Second Quarter 2021 Earnings Call Presentation JULY 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 20,000 18,998 14,000 12,118 18,000 12,000 Achieved February 2021 New 16,000 13,908 U.S. Achieved June 2021 10,000 14,000…
Propane Market Fundamentals A repeat of the same weekly withdrawals as last winter would result in the U.S. ending withdrawal season with only about 15 million barrels in storage, significantly below 5-year minimum storage level…
Propane Market Fundamentals Last winter, Asian propane prices were even stronger on a relative basis, climbing to 124% of naphtha in December 2020 FEI Propane % of Japan Naptha 160% 150% 140% Climbed to 125% 130% FEI…
Significant Improvement in AR Financial Strength ARs total debt decreased by nearly 600 MM YTD 2021, resulting in leverage declining to 1.7x Total Debt (MM) LTM EBITDAX (MM) 3,002 3,000 1,600 1,411 2,415 1,400 2,500 Target:…
Financial Strength Relative to Peers Total Net Debt (B) Net Debt / LTM EBITDAX (as of 6/30/2021) YE 2020 2Q 2021 5.2 YE 2020 2Q 2021 4.9 5.0 6.0x 5.2x 5.0x 4.0 3.1 3.0 4.0x 3.9x 3.0 3.0 3.0 3.5x 3.0 3.1x 3.2x3.0x 2.4 2.2 2.4…
Enhanced Free Cash Flow Profile Antero expects to generate over 3.5 B of Free Cash Flow through 2025 Free Cash Flow (Before Changes in Working Capital) (MM) 2021E 2025E Free Cash Flow: Free Cash Flow Outspend 07/22/2021 Strip…
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 / 4th Largest natural gas producer…
Appendix 14
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) 3.36 2.94 NYMEX WTI Oil Price…
Antero Resources Adjusted EBITDAX Reconciliation LTM Adjusted EBITDAX Reconciliation Twelve Months Ended June 30, 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 Six Months Ended June 30, June 30, 2020 2021 2020 2021 Reconciliation of net loss to Adjusted EBITDAX: Net loss and comprehensive loss attributable to Antero…
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, June 30, 2020 2021 AR bank credit facility 1,017,000 5.125% AR senior notes due 2022 660,516 5.625% AR senior notes due 2023 574,182 5.000%…
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