Antero Midstream Partners Investor Presentation Deck
Recent Developments/Near-Term Catalysts
Midstream Simplification (Expected to close in March 2019)
Expected to provide AR with at least $300 million in cash depending on the cash election of public AM unitholders
(subject to the approval of Antero Midstream unitholders and AMGP shareholders)
·
AR will no longer consolidate AM beginning in 1Q 2019, but will account for New AM using the equity method,
presenting better clarity for AR investors
Antero Announces 2019 Capital Budget and Production Guidance (January 2019)
Disciplined plan with >20% reduction in D&C capital spending relative to 2018, within cash flow(¹), while targeting
17% - 20% year-over-year production growth in 2019
Long-term outlook of 10% to 15% production growth creates substantial flexibility to adjust future development
plans based on commodity prices
Hedge Restructuring & Deleveraging (December 2018)
Generated Proceeds of $357 million to repay debt
Resulting hedge portfolio protects price on 100% of 2019 and >50% of 2020 expected natural gas production at
~$3.00/MMBtu
Mariner East 2 In Service (December 2018)
ME2 initial phase in service on 12/29/18 (capacity to move AR's 50,000 Bbl/d commitment)
AR's 11,500 Bbl/d ethane sales contract with Borealis was in service 11/1/2018 and 5,000 Bbl/d ethane contract
with Ineos in service 1/1/2019 with exports out of Marcus Hook, PA on ME1
Share Repurchases (November/December 2018)
Repurchased 9.1 million shares (3% of outstanding shares) at an average price of $14.10/share
Approximately $470 million remaining in current $600 million share repurchase program
Rover Sherwood Lateral In Service (November 2018)
Enabled AR to shift ~550 MMcf/d of gas sales from Appalachian Basin pricing to premium Midwest pricing
Antero
(1) Stand-alone drilling and completion capital spending at approximately Stand-alone Adjusted Operating Cash Flow levels assuming $50 per barrel WTI oil and $3.00 per MMBtu NYMEX natural gas prices.
ANTERO RESOURCES | FEBRUARY 2019 PRESENTATION
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