INVESTOR PRESENTATION NOVEMBER 2023 Antero Resources (NYSE: AR)
Antero Resources: The Unconstrained E&P Company Scale & Inventory 20+ Years of Premium Inventory Peer-Leading Capital Efficiency Drilling Efficiencies + Strong Well Performance = Lower Maintenance Capital Firm Transport to LNG…
AR Has the Largest Low Cost Inventory Appalachia Sub-2.75/Mcfe Inventory (Years - Locations Based on 3rd Party Data) 25 Includes 17 Bn of Acquisitions Since 2021 22 (six separate transactions) 20 16 16 15 Includes 340 MM 12…
Drilling and Completion Efficiencies Increasing Pumping Hours per Day Increases Completion Stages per Day 22.2 Company 20.0 Record 16.0 Stages 18.0 17.1 10.8 Company Record 16.0 June 2023 March 2023 14.0 11.7 12.0 10.0 5.8…
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 Drilling and completion efficiencies combined with strong well performance translates to higher production 2023 Production Guidance (MMcfe/d) Maintenance Capital (MM) Material 925 Reduction 3,400 4%…
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…
Antero Capital Efficiency vs. Peers D&C Capital vs. Production Most Capital Efficient Average DD&C Growth: +25% 10% Production Growth 8% % Change in Production (3Q23 / 3Q22) 6% 4% 2% 0% Production Growth 0% Least…
Antero Capital Efficiency vs. Peers While targeting a maintenance capital program, Anteros volumes grew 9% compared to the year ago period while the peer group declined by 3% Year-Over-Year Change in Production 9% 9% growth driven by…
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/…
Not All Transport to the U.S. Gulf Coast is Equal LNG Fairway Transport and Tiered Price Map 10% Tier 3 Cal 25: (0.24) Cal 26: (0.24) Tier 1: 90% Peers(1) 33% Tier 1 TGP 500L Cal 25: 0.06 Tier 2-3: Cal 26: 0.04 Cal 25:…
Diverse Production Mix & Export Exposure = Premium Pricing Liquids Production 2023 Guidance % of Natural Gas Sold Out of Basin(1) (MBbl/d) (2023E) 195 100% 75% to 30% LNG Exported Fairway (2) (2) AR RRC SWN EQT CHK CNX AR…
Unparalleled Commitment to Debt Reduction Debt (Reduction) / Increase Since YE19 (Bn) +1.9 +0.6 +0.8 (0.6) (1.6) (2.2) (1) AR RRC CNX CHK EQT SWN Net Debt at 09/30/23 (MM) (2) Leverage - 09/30/23 (2) (Bn) (Net Debt /…
Integrated Midstream Value Chain = Reliability Full Midstream Integration Provides Operational Reliability & Visibility Antero Midstream Asset Map Antero Resources owns 29% of Antero Midstream Bolt-On Acquisition (NYSE: AM)…
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 2023 2024+ Excess Storage Shrinking Meaningful Rig Reductions and 370 Bcf excess above 5-year Inventory Fatigue average declined to 200 Bcf U.S. gas rig count has declined by 38 rigs, or 24% YTD Production…
U.S. Demand Outpaces Supply Through YE 2025 U.S. Natural Gas Demand Growth U.S. Natural Gas Supply Growth (Bcf/d from YE23 to YE25) (Bcf/d from YE23 to YE25) 9.0 9.0 +0.4 +8.0 8.0 +1.7 8.0 7.0 Mexico 7.0 Res/com 6.0 +5.9 and LNG…
Storage Level Trend Points to Strong 2024 Gas Prices NYMEX Natural Gas Price and Gas Storage Surplus/Deficit vs. 5-year Avg. 500 9.00 Storage vs. Previous 5-Year Average Storage Trending Henry Hub Spot Price (/MMBtu) Towards 5-Year…
Dramatic Reduction in Activity Will Limit Production Growth U.S. Natural Gas Basin Drilling Rigs (Appalachia + Haynesville) 160 140 53% Decline 42% Decline in rigs in rigs 120 100 80 60 2023: 2019 / 2020: Primarily Haynesville 40…
Power Burn Demand Growth Fundamental rise in power burn continues in 2023 with year to date power burn 3 Bcf/d above 2022, as coal retirements more than offset mild weather and renewables Natural Gas Power Burn Bcf/d Antero…
Population-Weighted Cooling Degree Days (PWCDD) Despite Summer 2023 being cooler than 2021, power burn demand has continued to set records and has grown 6 Bcf/d from 2021 Average Power Burn Demand 37 33 31 2021 2022 2023…
Demand: Growing Global LNG Market AR is a top U.S. LNG supplier with the ability to deliver into the growing demand U.S. LNG Capacity Through 2027 (Bcf/d) 14.5 Bcf/d Plaquemines +14.6 Bcf/d Now Venture Global has received FERC…
United States Exports to Mexico Rise Rising Mexico Power Burn Demand 7.0 1.6 Bcf/d Rise Drives Increase in U.S. Mexico Exports Since 2018 8.0 1.4 Bcf/d Increase 6.0 Forecasted by 2025 5.0 5.6 5.8 7.0 4.0 5.3 5.2 4.6 4.2 3.0 6.0…
U.S. NGL Outlook 2023 2024+ Days of Supply Below the 5- LPG Exports at Record Highs Year Average U.S. exports have grown 16% in 2023, Consistent domestic demand and high hitting record levels in September exports negate elevated…
NGL Price Trend Despite strong exports, C3+ pricing as a percentage of WTI is near historical lows AR Monthly Realized C3+ NGL Price (/Bbl) 140 100% 90% 120 % of WTI (Right Axis) WTI Price 80% 37.15/Bbl 100 70% CURRENT AR C3+ NGL…
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 October 6, 2023 of 2.129 MMBbl/d 1.8 2020 2021 2022 2023 2023 Avg YTD: 1.7 Western…
U.S. Propane Stocks and Propane Days of Supply Propane Inventories Just Above 5-Year Historical Range Despite High Absolute Propane Stocks, Days of Supply as Exports Ramp to Record Highs Remains Within 5-Year Range Current High…
China PDH Buildout Continues China has Added 120 MBbl/d of China PDH Demand Capacity in 2023, 340 MBbl/d More to be Added by End of 2024 MMBbl/d Globally Planned PDH Units Chinas Planned 2023/2024 PDH Units China North America Middle…
The U.S. is the Prominent Incremental LPG 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 U.S. AND WORLD C2+ NGL PRODUCTION…
U.S. NGL Supply Growth Expected to Peak by 2030 U.S. shale crude and condensate growth is expected to decline after 2030 US Shale Crude and Condensate Production Forecast to 2050 (MMBbl/d) S&P Global Commodity 12 Insights call for…
Rig Count Declines Have Accelerated in Key Producing Basins Antero Resources (NYSE: AR) Source: S&P Global Commodity Insights, RigData 34
ESG Benefits of Growing Global NGL and LNG Demand As the sixth largest U.S. natural gas producer and the fourth largest U.S. NGL producer, Antero Resources is supplying a portion of the energy needed to improve the health, safety and…
APPENDIX
Guidance 2023 Guidance Ranges Net Production (Bcfe/d) 3.39 3.41 Net Natural Gas Production (Bcf/d) 2.22 2.24 Net Liquids Production (Bbl/d) 194,000 195,500 Natural Gas Realized Price Expected Premium to Flat to NYMEX NYMEX (/Mcf) C2…
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended September 30, 2022 2023 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation 559,759…
Antero Resources Adjusted EBITDAX Reconciliation Twelve Months Ended September 30, 2023 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation 878,451 Net…
Antero Resources Total Debt to Net Debt Reconciliation December 31, September 30, 2022 2023 Credit Facility 34,800 474,100 8.375% senior notes due 2026 96,870 96,870 7.625% senior notes due 2029 407,115 407,115 5.375% senior notes…
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