Antero Midstream Partners Investor Presentation Deck
Integration is Critical in Shale Development
Antero's integrated strategy has resulted in peer-leading realized prices and
margins for 6 straight years and consistent results through commodity cycles
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
All-in Pricing Realizations ($/Mcfe)
AR
Peer Average
NYMEX Henry Hub Gas
$5.17 $5.10
$3.65
2013
$4.41
$4.09 $4.08
$2.66
$2.46
$3.61
+36%(1) vs. Peer Avg. from
2013 - 2017
$3.11
$3.94
$3.09
2014 2015 2016 2017 2018
ANTERO RESOURCES | FEBRUARY 2019 PRESENTATION
$4.00
$3.50 $3.36
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
Source: SEC filings and press releases. Peers include: CNX, COG, EQT, RRC & SWN. See appendix for detailed calculations.
Stand-alone E&P Adjusted
EBITDAX Margins ($/Mcfe)
AR
$2.97
Peer Average
$2.07 $2.06
H
+31%(¹) vs. Peer Avg. from
2013-2017
$1.61
2013 2014 2015 2016 2017
Antero
WANGING
$1.74
2018
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