Antero Midstream Partners Investor Presentation Deck
Antero: Not Just a Natural Gas Producer
Diversified Commodity Mix Enhances Value Proposition
Top NGL producer
in the U.S.
Just-in-time
midstream
Investment by AM
100% hedged on
natural gas in 2019
@ $3.00/MMBtu
floor on average
Liquids-Rich
Resource and
Scale
See appendix for Non-GAAP items and reconciliation
Controlled
Resource
Development
Mitigated
Commodity
Risk
22% debt-adjusted
growth per share in 2019
Shareholder
Value
Low Cost
Liquids-Rich
Resource Base
Disciplined
Focus on
Returns
ANTERO RESOURCES | FEBRUARY 2019 PRESENTATION
Return of
Capital
Maintain
Strong Balance
Sheet
Attractive
Long-Term
Outlook
Peer Leading
Margins
Antero
Eventy
9.1 MM shares
repurchased in 4Q 2018
Stand-alone
leverage of 2.2x at
12/31/18
Ability to generate
significant free
cash flow
Appalachian leader
for 6 straight years
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