Third Quarter 2018 Earnings Call Presentation NOVEMBER 1, 2018
Drilling and Completion Efficiencies Drilling Days Completion Stages per Day 35 10.0 10.0 9.0 30 9.0 8.0 25 Drilling Days Stages per Day 20 7.0 20 6.0 5.5 5.0 4.6 15 12 10 4.0 3.6 10 8 3.0 5 2.0 1.0 0 2014 2015…
Largest Liquids-rich Drilling Inventory in Appalachia Largest Undrilled Core Liquids-rich Inventory(1) 2,500 Largest core undeveloped 2,234 liquids-rich inventory Undrilled Liquids-Rich Locations 2,000 Over 2.5X the…
Summary Simplification Transaction Benefits Midstream simplification transaction attributes: 1 AR receives cash and a premium for its AM ownership - Receives a minimum of 300 million of cash which serves as a catalyst to fund a…
Antero Simplified Pro Forma Structure Midstream simplification transaction results in one publicly traded midstream entity and better aligns the interests of PE sponsors and management with AR shareholders Eliminates IDRs and the…
Compounding Leverage to Improving NGL Prices From 2015 - 2018 C3+ NGL prices Production growth combined with have increased 74% while ARs pricing improvement drives compounding production has increased by 84% exposure to improving NGL…
A Top U.S. Producer Top U.S. C2+ NGL Producers (MBbl/d) 3Q18(1) 140 119 120 Largest C2+ MBbl/d 1 100 NGL Producer 80 in the U.S. 60 40 Top U.S. Natural Gas Producers (MMcfe/d) 3Q18 5th Largest 4,000 3,500 5…
The Leader in All-In Realized Pricing in Appalachia Anteros integrated strategy has resulted in peer-leading all-in realized prices Consistent results through the price cycles amongst the peer group All-In Realized Pricing (/Mcfe)…
Consistent Leader in EBITDAX Margin Anteros integrated strategy has resulted in peer-leading EBITDAX margins for almost 6 Sustainable margins through the price cycles years Leader in EBITDAX Margin EBITDAX Margin WTI Price (/Mcfe)…
Free Cash Flow Inflection Point Capital discipline focused with Production growth and strong liquids substantial decrease in D&C capex in prices drives free cash flow 4Q18 in 4Q18 and beyond Stand-Alone Cash Flow(1) Free Cash Flow…
Market Premium for Free Cash Flow Yield Industry Leading Free Cash Flow Yield in 2019 160 Weighted Average Price Index 150 Based on FCF Performance Leading E&P 140 for FCF Yield 130 29% 120 110 100 4% 90 E&Ps with…
Appendix 14
Antero Resources Adjusted EBITDAX Reconciliation AR Stand-Alone and Consolidated Adjusted EBITDAX Reconciliation Stand-Alone Consolidated Three months ended September 30, Three months ended September 30, (in thousands) 2017 2018…
Antero Resources Adjusted EBITDAX Margin Reconciliation AR Stand-Alone and Consolidated Adjusted EBITDAX Margin Reconciliation Stand-Alone Consolidated Three months ended September 30, Three months ended September 30, 2017 2018…
Antero Resources Standalone Adjusted EBITDAX Reconciliation Standalone LTM Adjusted EBITDAX Reconciliation Stand-Alone Twelve months ended September 30, (in thousands) 2018 Net income attributable to Antero Resources Corporation…
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