Antero Resources Snapshot Private E&P company headquartered in Denver, Colorado extensive shale experience Drilled and operated over 430 horizontal shale wells in Barnett, Woodford, Marcellus and Utica Shales Appalachian Shale-Focused…
Low Cost Liquids-Rich Reserve Base Antero increased Appalachian proved reserves by 44% at mid-year 2013, assuming ethane recovery, and 47% assuming ethane rejection, from year-end 2012 Total SEC Reserves SEC Proved Reserves(1) 6.3…
Significant Ethane Optionality Anteros liquids-rich position provides significant upside to improving NGL pricing 3P reserves of over 1.6 BBbls of NGLs and condensate assuming ethane recovery mode 31% liquids Ethane Rejection(1)…
Strong Track Record of Growth Average Net Daily Production Net Proved SEC Reserves (1) 6,282 421 5,017 4,929 334 244 3,231 133 87 105 1,141 680 31 87 235 6 YTD 6/30/2013 Antero Capital Allocation Operated Wells…
Industry Leading Finding Costs Includes all drilling, land and acquisition expenditures Industry 3-Year All-in Finding Costs Through 2012(1)(2) Based on the Howard Weil 2012 F&D Cost Study, Antero had the lowest three-year average…
Industry Leading Development Costs Per Mcfe development cost excluding land is a better measure of capital efficiency than finding costs Antero was the leader in 3-year development costs through 2012 Industry 3-Year Development Costs…
Strong Hedge Position Antero expects to realize approximately 882 million(1) of hedge gains over the next seven years from its current 956 Bcfe hedge book which averages 4.86/MMBtu NYMEX-equivalent, assuming current STRIP prices…
Asset Overview 9
Appalachian Basin Overview Southwestern and Northeastern Core Areas Antero Utica OH 101,000 Net Acres 11 horizontal wells completed 3 rigs running Utica Liquids Rich Fairway Antero Marcellus SW PA 25,000 Net Acres 2…
Antero Marcellus Shale Summary 325,000 net acres of leasehold in Southwestern Core of the Marcellus play 52% HBP with additional 26% not expiring for 5-plus years Over 80% of acreage has rich gas processing potential 100% operated…
Large Scale Position in Marcellus Core Antero has delineated and de-risked a large scale acreage position in the Southwestern Core of the Marcellus Shale in northern West Virginia currently building more infrastructure to process…
Strong Marcellus Production Growth Antero Gross Operated Marcellus Production 700,000 Infrastructure Delays 600,000 Shift to pad development drilling 500,000 Tichenal Lateral online September 2011 400,000 Jarvisville Lateral…
Antero Marcellus Type Curve Support Antero has over 3- years of production history to support its 1.5 Bcf/1,000 of lateral recovery assumption as demonstrated by the graph and table below DeGolyer & MacNaughton (D&M), Anteros third…
Marcellus Processing Economics Dramatic improvement in returns by processing higher BTU gas Anteros Marcellus rich gas leasehold spans the 1050 to 1350 BTU spectrum Antero has 2,353 gross processable horizontal locations (1050 BTU)…
Marcellus Rich Gas Liquids and Processing Upgrade Marcellus rich gas and highly rich gas acreage provides a significant advantage in well economics assuming 4.25/MMBtu NYMEX, 90.00/Bbl WTI and current spot NGL pricing correlation…
Marcellus Water Management System Summary Water Management System Map 150-mile water sourcing and distribution system to improve operational efficiency and reduce water truck traffic 375 million total project costs 215 million in…
Antero Utica Shale Utica Shale Industry Activity(1) Summary Chesapeake Chesapeake Based on geologic analysis and announced drilling Coniglio 6H Shaw 5H 1,125 Boe/d with 290 Bbl/d Oil 1,435 Boe/d with results, the core area is in the…
Antero Has Many of the Top Utica IPs Announced Summary Utica IPs (1) Antero has achieved 7 of the Core top 8, and 10 of the top 17, 2,000 to 8,900 Boe/d IPs announced Utica IPs to-date 10,000 Some of the best 24-hour peak rates…
Integrated Marcellus and Utica Midstream Infrastructure Antero has existing and planned processing infrastructure both in the Marcellus and Utica Well positioned to capitalize on rich gas acreage and improved margins from liquids-rich…
Low Break Even Gas Price Portfolio 4,576 gross horizontal drilling locations Gross Horizontal Drilling Locations Supports significant production growth potential 1250 BTU 1050 BTU Portfolio of rich gas locations provides significant…
2012 and 2013E Capital Budget 2012 Capex Budget by Type 2012 Capex Budget by Project 2012 Wells Spud by Project Piceance/Arkoma Land 6% Piceance/Arkoma 41% 33 Utica 3 Drilling Utica Marcellus Midstream 41% 41% 53%…
Current Financial Summary Financial Summary Includes Discontinued Operations 12 mos. 12 mos. 12 mos. 12 mos. LT M millions 12/31/2009 12/31/2010 12/31/2011 12/31/2012 6/30/2013 Summary Operat ing Result s Product ion (Bcfe) (1) 38…
Key Credit Strengths Liquids-rich Marcellus and Utica shale plays are two of the premier U.S. shale plays World class asset Antero has scale in both of these plays 325,000 net acres in the Marcellus Shale base with scale and 101,000…
Appendix 25
Firm Transportation/Sales Commitments Appalachia Columbia Firm Sales 1 Firm Sales 2 Firm Sales 3 7/26/2009 9/30/2025 10/1/2011 10/31/2019 10/1/2011 5/31/2017 1/1/2013 5/31/2022 Momentum III EQT Chicago Direct 9/1/2012 12/31/2021…
Historical Antero Hedging Results Antero has realized over 665 million of gains on commodity hedges over the past 5- years Gains realized in 21 of last 22 quarters Quarterly Realized Gains/(Losses) 1Q '08 - 2Q '13 MMs /Mcfe 100.0…
Utica Shale Wells Antero Initial Results Antero Utica Well Initial Production Data Antero has drilled and completed 11 Utica Shale wells in the Core of the play to-date 24hr Peak Rate Lateral Well Oil Eq. Rate Wellhead Gas…
Marcellus Shale Well Economics Horizontal Dry Gas Assumes 1050 BTU gas no processing, dry gas Estimated 588 gross horizontal drilling locations in the dry gas category (950 to 1050 BTU) Antero Average for First 188 Horizontal Wells…
Marcellus Shale Well Economics Horizontal Rich Gas Assumes 1150 BTU gas and includes processing margin at 90.00/Bbl oil and 36% WTI NGLs(1) Estimated 1,430 gross horizontal drilling locations in the 1050 to 1250 BTU category(2) (3)…
Marcellus Shale Well Economics Horizontal Highly-Rich Gas Assumes 1250 BTU gas and includes processing margin at 90.00/Bbl oil and 44% WTI NGLs(1) Estimated 923 gross horizontal drilling locations in the 1250 to 1350 BTU category(2) %…
Marcellus Processing Barrels 1150 BTU NGL Barrel - Volume NGL Barrel - Volume Iso Butane, Normal Iso Butane, Ethane, 5% Pentanes+, 9% Butane, 4% 3% Normal 5% Butane, Propane, 13% 18% Pentanes+, 16% Propane, Ethane, 57% 70%…
Marcellus Processing Barrels 1250 BTU NGL Barrel - Volume NGL Barrel - Volume Iso Butane, Normal Iso Butane, Normal Butane, 7% 4% 8% Ethane, 3% Pentanes+, Butane, 9% 16% Propane, Pentanes+, 51% Propane, Ethane, 21% 23%…
Marcellus Rich Gas Provides Liquids and Processing Upgrade Marcellus rich gas and highly rich gas acreage provides a significant advantage in well economics assuming 4.25/MMBtu NYMEX, 90.00/Bbl WTI and 40% WTI NGL pricing Upgrade…
Antero EBITDAX Reconciliation EBITDAX ( thousands) 6 Months Ended Antero Resources LLC 6/30/2012 6/30/2013 EBITDAX: Net income (loss) 254,318 83,196 Unrealized loss (gain) on commodity derivative contracts (114,498) (61,265)…
Cautionary Note Regarding Hydrocarbon Quantities The U.S. Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserve estimates (3P). Antero…
Antero Resources 1625 17th Street Denver CO 80202 www.anteroresources.com
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