Fourth Quarter 2022 Earnings Call Presentation February 16, 2023
Balanced Capital Return Story Last Year - 2022 Continued Debt Reduction (MM) 1.3x 0.9x leverage reduction 0.4x 2,125 (548) (394) 1.0 Bn In Debt Reduction 1 Bn 2022 Debt Reduction Net Debt 1H22 2H22 Net Debt Supported…
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…
Anteros Differentiated Strategy Debt Reduction Since YE19 (1) +2.5 +2.3 Continue to reduce absolute debt and leverage (0.6) Already achieved initial debt target vs. (2.6) (0.8) (1.2) peers that initiated dividends or pursued AR…
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 Historical & Forecast U.S. Propane Exports 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…
Absolute Debt and Leverage Reduction Net Debt at 12/31/22(MM) (1) 4,721 4,220 2,956 1,988 2,184 1,183 AR Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Leverage - 12/31/22 and 12/31/23E (1)(2) 12/31/2022 12/31/2023 2.3x 1.7x 1.7x…
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) 2.91…
Expected Decline in Activity from Haynesville 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 38 Rigs 42 Rigs 12 Rigs…
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) 185,000 195,000 Natural Gas Realized Price Expected Premium to 0.10 to 0.20 NYMEX (/Mcf) C2…
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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