Antero Strategy Evolution Anteros business strategy has evolved to match the U.S. shale industry life cycle AR Net Production (Right Axis) & Capital Investment (Left Axis) (MMs) (1) (MMcfe/d) We are 3,500 Production (MMcfe/d)…
Peer Hedging Comparison Antero has not added any natural gas hedges in 18 months and is unhedged on its 4Q21 and going forward liquids production % Hedged 2022 Total Production and Natural Gas Production (1) % Total Production…
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…
Right-Sizing Firm Takeaway Commitments ARs under-utilized firm transportation commitments are expected to decline by over 1.0 Bcf/d by year-end 2025, resulting in a 100+ MM reduction in annualized net marketing expense and an…
Diversity of Product & Destination Anteros liquids-rich strategy and diversified firm transportation portfolio allows it to capture commodity price upside both domestically and internationally Leader in Liquids Production Leader in…
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 16 million barrels in storage, significantly below 5-year minimum storage level…
Propane Export Arb Despite the dramatic increase in domestic propane pricing in 2021, the export pricing arb has remained attractive, and has recently reached a yearly high of +6.25 cents per gallon Propane Export Arb (Cents per…
Significant Improvement in AR Financial Strength ARs total debt decreased by nearly 661 MM YTD 2021, resulting in leverage declining to 1.6x Total Debt (MM) LTM EBITDAX (MM) 3,002 1,496 3,000 1,600 2,341 1,400 2,500 Target:…
Enhanced Free Cash Flow Profile Antero expects to generate over 6.0 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 10/25/2021 Strip…
Recent Credit Enhancements Received corporate ratings upgrades from Moodys and S&P Global to Ba2 and BB, respectively (10/6/21 - 10/8/21) Extended credit facility to 2026, with a borrowing base increase to 3.5 B and a lender…
Best Positioned to Return Capital in Appalachia Antero currently has the highest Free Cash Flow to Enterprise Value yield (1) and the most advanced debt reduction program among its Appalachian peers 2021E 2023E Cumulative Corporate…
ESG Momentum Continues Anteros peer-leading ESG ranking reflects the internal efforts to prioritize ESG performance and disclosures 2025 Goals Progress World Bank Zero Routine Flaring Initiative (1): COMMITMENT TO NO ROUTINE…
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 16
Antero Guidance and Long-Term Target Assumptions Long-term Outlook Assumptions 2021 2021-2025 NYMEX Henry Hub Natural Gas Price (/MMBtu) (1) 3.88 3.75 NYMEX WTI Oil Price (/Bbl) (1) 68.26 68.08 AR Weighted C3+ NGL Price (/Bbl) (1)…
Antero Resources Adjusted EBITDAX Reconciliation LTM Adjusted EBITDAX Reconciliation Twelve Months Ended September 30, 2021 Reconciliation of net loss to Adjusted EBITDAX: Net loss and comprehensive loss attributable to Antero…
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2020 2021 Reconciliation of net loss to Adjusted EBITDAX: Net loss and comprehensive loss attributable to…
Antero Resources Pre-Hedge Adjusted EBITDAX Per Mcfe Pre-Hedge Adjusted EBITDAX per Mcfe Reconciliation Q3 2021 (/Mcfe) Natural gas, oil, ethane and NGL sales 5.15 Distributions from Antero Midstream 0.10 All-In Revenue (Pre-Hedge)…
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, September 30, 2020 2021 Credit Facility 1,017,000 97,500 5.125% senior notes due 2022 660,516 5.625% senior notes due 2023 574,182 5.000%…
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