Antero Midstream Partners Investor Presentation Deck
Antero's Disciplined Strategy
The Exploration and Production Industry is:
PRICE
CYCLICAL
Antero's Strategy
> Focus on liquids-rich
development - not just
a natural gas producer
Sell production forward
(100% hedged on gas in
2019) when favorable
Maintain strong balance
sheet to absorb pricing
volatility
1. Maintenance capital based on holding production of 3.2 Befeld flat through 2023.
$
CAPITAL
INTENSIVE
Antero's Strategy
Own the lowest cost
resource in the premier
shale plays
Disciplined investment
within cash flow
Low maintenance
capital (~$700-$750MM
needed to keep
production flat) (1)
COMPETITIVE
& DYNAMIC
Antero's Strategy
➤ Long-term focus, run by
Co-Founders
First mover on low-cost
firm transportation
> Achieve scale to
capitalize on investment
opportunities
> Integrated model to
capture value chain
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