ANTERO: A PURE PLAY ON THE MARCELLUS / UTICA Marcellus is the largest gas field in the U.S. 20 Bcf/d projected by 2020(1) Critical Mass In Two Antero has 28 Tcfe of 3P reserves in Marcellus and Utica Shales World Class Shale Plays 566…
PREMIER UNCONVENTIONAL RESOURCE PLATFORM TOTAL 6/30/13 RESERVES(1) A MARCELLUS SHALE Pure-Play Appalachian-Focused Shale Company Assumes Ethane Rejection Net Proved Reserves(1) 6.0 Tcfe 100% operated Net Proved Reserves(1) 6.3 Tcfe…
STRONG TRACK RECORD OF GROWTH AVERAGE NET DAILY PRODUCTION (MMcfe/d) APPALACHIAN PRODUCTION (MMcfe/d) Woodford Piceance Marcellus Utica Marcellus Utica 600 Sold Woodford 566 600 566 and Piceance 44 44 500 458 500 458 400 383 400…
LOW DEVELOPMENT COST DRIVES BEST-IN-CLASS RECYCLE RATIOS 3-Year All-in Development Costs (/Mcfe) through 2012 /Mcfe 4.00 3.00 Antero Appalachia-Focused Peers 2.00 1.71 1.41 1.57 1.03 1.14 1.00 0.00 Source: Proved…
INTEGRATED MIDSTREAM INFRASTRUCTURE Infrastructure-Ready for Rapid, Large Scale Marcellus And Utica Development Programs Infrastructure and commitments in place to handle Leidy strong natural gas, NGL and oil production growth Basis…
LONG HAUL PIPELINE AND TRANSPORTATION NETWORK Antero has the most firm transportation capacity of any Appalachian operator and is well-positioned in the southern portion of the Marcellus and Utica Shale from a gas takeaway…
PREMIER POSITION IN THE CORE OF THE MARCELLUS AND UTICA LIQUIDS-RICH FAIRWAYS ANTERO LIQUIDS-RICH UTICA SHALE Marcellus Utica Shale 104,000 Net Acres Shale Liquids-Rich 12 Horizontals Completed Southwestern Fairway 4 Rigs…
WORLD CLASS MARCELLUS SHALE DEVELOPMENT PROJECT Antero Has Delineated And De-Risked Its Large Scale Acreage Position 100% operated MHR WEESE UNIT DOTSON UNIT 334,000 net acres in 4-well average BLANCHE UNIT 1H: 22.7 MMcfe/d IP…
MARCELLUS SIMPLE STRUCTURE Several regional anticlines in core area Predictable layer cake geology No faults at Marcellus level Over 1.5 million feet (280 miles) drilled horizontally without crossing a fault 3-D seismic not…
ANTEROS MARCELLUS SHALE TYPE CURVE SUPPORT Antero has four years of production data, from over 210 operated horizontal wells, to support its 1.5 Bcf / 1,000 of lateral type curve DeGolyer & MacNaughton (D&M), Anteros third-party…
MARCELLUS SINGLE WELL ECONOMICS ASSUMES ETHANE REJECTION Assumptions Marcellus Well Economics and Locations(1) 6/30/2013 Strip Pricing & SEC Reserves 986 100% 1,000 1000 NYMEX WTI NGL(2) 777 80% 93% 800 Gross Locations…
ENHANCING MARCELLUS RECOVERIES SHORTER STAGE LENGTHS (SSL) Enhancing Recoveries Antero SSL Wells Since June 2013 Antero has Anteros First 15 Unconstrained SSL Wells 24-hour Peak Rate implemented shorter stage lengths (SSL) in the…
EXCITING CORE UTICA SHALE POSITION DELIVERS CONDENSATE AND NGLS Utica Shale Industry Activity and 24-Hour Peak Rates(1) 100% operated CHESAPEAKE 104,000 net acres in the core rich gas / 8 Wells Average 8.3 MMcfe/d condensate…
ANTERO HAS MOST OF THE TOP UTICA IPS Antero has 8 of the top 9 Utica UTICA IPs 24-hour peak rates (IPs) Core announced to date 2,000 to 9,000 Completed wells represent Boe/d IPs some of the best 24-hour peak 10,000 rates of any…
UTICA WELL RESULTS SUPPORT EUR REGIMES Anteros acreage position is blocked-up compared to other operators in the Utica core EUR regimes are well-supported by Antero and third-party results Highly-Rich/Cond Highly-Rich Gas Rich…
UTICA SINGLE WELL ECONOMICS ASSUMES ETHANE REJECTION Assumptions Utica Well Economics and Locations(1) 6/30/2013 Strip Pricing & SEC Reserves 250% 208 250 198 NYMEX WTI NGL(2) 200% 220% 177 200 Gross Locations (/MMBtu) (/Bbl)…
SIGNIFICANT MIDSTREAM INFRASTRUCTURE POSITION Antero estimated YE 2013 total capital investment in midstream 980 million Includes gathering lines, compressor stations and water handling infrastructure Utica Shale Proprietary…
PRO FORMA CAPITALIZATION CAPITALIZATION (PF IPO) (PF Bond Offering) ( in millions) 9/30/2013 9/30/2013 (1) 9/30/2013(3) Cash 12 77 339 Senior Secured Revolving Credit Facility 1,513 9.375% Senior Notes Due 2017 525 525 9.00%…
HEALTH, SAFETY, ENVIRONMENT & COMMUNITY Protection Of Our People And The Environment Is An Antero Core Value Strong West Virginia Presence Keys to Execution Over 75% of Antero Marcellus Closed loop mud system no mud pits employees and…
WHY INVEST IN ANTERO Over 400,000 Net Acres in the Core Marcellus and Utica Shales Triple Digit Historical Production and Reserve Growth Low Cost Leader / High Return Projects Significant Takeaway and Processing Capacity…
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ANTERO FIRM TRANSPORTATION AND FIRM SALES 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 8/1/2012…
UTICA SHALE WELLS ANTERO INITIAL RESULTS 24hr Peak Rate Lateral Well Oil Eq. Rate Wellhead Gas Shrunk Gas NGL Condensate % Total Length Name County (Boe/d)(1) (MMcf/d) (MMcf/d) (Bbl/d) (Bbl/d) Liquids BTU (Feet) Yontz 1H Monroe…
CONSIDERABLE RESERVE BASE WITH ETHANE OPTIONALITY 26 year proved reserve life from current production annualized Reserve base provides significant exposure to liquids-rich projects 3P reserves of over 1.6 BBbl of NGLs and condensate…
MARCELLUS SHALE RICH GAS LIQUIDS AND PROCESSING UPGRADE Marcellus Shale 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…
2013 YEAR-TO-DATE REALIZATIONS 9/30/2013 YTD NATURAL GAS REALIZATIONS YTD Average Average Average Average YTD % Sales NYMEX Price Differential(2) BTU Upgrade Realized Price TCO 76% 3.68 (0.07) 0.44 4.05 Dominion South 18% 3.68…
ANTERO EBITDAX RECONCILIATION EBITDAX Reconciliation ( in thousands) (9 Months Ended) Antero Resources LLC 9/30/12 9/30/2013 EBITDAX: Net income (loss) from continuing operations 140,431 200,990 Commodity derivative fair value…
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