The Size and Scale to Capitalize on the Resource Antero Acreage Antero Resources Profile SW Marcellus Core Ohio Utica Core Market Cap............ 2.4B Enterprise Value(1). 5.9B Corporate Debt Ratings Ba2 / BB+ / BBB- Leverage(2)…
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 6 Billion Enterprise Value(1) Ba2 / BB+ / BBB- Corporate Debt Ratings 31%(1) A…
Recent Developments/Near-Term Catalysts Midstream Simplification (Closed March 12, 2019) Provides AR with 297 million in cash AR will no longer consolidate AM beginning in 1Q 2019 (pro forma), but will account for AM using the equity…
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 Antero is poised to prudently grow production to maximize free cash flow, ultimately resulting in an appropriate mix of return of further delevering and return of capital Production Growth Scenarios (2020…
Hedge Position Supports Operating Plan Including FT AR is 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 NYMEX Swap Volume 4.00 (1) 3.48…
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…
AR Firm Transportation Portfolio Provides Strategic Advantage 2016A 2017A 2018A 2019E 2020E 2021E Realized Hedge Gains (/Mcfe):(1) 1.48 0.26 0.25 0.24 0.06 0.02 - 0.03 Premium gas pricing plus realized hedge profits more than offset…
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…
Repositioned With Simplified Structure Midstream simplification transaction results in ownership of one publicly traded midstream entity and better aligns management ownership between the two entities Simplified Structure Original…
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…
Peer-leading EBITDAX Margins for Six Years Forward-thinking business strategy including liquids focus, transportation commitments and forwards sales (hedges) has resulted in peer-leading realized prices and margins for 6 straight…
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 As of December 31, 2018 (MM) Antero Midstream Antero Resources Pro Forma Status Quo for AM Senior Notes Offering Cash 0 0 Debt Revolving Credit Facility 348 405 5.375% Senior…
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 Marcellus Well Cost (MM/1,000 assuming…
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 Adjusted EBITDAX Reconciliation LTM Adjusted EBITDAX Reconciliation Twelve months ended (in thousands) December 31, 2018 Net (loss) and comprehensive (loss) attributable to Antero Resources Corporation (397,517)…
Antero Resources Adjusted EBITDAX Per Mcfe 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 2.60 3.35 3.56 3.35 3.70…
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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