Third Quarter 2017 Earnings Call Presentation November 2, 2017
Higher Intensity Completions Are Increasing EURs ARs production from advanced completions is outperforming the 2.0 Bcf/1,000 wellhead type curve 2,500 lb/ft completions are 17% above type curve (First 243 days) AR Type Curve…
Longer Laterals Materially Improve Economics Antero has been a leader in drilling long laterals in Appalachia Avg. Antero Lateral Lengths To Date of Lateral 350 Antero Wells Length 294 Future completion Total Drilling 894 8,250…
Improving Capital Efficiencies Improving EURs, longer laterals and reduced cycle times results in 200 fewer well completions saving approximately 1.5 billion through 2020 while still delivering essentially the same production targets…
Largest NGL Producer in the U.S. Antero is the largest NGL producer in the U.S and has the most NGL exposure at 34% of total upstream company revenues Top U.S. NGL Producers (MBbl/d) 3Q 2017 115.0 45% Largest NGL producer in the…
Significant Increase in C3+ Netbacks Despite a flat oil price environment, Anteros pre-hedged realized C3+ NGL price has increased 70% since 2015 and is expected to improve further Antero C3+ NGL Realized Pricing (/Bbl)(1) WTI…
Powerful C3+ NGL Pricing Upside Exposure Antero expects significant cash flow growth in 2018 from the improvement in NGL pricing with attractive upside to further increases in liquids pricing Significant Improvement in Cash Flow from…
1 Billion Delevering Program Completed Antero monetized over 1 billion of non-E&P assets through the sale of 311 million of AM common units and 750 million through hedge restructuring - Reduced stand-alone net debt/LTM EBITDAX to…
Capital Efficiency Drives Elimination of Outspend Capital efficiencies have significantly reduced E&P outspend and are expected to result in drilling and completion (D&C) capex within E&P free cash flow by 2019 D&C Capex vs.…
Attractive Long Term Outlook Antero is now well positioned to generate free cash flow and peer leading growth Antero Resources Stand-alone E&P Long-Term Targets(1) Stand-alone E&P Leverage Net Production (Actual) 4.5x Net…
APPENDIX 11
Antero Resources Q417 and 2017 Guidance Key Operating & Financial Assumptions Updated Previous Q4 Key Variable 2017 Guidance(1) 2017 Guidance(1) 2017 Guidance Net Daily Production (MMcfe/d) 2,250 2,300 Net Residue Natural Gas…
Antero NGL Barrel (September Pricing) Antero realized 33.23/Bbl for its C3+ NGL barrels in September 2017 67% of WTI oil price Including 21% ethane recovery, Antero realized 26.54 per barrel for its NGL barrels Antero is currently…
Most Attractive Firm Transport Portfolio in Appalachia Anteros natural gas takeaway position results in price certainty at attractive all-in netbacks to Nymex: Nymex less 0.42/Mcf expected 2017-2020, after deducting FT costs Antero…
Largest E&P Gas Hedge Position in U.S. Pro forma 1.2 billion mark-to-market unrealized gain based on 9/30/2017 prices with 2.9 Tcfe hedged from October 1, 2017 through year-end 2023 at 3.36 per MMBtu Pro Forma Commodity Hedge…
3Q 2017 Segment EBITDAX and Capital Expenditures 1 Gathering and compression fees paid to Antero Midstream are included in Gathering, Processing & Transportation expense on stand-alone basis (eliminated on consolidated basis);…
Antero Resources Stand-alone EBITDAX Reconciliation AR Stand-alone EBITDAX Reconciliation Three Months ( in millions) Ended LTM Ended 09/30/2017 09/30/2017 EBITDAX: Operating loss (114.1) (235.8) Commodity derivative fair value…
Antero Resources EBITDAX Reconciliation EBITDAX Reconciliation ( in millions) Quarter Ended LTM Ended 9/30/2017 9/30/2017 EBITDAX: Net income including noncontrolling interest (90.0) (197.3) Commodity derivative fair value gains 66.0…
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