Investor Presentaiton
U.S. Natural Gas Outlook
Commentary from U.S. Land Drillers during the 1Q23 earnings calls suggest meaningful rig
count reductions
Gas directed drilling rigs have already decreased 30 rigs, or 15%
Natural gas demand growth is expected to outpace supply growth over the next two years,
driven by significant LNG export growth
While natural gas supply growth is expected from the Permian and Haynesville, the
incremental supply from these areas will not be enough to offset:
Demand growth expected from LNG exports
Limited supply growth from Appalachia (currently produces 1/3 of U.S. supply) due to infrastructure
constraints
Reduced activity in higher cost legacy natural gas basins across the U.S.
Antero is uniquely positioned to benefit with a strategy of
operating in the lowest cost natural gas basin in the U.S. combined
with a leading firm transportation portfolio that delivers the
majority of its gas to the growing LNG demand markets
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