3Q 2014 Earnings Call Presentation November 6, 2014
SUCCESSFUL MIDSTREAM IPO ENHANCES ANTEROS VALUE & LIQUIDITY Antero Midstream Unit Metrics Antero Resources Pro Forma Capitalization Pro Forma 1.0 Bn AM IPO(4) Filing At IPO Trading(1) ( in millions) 9/30/2014 9/30/2014 Cash 6 256…
AM IPO COMPARED TO OTHER MLP IPOs Distribution Yield at IPO (%) 20.00% 18.89% 18.00% 16.00% 14.00% 11.94% 12.00% 12.00% 10.00% 8.00% 6.43% 6.43% 6.59% 6.83% 6.94% 5.75% 5.75% 5.75% 6.00% 4.76% 4.77% 5.00% 5.22% 3.33% 3.70% 3.70% 3.86%…
3Q 2014 REALIZATIONS 3Q 2014 NATURAL GAS REALIZATIONS (/MCF) Average 3Q 2014 Average Average Average Hedge Average 3Q 2014 Premium/ Region % Sales NYMEX Price Differential(2) BTU Upgrade Effect Realized Gas Price(3) Discount TCO 39%…
BIGGEST BANG FOR THE BUCK Antero has the highest price realizations and EBITDAX per Mcfe combined with the lowest all-in F&D cost among its large cap Appalachian peers based on 3Q 2014 results Driven by liquids-rich production,…
ANTERO REALIZED PRICE ROAD MAP Antero is forecasting realized gas prices including hedges at a premium to NYMEX strip prices for Q4 2014 through 2016, assuming current strip prices and basis, existing firm transportation and hedges,…
LARGEST PORTFOLIO OF FIRM PROCESSING AND GAS & NGL TAKEAWAY IN APPALACHIA Antero Long Term Firm Processing & Takeaway Position (2018) Accessing Favorable Markets Chicago(1) +0.32 / (0.08) Dom South(1) (1.38) / (1.21) Mariner…
FIRM TRANSPORTATION REDUCES APPALACHIAN BASIS EXPOSURE Anteros firm transportation (FT) portfolio increases visibility on production growth and increases exposure to Gulf Coast and Midwest pricing, with little incremental cost per Mcf…
ANTERO FIRM TRANSPORTATION APPROPRIATELY DESIGNED TO ACCOMMODATE GROWTH % FT Utilization % FT Utilization % FT Utilization (BBtu/d) (including (including (including Anteros firm transport is well marketable FT): marketable FT):…
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