MARCELLUS/UTICA REGION STUDY V2

APPALACHIAN BASIN PERSPECTIVES V2

April 22, 2025. 51-Page Report.

APPALACHIAN BASIN

MARCELLUS & UTICA

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

34.1 Bcfpd and 148,000 Bopd

~34-Rigs Running, 782-Wells Online 2024

Basin Constrained by Takeaway

Low Cost Structures Bode Well in Higher Gas

EQT, EXPAND, ANTERO Top 3 Producers

Power Gen and LNG Driving Demand Growth

Challenges In Takeaway Persist Short Term

Utica Oil Setting Records, Mainly E. Ohio

Large P/E Backed Operators May IPO/Sell

Infinity Natural Resources Goes Public

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STUDY 4003MA