ANTERO: A PURE PLAY ON THE MARCELLUS / UTICA Marcellus is the largest gas field in the U.S., 2nd largest in the world Industry production approximately 14 Bcf/d today Critical Mass In Two Antero has 35 Tcfe of fully engineered and…
PREMIER UNCONVENTIONAL RESOURCE PLATFORM TOTAL 12/31/13 RESERVES(1) A MARCELLUS SHALE Pure-Play Appalachian-Focused Shale Company Assumes Ethane Rejection Net Proved Reserves(1) 7.2 Tcfe 100% operated Net Proved Reserves(1) 7.6 Tcfe…
STRONG TRACK RECORD OF GROWTH AVERAGE NET DAILY PRODUCTION (MMcfe/d) NET PROVED SEC RESERVES (Bcfe)(2) Woodford Piceance Marcellus Utica Woodford Piceance Marcellus(3) Utica 1,000 950 9,000 8,000 7,632 800 Sold Woodford and…
LOW DEVELOPMENT COST DRIVES BEST-IN-CLASS RECYCLE RATIOS 3-Year All-in Development Costs (/Mcfe) through 2012 /Mcfe 4.00 3.00 Antero Appalachia-Focused Peers Other Peers 2.00 1.71 1.41 1.57 1.03 1.14 1.00 0.00 Source:…
MARCELLUS & UTICA ADVANTAGED ECONOMICS Low cost, liquids-rich Utica and Marcellus Shales will remain attractive in most commodity price environments U.S. INCREMENTAL GAS SUPPLY BREAK-EVEN PRICE CURVE(1) Over 2,700 Antero…
INTEGRATED MIDSTREAM PROCESSING AND TAKEAWAY Infrastructure and commitments in place to handle strong natural gas, NGL and oil production growth Portfolio of firm transportation and sales and West Virginia location minimizes basis…
LONG HAUL PIPELINE AND TRANSPORTATION NETWORK Antero has a leading firm transportation capacity position and is well-positioned in the southern portion of the Marcellus and Utica Shale from a gas takeaway perspective Chicago Leidy…
SIGNIFICANT LONG-TERM COMMODITY HEDGE POSITION NATURAL GAS HEDGES 3/18/2014 BBtu/d Hedged Volume Average Index Hedge Price (/MMBtu)(1) NYMEX Strip (3/18/2014) (/MMBtu) 800 7.00 4.92 6.00 600 4.80 4.71 4.60 4.41 4.33 5.00 4.49…
ASSET OVERVIEW 12
WORLD CLASS POSITION IN THE CORE OF THE MARCELLUS AND UTICA LIQUIDS-RICH FAIRWAYS ANTERO LIQUIDS-RICH UTICA SHALE Marcellus Utica Shale 107,000 Net Acres Shale Liquids-Rich 18 Horizontals Completed Southwestern Fairway 5 Rigs…
WORLD CLASS MARCELLUS SHALE DEVELOPMENT PROJECT Antero Has Delineated And De-Risked Its Large Scale Acreage Position 100% operated DOTSON UNIT MHR WEESE UNIT BLANCHE UNIT 352,000 net acres in 30-Day Rate 30-Day Rate 30-Day Rate…
MARCELLUS SIMPLE STRUCTURE Several regional anticlines in core area Predictable layer cake geology No faults at Marcellus level Over 1.7 million feet (315 miles) drilled horizontally without crossing a fault 3-D seismic not…
ANTEROS MARCELLUS SHALE TYPE CURVE SUPPORT Antero has over four years of production history to support its 1.5 Bcf/1,000 type curve (non-SSL) Anteros SSL type curve has been increased to 1.73 Bcf/1,000 with only 12% to 15% higher well…
MARCELLUS SINGLE WELL ECONOMICS ASSUMES ETHANE REJECTION Assumptions Marcellus SSL Well Economics and Total Locations(1) 12/31/2013 Strip Pricing & SEC Reserves 150% 890 1,000 NYMEX WTI C3+ NGL(2) 637 834 707 800 Total 3P…
EXCITING CORE UTICA SHALE POSITION DELIVERS CONDENSATE AND NGLS 100% operated Utica Shale Industry Activity(1) 107,000 net acres in the core rich gas / condensate window GULFPORT 24-Hour IP Wagner 1-28H, 20% HBP with additional 79%…
ANTERO HAS MOST OF THE TOP UTICA 24-HOUR IPS STRONG SUPPORT FOR CORE POSITION Antero has 12 of the top 13 UTICA 24-HOUR IPs Utica 24-hour peak rates (IPs) Core announced to date 12 to 53 Represent some of the best 24- 60.0 MMcfe/d…
UTICA SINGLE WELL ECONOMICS ASSUMES ETHANE REJECTION Assumptions Utica Well Economics and Locations(1) 12/31/2013 Strip Pricing & SEC Reserves 200% 161 250 205 211 NYMEX WTI C3+ NGL(2) 182 200 Total 3P Locations (/MMBtu)…
LARGE MIDSTREAM FOOTPRINT Antero Midstream estimated cumulative YE 2014 total capital investment in midstream 1.5 billion Includes gathering lines, compressor stations and water distribution infrastructure Proprietary water…
PRO FORMA CAPITALIZATION CAPITALIZATION (PF Financing) ( in millions) 12/31/2013 12/31/2013 (2) Cash 17 17 Senior Secured Revolving Credit Facility 288 288 7.25% Senior Notes Due 2019 260 260 6.00% Senior Notes Due 2020 525 525…
HEALTH, SAFETY, ENVIRONMENT & COMMUNITY Antero Core Values: Protect Our People and the Environment Strong West Virginia Presence Keys to Execution Over 75% of Antero Marcellus Closed loop mud system no mud pits employees and contract…
ANTERO KEY ATTRIBUTES 459,000 Net Acres in the Core Marcellus and Utica Shales Triple Digit Historical Production and Reserve Growth Low Cost Leader / High Return Projects Significant Takeaway and Processing Capacity…
APPENDIX 26
ANTERO FIRM TRANSPORTATION AND FIRM SALES Columbia Firm Sales 1 Firm Sales 2 Firm Sales 3 7/26/2009 9/30/2025 10/1/2011 10/31/2019 10/1/2011 5/31/2017 1/1/2013 5/31/2022 Momentum III EQT REX/MGT/ANR 9/1/2012 12/31/2023 8/1/2012…
ANTERO UTICA SHALE WELLS 24 HOUR IPS 24hr Peak Rate Lateral Well Gas Equivalent Rate Wellhead Gas Shrunk Gas NGL Condensate % Total Length Name County (MMcfe/d) (MMcf/d) (MMcf/d) (Bbl/d) (Bbl/d) Liquids BTU (Feet) Yontz 1H Monroe…
ANTERO UTICA SHALE WELLS 30-DAY RATES Anteros wells produced against 1,100 psi line pressure until late January 2014 due to lack of compression facilities First 120 MMcf/d compressor station started up in late January 2014 30Day…
CONSIDERABLE RESERVE BASE WITH ETHANE OPTIONALITY 40 year proved reserve life based on 2013E production Reserve base provides significant exposure to liquids-rich projects 3P reserves of over 2.2 BBbl of NGLs and condensate in ethane…
MARCELLUS SHALE RICH GAS LIQUIDS AND PROCESSING UPGRADE Marcellus Shale rich gas and highly-rich gas acreage provides a significant advantage in well economics assuming 4.25/MMBtu NYMEX, 90.00/Bbl WTI and current spot NGL…
2013 REALIZATIONS 2013 NATURAL GAS REALIZATIONS (/MCF) Average 2013 Average Average Average Average 2013 Premium / % Sales NYMEX Price Differential(2) BTU Upgrade Realized Price(3) (Discount) TCO 67% 3.65 (0.06) 0.42 4.02 0.37…
POSITIVE RATINGS MOMENTUM Moodys / S&P Historical Credit Ratings Moodys Upgrade Criteria S&P Upgrade Criteria An upgrade could be considered if debt / average daily production is We would consider a positive rating action if the…
ANTERO EBITDAX RECONCILIATION EBITDAX Reconciliation ( in millions) (12 Months Ended) Antero Resources LLC 12/31/2012 12/31/2013 EBITDAX: Net income (loss) from continuing operations 225.3 (24.2) Commodity derivative fair value…
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