Antero Midstream Partners Investor Presentation Deck
Resilient and Flexible Development Plan
Antero's flexible development program through 2023 will be responsive
to commodity prices to grow production and maximize free cash flow
Lower Prices: $50 Oil / $2.85 Gas
10% Production CAGR (2019-2023)
<2x Stand-alone leverage by 2022
Free Cash Flow neutrality
100% hedged on 2019 production
guidance and 55%-60% hedged on
2020 outlook
Lower
Prices
Antero
Resources
Maintain balance
sheet strength
ANTERO RESOURCES | FEBRUARY 2019 PRESENTATION
Higher Prices: $65 Oil / $3.15 Gas
15% Production CAGR (2019-2023)
<1x Stand-alone leverage by 2021
$2.5 $3.0 Bn of Free Cash Flow
Appropriate mix of return of capital
and balance sheet deleveraging
Likely outcome
is somewhere in
between
Higher
Prices
Disciplined growth
with expanding
margins
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