Antero Resources Snapshot Denver, CO Antero Resources Acreage Map HEADQUARTERS Antero Marcellus Rig Industry Marcellus Rig 5.5 B Industry Utica Rig Antero Acreage ENTERPRISE VALUE (1) SW Marcellus Core Ohio Utica Core 3rd…
Antero Family at a Glance 50/50 JV Exploration & Gathering & Natural Gas C3+ NGL Production Compression Processing Fractionation Water Delivery & Blending 4
The Antero Investment Opportunity Antero is positioned to deliver peer-leading Free Cash Flow, with a rapidly declining leverage profile in 2021 1 Scale and 2nd Largest NGL Producer in the U.S. Operating 3rd Largest Natural Gas…
1 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…
1 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…
2 Enhanced Free Cash Flow Profile Antero expects to generate over 2.0 B of Free Cash Flow through 2025 pro forma for the Drilling Partnership and 5-year backwardated strip pricing Free Cash Flow (Before Changes in Working Capital)…
2 Continued Operational Momentum 2021 Capital Guidance of 590 MM (net to Antero) Announced 2021 drilling and completion guidance of 590 MM in 2021, a 20% decrease from 2020 spending 600+ MM of estimated 2021 Free Cash Flow (1)…
2 Peer Leading Premium Core Drilling Inventory Anteros technical and management teams have performed an extensive update on acreage positions, undrilled locations, well performance and EURs across the basin Led to division of the SW…
2 Attractive Breakeven Well Economics Antero has some of the lowest natural gas breakeven prices in Appalachia as highlighted in a recent JP Morgan research report Breakeven gas prices for rich gas producers like AR are actually lower…
3 Well Positioned Financially vs Appalachian Peers Total Net Debt (MM) Net Debt / LTM EBITDAX (as of 3/31/2021) 5,000 4,698 5.0x 4.6x 4,000 4.0x 3,034 3,055 3.2x 2.9x 3,000 2,569 3.0x 2.6x 2,333 2.0x 2,000 2.0x 1.1x 872…
4 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…
Natural Gas and NGLs Are Essential Antero plays a critical role in producing reliable energy for consumers 3 Largest U.S. 2 Largest U.S. Natural Gas NGL Producer Producer Natural Gas Natural Gas Liquids (NGLs) Natural gas is a…
AR Business Strategy Antero Resources Principles Priorities Build Scale with Natural Gas & Liquids Balance capital spending Diversification within cash flow Maintain Maintain liquidity & strengthen Strong Deliver balance sheet…
Creative Financing With Outstanding Counterparties Antero has raised over 1.1 B of committed capital in three transactions with outstanding counterparties, providing further validation of Anteros quality asset base Date of Principal…
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.…
Develop Highest ROR Locations - Premium NGL Price Realizations Diversified exposure to both international and domestic markets results in Antero realizing a premium to Mont Belvieu on its C3+ NGL pricing Domestic Markets…
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…
Natural Gas Price Exposure Mitigated Through 2022 Antero is very well hedged on its forecast natural gas production through 2022 Antero Natural Gas Hedge Profile (1) (1) (BBtu/d) Antero Swap Volumes Antero NYMEX Swap Price…
Firm Transport A Competitive Advantage FT Destination Atlantic Seaboard 8% TCO Pool 9% Regional 13% Gulf Coast 51% Midwest 19% 23
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…
Strong Natural Gas and NGL Price Momentum Natural gas and NGL prices have strengthened as global demand continues to increase while supply flattens Propane storage levels at five year lows provide a bullish set up for winter…
Natural Gas Rig Count Highlights Producer Discipline Gas rig count has remained low as a result of modest gas prices with a 45% reduction in horizontal gas directed rigs since April 2019 Minimal rig response as gas prices recovered at…
Dry Gas Production Trend Exit-to-exit U.S. supply declined slightly in 2020 and is forecast to decline further in 2021 (0.8) Bcf/d, or (0.9%), (0.1) Bcf/d, or (0.1)%, U.S. supply decline U.S. supply growth forecast Jan 2020 to Jan…
2021 Supply/Demand Balance Detail the U.S. is forecast to be undersupplied in 2021 with demand outweighing supply by 2 Bcf/d This backdrop should support higher NYMEX prices in order to incentivize drilling Weather will be the key…
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.…
Propane Market Fundamentals A record setting level of withdrawals via LPG exports has led to low propane inventories in the U.S. and only 17.0 days of supply, 34% below the 5-year average U.S. Propane Inventories (MMBbls) Propane…
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…
Strong NGL Price Recovery Domestic and international LPG prices have improved 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…
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…
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…
AR 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…
Leading Sustainability and ESG Metrics GHG Emissions Social Antero has zero flaring of produced gas, one of the lowest GHG 33% of Independent Directors are intensity metrics in the industry (upstream independents and majors) and…
Natural Gas Liquids Primer NGLs play an essential role in the domestic and international industrial, residential, commercial and transportation industries Gas Linked Pricing Crude Linked Pricing Iso- Methane Ethane Propane Butane…
Focus on Liquids Rich Drilling Antero currently recovers only 30% of the ethane in its rich gas stream while rejecting 70% of the ethane, sending it to pipeline sales in the natural gas stream Antero NGL Barrel Composition (2021…
Premium NGL Price Realizations Producer Disadvantaged: Producer Advantaged & Unconstrained: E&Ps in Permian, Rockies, Mid-Con & Bakken Antero Resources in Appalachia AR is the largest C3+ producer with the most international…
Balance Capex with Cash Flow Low Maintenance Capital Antero Average Development Well 3,600 Net Production Rate: 3.4 Bcfe/d Avg. Lateral Length per Well 13,000 3,400 Bcfe/1,000 2.70 3,200 Replacement Volume 198 Bcfe 16% of 2022…
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…
Loading...
