First Quarter 2020 Earnings Call Presentation APRIL 30, 2020
Cost Reduction Momentum Drilling and completion efficiencies and midstream cost savings result in approximately 600 million of savings in 2020 compared to ARs 2019 initial budget Cost Savings Update 2020 Savings (1) Well Cost…
Marcellus Well Cost Reductions Significant Reduction in Well Costs already in-hand Reduced well costs by 26% (3.05 million per well) Marcellus Well Cost Reductions (January 2019 AFE to Current 2020) (MM) Assumes 12,000 foot…
Marcellus Drilling and Completion Efficiencies Continue Average Drilled Lateral Feet per Well Lateral Drilling Feet per Day 12,000 18,000 16,320 New 10,453 16,000 Company 10,000 14,000 Marcellus 11,693 Record 8,000 12,000 11,062…
Efficiency and Cost Momentum Leads to Lower Capital Through drilling and completion efficiencies, midstream cost savings, service cost deflation and deferral of completions Antero has been able to reduce its D&C capex budget by 41%…
NGL Price Recovery Expected Domestic and international LPG prices are improving on a relative basis to crude oil, driven by inelastic global demand from petrochemicals and res/comm C3+ NGL Prices & % of WTI (1) FEI Propane Prices & %…
Significant Impact from Associated NGL Production Oil prices are expected to have an even more pronounced impact on NGL supply where two thirds of the supply comes from oil shale plays Wellhead NGL Production Forecast (MBbl/d) LPG…
NGL and Natural Gas Macro Momentum Natural gas and C3+ NGL prices should strengthen over the coming quarters as demand should remain resilient while supply will decline (assuming current oil price strip) Unlike oil and the resulting…
Significant Reduction in Rigs Since March 6th, total oil and natural gas rigs have declined by 320, or 42% U.S. Oil & Gas Drilling Rig Count Since 3/6/2020 Current Dry Current Change Since 3/6/20 Gas Production NGL Production…
Significant Reduction in Completion Crews Since March 6th, total oil and natural gas completion crews have declined by 232, or 73% U.S. Oil & Gas Drilling Completion Crew Count Since 3/6/2020 Change Since 3/6/20 Current Dry Current…
Substantial Liquidity Enhancements at AR Antero Resources plans to have substantial capacity to address its November 2021 and December 2022 bond maturities through asset sales and cost and activity reductions AR 2020 Liquidity…
Asset Monetization Opportunity Set AR has multiple assets that can be monetized in 2020 to reduce debt, including producing properties, undeveloped leasehold, overriding royalty, minerals, hedges and midstream ownership Asset…
Enhanced Natural Gas Hedge Position AR continued its consistent hedging program during 1Q20, adding 688 MMBtu/d to its 2022 hedge position (previously unhedged) at a price of 2.48/MMBtu Antero Natural Gas Hedge Profile (1)…
Significant Oil 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 (C5) Hedge Profile…
Antero Long-Term Strategy Producer resiliency is a key attribute for a sustainable development plan: Cost AR has targeted 600 MM in reductions to Reduction 2020 capital and operating expenses Initiatives Asset Sale Substantial…
Appendix MPLX Hopedale, OH Fractionation Complex
2020 Capital Plan and Guidance Represents Revised 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…
Bank Pricing Summary The April 2020 bank borrowing base was calculated using significantly lower bank pricing than used in the April 2019 borrowing base NYMEX Natural Gas Pricing (/MMBtu) Oil Pricing (/Bbl) Henry Hub Gas Bank…
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