First Quarter 2021 Earnings Call Presentation APRIL 29, 2021
Best Exposure to Rising Commodity Prices Anteros differentiated business model provides the cleanest upside to increasing commodity prices Leverage to Liquids Pricing Flow Nymex Price Upside Assurance Increase Peer 1 Peer…
FT Protects Basis and Provides Flow Assurance ARs firm transportation portfolio provides price stability, production flow assurance, and premium pricing vs. Appalachia-dependent producers Antero Basis vs. Appalachia Basis (/Mcf) (1)…
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…
Drilling & Completion Efficiencies Average Lateral Length per Well Lateral Drilling Feet per Day 18,000 14,000 16,320 12,118 16,000 12,000 Achieved February 2021 New Achieved March 2020 14,000 12,539 12,839 10,000 U.S.…
Propane Market Fundamentals A record setting level of withdrawals via LPG exports has led to low propane inventories in the U.S. and only 17 days of supply, 34% below the 5-year average U.S. Propane Inventories (MMBbls) Propane Days…
Natural Gas Liquids Hedging Update Antero has added C3+ NGL hedges for the summer of 2021 to protect against seasonal weakness and potential near-term changes in the COVID-19 recovery Antero C3+ NGL Hedge Profile (Excludes Oil and…
NGL Supply & Demand Fundamentals Disciplined producer activity reduces NGL supply outlook Excess U.S. export capacity incentivizes selling NGL barrels into premium priced international markets, resulting in an undersupplied U.S.…
NGL Price Strength NGL prices remain elevated on an absolute basis and relative to WTI due to sufficient export capacity and resilient global demand AR Monthly Realized C3+ NGL Price /Bbl AR C3+ Realized Price (/Bbl) WTI Price % of…
Significant Improvement in AR Financial Strength ARs total debt decreased by over 400 MM during the first quarter of 2021, resulting in leverage declining by over a turn to 2.0x Total Debt (MM) LTM EBITDAX (MM) 3,002 3,000 1,400…
Natural Gas Producers Have the Lowest Emissions Natural gas producers are best positioned relative to oil producers with the lowest GHG emissions 2020 Antero vs 2019 Industry GHG Emission Intensity(1) 60 Antero 50 Oil Producer…
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 15
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 2.67 NYMEX WTI Oil Price…
Antero Resources Adjusted EBITDAX Reconciliation LTM Adjusted EBITDAX Reconciliation Twelve Months Ended March 31, 2021 Reconciliation of net loss to Adjusted EBITDAX: Net income loss and comprehensive income loss attributable to…
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended, 12/31/2020 3/31/2021 Reconciliation of net loss to Adjusted EBITDAX: Net loss and comprehensive loss attributable to Antero Resources Corporation 69,830 (15,499)…
Free Cash Flow Reconciliation Working capital adjustments in 2021 include 60.5 million in changes in current assets and liabilities and 35.9 million in accounts payable and accrued liabilities for additions to property and…
Total Debt to Net Debt Reconciliation Total Debt to Net Debt Reconciliation December 31, March 31, 2020 2021 AR bank credit facility 1,017,000 143,200 5.125% AR senior notes due 2022 660,516 5.625% AR senior notes due 2023 574,182…
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