Barclays CEO Energy 2017 Power Conference – Antero Resources

Antero Resources · Sep 6, 2017 · 29 slides

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Antero Investment Highlights Advanced Completions Drive Production Outperformance and Long Laterals Drive Capital Efficiency Gains 1 Largest Core Liquids-Rich Inventory and Liquids Producer in Appalachia Provides Significant Exposure…
Antero has the largest core acreage position in Appalachia and the largest liquids-rich position 35 SW Marcellus Rigs 28 Utica Rigs 10 NE Marcellus Rigs 73 Total Rigs Largest Core Acreage Position in Appalachia 604 464 458 366…
AR?s production from advanced completions is outperforming the 2.0 Bcf/1,000? wellhead type curve ? 2,500 lb/ft completions are 20% above type curve (First 184 days) Higher Intensity Completions Driving Outperformance 2,160 2,250…
Which Has Led to Marcellus EUR Reserve Upgrades 398 PROBs upgraded to ~2.0 Bcf/1,000? 199 PUDs upgraded to ~2.0 Bcf/1,000? type curve 95 existing PUDs @ ~2.0 Bcf/1,000? 2,347 PROBs remain at @ ~1.7 Bcf/1,000? until further…
6,000 Foot Lateral 9,000 Foot Lateral NOTE: Assumes 2.0 Bcf/1,000? type curve for the Antero Marcellus Highly-Rich Gas (1250 Btu) and 6/30/2017 strip pricing. 1. All laterals rounded to the nearest thousand. 788 of the 894 wells have…
Improving Capital Efficiencies Planned Antero Well Completions by Year (2017-2020) 170 190 190 255 135 150 150 225 35 75 115 145 0 50 100 150 200 250 300 2017 2018 2019 2020 January 2017 Plan Current Plan Cumulative…
$3,613 $3,450 $2,049 $930 $5,662 $4,380 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 Liquid Non-E&P Assets (6/30/17) AR Standalone Debt (6/30/17) Liquid Non-E&P Assets 6/30/2017 Debt(1) Debt Type $MM Credit…
$2,100 $1,600 $294 $206 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 AR Stand- Alone Cash Flow Total D&C Capital Standalone Cash Surplus $ MM $1,675 $1,300 $276 $99 $800 $1,000 $1,200 $1,400 $1,600…
2,163 2,015 2,330 1,418 710 850 90 $3.52 $3.91 $3.70 $3.63 $3.31 $3.16 $2.91 $3.10 $2.99 $2.85 $2.85 $2.88 $2.92 $2.98 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 0 400 800 1,200 1,600 2,000 2,400 2017 2018 2019 2020…
1,967 1,937 1,161 913 867 824 736 692 683 635 548 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 AR A B C D E F G H I J K Undrilled Locations Core - NE Pennsylvania Dry Locations Core - SW Marcellus & Utica Dry…
19,500 42,500 72,884 96,000 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 2014 2015 2016 2017E Guidance 2018E Target 2019E Target 2020E Target 1. Excludes condensate. 2. Assumes midpoint of 20 ? 22%…
0% 10% 20% 30% 40% 50% 60% 70% 80% 0 20,000 40,000 60,000 80,000 100,000 120,000 MBbls 2015 2016 2017 1,500 1,600 1,700 1,800 1,900 2,000 2,100 MBbl/d Source: EIA and Bentek. Antero is favorably positioned to…
13 Despite a flat oil price environment, Antero?s pre-hedged realized C3+ NGL price has increased 57% since 2015 and is expected to improve further Antero C3+ NGL Realized Pricing ($/Bbl)(1) 1. WTI price and Mont Belvieu C3+ NGL price…
$228 $416 $644 $154 $326 $534 $303 $506 $753 $0 $100 $200 $300 $400 $500 $600 $700 $800 2018 81,675 Bbl/d 2019 98,827 Bbl/d 2020 119,580 Bbl/d 14 Assuming a flat $50 oil price, 60% of WTI NGL realizations and…
$1,150 $2,409 $6,337 $795 $179 $285 $250 $3,678 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 AM IPO (2014) Sale of Water Business (2015) Sale of AM Units (2016) AM Distributions Received as of 6/30/17 Total…
Capturing the Midstream Value Chain Downstream ~$4.2 Billion Organic Project Backlog ~$800 Million JV Project Backlog WELL PAD LOW PRESSURE GATHERING HIGH PRESSURE GATHERING COMPRESSION GAS PROCESSING (50% INTEREST)…
Antero Clearwater Facility Nearing Completion (4Q 2017) ? In Start-Up Phase Now ? Largest oil and gas related water treatment facility in the world ? 60,000 Bbls/d capacity ? 100% fixed fee long term contracts ? Compliments fresh…
Organic Growth Drives the Business 6.9x 6.1x 4.5x 4.4x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 2014 2015 2016 2017E Drop Down ? Organic growth strategy provides attractive returns while avoiding the competitive acquisition…
Long Term Growth Outlook Through 2020 $1.03 $1.33 1.8x 1.4x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2016A 2017 Guidance 2018E Target 2019E Target 2020E Target DCF Coverage Ratio…
AMGP Highly Levered to AM Distribution Growth $0.00 $0.00 $0.04 $0.21 $0.45 $0.73 $1.11 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $0 $50 $100 $150 $200 $250 $0.68 $0.80 $1.03 $1.33 $1.71 $2.21 $2.85 AMGP Distributions…
Most Integrated Natural Gas and NGL Story in the U.S. World Class E&P Operator in Appalachia 1. Assembled largest core drilling inventory in Appalachia - Over 3,900 core undrilled locations 2. Largest liquids producer in Appalachia -…
Significant Value Proposition $4,357 $2,849 $2,049 $4,770 $10,568 $5,670 $900 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 AR Enterprise Value (8/31/17) AM After-Tax Market Value 58% AR Ownership (8/31/17) Hedge Book…
2017 Guidance and Long Term Outlook 24 1.8 2.2 2.7 3.2 3.9 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 2016A 2017E 2018E 2019E 2020E Net Daily Production 2017 Guidance D&C Capital: $1.3 Billion Flat with prior year Modest…
Most Attractive Firm Transport Portfolio in Appalachia Antero?s natural gas takeaway position results in price certainty at attractive all-in netbacks to Nymex: Nymex less $0.36/Mcf expected 2017-2020, after deducting FT costs 13% of…
Antero Resources EBITDAX Reconciliation EBITDAX Reconciliation ($ in millions) Quarter Ended LTM Ended 06/30/2017 06/30/2017 EBITDAX: Net income including noncontrolling interest $40.0 $160.9 Commodity derivative fair value (gains)…
Antero Resources Standalone EBITDAX Reconciliation AR Standalone EBITDAX Reconciliation ($ in millions) Six Months Ended LTM Ended 06/30/2017 06/30/2017 EBITDAX: Operating income $548.3 $315.2 Commodity derivative fair value (gains)…
Antero Midstream EBITDA Reconciliation EBITDA and DCF Reconciliation Three months ended LTM Period ended June 30, June 30, 2016 2017 2017 Net income $ 49,912 $ 87,175 $ 306,141 Interest expense 3,879 9,015 32,162 Depreciation…

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