Investor Presentaiton
Summary
The U.S. NGL market continues to recover, with record propane exports
year to date 2023, as China drastically increases its PDH capacity and
utilization rates, while relying increasingly on the U.S. for LPG imports.
• U.S. propane exports have increased by 16% YoY due to post-COVID recoveries from
Chinese demand
Propane inventories could correct to 5-year averages by mid-2023 assuming strong
exports continue
• 2023 is expected to be a pivotal year for the liquids market due to the large number
of VLGC deliveries and significant Chinese PDH capacity additions
• The U.S. is the incremental global supplier of NGLs to meet this increasing
international demand
Antero is well-positioned to benefit from increasing global
NGL demand as a top U.S. NGL producer and with over
50% of NGL volumes being exported
| Antero Resources (NYSE: AR)
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