Antero Midstream Partners Investor Presentation Deck
Firm Transportation Portfolio Provides Visibility
All of Antero Resources' contracted firm capacity is now in service, providing
visible production growth and premium pricing to NYMEX
Antero Resources Firm Transportation Portfolio vs. Gross Gas Production (MMcf/d)
(MMcf/d)
5,000
4,000
3,000
2,000
1,000
0
Expected Premium
to NYMEX:(¹)
Net Marketing
Expense ($/Mcfe):(2)
2019E
2020E
$0.15-$0.20 $0.10-$0.15
($0.175)-($0.225) ($0.13)-($0.18) ($0.05)-($0.10)
Appalachia (M2/Dom S.)- 625 MMcf/d
TCO Pool - 690 MMcf/d
2016
2017
2018
2019
Note: 2018 and 2019 expected premiums to NYMEX and net marketing expense based on previously
disclosed guidance.
1) Based on expected sales volumes and $2.85/MMB NYMEX natural gas
2021E
$0.08-$0.13
ANTERO RESOURCES | FEBRUARY 2019 PRESENTATION
AR's Firm Transport
expected
to be filled by 2022
(excluding regional)
15% Growth CAGR ($65 Oil / $3.15 Gas)
Production Target Range(³)
10% Growth CAGR ($50 Oil / $2.85 Gas)
Midwest: 800 MMcf/d
Mid-Atlantic/NYMEX: 530 MMcf/d
Gulf Coast - 2,100 MMcf/d
Antero
Total 4.7 Bcf/d
Regional
markets
and lowest
transport
cost
Premium
Markets
Outside of
Appalachia
2020
2021
2022
2023
2) Unutilized firm transport cost, assuming no mitigation, divided into estimated average net production
3) 2019 natural gas volume assumes midpoint of 2019 guidance and has been grossed up for 83% net revenue
Interest and on 1100 BTU factor. Outer years assume 10% or 15% year-over-year growth thereafter.
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