First Quarter 2023 Earnings Call Presentation April 27, 2023
Drilling and Completion Performance During the quarter, AR set a world record of 12,340 lateral feet drilled in 24 hours and a new company record of 16 completion stages in a day (1) Top 10 Marcellus Drilling Lateral Footages…
Antero Well Performance vs. Peers Antero leads its Appalachian peers in well productivity trends, and importantly, continues to increase its liquids productivity AR Oil & NGLs Cumulative Well Productivity AR Cumulative Well…
Low Decline Rate Leads to Lower Maintenance Capital Antero Decline Rates vs Peers (Percent Decline) 1-Year 3-Year 5-Year 5-yr 56% 3-yr 44% 1-yr 23% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 AR Antero…
U.S. Exports of Propane Hit Record Highs in 2023 U.S. Exports of Propane/Propylene, Quarterly Average (MMBbl/d) (MMBbl/d) Weekly Record High Set on April 14, 2023 of 1.85 MMBbl/d 1.8 2020 2021 2022 2023 1.7 1.6 Western Economies…
VLGC Shipping Buildout Reduces Freight Rates -Very Large Gas Carriers (VLGC) transport LPG (propane and butane) Propane VLGC additions of +300 MBbl/d in 2023 expected to lower shipping costs Global VLGC Fleet Baltic Rate VLGC…
U.S. is the Likely Incremental LPG (Propane & Butane) Supplier The U.S. is the incremental supplier and exporter of NGLs for growing global demand World C2+ NGL Production U.S. Gulf Coast LPG Export Capacity (MBbl/d) U.S. AND WORLD…
China PDH Buildout Continues -Propane Dehydrogenation (PDH) Facilities produce propylene ultimately for plastics China is adding over 400 MBbl/d of new PDH capacity in 2023-2024, a 70% increase to the existing operational capacity of…
Free Cash Flow Break-Even Anteros liquids uplift and natural gas premium takeaway drive its low breakeven pricing Liquids Revenue Uplift 2023E 2023E Unhedged FCF Natural Gas Price Break-even (/Mcf of Gas Production) (/Mcf Henry Hub)…
Prudent Share Repurchase Story Since Program Inception Since the inception of the program, AR has purchased 30.4 MM shares for 1 Bn, or 10% of common shares outstanding Quarterly Share Repurchase (MM) 2,500 30 MM Shares Or 10% of…
Anteros Differentiated Strategy 2023E Liquids % of Total Revenue(1) 45% 41% Maintain liquids-rich development 26% 22% (NGLs and Oil) 11% 9% Liquids pricing uplift plus pricing tailwinds from China re-opening AR Peer 1 Peer 4 Peer 5…
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 0.05 to 0.15 NYMEX (/Mcf) C2…
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended March 31, 2022 2023 Reconciliation of net income (loss) to Adjusted EBITDAX: Net income (loss) and comprehensive income (loss) attributable to Antero Resources…
Antero Resources Adjusted EBITDAX Reconciliation Twelve Months Ended March 31, 2023 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation 2,268,621 Net…
Antero Resources Total Debt to Net Debt Reconciliation December 31, March 31, 2022 2023 Credit Facility 34,800 180,100 8.375% senior notes due 2026 96,870 96,870 7.625% senior notes due 2029 407,115 407,115 5.375% senior notes due…
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