Fourth Quarter 2019 Earnings Call Presentation FEBRUARY 13, 2020
Cost Reduction Momentum Antero is targeting a 520 MM reduction to its cost structure in 2020 Cost Savings Update 2020 Expected Impact (1) Well Cost Reduction Progress Continued momentum provides further confidence in targeting 15% to…
Marcellus Well Cost Reductions Significant Reduction in Well Costs already in-hand Targeting reduced well costs by 17% (1.9 million per well) Targeted Marcellus Well Cost Reductions (January 2019 AFE to 2020 Target) (MM) 12.00…
Significant Reduction in Operating Cost Structure A 0.22/Mcfe reduction in cash costs expected in 2020 and a 0.42+/Mcfe reduction is expected by 2022 AR All-in Cash Operating Cost Structure (/Mcfe) Net Marketing Expense Cash…
Marcellus Drilling and Completion Efficiencies Continue Marcellus Avg. Lateral Feet Drilled per Day Marcellus Drilling Days - Spud to Rig Release 35 10,453 8,000 New 30 Company 7,000 5,934 6,250 Record 25 Drilling Days…
Substantial Liquidity Enhancements Antero plans to have substantial capacity to address its November 2021 and December 2022 bond maturities due to: Internal cost reduction initiatives Third party midstream fee reductions Targeted…
Asset Monetization Opportunity Set AR has multiple assets that can be monetized to reduce debt, including undeveloped leasehold, mineral position, producing properties, hedge portfolio and midstream ownership Asset Monetization…
Antero Resources: Most Advantaged NGL Producer Producer Disadvantaged & Constrained: Producer Advantaged & Unconstrained: E&Ps in Permian, Rockies, Mid-Con & Bakken Antero Resources in Appalachia AR is a top C3+ producer with the most…
Well Protected From Near-Term Gas Pricing Weakness AR has hedged 94% and 93% of expected natural gas production in 2020 and 2021 at 2.87/MMBtu and 2.80/MMBtu, respectively Hedging provides sustainability to Anteros development program…
Significant Oil and Oil-Equivalent Hedge Position AR has hedged 100% of expected oil and oil-equivalent pentane production in 2020 at 55.63/Bbl and 10% of oil and oil equivalent production in 2021 at 55.16/Bbl Antero Oil and Pentane…
Antero Long-Term Strategy Producer resiliency is a key attribute for a sustainable development plan: Cost AR has targeted 520 MM in reductions in Reduction 2020 capital and operating expenses Initiatives Asset Sale Substantial…
Appendix
2020 Capital Plan and Guidance 2020 Guidance Ranges Net Production (Bcfe/d) 3.5 Net Natural Gas Production (Bcf/d) 2.375 Net Liquids Production (Bbl/d) 187,500 Natural Gas Realized Price Expected Premium 0.00 to 0.10 to NYMEX…
Reserves Summary Consistent proved reserve growth with increasing percentage of PDP Net Proved Reserves (Tcfe) Total Proved Reserves PUD % PDP Reserves 20.0 18.9 70% 18.0 18.0 17.3 60% 16.0 15.4 Proved Reserves (Tcfe) 14.0…
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