Third Quarter 2020 Earnings Presentation October 29, 2020
AR 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…
AR Firm Transportation Provides Stability ARs firm transportation portfolio provides price stability, production flow reliability, and premium pricing vs. Appalachia peers Antero Basis vs. Appalachia Basis (/Mcf) Appalachia…
Leadership in ESG Environmental, Social, and Governance (ESG) Source: ONE Future for industry methane leak loss rates 5
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 residential/commercial C3+ NGL Prices & % of WTI (1)…
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…
Antero Midstream Non-GAAP Measures Non-GAAP Financial Measures and Definitions Antero Midstream uses certain non-GAAP financial measures. Antero Midstream defines Adjusted Net Income as net income plus amortization of customer contracts…
Antero Midstream Non-GAAP Measures Antero Midstream has not included a reconciliation of Adjusted EBITDA, Free Cash Flow, Distributable Cash Flow or Return on Invested Capital to the nearest GAAP financial measure for 2020 because it…
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