Baird Investment Banking Pitch Book

AR BENCHMARKING Additional relevant data GAS-WEIGHTED PEERS ELITE E&P's Cabo Oil & Gas Corporation EQT Gulfport RI RANGE RESOURCES swn Sereng Cabo O&G Corporation CONCHO DIAMONDBACK Current leog resources PIONEER NATURAL RESOURCES Antero Credit Rating S&P NA BBB BB- Ba 2 BB- NA BBB- Source: Bloomberg and Wall Street research as of April 17, 2018. Days to cover. (1) BB BBB+ BBB BB+ Moody's NA Baa3 B1 BB+ Ba3 NA Bal Ba3 Baal Baa2 Baz Dividend Yield 1.0% 0.2% NA 0.6% NA 1.0% 0.4% 0.4% 0.7% 0.3% 0.0% Buyback Program? Berna k Short Interest Ratios Current vs. 1-Year Current (1) 2.4 3.2 3.4 8.3 3.2 2.4 1.8 2.9 2.3 2.7 10.3 (28%) (35%) 47% 81% 20% (28%) (64%) (17%) (29%) (12%) 25% 2018 Hedged Production Crude 0% 0% NA 17% 0% 0% 59% 41% 33% 84% Confidentiat 0% Gas 0% 42% 80% 57% 89% 0% 33% 26% 1% 60% 78% % Insider Ownership 1.5% 0.6% BAIRD 8.5% 0.5% 0.6% 1.5% 1.1% 1.2% 0.4% 0.9% 23.7% Project Bronco Page 8

View entire presentation