The Size and Scale to Capitalize on the Resource Antero Acreage Antero Resources Profile SW Marcellus Core Ohio Utica Core Market Cap............ 6.0B Enterprise Value. 9.9B Corporate Debt Ratings Ba2 / BB+ / BBB- Stand-Alone…
Anteros Unique Business Strategy Differentiated strategy for delivering shareholder value over the long-term: 1 Disciplined Focus on Returns & Capital Efficiency Management incentives focused on rate of return metrics, disciplined…
Capital Discipline Leads to Free Cash Flow 48% reduction in D&C capital budget Future D&C capital budgets that are and 15 rig reduction since 2014 measured and within cash flow Stand-Alone Adjusted Cash Flow Alongside D&C Capital…
Near Term Free Cash Flow Inflection Point Production growth and strong liquids Capital discipline to reduce completion prices drives free cash flow crews and D&C capex in 2H18 in 4Q18 and beyond Stand-Alone Cash Flow(1) Free Cash…
Capital Efficiencies Keep D&C Capital in Check Achievements to Date Next Steps in Efficiency Evolution 42% Drilling Decline in well costs since 2014 Longer laterals to 12,000 average Improved drill-out efficiency 46% Supply…
Compelling Full Cycle Well Economics Fully burdened well economics Corporate ROR support investment well in excess of cost of capital Single Well Economics Bridge to Corporate Level Returns 120% Well Assumptions 12,000 Lateral…
Positioned in the Marcellus Liquids Core of the Core Antero Acreage Antero Marcellus Wells Industry Marcellus Wells Northern Rich High-Graded Core Antero Marcellus Rig 2.24 Bcfe/1,000 Avg. EUR Industry Marcellus Rig 61%…
Largest Undrilled Core Liquids Drilling Inventory Core Marcellus & Utica Undrilled Locations(1) 4000 Who Can Consistently Drill Long Laterals 3500 Who Has the 3,295 Running Room Antero Holds 40% of Core 3000 Undrilled…
Leader in Leverage to NGL Prices Top NGL Producers in the U.S. 2018 Consensus C2+ NGL Production Pre-hedged Realized NGL Price (/Bbl) 140 45% Pre-Hedge NGL % of Total Product Revenues (1) 117 NGLs Generate 33% 40% 120 of AR…
Liquids Differentiates Antero Liquids-rich acreage and production Peer leading leverage provides upgrade vs. dry gas peers to rising liquids prices Liquids Uplift Before Hedges - 2018 (/Mcfe) /Mcfe 4.00 3.60 0.07 3.50 0.56…
Anteros NGL Pricing Uplift from Mariner East 2 Mariner East 2 will allow AR to access 50,000 Bbl/d Mariner East 2 commitment international LPG markets and realize a equates to over 75 MM of 4.20/Bbl uplift on its exported barrels…
A Paired Trade Hedges Support Firm Commitments 100% of 2018 and 2019 Target Gas Production Hedged at 3.50/MMBtu Net Marketing Expense (High End) Hedge Portfolio Supports Net Marketing Expense (Low End) Firm Commitments Hedge…
Rover Pipeline Uplift and Optionality Unlocks development optionality between Rover Sherwood Lateral expected to be Marcellus and Utica and provides further placed into service in September Chicago & Gulf Coast exposure Rover…
Midstream Driving Value for AR Since Inception Control the midstream infrastructure buildout Capture midstream value chain for downstream visibility and takeaway realized 4.6x unlevered ROI through assurance AM ownership(1)…
Consistent Leader in EBITDAX Margin Anteros integrated strategy has resulted in Sustainable margins through the price cycles peer-leading EBITDAX margins for over 5 years Stand-Alone EBITDAX Margin vs WTI Oil Price EBITDAX Margin…
Lower Capital & Higher Liquids Prices Free Cash Flow D&C Capital Investment Fully Funded with Cash Flow 1.6B of Targeted Free Cash Flow Over the Next 5 Years 5-Year Stand-Alone Free Cash Flow: Cumulative 1,500 Stand-Alone E&P Free…
Cash Flow Growth Delevering 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 Production CAGR 4.5x Moodys Ba2 Outlook Positive Through 2022 3.9x BBB- Rating…
Antero Profile Should Drive Multiple Expansion Median Debt/ Median EV/ of Adjusted 2019 Adj. AR 2019E Companies EBITDAX EBITDAX unhedged U.S. Publicly Traded E&Ps EBITDAX Multiple: 4.6x 53 2.2x 5.3x Premium for: Leverage <…
Disciplined Capital Efficient Midstream Model
Antero Midstream At A Glance AM Highlights Antero Midstream Marcellus Assets Market Cap....... 5.6B Enterprise Value.......... 7.0B LTM Adjusted EBITDA(1).. 619 MM % Gathering/Compression 65% New Smithburg JV % Water.......... 35%…
AM Long-Term Distribution and Coverage Targets Capital investment philosophy with disciplined financial policies result in ability to target peer-leading distribution growth through 2022 Long-Term Distribution Targets and DCF…
AMGP Long-Term Distribution Targets As a result of AM targeting 20% distribution growth in 2021 and 2022, AMGP is targeting distribution growth of 29% and 27% in 2021 and 2022 AMGP Long-Term Distribution Targets (Midpoint) AMGP…
Most Integrated Liquids Business in the U.S. 53% Ownership World Class E&P A Leading Northeast Levered Exposure to Northeast Operator in Appalachia Infrastructure Platform Infrastructure Buildout Contiguous Core Acreage Position…
Appendix 27
Updated 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 0.05 to 0.10 Premium Nymex C3+ NGL Realized Price 57.5% 62.5%…
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 0.05 to 0.10 Premium…
Strong Propane Fundamentals Current propane days of supply are Material reduction in U.S. propane 31% below last year and 42% inventories relative to the 5-year average below the 5-year average Propane Days of Supply U.S. Propane…
Expected Natural Gas Price Realization Improvement Antero 2018 Firm Transport Index Breakdown 100% 5% decrease to Local 8% 3% 90% Local Markets 80% 16% 23% Midwest +0.05 - 0.10 70% 17% 8% increase in 14% exposure to Midwest…
Midstream Driving Value for AR Since Inception Antero Midstream Return on Investment for AR (Pre-tax)(1) 7,000 2,915 5,995 6,000 4.6x ROI Cash Proceeds (SMM) 5,000 unlevered 4,000 395 250 2,830 3,000 311 795 179…
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