Third Quarter 2019 Earnings Presentation October 30, 2019
AR Cost Reduction Strategy Overview Antero is targeting a 250 MM reduction to its cost structure in 2020 Cost Savings Update 2020 Expected Impact ( MM) Well Cost Reduction Progress 3Q19 represents lowest capex spend since IPO…
Targeted Marcellus Well Cost Reductions Antero has been able to accelerate its well cost reductions into 2H 2019 through water savings initiatives, operational efficiencies and further service cost deflation Targeted Marcellus Well…
Antero Water Savings Performance Year to date, Antero has reduced its budget by 28 MM through its water savings initiatives including blending operations and trucking rate reductions In 4Q19, Antero is forecasting 29 MM in savings…
2020 Preliminary Capital Target AMs just-in-time capital investment philosophy adjusts to ARs plan and results in a 40% decrease in 2020 as compared to 2019 Capital Expenditures (MM) Marcellus Project Map 800 2019 Fresh Water…
Industry Leading Natural Gas Hedge Position Defensive strategy to protect cash flow and balance sheet 4.6 billion of net realized hedge gains since 2008 (1) Antero Natural Gas Hedge Profile (BBtu/d) NYMEX Swap Volume NYMEX Collar…
C3+ NGL Hedges Capturing Recent Pricing Strength Antero C3+ NGL Hedges Net of Shipping (1) 2019 AR C3+ NGL Guidance: 110,000 Bbl/d 4Q19 2020 100% Volume Hedged (Bbl/d): 28,422 Volume Hedged (Bbl/d): 12,306 % C3 Hedged: 46% % C3…
High Growth Year-Over-Year Midstream Throughput AM reported strong year-over-year gathering and processing growth in 2Q19 Low Pressure Gathering (MMcf/d) Compression (MMcf/d) Fixed Fee: 0.32/Mcf 2,698 2,800 Fixed Fee: 0.19/Mcf 2,800…
2019 Guidance Updates The net cash flow impact from the reduction in capital and reduction in Adjusted EBITDA is a 50 million positive change Capex (MM) Adjusted EBITDA (MM) DCF (MM) 1,000 1,000 1,000 920 900 900 850 900 800…
APPENDIX
Antero Midstream Non-GAAP Measures Non-GAAP Financial Measures and Definitions Antero Midstream uses Adjusted EBITDA as an important indicator of Antero Midstreams performance. Antero Midstream defines Adjusted EBITDA as net income…
Antero Midstream Non-GAAP Measures Antero Midstream has not included a reconciliation of Adjusted EBITDA to their nearest GAAP financial measure for 2019 because it cannot do so without unreasonable effort and any attempt to do so…
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