Third Quarter 2023 Earnings Call Presentation October 26, 2023
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…
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%…
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…
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…
Rig Count Declines Have Accelerated in Key Producing Basins Antero Resources (NYSE: AR) Source: S&P Global Commodity Insights, RigData 9
Dramatic Reduction in Activity Will Limit Production Growth U.S. Natural Gas Basin Drilling Rigs (Appalachia + Haynesville) 160 140 53% Decline 41% Decline in rigs in rigs 120 100 80 60 2023: 2019 / 2020: Primarily Haynesville 40…
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:…
Storage Levels Trending Towards the 5-Year Average 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…
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…
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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