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Rice Energy Inc | 2016 Jefferies Global Energy Conference | Toby Rice | Page 15 of 11 | November 21, 2024

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15 www.riceenergy.com Appalachian Basin Production Growth By Rig Count 40 38 36 34 32 30 28 26 24 22 20 Strong Returns Today with Expected Upside to Basis Differentials in 2018 and Beyond Meaningful Takeaway Capacity Expected to Outpace Supply Growth Bcf/d 2016 2017 2018 2019 Current Appalachia Production 125 Rigs / 38 Bcfd 110 Rigs / 35 Bcfd 85 Rigs / 30 Bcfd 65 Rigs / 26 Bcfd 50 Rigs / 22 Bcfd Current 47 Rigs Preliminary 2017 Industry Guidance Production below FT = Improved Basis Pricing Production Above FT = Stressed Basis Pricing ? Appalachian Basin currently running 47 rigs which is roughly the maintenance level to keep current production flat at ~22 Bcf/d ? ~125 rigs needed through 2019 to fill incremental ~18 Bcf/d of FT capacity ? RICE wells already generate ~110% IRR at strip pricing (1) , but basin supply + capacity projections strongly indicate basis and local natural gas prices could meaningfully improve in 2018+ from strip pricing _______________________ 1. Marcellus and Utica economics assume E&P is burdened by 50% of the gathering and compression fee and 50% of water completion fees (RICE owns a 26% LP interest in RMP, 100% of Rice Olympus Midstream and 91.75% of RMP IDRs). Strip pricing as of October 14, 2016; estimated well costs of $800 per lateral foot and $1,250 per lateral foot in the Marcellus and Utica, respectively. Assumes EURs of 15.1 Bcf and 21.0 Bcf in the Marcellus and Utica, respectively. Unrisked FT Projects Fully Contracted FT Projects + Risked Timing Strip Pricing (1) 2016 2017 2018 2019 2020 M2 Basis ($1.20) ($1.39) ($0.93) ($0.76) ($0.66) M2 Local Price $1.33) $2.01) $2.15) $2.16) $2.27)