For the years ended December 31, 2020 2019 Gross Operated Well Count Summary: Drilled 98  105  Completed 96  116  Wells to sales 100  113  For the years ended December 31, (in millions) 2020 2019 E&P Capital Investments by Type: Exploratory and development, including workovers $ 692  $ 838  Acquisition of properties 37  55  Seismic expenditures —  3  Water infrastructure project 9  35  Other 17  21  Capitalized interest and expenses 144  186  Total E&P capital investments $ 899  $ 1,138  E&P Capital Investments by Area Northeast Appalachia $ 362  $ 365  Southwest Appalachia 510  710  Other E&P  27  63  Total E&P capital investments $ 899  $ 1,138  (1) (1) Includes $9 million and $35 million for the years ended December 31, 2020 and 2019, respectively, related to our water infrastructure project. Actual capital expenditure levels may vary significantly from period to period due to many factors, including drilling results, natural gas, oil and NGL prices, industry conditions, the prices and availability of goods and services, and the extent to which properties are acquired or non-strategic assets are sold. Cash Flow from Financing Activities We refer you to  Note 9  to the consolidated financial statements included in this Annual Report for additional discussion of our outstanding debt and credit facility and to  Note 1  for additional discussion of our equity offering. Working Capital • Net cash provided by financing activities for the year ended December 31, 2020 was $361 million, compared to net cash used in financing activities of $115 million for the same period in 2019.  • In August 2020, we completed debt and equity offerings resulting in $345 million and $152 million in net proceeds, respectively. • In November 2020, we paid $522 million to retire the Montage senior notes, and repaid the outstanding balance of $200 million related to Montage’s revolving credit facility. • In 2020, we repurchased $107 million in aggregate principal amount of our outstanding senior notes at a discount for $72 million and recognized a $35 million gain on the extinguishment of debt. • In 2019, we paid $54 million on the open market to repurchase $62 million of our outstanding senior notes at a discount. We recognized a gain on early extinguishment of debt of $8 million. • In December 2019, we retired the remaining $52 million principal of our 4.05% Senior Notes due January 2020. • In January 2019, we repurchased approximately 5 million shares of common stock for approximately $21 million. • We had negative working capital of $341 million at December 31, 2020, a $172 million decrease from December 31, 2019, as an $8 million increase in cash and cash equivalents was more than offset by a $70 million increase in various payables and a $157 million net reduction in the current mark-to-market value of our derivative position related to improved forward strip pricing across all commodities as compared to December 2019. Additionally, other current liabilities at December 31, 2020 decreased $34 million, compared to December 31, 2019, as a $43 million decrease in our accrued firm transportation liability related to the Fayetteville Shale sale was only partially offset by a prepayment that we received for an unrelated firm transportation assumption. We believe that our existing cash and cash equivalents, our anticipated cash flow from operations and our available credit facility will be sufficient to meet our working capital and operational spending requirements. 62 Table of Contents Index to Financial Statements