The Size and Scale to Capitalize on the Resource Antero Acreage Antero Resources Profile SW Marcellus Core Ohio Utica Core Market Cap............ 1.9B Enterprise Value(1). 5.4B 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 5 Billion Enterprise Value(1) Ba2 / BB+ / BBB- Corporate Debt Ratings 31%(1) A…
Recent Developments/Near-Term Catalysts Midstream Simplification (Closed March 12, 2019) Provided AR with 297 million in cash AR no longer consolidates AM, but accounts for AM using the equity method, presenting better clarity for AR…
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 further delevering and return of capital Production Growth Scenarios (2020 2023)…
Hedge Position Protects Downside Commodity Exposure AR has consistently executed a comprehensive commodity hedging program with 4.4 billion of realized hedge gains since 2008 (1) Antero Natural Gas Hedge Profile (BBtu/d) NYMEX Collar…
Antero Oil Hedge Position Antero Oil Hedge Profile (Bbls/d) NYMEX WTI Swap Volume NYMEX WTI Swap Price (/Bbls) 10,000 70 61.83 59.03 60 8,000 50 6,000 40 30 4,000 20 5,000 5,000 2,000 10 Approximately 56% hedged…
Inflection Point in NGL Marketing and Pricing With the opening of the ME2 pipeline in the first Diversified exposure to both international and domestic quarter, Antero now has the takeaway necessary markets results in Antero realizing…
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 is a Strategic Advantage 2016A 2017A 2018A 2019E 2020E 2021E Realized Hedge Premium gas pricing plus realized hedge Gains (/Mcfe):(1) 1.48 0.26 0.25 0.20 0.11 0.06 - 0.07 profits more than offset the cost…
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…
Antero: Not Just a Natural Gas Producer Diversified Commodity Mix Enhances Value Proposition Compelling Investment Opportunity Attractive Long-Term Leverage of 2.1x at Outlook Ability to grow Maintain 3/31/19 and generate free…
Appendix
Antero Capitalization 3/31/19 As of March 31, 2019 (MM) Antero Resources Cash 0 Debt Revolving Credit Facility 50 5.375% Senior Notes Due 2021 1,000 5.125% Senior Notes Due 2022 1,100 5.625% Senior Notes Due 2023 750 5.000%…
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 Continue Drilling Days Average Lateral Feet Drilled per Day 35 9,184 6,000 30 5,308 5,169 25 5,000 Drilling Days Lateral Feet 20 18 4,000 2,901 15 12 3,000 10 10 8 2,000 5 1,000…
Liquidity & Debt Term Structure 3/31/2019 Debt Maturity Profile Credit Facility Senior Notes 1,400 New credit facility has 1,200 allowed Antero to extend its 50 average debt maturity out to 1,100 1,000 2022 1,000 800…
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 Definitions Adjusted EBITDAX: Represents income or loss, including noncontrolling interests, before interest expense, interest income, gains or losses from commodity derivatives and marketing derivatives, but including net cash…
Antero Non-GAAP Measures Continued Adjusted Net Cash Provided by Operating Activities and Free Cash Flow Adjusted Net Cash Provided by Operating Activities as presented in this release represents net cash provided by operating…
Antero Resources Adjusted EBITDAX Reconciliation LTM Adjusted EBITDAX Reconciliation Twelve months ended (in thousands) March 31, 2019 Net income and comprehensive income attributable to Antero Resources Corporation 566,413…
Antero Resources Adjusted EBITDAX Per Mcfe Adjusted EBITDAX per Mcfe Reconciliation 2013 2014 2015 2016 2017 2018 Q1 2019(1) (/Mcfe) Natural gas, oil, ethane and NGL sales 4.31 4.74 2.53 2.60 3.35 3.70 3.65 Realized commodity…
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