Tudor, Pickering, Holt & Co Investment Banking

EUR / D&C Benchmarking EUR (Bcfe / 1,000') D&C ($ / ft) 2.5 Highly Rich $950 Highly Rich Gas Highly Rich Gas Cond Antero Resources 2.7 Antero Resources $950 Highly Rich Gas Cond Source: Company IR materials. Antero assumptions based on Antero publicly disclosed information. X EQT $897 EQT 1 2.9 CNX $825 CNX CONFIDENTIAL DRAFT SUBJECT TO CHANGE Median = 2.4 1.6 Swn Southweston Energy Median = $893 $893 SWN Southwestern Energy TUDORPICKERING HOLT&COI: LYRGY INVESTMENTS MERCHANT BANKING 93

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