Antero Resources Snapshot Private E&P company headquartered in Denver, Colorado 145 employees Drilled and operated over 320 horizontal shale wells in Barnett, Woodford, Marcellus and Utica Shales Appalachian Shale-Focused pure play…
Low Cost Liquids-Rich Reserve Base Total SEC SECProved Proved Reserves(1) Reserves (1) 5.0 4.3 Tcfe Tcfe Total Net 3P Gas 3P Gas Equivalent Equivalent (1,2) (1,2) 16.4 Tcfe 24.3 Tcfe Total Net 3P Liquids 3P Liquids (1,2)…
Piceance Asset Sale Piceance Asset Sale On November 5, 2012 Antero announced an agreement to sell all of its natural gas properties and pipeline assets in the Piceance Basin to a private company for 325 million in cash plus: Buyer will…
Antero Unrisked Net Resource Potential Including net 3P reserves of 24 Tcfe(1), Antero has over 33 Tcfe of unrisked net resource potential Rich gas focused resource base includes 1.6 billion barrels of liquids Over 7,100 gross…
Appalachian Shale-Focused Resource Base 83% of Anteros resource base is in the Appalachian Basin 30% of resource base is liquids by volume Unrisked Net Resource Potential(1) By Area By Product Oil Piceance 1% 17% Utica 9%…
Strong Track Record of Growth Average Net Daily Production Net Proved SEC Reserves (1) 340 4,951 5,017 244 3,231 133 85 105 1,141 31 680 8 87 235 Antero Capital Allocation Operated Well Completions 1,600 139 126…
Industry Leading Finding Costs Includes all drilling, land and acquisition expenditures Industry 3-Year All-in Finding Costs through 2011(1) / Mcfe 2011 Antero all-in finding costs were 0.46/Mcfe 4.00 3-year Antero all-in finding…
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 2011 includes Piceance and Arkoma…
Asset Overview 9
Appalachian Basin Overview Southwestern and Northeastern Core Areas Antero Utica OH 61,000 Net Acres 3 horizontals completed 1 rig running Strong results Utica Liquids Rich Fairway Antero Marcellus SW PA 25,000 Net…
Antero Marcellus Shale Summary 278,000 net acres of leasehold in core of the play 55% HBP with additional 29% not expiring for 5-plus years Almost 80% of acreage has rich gas processing potential 100% operated by Antero 3.7 Tcfe of…
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 450,000 400,000 350,000 Tichenal Lateral…
Antero Marcellus Type Curve Support Antero has almost three 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…
Marcellus Shale Well Economics Horizontal Lean Gas Assumes 1050 Btu gas no processing, lean gas Estimated 662 gross horizontal drilling locations in the lean gas category (1000 to 1050 Btu) Antero Average for First 108 Horizontal…
Marcellus Shale Well Economics Horizontal Rich Gas Assumes 1150 Btu gas and includes processing margin at 87.50/Bbl oil and 12-month historical NGL price correlations(1) Estimated 1,379 gross locations in the 1050 to 1250 Btu…
Marcellus Shale Well Economics Horizontal Highly-Rich Gas Assumes 1250 Btu gas and includes processing margin at 87.50/Bbl oil and 12-month historical NGL price correlations(1) Estimated 840 gross locations in the 1250 to 1350 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 Antero has 2,219 gross processable locations Single well…
Antero Utica Shale Summary 61,000 net acres of leasehold in core of the play 23% HBP and additional 77% not expiring for 5-plus years Over 90% of acreage has rich gas processing potential 100% operated by Antero 95 Bcfe of…
Piceance Basin A Rich Gas Play Rich processable gas from Mesaverde 2012 Program: 61,000 net acres 44% HBP 1 rig drilled 46 Mesaverde vertical development wells 1.2 Tcfe of proved reserves / 1.7 Tcfe of 3P reserves Drilling contract…
Low Break Even Natural Gas Prices Antero is low on the cost curve with a very attractive drilling portfolio of 100% operated projects Antero projects highlighted in orange with gross undrilled well locations in boxes NYMEX Break…
Strong Hedge Position Antero expects to realize approximately 550 million(1) of hedge gains over the next five years from its current 749 Bcfe hedge book which averages 5.05/MMBtu NYMEX-equivalent, assuming current STRIP prices…
2011 and 2012E Capital Budget 2011 Capex Budget by Type 2011 Capex Budget by Basin Arkoma Acquisitions 12% 21% Piceance 14% Land 11% Drilling 60% Midstream 8% Appalachia 74% Total: 930MM Total: 930MM 2012E Capex Budget…
Current Financial Summary Pro Forma Capital Structure As furt her As adjusted adjusted for Notes for Piceance Non-GAAP Offering sale 12 mos. 12 mos. 12 mos. 12 mos. LTM LTM LTM millions 12/31/2008 12/31/2009 12/31/2010 12/31/2011…
Key Credit Strengths Liquids-rich Marcellus and Utica shale plays are two of the top U.S. shale plays World class asset Antero has scale in these plays 339,000 net acres base with scale 100% drilling success rate in the 111…
Historical Antero Hedging Results Antero has realized approximately 550 million of gains on commodity hedges over the past four-plus years Gains realized in 18 of last 19 quarters Quarterly Realized Gains/(Losses) 1Q '08 - 3Q '12…
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, 87.50/Bbl WTI and current spot NGL pricing correlation…
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, 87.50/Bbl WTI and 12-month historical NGL pricing…
Antero EBITDAX Reconciliation EBITDAX 9 Months Ended Antero Resources LLC 9/30/2011 9/30/2012 EBITDAX: Net income (loss) 87,276 147,502 Unrealized loss (gain) on commodity derivative contracts (151,520) 111,649 Gain on sale of…
Piceance EBITDAX Reconciliation 9/30/12 LTM EBITDAX Pro Forma Ex-Piceance Antero Resources LLC and Pipeline EBITDAX: Net income (loss) (39,532) Unrealized loss (gain) on commodity derivative contracts (243,033) Gain on sale of…
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…
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