Natural Gas Liquids Update: Leading Position & Strong Fundamentals 1
Appalachia: Geographic & Infrastructure NGL Advantaged Permian, Rockies, Mid-Continent & Bakken Appalachia Transport Y-grade for out-of-basin fractionation at Mont In-basin fractionation Belvieu and Conway Transport marketable purity…
Appalachia Liquids: A Decade of Planning & Execution A decade of strategic planning, commitments and investment in liquids development in Appalachia to deliver shareholder value Sherwood Plant 1 (2012) Sherwood Plant 11 (2018) MarkWest…
Antero: The Premier Liquids Platform in North America One-of-a-kind fully integrated business model with scale delivers a clear path to liquids value capture Gathering & Processing & C3+ Wellhead Compression De-ethanization…
Leader in Leverage to NGL Prices Top NGL Producers in the U.S. (C3+ and ethane) 2018 Consensus C2+ NGL Production Pre-hedged Realized NGL Price (/Bbl) 140 45% Pre-Hedge NGL % of Total Product Revenues (1) NGLs Generate 33% 40% 120…
Largest Undrilled Core Liquids Drilling Inventory Largest inventory in Appalachia to Antero holds 40% of the core undrilled consistently drill long laterals liquids-rich locations in Appalachia with significant running room 4000…
Strong Propane Fundamentals Current propane days of supply are 19% Material reduction in U.S. propane below the 5-year average inventories relative to the 5-year average Propane Days of Supply U.S. Propane Inventories 80 Mont…
Strong Natural Gas Liquids (C3+) Price Improvement Mont Belvieu C3+ NGL prices have But still remain well within historical increased 67% year-over-year and 172% levels on a on a relative basis since January 2016 lows compared to WTI…
Compounding Leverage to Improving NGL Prices From 2015 - 2018 C3+ NGL prices Production growth combined with have increased 94% while ARs pricing improvement drives compounding production has increased by 84% exposure to improving NGL…
Powerful C3+ NGL Pricing Upside Exposure Compounded pricing leverage from For every 5.00/Bbl increase in NGL increasing volumes, prices, and Mariner prices, Antero generates an East 2 uplift drives cash flow growth incremental 170MM…
Anteros C3+ NGL Exposure: Highly Leveraged Anteros NGL price directly benefits NGL fundamentals remain constructive and from the recent strengthening support higher prices despite illiquid and of NGL prices at Mont Belvieu…
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 107 MM of 5.88/Bbl uplift on its exported barrels…
Anteros Ethane Exposure: All Upside Anteros ethane has a natural gas pricing Anteros balanced approach to ethane floor and purity ethane ceiling; increases sales results in 50% of contracts tied in ethane purity prices are all upside…
Rapidly Growing NGL Production Antero NGL Production Growth by Purity Product 250,000 Natural Gasoline (C5+) IsoButane (iC4) 245,000 Normal Butane (nC4) Propane (C3) Ethane (C2) C3+ Production 200,000 C2 Total (Bbl/d)…
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 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…
Anteros Liquids Scale at Attractive Value Anteros liquids scale and leverage to liquids Attractive value proposition for prices compares favorably to Permian similar liquids scale operators Liquids Production vs. Revenue Liquids…
Antero Midstream Non-GAAP Measures Non-GAAP Financial Measures and Definitions Antero Midstream views Adjusted EBITDA as an important indicator of the Partnerships performance. Antero Midstream defines Adjusted EBITDA as Net Income…
Adjusted EBITDA and DCF Reconciliation Adjusted EBITDA and DCF Reconciliation ( in thousands) Three months ended June 30, 2017 2018 Net income 87,175 109,466 Interest expense 9,015 14,628 Impairment of property and equipment…
Antero Midstream Non-GAAP Measures The following table reconciles consolidated total debt to consolidated net debt (Net Debt) as used in this presentation (in thousands): June 30, 2018 Bank credit facility 770,000 5.375% AM senior…
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