Antero Midstream Partners Investor Presentation Deck
Production (MMcfe/d)
Disciplined Development Plan
Depending on the commodity price environment, Antero is poised to prudently grow production to
maximize free cash flow, ultimately resulting in an appropriate mix of return of
capital to shareholders and further deleveraging
Production Growth Scenarios (2020-2023)
6,000
5,000
4,000
€3,000
2.000
1,000
Oil and Gas Price
Assumptions
0
2019 Guidance
$65 /
$3.15
$50/
$2.85
15% Growth CAGR ($65 Oil / $3.15)
10% Growth CAGR ($50 Oil / $2.85)
2020E
15% Production CAGR
10% Production CAGR
Note: Production CAGR ranges apply to midpoint of 2019 production guidance.
(1) Based on midpoint of 2019 production guidance.
ANTERO RESOURCES | FEBRUARY 2019 PRESENTATION
2021E
<1x Standalone
Leverage by 2021
1
2022E
<2x Standalone
Leverage by 2022
2023E
Antero
$2.5 $3.0 Bn Free
Cash Flow Generation
$2.5 - $3.0 Bn Free Cash Flow
Free Cash Flow Neutrality
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