Baird Investment Banking Pitch Book
AR BENCHMARKING
AR vs. Gas-Weigted Peers vs. Elite E&Ps across selected operational metrics
% OIL PRODUCTION (2018E)
75%
50%
25%
20%
16%
12%
8%
PRODUCTION GROWTH (2018-21)
4%
60%
0%
Elite
2%
17%
Gas Peers
11%
2%
Elite Gas Peers
19%
I
! LTM CASH MARGINS ($/Mcfe)
1
$4.00
$3.00
$2.00
$1.00
$0.00
70%
60%
% PDP (% of Reserves)
50%
40%
30% -
20%
$3.87
10%
Elite Gas Peers Antero
64%
$1.28
Elite
Source: Company filings, S&P Capital IQ and Wall Street research as of April 17, 2018.
54%
$1.24
Gas Peers
49%
Antero
AVG. FCF YIELD ('18-21E)
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
9%
2.0
0.0
Elite
4%
RESERVE LIFE (YRS)
2017 YE Proved/2018 E Production
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
9.8
Gas Peers
13.9
Elite Gas Peers
1%
Antero
17.6
Antero
AVG. ROCE (18-20E)
14%
12%
10%
8%
6%
4%
2%
0%
Confidential
20.0
18.0
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
11%
6%
Elite Gas Peers
TOTAL PROVED (TCFE)
5.9
14.8
Elite Gas Peers
Project Bronco
BAIRD
4%
Antero
17.3
Intero
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