Baird Investment Banking Pitch Book
AR - PROVIDED FIRM TRANSPORT OVERVIEW
FT Mitigation (12/31/17 Strip)
To Midwest ice-cge Directed/Toto AN North/MOTNOU
800 MMcf/d-
(ANR/NGPLpacty-Conta CH-
MGT)
2014-2020 Chicago Sp
20-20.30 TTCOMO Strip
OUTC-TIDOMO prad
levert Auth
Capacity Tovar UMUN
Cea-ANR S-MA
Unutoad FT (River Sung-SUMM
La Marketing Ranua Projections - Au
Utd FT,Netofa
Eating Columbi
Casting Fim Calen
SEP
Cap-Mar-Ma
Source: Antero Management
2018-2020 Gulf Coast Strip
2018-2020 TETCO M2 Strip
Gulf Coast- TETOO ME Spread
low-ATEX hind
Sparty d
hodTATE-M
Latz: Markyting Pansara Pjections - 1MAL
Chandised IT, Nt of Marketing Proce
Und FT (A NR NE / MOT NOFL) - MA
Ununteed (Hewver ANA horth NGTYNGIL SM
Less: Markong Hevenue
M
MAST
$3.44
(337)
$0.37
120
780
TARI
Tennessee
Indiana
To Gulf Coast
600 MMcf/d (ANR)
100
$2.82
(227)
$0.56
TAR
1513
B
(2250
3:00
To TCO Pool or Leach
1,402 MMcf/d
Kentucky
2319
500
41
1842
CASE
MMGulf Coas
5000 330
2
21.
14
(218)
304
600 MMcf/d (REX)
130
100
18
$17.1
3130
J
*TOSTIGNS
2010
1500
200
MIZ
To Gulf Coast
790 MMcEd (TGP)
2015
600
Leach
100
0811
1857
TCO Pool
800 MMcf/d (Rover)
20 MBbl/d Ethane (ATEX)
2015-2020 trip
Offerential to NYMEX
$7.04
(3018)
2000 Marcellus EQT/M3 (Last Tranche of FT)
12.3
800 Capacity-Mctid
110 Unted FT-MMcd
$115 Uutized FT Expenses - SMM
Ohio
Marketing Revenue Projections - SMM
Uhuniced FT. Not of Marketing
Brood
Run
NYMEX
Antero 3.2 Bcfid
Marcellus & Utica
Firm Processing
13.02
625
MMcf/d (DTE, EQM
Midgated
Marcel-TCO/COTLA/TOP End Marked FT
TOTAL MARCELLUS & UTICA
Unuleed FT Expenses - Marcous
Unuized FT Expenses Utica
Unutilized FT Expenses - Total
TGP:
MOP:
HIGH:
Marketing (Revenue) Projections - Marcellus
Marketing (Revenue) Projections - Utica (Includes ATEX)
Marketing (Revenue) / Expense Projections - Other
Unutilized FT. Net of Marketing
COTLA
City-TGP
Capacity-TOD/COTLA
Total spacity
UnuELFT - Stonewall 100-TCD PORN JOGILA / TGP MMEMO
Unutzbed FT-Stonewa/150-TCO Pool GOTLA/TGP SMM
Les Marketing Revenue Projections
Uued FT,Neto M
52.70
(30.12)
TOO T-Sya:
Cleveland 530 MMcf/d (TCO-WB)
Downwan Chieage FT
FOT/MA
WE WISE
COTLA:
900 MMcf/d (Stonewall)
To Atlantic Seaboard
TOO TETCOM2 DOMB
32 48
(3030)
2018
025
014
$32.7
0.0
$32.7
Demand Cove by SerguntSRE SAMMUL
2018
135.7
$230.9
(4.5)
$115.5
50 12
*****
Confidencial
707
(055)
14.51
154.1
34
2019
525
$33.3
DOWSING
30.00
3:0.40
$0.30
$0.37
10.25
30.33
$0.17
$0.15
50.11
14.15
1,380
202
712
5143
$136.8
$177.6
112.7
$290.3
(86)
(8.6)
1.7
$0.20
18%
$2.28
(2053)
2020
333.4
$30.4
30.011
$0.00
30.01
30.01
30.0
30.03
30.01
30.00
$0.01
1282
747
SHOU
65
547.3
524
2020
$83.2
50.9
5134.1
(2.5)
0.0
$0.07
BAIRD
Project Bronco | Page 12
■ In September 2015, AR sold its integrated water business to AM for $1.05 billion, plus an additional $250 millionView entire presentation