Antero Midstream Partners Investor Presentation Deck
Expected Natural Gas Price Realization Improvement
Antero Firm Transport Index Breakdown
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Implied Premium
to NYMEX(¹)
10%
17%
17%
56%
2018A
+$0.13
6% decrease to
Local Markets
1% increase to
Midwest Markets
3% increase to
TCO Market
2% increase to Gulf
Coast Markets
3%
19%
18%
60%
2019E
+$0.15 - +$0.20
Local
Midwest
TCO
Gulf Coast
Antero
AUGS
Substantially All of Antero's Gas Is Expected to be Sold in Favorably Priced in 2019
Note: Local index represents a blend of Dominion South and TETCO M2 pricing. Midwest index represents a blend of Chicago and MichCon pricing Gulf Coast index represents a blend of Gulf and NYMEX-based pricing.
2018 premium to NYMEX includes a $0.27/Mcf Btu upgrade. 2019E premium to NYMEX represents 2019 guidance and assumes a $0.30/Mcf Blu upgrade.
ANTERO RESOURCES | FEBRUARY 2019 PRESENTATION
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