ANTERO: A PURE PLAY ON THE MARCELLUS / UTICA Marcellus is one of the largest gas fields in the world today Critical Mass In Two Largest gas field in the U.S. currently producing over 15 Bcf/d World Class Shale Plays Antero has 37.5…
SIGNIFICANT MOMENTUM SINCE IPO Net Production Liquids Production Proved Reserves Net Acres (MMcfe/d) (Bbl/d) (Bcfe) 1,200 57% 156% 45% 13% 24,000 1,000 10,000 488k 891 20,200 9,107 500,000 431k 800 18,000 400,000 7,500 6,282…
PREMIER UNCONVENTIONAL RESOURCE PLATFORM COMBINED TOTAL 6/30/14 RESERVES Assuming Ethane Rejection Net Proved Reserves 9.1 Tcfe Net 3P Reserves 37.5 Tcfe Net 3P Reserves & Resource 47.0 Tcfe Pre-Tax 3P PV-10 25.9 Bn Net 3P Liquids…
LARGE MIDSTREAM FOOTPRINT Significant investment in infrastructure - estimated cumulative YE 2014 total capital investment in midstream 1.5 billion Includes gathering lines, compressor stations and fresh water distribution…
INTEGRATED PORTFOLIO OF FIRM GAS & NGL TAKEAWAY Antero Long Term Firm Takeaway Position Mariner East II (Pending Final Investment Decision) Odebrecht / Braskem Shell 30 MBbl/d Capacity 25 MBbl/d Capacity Ascent Cracker…
FIRM TRANSPORTATION AND FIRM SALES PORTFOLIO Columbia Tennessee Momentum III EQT REX/MGT/ANR 7/26/2009 9/30/2025 11/1/2015 9/30/2030 9/1/2012 12/31/2023 8/1/2012 6/30/2025 7/1/2014 12/31/2034 ANR Local Distribution Firm Sales 1 Firm…
STRONG TRACK RECORD OF GROWTH NET PROVED SEC RESERVES (Bcfe) AVERAGE NET DAILY PRODUCTION (MMcfe/d) Woodford Piceance Marcellus Utica Woodford Piceance Marcellus Utica Guidance 10,000 2,400 9,107 2,065 8,000 7,632 Sold Woodford…
MULTI-YEAR DRILLING INVENTORY SUPPORTS LOW RISK, HIGH RETURN GROWTH PROFILE MARCELLUS SSL WELL ECONOMICS(1) UTICA WELL ECONOMICS(1) 125% 708 826 882 1000 1,000 200% 222 250 204 208 100% 800 200 Total 3PLlocations 641…
LOWEST FINDING & DEVELOPMENT COST AMONG U.S. PRODUCERS Antero ranks as the most efficient finder and developer of reserves, on a per Mcfe basis, based on a recent 2011-2013 average all-in F&D cost analysis prepared by Credit Suisse…
INTEGRATED FIRM PROCESSING & GAS TAKEAWAY Antero Long Term Firm Gas Takeaway Infrastructure and commitments in place to handle strong production growth Portfolio of firm gas takeaway and sales and West Virginia and Ohio location…
CONNECTIVITY TO KEY LINES ENHANCES TAKEAWAY Potential Regional Pipeline Assets Rover Pipeline Option Rover Pipeline Antero Midstream has the option to acquire up to a Operator Energy Transfer 20% interest in a new 2.2 Bcf/d,…
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…
SIGNIFICANT LONG-TERM COMMODITY HEDGE POSITION NATURAL GAS HEDGE POSITION BBtu/d /MMBtu Hedged Volume Average Index Hedge Price(1) Current NYMEX Strip 800 7.00 6.00 4.87 600 4.79 4.70 4.60 4.41 4.34 5.00 4.62 4.00 400 4.18…
1Q 2014 REALIZATIONS 1Q 2014 NATURAL GAS REALIZATIONS (/MCF) 1Q 2014 Average Average Average Hedge Average 1Q 2014 Average Region % Sales NYMEX Price Differential(2) BTU Upgrade Effect Realized Gas Price(3) Premium Appalachia 84%…
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 1Q 2014 results Driven by liquids-rich production, firm…
POSITIONED FOR GROWTH & PROFITABILITY Highest Growth & Highest Margin Large Cap E&P Focused On Marcellus & Utica 2014 Projected Growth (%)(1) 1Q 2014 EBITDAX/Mcfe(2) 90% 4.00 3.82 80% 80% 3.50 70% 3.00 60% 2.50 50% 2.00 40%…
ASSET OVERVIEW 19
WORLD CLASS MARCELLUS SHALE DEVELOPMENT PROJECT 100% operated DOTSON UNIT 369,000 net acres in MHR WEESE UNIT BLANCHE UNIT 30-Day Rate 30-Day Rate 30-Day Rate 1H: 12.4 MMcfe/d Southwestern Core 4-well average 1H: 9.7 MMcfe/d 2H:…
ANTEROS MARCELLUS SHALE TYPE CURVE Antero has four and a half years of production history to support its Non-SSL type curve Anteros SSL type curve is 1.7 Bcf/1,000 with only 10% to 15% higher well costs vs. Non-SSL Lack of faulting…
MARCELLUS ROR% AND GAS PRICE SENSITIVITY Large portfolio of Highly-Rich Gas/Condensate to Dry Gas locations Focused on drilling highly economic rich gas locations rig symbols represent current rig location by regime Assumes current…
MARCELLUS SINGLE WELL ECONOMICS IN ETHANE REJECTION Assumptions Marcellus SSL Well Economics and Total Gross Locations(1) Natural Gas Current strip 125% 708 882 1,000 Oil Current strip for 2014-2016, 90 826 flat thereafter 100%…
LEADING UTICA SHALE CORE POSITION DELIVERS CONDENSATE AND NGLS Utica Shale Industry Activity(1) 100% operated Cadiz 119,000 net acres in the core rich gas/ GULFPORT Processing 24-Hour IP Plant condensate window Wagner 1-28H,…
UTICA ROR% AND GAS PRICE SENSITIVITY Large portfolio of Highly-Rich Gas/Condensate to Dry Gas locations Focused on drilling highly economic rich gas locations rig symbols represent current rig location by regime Assumes current strip…
UTICA SINGLE WELL ECONOMICS IN ETHANE REJECTION Assumptions Utica Well Economics and Gross Locations(1) Natural Gas - Current strip 200% 250 208 222 Oil Current strip for 2014-2016, 90 204 Total 3P Locations 150% 200 flat…
LARGE UTICA SHALE DRY GAS POSITION Utica Shale Dry Gas Acreage in OH/WV/PA(1) Antero has 175,000 net acres of exposure to Utica dry gas play Hess Chesapeake Range Porterfield 1H-17 Hubbard BRK 3H 29,000 net acres in Ohio with net 3P…
HEALTH, SAFETY, ENVIRONMENT & COMMUNITY Antero Core Values: Protect Our People, Communities And The Environment Strong West Virginia Keys to Execution Presence Antero has more than 4,500 contract personnel working full-time for Antero…
ANTERO KEY ATTRIBUTES 488,000 Net Acres in the Core Marcellus and Utica Shales Triple Digit Historical Production and Reserve Growth Low Cost Leader / High Return Projects Significant Processing and Takeaway Capacity…
APPENDIX 30
PRO FORMA CAPITALIZATION CAPITALIZATION PF 600 MM Senior Notes ( in millions) 3/31/2014 3/31/2014 (2),(3) Cash 13 13 Senior Secured Revolving Credit Facility 745 431 7.25% Senior Notes Due 2019 260 0 6.00% Senior Notes Due 2020…
ANTERO 2014 GUIDANCE Key 2014 Operating & Financial Assumptions(1) Key Variable 2014 Guidance Range Natural Gas Realized Price Premium to NYMEX (/Mcf)(2) 0.00 - 0.10 NGL Realized Price (% of WTI) 53% - 57% Oil Realized Price…
LOW DEVELOPMENT COST DRIVES BEST IN CLASS RECYCLE RATIOS 3-Year Proved Development Costs (/Mcfe) through 2013 /Mcfe 6.00 Antero Appalachia-Focused Peers Other Peers 5.00 4.00 3.00 2.00 1.60 1.15 1.18 1.21 1.00 0.00…
ANTERO UTICA SHALE WELLS 30-DAY RATES Anteros wells produced against 1,100 psi line pressure until late January 2014 due to lack of compression facilities First 120 MMcf/d compressor station started up in late January 2014, a second…
ANTERO UTICA SHALE WELLS 30-DAY RATES Outstanding 30-day average rates with high liquids content Anteros wells produced against 1,100 psi line pressure until late January 2014 due to lack of compression facilities First 120 MMcf/d…
CONSIDERABLE RESERVE BASE WITH ETHANE OPTIONALITY 30 year proved reserve life based on 1H 2014 production annualized Reserve base provides significant exposure to liquids-rich projects 3P reserves of over 2.3 BBbl of NGLs and…
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…
POSITIVE RATINGS MOMENTUM Moodys / S&P Historical Credit Ratings Moodys Upgrade Criteria S&P Upgrade Criteria An upgrade could be considered if debt / average daily production is The positive outlook reflects the potential for a…
BALANCE SHEET POSITIONED FOR LONG-TERM GROWTH The recent bond offerings, at progressively lower coupons, have allowed Antero to reduce its cost of debt to approximately 5.0% and enhance liquidity while extending the average debt…
MARCELLUS & UTICA ADVANTAGED ECONOMICS Low cost, liquids-rich Utica and Marcellus Shales will remain attractive in most commodity price environments U.S. INCREMENTAL GAS SUPPLY BREAK-EVEN PRICE CURVE(1) Over 2,700 Antero…
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