Third Quarter 2020 Earnings Call Presentation OCTOBER 29, 2020
Asset Sale, Refinancing and Debt Repurchase Progress Antero has closed 751 MM in asset sales and 288 MM in refinancing to date to address debt maturities and deleverage Announced Asset Sale Program with Hedge Monetization (July 2020)…
Net Marketing Expense & FT Commitments Declining ARs firm transportation commitments decline by over 800 MMcf/d by year-end 2024, resulting in a 100 MM reduction in annualized net marketing expense Firm Transportation MMcf/d…
Firm Transport Provides Stability ARs firm transportation portfolio provides price stability, production flow reliability, and premium pricing vs. Appalachia peers Antero Basis vs. Appalachia Basis (/Mcf) (1) (2) Appalachia…
Appalachian Takeaway Capacity is a Strategic Advantage Differential With uncertainty on future pipeline projects in Appalachia, Antero is one of the few natural gas to NYMEX producers in Appalachia that can take advantage of rising…
Material Impact to NGL Production in the U.S. The oil price decline is expected to have a pronounced impact on U.S. NGL supply, 65% of which comes from shale oil plays U.S. NGL Production Forecast (MBbl/d) LPG Export Capacity Gulf…
NGL Price Recovery Expected Domestic and international LPG prices are improving on a relative basis to crude oil, driven by resilient global demand for LPG from petrochemicals and res/comm C3+ NGL Prices & % of WTI (1) Far East Index…
NGL Pricing Outlook Limited liquidity in the futures market for C3+ NGL products often does not capture anticipated value further out in the curve A bottoms-up analysis of supply/demand fundamentals suggests NGL prices have…
Northeast LPG Supply & Demand Northeast LPG markets became oversupplied in 2015 and were forced to transport via rail, which was relieved by Mariner East 2 in early 2019 The Northeast is now long LPG pipeline takeaway capacity with…
Natural Gas and NGL Macro Momentum Natural gas and NGL prices expected to strengthen over the coming quarters as global demand remains resilient while supply declines materially (assuming current oil price strip) U.S. Natural Gas U.S.…
Significant Reduction in Drilling Rigs Since March 6th, the total U.S. rig count has declined by 496 rigs, or 65%, and oil focused rig count has declined by 68% NGL production associated with shale oil activity represents 64% of total…
Significant Reduction in Completion Crews Since March 6th, U.S. completion spread count has declined by 180 crews, or 57%, and oil focused completion crew count has declined by 62% U.S. Oil & Gas Drilling Completion Crew Count Since…
Liquidity Outlook Through a combination of asset sales, discounted senior note repurchases and the recent unsecured convertible note offering, Antero has sufficient liquidity to repay the November 2021 and December 2022 maturities AR…
Leading Sustainability and ESG Metrics 2025 Goals: Achieve net zero carbon emissions by 2025 through operating improvements and carbon offsets 15
Tremendous Execution Through Downturn Antero Execution Current Variance 4Q 2019 (3Q 2020) (Absolute / %) Capital Raised (1) Since 4Q 2019: 100 MM 1.0 B +938 MM Total Debt Reduction: N/A 620 MM +620 MM Principal Bond Repayment: 225…
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