Fourth Quarter 2020 Earnings Call Presentation FEBRUARY 18, 2021
Drilling Partnership Announcement (2/17/2021) Announced Drilling Partnership With QL Capital Partners (QL), an Affiliate of Quantum Energy Partners Entered into Drilling Partnership to fund drilling of 60 incremental wells between…
Uniquely Positioned for a Drilling Partnership AR is uniquely positioned to enhance its Free Cash Flow profile with the incremental gross production generated by a drilling partnership, by leveraging its dominant liquids-rich resource…
Free Cash Flow Enhancement 2021 - 2025 Through the Drilling Partnership, Antero expects to increase its forecasted 2021 2025 Free Cash Flow by 400 MM Net Marketing Midstream Fee Drilling Carry Interest Expense Free Cash Flow…
Partner Production Helps Fill ARs Unutilized FT The development plan for the Drilling Partnership was designed to help fill Anteros unutilized premium firm transportation capacity over the next several years As a result of the…
Growth Incentive Program Capture The gross production forecast pro forma for the Drilling Partnership results in 88 MM of AM fee rebates through 2023, an incremental 76 MM of fee rebates relative to the Base development plan Low…
Enhanced Free Cash Flow Profile Antero expects to generate over 1.5 B of Free Cash Flow through 2025 pro forma for the Drilling Partnership Free Cash Flow (Before Changes in Working Capital) (MM) 5-Year Cumulative 2021E 2025E Free…
Peer Leading Premium Core Drilling Inventory Southwest Marcellus Core Inventory SW Appalachia Core Anteros technical and management team have done an extensive update on acreage positions, undrilled locations, well performance and EURs…
Propane Market Fundamentals A record setting level of withdrawals via LPG exports has led to low propane inventories in the U.S. and only 15.4 days of supply, 34% below the 5-year average U.S. Propane Inventories (MMBbls) Propane…
Material Impact to NGL Production in the U.S. The drilling and completion activity decline is expected to have a pronounced negative impact on U.S. NGL supply, 68% of which comes from shale oil plays U.S. C2+ NGL Production Forecast…
NGL Price Strength NGL prices have risen on an absolute basis and relative to WTI since March/April lows due to resilient global demand AR Monthly Realized C3+ NGL Price /Bbl AR C3+ Realized Price (/Bbl) WTI Price % of WTI…
LPG: Northeast Supply & Demand Northeast LPG markets became oversupplied in 2015 and were forced to transport via rail, which was relieved by Mariner East 2 in 2019 Northeast LPG NGL Supply vs. Demand & Takeaway Capacity (Excluding…
Significant Commodity Price Leverage As one of the largest natural gas and NGL producers in the U.S., Antero has significant cash flow upside in a rising commodity price environment Top 5 U.S. Natural Gas Producers (MMcf/d) Top 5 U.S.…
Creative Financing With Outstanding Counterparties Over the past 12 months, Antero has raised over 1.1 B of committed capital in three transactions with outstanding counterparties Date of Principal Transaction Capital Commitment…
Much Improved Senior Note Term Structure Unsecured Debt Maturity Summary (Pro forma for redemption of remaining 2022s and convert equitization): Eliminated 2.3 B of near term maturities: 1.3 B of open market repurchases and tenders,…
Significant Leverage Reduction Through a combination of senior note offering proceeds, Free Cash Flow and the ORRI contingent payment, AR is expected to reduce leverage below 2x by year end 2021 AR Pro Forma Year-End 2021E Credit…
Leading Sustainability and ESG Metrics 18
Key Investment Highlights Antero is well positioned for both the commodity price outlook and energy transition as a large scale, low cost natural gas and NGL producer with strong ESG metrics Scale / 3rd Largest natural gas producer…
Appendix 20
Antero Guidance and Long-Term Target Assumptions Long-term Outlook Assumptions (Consistent in 2021 2021-2025 both Base Plan and Drilling Partnership plans) NYMEX Henry Hub Natural Gas Price (/MMBtu) (1) 2.90 2.65 NYMEX WTI Oil Price…
ARs C3+ NGL Barrel Spot Pricing Weekly Benchmark Index Pricing as of 2/15/21 Net of Shipping (1) This data reflects benchmark pricing estimates and does not directly reflect Anteros realized prices or hedges Assumes 2020 AR C3+ NGL…
Antero Resources Adjusted EBITDAX Reconciliation LTM Adjusted EBITDAX Reconciliation Year Ended December 31, (in thousands) 2020 Reconciliation of net income (loss) to Adjusted EBITDAX: Net income (loss) and comprehensive income (loss)…
Total Debt to Net Debt Reconciliation Total Debt to Net Debt Reconciliation December 31, 2020 AR bank credit facility 1,017,000 5.375% AR senior notes due 2021 5.125% AR senior notes due 2022 660,516 5.625% AR senior notes due 2023…
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