Investor Presentaiton
Free Cash Flow Break-Even
Antero's liquids uplift and natural gas premium takeaway
drive its low breakeven pricing
-
Liquids Revenue Uplift – 2023E
($/Mcf of Gas Production)
$2.77
2023E Unhedged FCF Natural Gas Price Break-even
($/Mcf Henry Hub)
I Maintenance Capital Interest Expense Cash Costs + Basis - Liquids Uplift Base Dividend
Appalachian Operators
Peer 1 Peer 5 Peer 4 Peer 2 Peer 3 Peer 6
Natural Gas Basis Differential
($/Mcf of Gas Production - 2023 Guidance)
$0.10
Peer 4 Peer 1
Peer 6 Peer 2
Peer 3 Peer 5
| Antero Resources (NYSE: AR)
Haynesville Operators
$3.80
$3.38
Peers
$3.14
Antero
$2.87
$2.51
$2.53
$2.56
Key AR
Drivers
Peer 1
Peer 2
Peer 3
Peer 4
Peer 5
Peer 6
Source: Publicly disclosed guidance, company presentations, earnings call transcripts, Wall Street research.
Note: Peers include CNX, CHK, CRK, EQT, RRC and SWN. 2023 NGL and oil pricing reflects strip as of 4/25/2023.
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