The Size and Scale to Capitalize on the Resource Antero Acreage Antero Resources Profile SW Marcellus Core Ohio Utica Core Market Cap............ 2.9B Enterprise Value(1). 6.7B Corporate Debt Ratings Ba2 / BB+ / BBB- Stand-alone…
Anteros Integrated Strategy The Most Integrated Natural Gas and NGL Platform in the U.S. A World Class E&P Operator in Appalachia NYSE: AR 7 Billion Enterprise Value(1) Ba2 / BB+ / BBB- Corporate Debt Ratings 31%(1) A…
Recent Developments/Near-Term Catalysts Midstream Simplification (Expected to close in March 2019) Expected to provide AR with at least 300 million in cash depending on the cash election of public AM unitholders (subject to the…
Resilient and Flexible Development Plan Anteros flexible development program through 2023 will be responsive to commodity prices to grow production and maximize free cash flow Lower Prices: 50 Oil / 2.85 Gas Higher Prices: 65 Oil /…
Disciplined Development Plan 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…
Antero Hedge Position Realized 357 MM in proceeds from hedge restructuring while remaining 100% hedged on gas in 2019 and 55%-60% hedged in 2020 at 3.00/MMBtu Antero Hedge Profile (MMcf/d) (/MMBtu) 2,500 2,330 NYMEX Collar Volume…
Anteros NGL Pricing Uplift from Mariner East 2 Mariner East 2 allows AR to access 50,000 Bbl/d Mariner East 2 export capability international LPG markets and realize a equates to 50 to 60 MM of 2/Bbl to 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…
Firm Transportation Portfolio Provides Visibility All of Antero Resources contracted firm capacity is now in service, providing visible production growth and premium pricing to NYMEX Antero Resources Firm Transportation Portfolio vs.…
Expected Natural Gas Price Realization Improvement Antero Firm Transport Index Breakdown 100% 6% decrease to 10% 3% Local Local Markets 90% 19% 80% 17% Midwest 1% increase to 70% Midwest Markets 18% 17% TCO 60% 3% increase…
Sustainable and De-risked Business Model Antero Resources is 100% hedged on natural gas in 2019; Hedges and FT provide price stability to support sustainable long-term development Hedge Portfolio Supports Antero Natural Gas…
Simplification Transaction A Near Term Catalyst Midstream Simplification expected to close in March 2019 Provides AR with at least 300 million of cash proceeds Further Aligns the Interest of All Antero Equity Holders and…
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
Prolific Underlying Resource Underpins Growth Antero Resources holds 40% of the core undrilled liquids-rich locations in Appalachia with attractive economics and low breakeven prices Core Liquids-Rich Appalachian Undrilled…
Antero is the Largest NGL Producer in the U.S. Antero is the largest NGL producer in the U.S. and controls 40% of the core undrilled liquids-rich locations in Appalachia(2) Top U.S. C2+ NGL Producers - 2019E(1) Undrilled Core…
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 Infrastructure…
Integration is Critical in Shale Development Anteros integrated strategy has resulted in peer-leading realized prices and margins for 6 straight years and consistent results through commodity cycles Stand-alone E&P Adjusted All-in…
Antero: Not Just a Natural Gas Producer Diversified Commodity Mix Enhances Value Proposition Shareholder Value Top NGL producer 9.1 MM shares in the U.S. Liquids-Rich repurchased in 4Q 2018 Return of Resource and Capital Scale…
Appendix
Antero Capitalization Pro forma as of 12/31/18 Antero Midstream Antero Resources Antero Resources As of December 31, 2018 (MM) (Stand-alone) (Consolidated) Cash 0 0 0 Debt Revolving Credit Facility 990 405 1,395 Status Quo…
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…
Antero Resources D&C Capital Through negotiating contracts and self sourcing sand, Antero was able to mitigate a majority of inflationary pressures on D&C capital for 2019 Antero Resources Stand-alone Marcellus Well Cost (MM/1,000…
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 7.0 20 18 5.7 6.0 4.6 4.9 15 5.0 12 3.6 10 4.0 10 8 3.0 5 2.0 1.0 0 2014…
Liquidity & Debt Term Structure 12/31/2018 Debt Maturity Profile AR Credit Facility AM Credit Facility AR Senior Notes AM Senior Notes 3,000 2,500 New credit facilities for AR and AM have allowed 2,000 990 Antero to extend…
Deleveraging is Driving Ratings Momentum Corporate Credit Ratings History Stable Credit Ratings with Consistent Investment Grade Rating from Fitch Upgrades from the Beginning of the (BBB-) and Upgrade from S&P (BB+) Decade…
Antero Resources Stand-alone Adjusted EBITDAX Reconciliation Stand-alone LTM Adjusted EBITDAX Reconciliation Stand-alone Twelve months ended (in thousands) December 31, 2018 Net (loss) and comprehensive (loss) attributable to…
Antero Resources Stand-alone Adjusted EBITDAX Per Mcfe Stand-alone Adjusted EBITDAX per Mcfe Reconciliation (Annual) 2013 2014 2015 2016 2017 1Q2018 2Q2018 3Q2018 4Q2018 (/Mcfe) Natural Gas, Oil, Ethane and NGL sales 4.31 4.74 2.53…
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): December 31, 2018 Bank credit facility 990,000 5.375% AM…
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