161446490.3448360942

210.3579383360.30038730930.37311374210.356249722

220.36915588610.31010526680.38396102850.3673809366

230.38045265510.31992054240.394895220.3778982577

240.39146623510.32952048620.40556493370.3885162354

250.40152633820.33832732410.4153189770.3985616854

260.41203380330.34758750260.42551471080.408715763

270.42197175090.35640356320.4351650640.41865071

280.43201434220.36536853230.444923970.4274443137

290.44152398730.37390881830.45417122850.4369896351

300.4511446750.38259852050.46353247080.4460445403

310.46056550450.39115532120.47270493570.4552207389

320.46950054360.3993136940.48140948010.4639334291

330.47855356110.40762159340.49023385320.4727705177

340.48714774260.41554672610.498615420.4814455927

350.49586312920.42362111560.50711949950.4896925936

360.5044173010.43158227160.51547038510.4980671779

370.51201042890.43867852780.52288639780.5060343339

380.5202751830.44643353510.53096184940.5141304138

390.52813652830.45383962480.53864642150.5220926043

400.53612379450.46139345980.54645729250.5291731578

410.543726410.46861037340.55389494610.5368935078

420.55145589210.47597417080.56145958690.5442498304

430.55906124140.48324535840.5689055090.551736518

440.56630712050.49019619310.5760019950.5588741678

450.57368055920.49729242050.58322586170.5661422068

460.58070946010.50407838420.59011443460.573304414

470.58786599750.51100865350.59713031210.580137956

480.59491758620.51785780730.60404544730.5871014927

490.60119932830.52397613430.61020739130.5937485849

500.60806023510.53067653140.61693931210.600525185

510.61460865160.53708902230.62336639320.6072109438

520.62128395360.5436428980.6299197610.6133854615

530.62765804920.54991697960.63617904530.6199027855

540.6341584460.55633120260.64256395780.6261304166

550.64057375640.56267692960.64886685330.6324857839

560.64670338070.56875423550.65489048940.6385609312

570.65295820880.57496976640.66103857080.6447629398

580.65893676530.58092389990.66691640130.6508900845

590.66503968590.58701497040.6729177950.6567501454

600.67106847040.59304486490.67884754880.6627356258

610.67645172850.59843975130.68414342360.6684620518

620.68234474510.60435686730.68994189390.6743128793

630.68798225420.61002842510.69549002660.6800977943

640.69374178130.61583370840.70115930720.6852675675

650.69925330140.62139927650.70658545870.6909314391

660.70488581540.62709727390.71213171710.6963541324

670.71045611050.63274240120.71761767580.701898568

680.71578888370.63815609360.72287059630.7072083401

690.72124105360.64370027130.72824200970.712638744

700.72646215980.64901818080.73338660790.7180131489

710.73180157880.65446529720.73864860910.7231620498

720.73708563840.65986450410.74385686220.7284298869

730.74197977910.66487281530.7486814980.733477892

740.74716019630.67018187640.75378907620.7386437021

750.75212415380.67527654470.75868393430.7437593081

760.75720367920.68049728430.76369344770.7483375871

770.76207207720.68550803540.76849539560.753360546

780.76705493490.69064362270.77341089310.758176507

790.77199019870.69573709470.77828008190.7631074744

800.77672187620.70062687070.78294900220.7678361937

810.78156634510.70563964840.78772981070.7726787964

820.78621192360.71045268660.79231489890.7774778124

830.7909691930.71538752990.79701078120.7820813254

840.79568345610.72028377870.80166476180.786797043

850.79990523970.72467357180.80583301920.7913214747

860.80453996870.72949816980.81040947980.7959570099

870.80898650740.73413215620.81480059590.8005529337

880.81354204640.73888505680.81929983520.8046706574

890.81791338170.7434507870.82361760.8091932107

900.82239264780.74813429330.82804242780.813534136

910.82683421750.75278337980.83243046650.8179834887

920.83109726960.75725024330.83664255520.8222548289

930.83546666160.76183319870.84096013060.8266335378

940.83966110620.76623706090.8451052270.830977282

950.84396085180.770755920.84935478140.8351481874

960.84822612970.77524295450.85357066220.8394248911

970.85204951420.7792688130.85735009540.8435320143

980.85625084240.78369661960.86150348150.8477439125

990.86028544280.78795260950.86549238750.8519236966

1000.86442283090.79232095980.86958326480.8558052173

1010.86839658420.79652025730.87351267470.8599243497

1020.87247213470.80083087980.8775430760.8638814806

1030.87651703130.80511280310.88154349030.8679409008

1040.88040273450.80922966710.88538676570.8718411626

1050.88438876810.81345632660.88932958250.8758427424

1060.88821841440.81752046540.89311799680.8798156165

1070.89214743730.82169340620.89700500950.8836334248

1080.89604816870.82583961840.90086432260.8875511147

1090.89954746260.82956192140.90432670390.891316331

1100.90339556770.83365828890.90813447960.8951804955

1110.90709379920.83759807490.91179420960.8990180697

1120.91088910920.84164427370.91555026690.9024617431

1130.91453701630.84553616080.91916069110.9062498053

1140.91828109920.84953352320.92286655070.9098914304

1150.92199972650.85350656020.92654746070.9136297568

1160.92557451680.85732857830.93008622180.9172239424

1170.92924414880.86125468710.93371910010.9209139473

1180.93277220830.86503187840.93721204320.9245799176

1190.93639424310.86891226130.94079824750.9281050686

1200.93999260540.87276985210.94436123370.9317247359

1210.94333768360.87635819150.9476736210.9352056974

1220.94689118090.88017249440.95119259470.9387803291

1230.95030843080.88384285330.95457684130.9423325425

1240.95381755810.88761422750.9580522770.9455219798

1250.95719245650.89124355480.9613949610.949032369

1260.96065841470.89497304910.96482802640.9524090035

1270.96410287870.89868164950.96823999150.9558772734

1280.96741603980.90225096480.97152206970.959213683

1290.97081905310.90591919380.97489333630.9626409297

1300.97409262940.90944990610.97813654350.9660477345

1310.97745527370.9130787180.98146816460.9693254299

1320.98079780330.91668785290.9847800280.972692783

1330.9837997920.91993099810.98775461950.9759327838

1340.98710476060.92350332410.99102958260.9792616765

1350.99028467560.92694231010.99418078170.9825713915

1360.99355177280.9304774370.99741853180.9855445287

1370.99669549830.93388083461.0005341670.9888184072

1380.99992566590.93737960411.0037356210.9919690696

1391.0031374150.940860211.0069189720.9952067823

1401.006228240.94421143841.0099826060.9983228694

1411.0094044130.94765690171.013130981.001525284

1421.0124612270.95097449761.0161611741.004710082

1431.015602680.95438558961.0192754071.007775571

1441.0187268050.95777950151.0223725991.01092632

1451.0215338770.9608303611.0251555861.013959244

1461.0246255990.96419209521.0282209061.017076734

1471.0276016560.96742954151.0311716721.020177616

1481.0306606440.97075870491.0342047891.023063577

1491.033605390.97396496581.0371247481.026132861

1501.0366323960.97726224461.0401263971.029087852

1511.0396434290.98054357571.0431123261.032125728

1521.0425422980.98370403181.0459871391.035050666

1531.0455224360.98695447191.0489426611.038057833

1541.0483917420.99008534211.0517883751.041049654

1551.0513416730.99330552371.0547141621.043930514

1561.054276510.99651056421.0576250881.046892635

1571.0569144970.99939255491.0602416761.049745066

1581.059821071.0025692071.0631247731.052678128

1591.0626199681.0056293921.0659011661.055596661

1601.0654979411.0087772681.0687560981.058220398

1611.0682694611.0118098821.0715055261.061111712

1621.0711194461.014929551.0743328931.063896351

1631.0739554361.0180350941.0771464731.066760103

1641.0766867581.0210271431.0798563051.069518349

1651.0794956461.0241053021.0826431851.072355111

1661.0822010151.0270711061.0853274481.075178371

1671.0849833631.0301224061.0880881791.077897834

1681.0877524341.0331602521.0908358261.080694932

1691.0903309581.0359900441.0933944821.083389333

1701.0930747231.0390022191.0961171911.086160797

1711.0957177191.041904761.0987399851.08891943

1721.0984362721.0448912331.1014378441.091400178

1731.1010551151.0477690161.1040368311.094134749

1741.1037489611.0507300151.1067103341.096769245

1751.1064304391.0536781511.1093716431.099479418

1761.1090137581.0565189921.1119356081.102090535

1771.111671261.0594419821.1145732771.104776785

1781.1142316041.0622585911.1171145881.107451054

1791.1168655961.0651566481.1197290741.11002776

1801.1194878151.0680421151.122331951.112678794

1811.1218462481.0706375691.1246730491.115233229

1821.1244463761.0734992281.1272541371.117861467

1831.1269517331.0762567381.1297412161.120478277

1841.1295294491.0790939881.1323001921.122832075

1851.132013321.0818279771.1347660371.125427293

1861.1345690151.0846410251.1373031851.127928059

1871.1371136081.0874418531.1398293131.13050114

1881.1395655921.0901407471.1422635041.132980576

1891.1420884811.0929176841.1447680841.135531709

1901.144519551.0955935571.1471815111.138071759

1911.1470209181.0983468081.1496647271.140519367

1921.1495114211.1010880981.1521371571.143037751

1931.1517516071.1035538661.1543610861.145464481

1941.1542215591.1062725371.1568131141.147961384

1951.156601621.1088922641.1591759031.150447441

1961.1590505041.1115877451.1616070161.152763329

1971.1614102631.1141851271.163949651.155228526

1981.1638382581.1168576161.1663600261.157604004

1991.1662557061.1195184961.1687599311.160048173

2001.1685851741.1220825351.1710724941.162403389

2011.1709820021.1247207181.1734519281.16482671

2021.1732915991.1272628871.1757447651.167239504

2031.1756679821.1298785671.1781039031.169564486

2041.1780340421.1324828841.1804527931.171956699

2051.1801622941.1348254461.18256561.17426185

2061.1825088311.1374082741.1848951091.176633658

2071.1847699681.1398971021.1871398371.178995163

2081.1870964891.1424578991.1894494751.181119317

2091.1893383391.1449254981.1916750561.183461336

2101.1916450161.1474644521.1939649941.18571812

2111.1939416721.1499923771.1962449841.188040162

2121.1961547441.15242831.1984419951.190277695

2131.198431811.1549346621.2007025371.192579931

2141.2006260041.1573498061.2028808081.194872166

2151.2028836481.1598347891.2051220691.197080977

2161.2051314841.1623089781.2073535931.199353659

2171.2072254581.164613811.2094323711.201543629

2181.2094544341.1670672391.2116451711.203796926

2191.2116022871.1694313761.2137774381.206040434

2201.213812251.1718638771.2159713631.208058451

2211.2159417831.1742078491.2180854421.210283448

2221.2181328951.1766196021.2202606541.212427467

2231.2203144891.1790208771.2224264161.214633485

2241.2224166851.181334761.2245133571.216759216

2251.2245796711.1837155531.2266606461.218946417

2261.2266639361.1860096991.2287297861.221124116

2271.2288084711.1883701841.2308587591.22322256

2281.2309436911.1907204161.2329784831.225381684

2291.2328643031.1928344291.2348851581.227462229

2301.2349819041.1951652681.2369873921.229602936

2311.2370224361.1974112781.2390131171.231734344

2321.2391219751.1997222351.2410974191.233651527

2331.2411451021.2019490861.2431058641.235765348

2341.2432267321.2042403321.2451723881.237802238

2351.2452993191.2065216241.2472299341.239898029

2361.2472964751.2087198891.2492125981.241917544

2371.2493513841.2109817221.2512525941.243995458

2381.2513315051.2131612371.2532183461.246064345

2391.2533688851.2154037771.2552409411.248057937

2401.2553974151.2176365751.257254751.250109177

2411.257222061.2196449591.2590661541.252085763

2421.2592338521.2218593331.2610633471.254119506

2431.2611724261.2239931171.2629878531.256144415

2441.2631670581.2261886041.264968011.25803072

2451.2650890961.2283041871.26687611.260038639

2461.2670667131.2304809461.2688393661.26197348

2471.269035741.232648251.2707941041.263964272

2481.2709331061.2347366761.2726777011.265882609

2491.2728853371.2368854921.2746157651.26785642

2501.2747665181.2389561041.2764832951.269821655

2511.2767020971.2410865921.2784048271.271715368

2521.2786292681.2432078251.2803180131.273663841

2531.2803627421.2451158561.2820389081.2755414

2541.2822740121.2472195861.2839363071.277473253

2551.2841157221.2492467521.2857646521.279396713

2561.2860106881.2513325371.2876458671.28112685

2571.2878366881.2533424121.2894586161.283034439

2581.2897154911.2554104051.2913237851.284872603

2591.2915861321.2574694161.2931808511.286763921

2601.2933886931.259453491.2949703311.288586406

2611.2952433781.2614949381.2968115561.290461592

2621.2970305631.2634620881.2985857721.292328631

2631.2988694271.2654861231.3004112921.294127721

2641.3007003041.2675013651.3022288821.295978835

2651.3024058591.2693786651.303922061.297762579

2661.3042213731.2713769981.30572441.299597904

2671.3059708141.2733026031.3074611451.301425256

2681.3077708421.275283891.3092481111.303068943

2691.309505361.277193071.3109700411.304881217

2701.3112900341.2791574571.3127417641.306627534

2711.3130669561.2811133111.3145057921.308424349

2721.3147792091.2829979831.3162056181.310155771

2731.3165409741.2849371541.3179545981.311937259

2741.318238621.286805751.3196399261.313711009

2751.3199853581.288728381.3213739871.315420205

2761.3217245081.2906426581.3231005161.317178825

2771.3232888581.2923645361.3246535141.318873441

2781.3250136581.2942630181.3263657971.32061706

2791.3266756841.2960924071.3280157631.322353106

2801.3283857711.2979746961.329713441.323914663

2811.3300336211.2997884811.3313493311.325636384

2821.3317291211.3016547141.3330325281.327295443

2831.3334172561.3035128411.3347084121.329002478

2841.3350439531.3053033421.3363233041.330647386

2851.3367176891.3071456191.3379848941.33233986

2861.338330511.3089208481.3395860111.334024981

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Investor Presentation · 04/05/2020 · At $2.50/MMBtu NYMEX and $25.00/Bbl WTI oil price, expect...

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Transcript of Investor Presentation · 04/05/2020 · At $2.50/MMBtu NYMEX and $25.00/Bbl WTI oil price, expect...