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 Snapshot Private E&P company headquartered in Denver, focused on unconventional resource plays Drilled and operated over 300 horizontal shale wells in Barnett, Woodford and Marcellus Shales Diversified asset base…
Marcellus Midstream Sale Marcellus Midstream Sale On February 27, 2012, Antero announced the sale of Marcellus Shale gathering system assets to Crestwood for 375 million in cash Area of Dedication covers 104,000 net acres or almost…
Diversified Low-Cost Reserve Base Total SEC Proved Reserves (1) 5.0 Tcfe Total 3P Gas Equivalent (1,2) 17.4 Tcfe Total 3P Liquids (1,2) 724 MMBbls % Liquids 3P (2) 25% Appalachia Proved Developed PV-10 (1,3) 1.9 Billion Rockies…
2011 Reserve Growth 55% year-over-year increase in proved reserves to 5.0 Tcfe 85% increase in proved developed reserves to 844 Bcfe 2,429% reserve replacement in 2011 0.46/Mcfe all-in finding cost in 2011 2,162 Bcfe of proved…
Antero Unrisked Net Resource Potential Including net 3P reserves of 17 Tcfe, Antero has 28 to 29 Tcfe of unrisked net resource potential Rich gas focused resource base includes approximately 1 billion Bbls of liquids Over 8,000…
Appalachian Shale-Focused Resource Base Over 70% of Anteros resource base is in the Appalachian Basin 23% of resource base is liquids by volume Net Unrisked Resource Potential By Area By Product 12/31/2011 12/31/2011 Woodford…
Strong Track Record of Growth Average Net Daily Production Net Proved SEC Reserves (1) MMcfe/d Bcfe 385 400 6,000 5,017 244 5,000 300 3,231 4,000 200 133 3,000 105 85 1,141 2,000 680 100 31 235 8 1,000 87 0 0 2006 2007…
Industry Leading Finding Costs Includes all drilling, completion, land and acquisition expenditures Industry 3-Year All-in Finding Costs through 2010(1) / Mcfe 3-year Antero all-in finding costs were 0.59/Mcfe through 2010(2) 3.00…
Industry Leading Development Costs Per Mcfe development costs excluding land is a better measure of capital efficiency than finding costs Antero was a leader in development cost in 2010 and is likely a leader in 2011 2010 Industry…
Marcellus Shale Position Southwestern and Northeastern Cores Rich Gas Window in Southwestern Core Antero 2 horizontals completed Strong results Antero 66 horizontals completed Strong results 6 rigs currently…
Antero Marcellus Shale Summary Majority of acreage has rich gas processing potential 222,000 net acres of leasehold in heart of the play 61% HBP and additional 23% not expiring for 5+ years, 100% operated 2.8 Tcfe of proved reserves…
Strong Marcellus Growth Antero has rapidly grown its Marcellus production over the past two years while building out midstream infrastructure Antero Gross Operated Marcellus Production 250,000 Tichenal Lateral online September…
Antero Marcellus Type Curve Support Antero has over 2 years of production history to support its 1.46 Bcf/1,000 of lateral recovery assumption as demonstrated by the graph and table below DeGolyer & MacNaughton (D&M), Anteros third…
Marcellus Shale Well Economics Horizontal Lean Gas Assumes 1050 Btu gas no processing, lean gas Antero has an estimated 450 net horizontal drilling locations in the lean gas category (1000 to 1050 Btu) Antero Average for First 68…
Marcellus Shale Well Economics Horizontal Rich Gas Assumes 1150 Btu gas and includes processing margin at 95/Bbl oil and current NGL price correlations(1) Antero has an estimated 1,100 net locations in the 1050 to 1250 Btu…
Marcellus Processing Economics Dramatic improvement in returns by processing higher BTU gas Anteros Marcellus rich gas leasehold spans the 1050 to 1350 Btu spectrum 200% Single well example: C2 Recovery 9.0 Bcf well 180% 7.0…
Upper Devonian Potential Upper Devonian, found at slightly shallower depths than Upper Devonian Fairway the Marcellus Shale, around 6,500 feet true vertical depth Expected to be rich gas wherever the Marcellus is rich gas Upper…
Piceance Basin A Rich Gas Play Rich processable gas from Mesaverde 2012 Program: 63,000 net acres 40% HBP 1 rig drilling 53 Mesaverde development wells 1.5 Tcfe of proved reserves / 2.9 Tcfe of 3P reserves 4 wells completing 63…
Piceance Well Economics Rich Gas Assumes 1140 Btu gas and includes processing margin at 95/Bbl and current NGL price correlations Antero has 1,300 net Mesaverde rich gas drilling locations with well economics expected to be similar to…
Arkoma Basin Antero Woodford Shale Acreage Position Woodford Shale Summary Rich processable gas from west side of play Lean gas on east side 599 Bcfe of net proved reserves / 910 Bcfe 3P reserves 67,000 net acres 85% HBP East…
Low Break Even Natural Gas Prices Antero is low on the cost curve with a very attractive drilling portfolio Antero projects highlighted in orange Antero plans to operate 10 drilling rigs on average in 2012 focused on its highest return…
Strong Hedge Position Antero will realize over 1 billion(1) of hedge gains over the next five years from its 710 Bcfe hedge book assuming current STRIP prices Protects future cash flow thereby supporting drilling plans and production…
2011 and 2012E Capital Budget 2011 Capex Budget by Type 2011 Capex Budget by Basin Arkoma Acquisitions 12% 21% Piceance Appalachia 15% 73% Land 11% Drilling 60% Midstream 8% Total: 930MM Total: 930MM 2012E Capex…
Current Financial Summary Financial Summary Adjusted for midstream sale(4) 12 mos. 12 mos. 12 mos. 12 mos. 12 mos. millions 2008 2009 2010 2011 2011 Summary Operating Results Production (Bcfe) 32 38 49 89 89 EBITDAX 207 201 198…
Key Credit Strengths Significant reserve potential diversified across three of the key U.S. shale plays Ability to allocate capital to most profitable projects based on commodity prices, basis differentials Diversified, and local…
Appendix 28
Marcellus Shale Well Economics Horizontal Highly-Rich Gas Assumes 1250 Btu gas and includes processing margin at 95/Bbl oil and current NGL price correlations (1) Antero has an estimated 250 net locations in the 1250 to 1350 Btu…
Firm Transportation Coverage Antero has firm transportation in place to cover its gross production growth until late 2013 pursuing additional firm transportation alternatives now 700,000 600,000 EQT(2) 9/1/2012 8/31/2021…
Marcellus Midstream Sale Enhances Liquidity Pro forma for the Marcellus midstream sale, Anteros liquidity at 12/31/2011 would have been almost 1.2 billion. Liquidity Detail As adjusted for midstream sale Millions 12/31/2011…
Historical Antero Hedging Results Antero has realized over 330 million of gains on commodity hedges over the past four years Gains realized in 15 of last 16 quarters Quarterly Realized Gains/(Losses) MMs 2008 2011 /Mcfe 50.0…
EBITDAX Reconciliation EBITDAX Year Ended thousands 12/31/2010 12/31/2011 EBITDAX: Net income (loss) 228,628 392,678 Unrealized loss (gain) on commodity derivative contracts (170,571) (559,596) Gain on sale of Oklahoma midstream…
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