The Size and Scale to Capitalize on the Resource Antero Acreage Antero Resources Profile SW Marcellus Core Ohio Utica Core Market Cap............ 3.3B Enterprise Value(1). 7.0B Corporate Debt Ratings Ba2 / BB+ / BBB- Stand-alone…
Recent Developments/Near-Term Catalysts Antero Announces 2019 Capital Budget and Production Guidance (January 2019) Disciplined plan with reduced D&C capital spending relative to 2018, within cash flow(1), while targeting 17% - 20%…
2019 Capital Plan and Guidance Released on January 8, 2019 Stand-alone Consolidated Net Production (Bcfe/d) 3.15 3.25 Net Natural Gas Production (Bcf/d) 2.225 2.275 Net Liquids Production (Bbl/d) 154,000 164,000 Net Oil, C3+ and…
Long-Term Outlook Depending on the commodity price environment, Antero is poised to prudently grow production to maximize free cash flow, ultimately resulting in an appropriate mix of return of capital to shareholders and further…
Anteros NGL Pricing Uplift from Mariner East 2 Mariner East 2 will allow AR to access 50,000 Bbl/d Mariner East 2 export capability international LPG markets and realize a 2 to equates to 50 to 60 MM of 4/Bbl uplift on its exported…
Anteros First Ethane Export November 2018 Anteros 11,500 Bpd C2 sales contract with Borealis commenced on November 1, 2018 First ship departed Marcus Hook on November 26th with 337,000 barrels of ethane bound for Borealis steam…
2019 Hedge Restructuring Antero monetized 1.575 Bcf/d of swaps generating approximately 235 MM in proceeds April December 2019 swaps monetized at attractive NYMEX levels and replaced with collars Puts protect downside at 2.50/MMBtu…
2020 Hedge Restructuring Antero reset 2020 swaps at slightly lower prices generating approximately 122 MM in proceeds NYMEX swap price reduced from 3.25/MMBtu to 3.00/MMBtu in 2020 No change to overall hedged volumes Proceeds…
Rover Pipeline Uplift and Optionality Rover Phase 2 Sherwood Lateral placed Creates further optionality for Marcellus gas into service in November to access Chicago & Gulf Coast Markets Rover Pipeline & Unhedged Volume Exposure…
Expected Natural Gas Price Realization Improvement Antero Firm Transport Index Breakdown 100% 6% decrease to 9% 3% Local Local Markets 90% 19% 80% 18% Midwest 1% increase to 70% Midwest Markets 18% 15% TCO 60% 3% increase…
Simplification Transaction A Near Term Catalyst Midstream Simplification expected to close in 1Q19 Provides AR with at least 300 million of cash proceeds Further Aligns the Interest of All Antero Equity Holders and Management…
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…
Leading NGL Position & Integrated Strategy Drive Peer-Leading Margins
Largest NGL Producer Antero is the largest NGL producer in the U.S. and controls 40% of the core undrilled liquids-rich locations in Appalachia Top U.S. C2+ NGL Producers - 2019E(2) Undrilled Core Liquids-rich Inventory(1) 2,500…
Midstream Driving Value for AR Since Inception Owning and controlling the infrastructure is critical to sustainable development; Antero Midstream provides a customized midstream solution Midstream Ownership Benefits AM Midstream…
Antero Midstream At A Glance Status Quo AM Highlights Antero Midstream Marcellus Assets Market Cap....... 4.6B Enterprise Value.......... 6.1B LTM Adjusted EBITDA(1).. 665 MM % Gathering/Compression 65% New Smithburg JV %…
A Leader in Realized Pricing and Adj. EBITDAX Margins Anteros integrated strategy has resulted in peer-leading realized prices and margins for 6 straight years and consistent results through price cycles Standalone E&P Adj. EBITDAX…
Antero: Not Just a Natural Gas Producer Diversified Commodity Mix Enhances Shareholder Value Shareholder Value Top NGL producer 129MM of shares in the U.S. Liquids-Rich repurchased in 4Q 2018 Return of Resource and Capital…
Appendix
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…
Antero Pro Forma Hedge Position Total proceeds from hedge restructuring of 357 MM in proceeds Antero Hedge Profile (MMcf/d) (/MMBtu) 2,500 2,330 NYMEX Collar Volume NYMEX Swap Volume 4.00 3.48 3.44 NYMEX Swap Price NYMEX Strip…
Liquidity & Debt Term Structure 9/30/2018 Debt Maturity Profile AR Credit Facility(1) AM Credit Facility AR Senior Notes AM Senior Notes 2,500 2,000 New credit facilities for AR and AM have allowed 875 Antero to extend its…
Delevering is Driving Ratings Momentum Corporate Credit Ratings History Stable Credit Ratings with Consistent Investment Grade Rating from Upgrades from the Beginning of the Fitch (BBB-) & Recent Decade Through the Downturn Upgrade…
Antero Resources Standalone Adjusted EBITDAX Reconciliation Stand-alone LTM Adjusted EBITDAX Reconciliation Stand-alone Twelve months ended September 30, (in thousands) 2018 Net income attributable to Antero Resources…
Antero Resources Stand-alone Adjusted EBITDAX Per Mcfe Stand-alone Adjusted EBITDAX per Mcfe Reconciliation (Annual) 2013 2014 2015 2016 2017 1Q2018 2Q2018 3Q2018 (/Mcfe) Natural Gas, Oil, Ethane and NGL sales 4.31 4.74 2.53 2.60…
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): September 30, 2018 Bank credit facility 875,000 5.375%…
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