Second Quarter 2023 Earnings Call Presentation July 27, 2023
Drilling and Completion Efficiencies Increasing Completion Stages per Day And Drill Out Feet per Day 16.0 Stages Company 6,450 Feet 11.2 Record Company Record 4,250 March 2023 March 2023 5.8 2,795 2019 2020 2021 2022 2Q23…
Antero Wells Continue to Outperform Peers Antero leads its Appalachian peers in well productivity trends, and importantly, continues to increase its liquids productivity AR Cumulative Well Productivity vs. Peers (MMcfe/1,000) 800…
Increased Production Guidance and Lower Expected Maintenance Capital Drilling and completion efficiencies combined with strong well performance translates to higher production and lower maintenance capital 2023 Production Guidance…
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 June 23, 2023 of 1.895 MMBbl/d 1.8 2020 2021 2022 2023 1.7 Western Economies 1.6…
China PDH Propane Demand Continues to Grow Absolute China PDH propane demand is expected to increase over 50% from 2022 to 2024, despite lower expected utilization rates (MBbl/d) Chinese PDH Propane Demand vs. China PDH Utilization…
Rig Counts Dropping in Key Liquids Basins All major U.S. liquids-rich regions have experienced a drop in active rigs since the beginning of 2023 Total US (1) Bakken Down 8 Rigs Down 132 Rigs -20% Year-to-Date -15%31 Rockies…
Peer-Leading Exposure To Premium Markets Antero Firm Transport + 2024E 2027E Average Basis Differential Overview Local Basis (1) (24E-27E) Antero Firm Transportation Chicago (24E-27E) +0.16 Chicago basis uplift driven by (0.94)…
Haynesville Rig Count Has Declined as Expected Rig Reduction When Front Month Natural Gas Breaks 3.00/MMBtu Peak-to-Trough Rig Drop % Change 0 0% (20) (20%) (30) (26) (28) (40) (40%) (38%) (38) (44%) (60) (55%) (60%) (65%)…
Haynesville Completion Crews Have Declined as Expected As a result of the recent drop in natural gas prices, Haynesville completion crews have decreased by 36% from 1Q 2023 Haynesville Completion Crews vs. NYMEX Henry Hub (/MMBtu)…
Power Burn Demand Growth Fundamental rise in power burn continues in 2023 with year to date power burn 14% above the five year average, or 3.28 Bcf/d, as coal retirements more than offset mild weather Natural Gas Power Burn (Bcf/d)…
Antero Capital Efficiency vs. Peers While targeting a maintenance capital program, Anteros volumes grew 5% compared to the year ago period while the peer group declined by 4% Year-Over-Year Change in Production 5% growth driven by…
APPENDIX
Guidance 2023 Guidance Ranges Net Production (Bcfe/d) 3.35 3.40 Net Natural Gas Production (Bcf/d) 2.20 2.23 Net Liquids Production (Bbl/d) 188,000 199,000 Natural Gas Realized Price Expected Premium to 0.00 to 0.10 NYMEX (/Mcf) C2…
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended June 30, 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 June 30, 2023 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation 1,420,402 Net…
Antero Resources Total Debt to Net Debt Reconciliation December 31, June 30, 2022 2023 Credit Facility 34,800 359,900 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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