Antero Midstream Partners Investor Presentation Deck
Sustainable and De-risked Business Model
Antero Resources is 100% hedged on natural gas in 2019; Hedges and FT
provide price stability to support sustainable long-term development
Hedge Portfolio Supports
Firm Pipeline Commitments
Firm Transportation Portfolio
Allows Antero Resources to achieve:
Premium Price
Certainty
Eliminates basis risk
by delivering to
NYMEX-related
markets
Effectively
Hedge NYMEX
Index
Allows Antero to
directly hedge the
absolute price
Antero Natural Gas Differentials vs. Appalachia
Appalachia
Antero Realized Differential
* *3-Year Appalchian Average *****3-Year Antero Realized Basis
$1.00
$0.50
$0.00
($0.50)
($1.00)
($1.50)
($2.00)
($2.50)
Oct-14
(1) Reflects discount to NYMEX for Appalachia in-basin pricing at Dominion South & TETCO M2 indices
(2) Represents simple average discount to NYMEX for Antero firm transportation capacity.
ANTERO RESOURCES | FEBRUARY 2019 PRESENTATION
nte
M
Jan-15
Apr-15
Antero: Resources Diversified - Low Volatility
Appalachia: Floating - High Volatility
Jul-15
Oct-15
Jan-16
Apr-16
Note: Pricing reflects pre-hedge pricing.
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Antero
CAMERA
Jan-18
$0.00
W
Apr-18
($0.88)
Jul-18
Oct-18
Dec-18
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