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1Q 2018 Earnings Call Presentation – Antero Resources

Antero Resources · Apr 26, 2018 · 19 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 1
    First Quarter 2018 Earnings Call Presentation APRIL 26, 2018
  2. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 2
    1Q 2018 Drilling and Completion Execution Drilling Days Completion Stages per Day 35 11.0 10.0 10.0 30 9.0 Stages per Day 25 8.0 Drilling Days 7.0 20 6.0 5.1 5.1 5.3 15.5 5.0 4.3 15 11.5 10 4.0 10 3.0 2.0 5 1.0 0…
  3. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 3
    Top Marcellus Lateral Footage Days Antero Top 15 Marcellus Lateral Footage Days 2018 Drilling 2016 2017 Drilling 9,000 8,206 8,178 7,987 8,000 7,786 7,573 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Feb. Jan.…
  4. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 4
    Operating Evolution Continues Achievements Next Steps in 2018 Marcellus Well Cost(1) to Date Efficiency Evolution Facilities, Pad Flowback Water & Road Drilling Rigs/Services 42% 5% Allocation 9% Fit-for-purpose rigs with dual…
  5. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 5
    Appalachia Peer Pre-Hedge Natural Gas Realizations Annual Pre-Hedge Natural Gas Price Realizations (/Mcf) 2017 2016 2015 3.50 3.00 3.00 2.99 3.00 2.82 2.50 2.75 2.37 2.59 2.50 2.50 2.28 2.30 2.14 2.21 2.17 2.13 2.50 2.01 1.92…
  6. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 6
    Strong Propane Fundamentals Current propane days of supply are 8% Material reduction in U.S. propane below last year and 40% inventories relative to the 5-year average below the 5-year average Propane Days of Supply U.S. Propane…
  7. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 7
    C3+ NGLs: Price Improvement Mont Belvieu C3+ Spot Price 2.00 Balance 2018 (1) 1.80 C3 0.82 / Gal 1.60 C3+ 1.00 / Gal 1.40 1.20 /Gallon 1.00 0.80 0.60 0.40 0.20 0.00 2010 2011 2012 2013 2014 2015 2016 2017…
  8. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 8
    Well Hedged at High Prices Relative to Strip Commodity Hedge Position Hedged Volume Average Index Hedge Price(1) Current NYMEX Strip(2) Mark-to-Market Value(2) 100% of 2018 and 2019 Target Gas Production Hedged (/MMBtu) at…
  9. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 9
    A Paired Trade Hedges Support Firm Commitments Net Marketing Expense (High End) Hedge Portfolio Supports Net Marketing Expense (Low End) Firm Commitments Hedge Gains 585 0.48/Mcfe 600 469 0.45/Mcfe 5-Year Cumulative: 500…
  10. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 10
    Stand-Alone EBITDAX Margin Comparison Leadership in Annual Stand-Alone Post-Hedge / Post-Marketing Expense Adjusted EBITDAX Margins(1) AR Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 4.00 3.50 3.36 2.97 3.00 2.50 2.28 2.07 2.05 2.00…
  11. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 11
    Cash Flow Growth Deleveraging Profile 12/31/17 Strip Pricing (Base Case) 60 Oil / 2.85 Gas 5.0x 50 Oil / 2.85 Gas S&P Upgrade to BB+ 23% Debt-Adjusted 4.5x Moodys Ba2 Outlook Positive Production CAGR 3.9x BBB- Rating…
  12. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 12
    Antero Profile Should Drive Multiple Expansion Median Debt/ Median EV/ of Adjusted 2018 Adj. Companies EBITDAX EBITDAX AR 2018E unhedged U.S. Publicly Traded E&Ps EBITDAX 52 2.6x 6.5x Multiple: 5.2x Premium for: Leverage <…
  13. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 13
    Appendix 14
  14. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 14
    2018 Guidance Stand-Alone Consolidated Net Daily Production (Bcfe/d) 2.7 Net Liquids Production (BBl/d) 130,000 Natural Gas Realized Price Differential to 0.00 to 0.05 Premium Nymex C3+ NGL Realized Price 62.5% 67.5% (% of…
  15. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 15
    Antero Guidance and Long-Term Target Assumptions Stand-Alone Consolidated 20% CAGR through 2020 and 15% Growth in each of Net Daily Production (MMcfe/d) 2021 and 2022 Natural Gas Realized Price Differential to 0.00 to 0.05 Premium…
  16. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 16
    D&C Capital Transparency D&C Capital Math (MM) 2018 2019 2020 Total Well Completions (I.e. First Sales) 145 155 160 Average Lateral 9,700 10,500 11,600 Adjusted Well Count (I.e. Based on Capital Timing) 155 157 150 Average…
  17. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 17
    1Q 2018 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);…
  18. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 18
    Antero Resources Stand-Alone Adjusted EBITDAX Reconciliation AR Stand-Alone Adjusted EBITDAX Reconciliation ( in millions) Three Months Ended LTM Ended 3/31/2018 3/31/2018 Net income including noncontrolling interest 14,833…
  19. 1Q 2018 Earnings Call Presentation – Antero Resources – slide 19
    Antero Resources Consolidated Adjusted EBITDAX Reconciliation Consolidated Adjusted EBITDAX Reconciliation Three Months ( in millions) Ended LTM Ended 3/31/2018 3/31/2018 Net income (loss) including noncontrolling interest…

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