Antero Resources Snapshot Private E&P company headquartered in Denver, Colorado extensive shale experience Drilled and operated over 400 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 73% at year-end 2012 Total SEC Proved Reserves(1) 4,929 Bcfe % Liquids 25% Appalachia % Proved Developed 21% Proved Developed PV-10(2) 2.3…
Antero Proved Reserves Antero has 4.9 Tcfe of proved reserves assuming ethane recovery Rich gas focused reserve base includes over 200 million barrels of liquids Over 4,900 gross operated undrilled horizontal locations Gas Liquids…
Strong Track Record of Growth Average Net Daily Production Net Proved SEC Reserves (1) 420 5,017 4,929 334 3,231 244 87 105 133 1,141 680 31 87 235 6 Antero Capital Allocation Operated Wells Spud 1,950 1,690 156…
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 2011 includes Piceance and Arkoma…
Strong Hedge Position Antero expects to realize approximately 672 million(1) of hedge gains over the next six years from its current 984 Bcfe hedge book which averages 4.87/MMBtu NYMEX-equivalent, assuming current STRIP prices…
Asset Overview 9
Appalachian Basin Overview Southwestern and Northeastern Core Areas Antero Utica OH 100,000 Net Acres 10 horizontal wells completed 2 rigs running Utica Liquids Rich Fairway Antero Marcellus SW PA 25,000 Net Acres 2…
Antero Marcellus Shale Summary 320,000 net acres of leasehold in Southwestern Core of the Marcellus play 53% HBP with additional 24% 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 700,000 600,000 Shift to pad development drilling 500,000 Tichenal Lateral online September 2011 400,000 Jarvisville Lateral online Mcfd…
Antero Marcellus Type Curve Support Antero has 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 party…
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 2,392 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…
Reducing Costs and Minimizing Surface Impact Marcellus Water Management System Summary Antero is building an 80-mile water sourcing and distribution system to improve operational efficiency and reduce water truck traffic 525 million…
Antero Utica Shale Utica Shale Industry Activity(1) Summary Chesapeake Coniglio 6H Based on geologic analysis and drilling 1,125 Boe/d with 290 Bbl/d Oil results, the core area is in the southern Chesapeake Chesapeake portion of…
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 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 horizontal well locations in boxes…
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 Continuing Includes Discontinued Operations Operations 12 mos. 12 mos. 12 mos. 12 mos. LT M LT M millions 12/31/2009 12/31/2010 12/31/2011 12/31/2012 3/31/2013 3/31/2013 Summary Operat ing…
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 320,000 net acres in the Marcellus Shale base with scale and 100,000…
Historical Antero Hedging Results Antero has realized over 650 million of gains on commodity hedges over the past five years Gains realized in 20 of last 21 quarters Quarterly Realized Gains/(Losses) MMs 1Q '08 - 1Q '13 /Mcfe…
Marcellus Shale Well Economics Horizontal Dry Gas Assumes 1050 BTU gas no processing, dry gas Estimated 636 gross horizontal drilling locations in the dry gas category (950 to 1050 BTU) Antero Average for First 180 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 1,451 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 941 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) 3 Months Ended Antero Resources LLC 3/31/2012 3/31/2013 EBITDAX: Net income (loss) 287,555 (47,997) Unrealized loss (gain) on commodity derivative contracts (170,402) 120,072…
Antero Resources 1625 17th Street Denver CO 80202 www.anteroresources.com
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