MARCELLUS/UTICA REGIONAL STUDY

APPALACHIAN BASIN PERSPECTIVES

September 15, 2023. 47-Page Report.

APPALACHIA BASIN

MARCELLUS & UTICA

M&A, E&P, Capital Markets, Midstream

Special Macro Natural Gas Section

~40-Rigs Running, 1,119-Wells Online 2022

Top Wells in NE and SW Portion of Basin

EOG Pushing Utica Westward In Ohio

Top 3 Operators: EQT, CHK, SWN

Marcellus (27.7 Bcfe/d), Utica (7.9 Bcfe/d)

Chesapeake Innovating - No Acre Left Behind

EQT Top Performing Stock Last 2 Years

Mountain Valley Pipeline (2 Bcf/d) by YE2023

Basin Strategic to US Nat Gas Supply Growth

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STUDY 4001MA