Antero Resources: The Unconstrained E&P Company Scale & Inventory 20+ Years of Premium Inventory Integrated Midstream Development Reliability & Visibility Firm Transport to LNG Fairway & Product Diversity Premier Pricing via Gas…
Largest Low Cost Inventory in Appalachia Antero Scale & Inventory Summary Sub-2.00/Mcf Breakeven Locations 3rd Party Estimates Scale 1,000 Top 10 U.S. Natural Gas Producer Top 5 U.S. NGL Producer 750 Inventory (Antero Estimates)…
Organic Land Acquisitions In 2022, Antero organically added 80 premium core locations at an average cost of less than 1 MM per location, effectively replenishing its 2022 drilling program The average cost per location represents a…
Firm Transport to the LNG Fairway 75% of Anteros Natural Gas is Delivered to the LNG Fairways Firm Transport to LNG Fairway 75% (Bcf/d) 2.3 of Natural Gas Production(1) 1.5 1.0 0.9 0.3 Bcf/d Cove Point LNG 0.4 TGP/CGT/ 0.0…
Diverse Production Mix & Export Exposure = Premium Pricing Liquids Production 2023 Guidance % of Natural Gas Sold Out of Basin (MBbl/d) (2023E) 190 100% 75% to 40% LNG Exported Fairway (1) (1) AR RRC SWN EQT CHK CNX AR RRC…
Unparalleled Commitment to Debt Reduction Debt (Reduction) / Increase Since YE19 (Bn) +2.1 +2.3 +1.9 (0.6) (1.3) (2.6) (1) AR RRC CNX EQT SWN CHK Net Debt at 12/31/22 (MM) (2) Leverage - 12/31/22 and 12/31/23E (2) (Bn)…
Free Cash Flow Breakeven Anteros liquids uplift and natural gas premium takeaway drive its low breakeven pricing Liquids Revenue Uplift (/Mcf of Gas Production) 2023E Unhedged FCF Natural Gas Price Breakeven (/Mcf Henry Hub) 2.95…
Balanced Capital Return Story in 2022 Continued Debt Reduction (MM) 1.3x 0.9x leverage reduction 2,125 0.4x (548) 1.0 Bn (394) 1,183 In Debt Reduction 2022 1 Bn Debt Reduction Net Debt 1H22 2H22 Net Debt 12/31/21 12/31/22…
Industry Leading Emissions Performance Reported GHG Intensity (metric tons CO2e/Mboe) 25 Antero Resources is 1 for Lowest GHG Intensity Amongst Peers 20 15 10 5 0 Peers Source: Data retrieved from 2020-2021…
Antero: Built to Generate Long-Term Value ARs Corporate Strategy is Built to Deliver Consistent and Repeatable Shareholder Value over the Long-Term World Class Product Diversity Resource + Scale Liquids Uplift & Consistent Highly…
NATURAL GAS & NGL MACRO OUTLOOK
U.S. Natural Gas Outlook Current natural gas strip + recent market commentary suggests activity reductions in the Haynesville and other natural gas plays are imminent Infrastructure constraints are expected to create challenges to…
Recent Commentary Suggest Imminent Declines in Activity ICD expects the Haynesville rig count to decline by 25 to 35 rigs vs. 75 rigs in the field today. - Independence Contract Drilling, 4Q22 Earnings Call History suggests worst…
Historical Activity Suggests Expected Decline in Haynesville Rig Count Haynesville Rigs vs. NYMEX Henry Hub Front Month (/MMBtu) 100+ Rigs 100 10.00 Haynesville Rig Count NYMEX Henry Hub 3.00/MMBtu 80 71 Rigs 8.00 60 58 Rigs 6.00…
Where Will the Natural Gas Supply Come From The U.S. is expected to be undersupplied natural gas U.S. Natural Gas Supply & Demand YoY Growth (Exit 2022 - Exit 2025) Demand Change Breakdown (Bcf/d) 0.8 8.1 1.3 (0.5) 8.1 6.5 2.9…
Growing LNG Market 14.5 Bcf/d of LNG capacity in service AR is a top U.S. LNG supplier selling today with multiple 2nd wave 1.0 Bcf/d to LNG facilities on short- projects seeking FID term and long-term contracts Antero Resources…
Power Burn Demand Growth Natural Gas Power Burn-Bcf/d Average 2023 Antero Resources (NYSE: AR) Source: S&P Global Platts. 19
Coal Plant Retirements Large amounts of coal plant retirements provide upside to natural gas power generation through 2030 Coal Plant Capacity Retirements (2022-2030) 12,000 10 9 10,000 8 7 8,000 6 Bcf/d MW 6,000…
Liquids Pricing Macro Factors Long-Term Short-Term NGL demand is projected to continue Resurgence of the Chinese economy increasing; it is less impacted by remains the biggest near-term driver proposed Climate Change resolutions…
U.S. Propane Exports Rebounding 2023: Rebounding exports with post-COVID reopening 2024: Exports stabilize to supply increasing U.S. petchem demand and fill depleted storage U.S. Propane Exports (4-Week Rolling Avg.) VLGC Fleet…
Global LPG Exports and NGL Production The U.S. is the incremental supplier and exporter of NGLs for growing global demand LPG Exports: U.S. vs. Middle East World C2+ NGL Production (MBbl/d) (MBbl/d) Total C2+ NGL PRODUCTION 2,000…
Near-Term LPG Demand Growth: PDH Capacity Expansions China is adding over 500 MBbl/d of new PDH capacity from 2023 to 2024 PDHs are specifically designed to use ONLY propane as a feedstock MMBbl/d Globally Planned PDH Units Chinas…
NGL Demand Growth Expected Through 2050 Demand for NGLs will continue to grow to meet the needs of the energy transition and the growth in global petrochemical demand Change in Demand by Liquids Product Change in Market Share MBbl/d…
U.S. NGL Supply Growth Expected to Peak by 2030 U.S. NGL supply growth is expected to decline by 2030 despite the continued growth in demand well into the 2040s U.S. Shale Crude and Condensate Production Forecast to 2040 (MMBbl/d)…
ESG Benefits of Growing Global NGL Demand Increasing res/comm needs of the world to be met with the benefits of cleaner burning LPG fuel sources to 3 billion people Around 3 billion people, over one-third of the worlds…
APPENDIX
Guidance 2023 Guidance Ranges Net Production (Bcfe/d) 3.25 3.30 Net Natural Gas Production (Bcf/d) 2.10 2.15 Net Liquids Production (Bbl/d) 184,000 195,000 Net Daily C3+ NGL Production (Bbl/d) 105,000 110,000 Net Daily Ethane…
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended December 31, Year Ended December 31, 2021 2022 2021 2022 Reconciliation of net income (loss) to Adjusted EBITDAX: Net income (loss) and comprehensive income (loss)…
Antero Resources Total Debt to Net Debt Reconciliation December 31, (000s) 2021 2022 Credit Facility 34,800 5.000% senior notes due 2025 584,635 8.375% senior notes due 2026 325,000 96,870 7.625% senior notes due 2029 584,000…
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