This document provides an overview of Antero Midstream Partners LP and its business model. It summarizes that Antero Midstream has a sustainable business model supported by its high growth sponsor Antero Resources, with over 550,000 net acres and over 5,300 undrilled locations. It also notes that Antero Midstream has a high visibility of growth due to Antero Resources' projected buildout of its Marcellus and Utica midstream assets over the next several years. Additionally, it states that Antero Midstream has mitigated commodity price risk through its business being 100% fee-based across rich and dry gas areas.
The document provides an overview of Antero Midstream Partners LP and its business model. It notes that Antero Resources' high growth and large core liquids-rich acreage position in Appalachia will drive throughput growth and distribution increases for Antero Midstream. Antero Midstream has a sustainable business model as it benefits from long-term, fixed-fee contracts with Antero Resources, providing stable cash flows. Antero Resources plans to drill over 3,000 liquids-rich locations over the coming years, supporting continued volume growth for Antero Midstream's midstream services.
The document provides an overview of Antero Midstream Partners LP and its subsidiaries. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions made by Antero Midstream and Antero Resources regarding historical trends, current conditions, and other factors. Actual results may differ materially from the forward-looking statements due to risks and uncertainties described in the document and in Antero Midstream's SEC filings. The document also contains information on Antero Resources' acreage positions, drilling inventory, well economics, and production and midstream throughput growth.
The document provides an overview of Antero Midstream Partners LP and its subsidiaries. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions made by Antero Midstream and Antero Resources regarding historical trends, current conditions, and other factors. Actual results may differ materially from the forward-looking statements due to risks and uncertainties described in the document and in Antero Midstream's SEC filings. The document also contains information on Antero Resources' acreage positions, drilling inventory, well economics, and production and midstream throughput growth.
The document provides an overview of Antero Midstream Partners LP and its subsidiaries. It contains forward-looking statements regarding future plans, strategies, objectives, financial and operating results that are subject to risks and uncertainties. It also summarizes Antero Resources' strong position as the largest producer in the Appalachian basin, with the highest growth and most core liquids-rich acreage that drives throughput growth for Antero Midstream. Finally, it outlines the improved well economics for Antero Resources from cost reductions, generating attractive rates of return.
- Antero Midstream Partners LP provides forward-looking statements and notes that actual results may differ materially from expectations.
- The document discusses Antero Resources, the key variable in AM's ability to make future distributions, and notes AM's guidance is dependent on AR's annual capital budget approval.
- Risk factors that could affect forward-looking statements are also outlined.
The document provides an overview of forward-looking statements and guidance for Antero Midstream Partners LP. Some key points:
- Antero Midstream is targeting 28-30% annual distribution growth through 2017 and adjusted EBITDA of $180-190 million for 2015.
- Capital expenditures are projected to be $425-450 million for 2015, focusing on expanding gathering infrastructure to accommodate increasing throughput from Antero Resources' drilling program.
- Antero Resources plans over 40% production growth in 2015, driving significant volume growth for Antero Midstream and supporting distribution increases.
This document provides an overview and update of Antero Midstream Partners' guidance for 2015. It begins with standard forward-looking statement disclosures and outlines key guidance metrics including adjusted EBITDA, distributable cash flow, distribution growth targets, and capital expenditures. The updated guidance reflects lower expected spending on gathering systems while maintaining previously expected financial results. Charts are included that showcase Antero Resources' leading position in the Marcellus and Utica shales through acreage, production, and reserves.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions and risks that could impact future results. Specifically, the document notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which itself depends on annual budget approval by Antero Resources' board of directors.
The document provides an overview of Antero Midstream Partners LP and its business model. It notes that Antero Resources' high growth and large core liquids-rich acreage position in Appalachia will drive throughput growth and distribution increases for Antero Midstream. Antero Midstream has a sustainable business model as it benefits from long-term, fixed-fee contracts with Antero Resources, providing stable cash flows. Antero Resources plans to drill over 3,000 liquids-rich locations over the coming years, supporting continued volume growth for Antero Midstream's midstream services.
The document provides an overview of Antero Midstream Partners LP and its subsidiaries. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions made by Antero Midstream and Antero Resources regarding historical trends, current conditions, and other factors. Actual results may differ materially from the forward-looking statements due to risks and uncertainties described in the document and in Antero Midstream's SEC filings. The document also contains information on Antero Resources' acreage positions, drilling inventory, well economics, and production and midstream throughput growth.
The document provides an overview of Antero Midstream Partners LP and its subsidiaries. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions made by Antero Midstream and Antero Resources regarding historical trends, current conditions, and other factors. Actual results may differ materially from the forward-looking statements due to risks and uncertainties described in the document and in Antero Midstream's SEC filings. The document also contains information on Antero Resources' acreage positions, drilling inventory, well economics, and production and midstream throughput growth.
The document provides an overview of Antero Midstream Partners LP and its subsidiaries. It contains forward-looking statements regarding future plans, strategies, objectives, financial and operating results that are subject to risks and uncertainties. It also summarizes Antero Resources' strong position as the largest producer in the Appalachian basin, with the highest growth and most core liquids-rich acreage that drives throughput growth for Antero Midstream. Finally, it outlines the improved well economics for Antero Resources from cost reductions, generating attractive rates of return.
- Antero Midstream Partners LP provides forward-looking statements and notes that actual results may differ materially from expectations.
- The document discusses Antero Resources, the key variable in AM's ability to make future distributions, and notes AM's guidance is dependent on AR's annual capital budget approval.
- Risk factors that could affect forward-looking statements are also outlined.
The document provides an overview of forward-looking statements and guidance for Antero Midstream Partners LP. Some key points:
- Antero Midstream is targeting 28-30% annual distribution growth through 2017 and adjusted EBITDA of $180-190 million for 2015.
- Capital expenditures are projected to be $425-450 million for 2015, focusing on expanding gathering infrastructure to accommodate increasing throughput from Antero Resources' drilling program.
- Antero Resources plans over 40% production growth in 2015, driving significant volume growth for Antero Midstream and supporting distribution increases.
This document provides an overview and update of Antero Midstream Partners' guidance for 2015. It begins with standard forward-looking statement disclosures and outlines key guidance metrics including adjusted EBITDA, distributable cash flow, distribution growth targets, and capital expenditures. The updated guidance reflects lower expected spending on gathering systems while maintaining previously expected financial results. Charts are included that showcase Antero Resources' leading position in the Marcellus and Utica shales through acreage, production, and reserves.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions and risks that could impact future results. Specifically, the document notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which itself depends on annual budget approval by Antero Resources' board of directors.
Antero Midstream provides forward-looking statements and guidance for 2015. They expect adjusted EBITDA of $180-190 million and distributable cash flow of $160-170 million, targeting annual distribution growth of 28-30% through 2017. Their ability to grow distributions depends substantially on Antero Resources' development plan and budget, which depends on commodity prices and Antero Resources' financial resources. Any forward-looking statements may prove to be inaccurate due to risks and uncertainties inherent in projections.
The document provides an overview of forward-looking statements and guidance for Antero Midstream Partners LP. It summarizes that AM expects adjusted EBITDA of $180-190 million and distributable cash flow of $160-170 million for 2015. It also outlines AM's capital expenditure budget and key assumptions. The document highlights AM's high growth midstream throughput driven by its sponsorship by large natural gas producer Antero Resources and AM's focus on the Marcellus and Utica shale regions in Appalachia.
- Antero Midstream Partners LP provides a presentation on its partnership overview and forward-looking statements, noting that actual results may differ materially from expectations.
- The presentation includes Antero Midstream's updated 2015 guidance, showing increases in expected adjusted EBITDA and distributable cash flow. It also outlines Antero Midstream's growth targets and financial assumptions.
- Additional sections provide details on Antero Resources' acreage position and reserves, positioning it as a leading Appalachian producer, and its forecasted production growth which drives increased throughput for Antero Midstream.
The document provides an overview of Antero Midstream Partners LP and discusses forward-looking statements. It notes that actual results could differ materially from expectations due to risks and uncertainties described in Antero Midstream's SEC filings. Future distributions are subject to approval by Antero Midstream's board and may be affected by commodity prices and Antero Resources' capital resources and liquidity. The document also outlines Antero Resources' multi-year drilling inventory which supports low-risk, high-return growth for Antero Midstream.
The document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions and risks, including commodity price volatility. It also notes that Antero Resources' annual development plan and board approval are important to Antero Midstream's ability to make future distributions. The document contains information on Antero Midstream and Antero Resources' acreage positions, reserves, production, and well economics as of December 31, 2015.
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding estimates, plans, strategies, objectives, anticipated financial and operating results, and risks. It also cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Key information includes updated production, acreage, and hedging data as of Q3 2015, highlighting the company's large production base, low development costs, substantial long-term hedge position, and strong liquidity.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is dependent on Antero Resources' annual capital budget and development plan, which is dependent on commodity prices and Antero Resources' financial resources and liquidity. Any forward-looking statements speak only as of the date of the document and the company undertakes no obligation to update such statements.
The document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It notes that actual results could differ materially from what is currently expected or implied due to certain assumptions, risks, and uncertainties. Specifically, the document discusses Antero Midstream's dependence on Antero Resources for growth through its development plans, which are dependent on commodity prices and Antero Resources' financial resources and capital budget approved annually by its board of directors.
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements regarding plans and expectations. It also cautions that actual results could differ materially from what is stated due to risks and uncertainties inherent in the natural gas and oil business. The document highlights that Antero is the most active operator in Appalachia with large reserves and production, low development costs, significant hedging positions, and firm transportation agreements to favorable markets.
This document provides an overview of Antero Resources Corporation. It begins with forward-looking statements and disclosures regarding the inherent risks and uncertainties in projections. The rest of the document then highlights Antero's large production base, declining costs, significant hedging position through 2021 protecting cash flows, and strategic transportation agreements allowing it to sell almost all production at favorable markets. It presents Antero as having a sustainable business model through the current price down cycle.
The document provides an overview of Antero Resources Corporation. It begins with forward-looking statements and disclosures regarding the risks of relying on such statements. It then highlights Antero's balance sheet strength, hedging position through 2018, production growth targets, and flexibility to adjust activity levels. Finally, it summarizes Antero's leading position in the Appalachian basin in terms of reserves, production, core acreage, and inventory of drilling locations.
Jp morgan hy conference presentation february 2016 v-fAnteroResources
The document discusses forward-looking statements regarding Antero Resources Corporation's expectations, beliefs, anticipations and projections. It notes that actual results could differ materially from what is presented due to assumptions, risks, and uncertainties. It also cautions that the forward-looking statements are subject to risks related to oil and gas exploration, development, production, and other operational risks that could affect actual future results.
- The document contains forward-looking statements regarding Antero Resources Corporation's expectations, beliefs, anticipations or intentions regarding future activities and developments.
- It cautions that forward-looking statements are subject to risks and uncertainties that may cause actual results to differ from expectations.
- It provides an overview of Antero's business strategy, competitive positioning, and financial strength. Key points include that Antero has significant liquidity, production sold forward at attractive prices, improving well economics, and the largest core drilling inventory position in the Marcellus and Utica plays.
The document provides an overview of Antero Resources Corporation and contains forward-looking statements regarding estimates, plans, strategies, objectives, anticipated financial and operating results, and assumptions. It cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Specifically, it notes estimates of reserves, a drilling program, production growth, hedging activities, capital expenditures, and guidance are forward-looking statements dependent on certain assumptions. It also lists risk factors that could impact forward-looking statements from the company's annual report.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays, including gathering pipelines, compression, processing, and condensate handling. The document outlines Antero Midstream's organic growth strategy through 2020, with planned expansion of gathering and compression infrastructure. It also notes opportunities for additional services such as fresh water distribution, processing, and pipelines. The strategy provides attractive returns through building new midstream assets rather than acquisitions. Antero Resources' capital budget and drilling plans are expected to drive significant volume growth for Antero Midstream.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. Key details include a $1.05 billion initial payment for Antero's water delivery business and 20-year agreement for fluid handling and disposal services. Minimum volume commitments are expected to support revenues. Earn out payments over the next few years provide incentives for Antero to meet long-term volume targets. The partnership is expected to be accretive and integrate Antero's water and gathering businesses to create one of the highest growth midstream MLPs.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It summarizes that any projections are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Our ability to make future distributions is substantially dependent on Antero Resources' development plan, which itself depends on its board's annual approval of the capital budget considering expected commodity prices, contractual obligations, and capital resources at that time.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions and risks that could impact future results. Specifically, it notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which depends on commodity prices and Antero Resources' financial position. Any forward-looking statements speak only as of the date made and the company undertakes no obligation to update such statements.
Company website presentation (b) september 2016AnteroResources
The document provides an overview of a company acquisition that will significantly increase the company's core drilling inventory. Specifically:
- The acquisition adds 66,500 net acres and over 5 trillion cubic feet of reserves for $546 million, increasing the company's core inventory by over 1,000 drilling locations.
- The new acreage provides opportunities for improved well economics and type curves above 2 billion cubic feet per 1,000 feet, with estimated returns of 51-77% at current strip prices.
- The acquisition significantly increases the company's dry gas and condensate inventory, adding over 225 dry gas locations and enhancing over 300 condensate locations.
1) Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays including gathering pipelines, compression infrastructure, and water distribution systems.
2) Significant growth is projected over the next year through building out additional infrastructure to support Antero Resources' increasing production, with over $425 million budgeted for expansion capital expenditures.
3) Antero Midstream has an organic growth strategy of building midstream infrastructure itself rather than acquiring assets, which allows it to earn higher returns than drop down acquisition multiples.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions involving risks and uncertainties that could cause actual results to differ. The partnership cautions readers that forward-looking statements are subject to risks and uncertainties that could cause actual results to be inaccurate. The ability to make future distributions is dependent on Antero Resources' development and drilling plan, which is dependent on its annual capital budget approval.
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements subject to risks and uncertainties. It also highlights several changes made in the presentation since February 2017, including updated slides on Antero's reserve growth, liquids-rich resource base, and increasing NGL realizations. The document introduces Antero as the largest liquids-rich natural gas producer and consolidator in Appalachia.
Antero Midstream provides forward-looking statements and guidance for 2015. They expect adjusted EBITDA of $180-190 million and distributable cash flow of $160-170 million, targeting annual distribution growth of 28-30% through 2017. Their ability to grow distributions depends substantially on Antero Resources' development plan and budget, which depends on commodity prices and Antero Resources' financial resources. Any forward-looking statements may prove to be inaccurate due to risks and uncertainties inherent in projections.
The document provides an overview of forward-looking statements and guidance for Antero Midstream Partners LP. It summarizes that AM expects adjusted EBITDA of $180-190 million and distributable cash flow of $160-170 million for 2015. It also outlines AM's capital expenditure budget and key assumptions. The document highlights AM's high growth midstream throughput driven by its sponsorship by large natural gas producer Antero Resources and AM's focus on the Marcellus and Utica shale regions in Appalachia.
- Antero Midstream Partners LP provides a presentation on its partnership overview and forward-looking statements, noting that actual results may differ materially from expectations.
- The presentation includes Antero Midstream's updated 2015 guidance, showing increases in expected adjusted EBITDA and distributable cash flow. It also outlines Antero Midstream's growth targets and financial assumptions.
- Additional sections provide details on Antero Resources' acreage position and reserves, positioning it as a leading Appalachian producer, and its forecasted production growth which drives increased throughput for Antero Midstream.
The document provides an overview of Antero Midstream Partners LP and discusses forward-looking statements. It notes that actual results could differ materially from expectations due to risks and uncertainties described in Antero Midstream's SEC filings. Future distributions are subject to approval by Antero Midstream's board and may be affected by commodity prices and Antero Resources' capital resources and liquidity. The document also outlines Antero Resources' multi-year drilling inventory which supports low-risk, high-return growth for Antero Midstream.
The document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions and risks, including commodity price volatility. It also notes that Antero Resources' annual development plan and board approval are important to Antero Midstream's ability to make future distributions. The document contains information on Antero Midstream and Antero Resources' acreage positions, reserves, production, and well economics as of December 31, 2015.
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding estimates, plans, strategies, objectives, anticipated financial and operating results, and risks. It also cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Key information includes updated production, acreage, and hedging data as of Q3 2015, highlighting the company's large production base, low development costs, substantial long-term hedge position, and strong liquidity.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is dependent on Antero Resources' annual capital budget and development plan, which is dependent on commodity prices and Antero Resources' financial resources and liquidity. Any forward-looking statements speak only as of the date of the document and the company undertakes no obligation to update such statements.
The document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It notes that actual results could differ materially from what is currently expected or implied due to certain assumptions, risks, and uncertainties. Specifically, the document discusses Antero Midstream's dependence on Antero Resources for growth through its development plans, which are dependent on commodity prices and Antero Resources' financial resources and capital budget approved annually by its board of directors.
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements regarding plans and expectations. It also cautions that actual results could differ materially from what is stated due to risks and uncertainties inherent in the natural gas and oil business. The document highlights that Antero is the most active operator in Appalachia with large reserves and production, low development costs, significant hedging positions, and firm transportation agreements to favorable markets.
This document provides an overview of Antero Resources Corporation. It begins with forward-looking statements and disclosures regarding the inherent risks and uncertainties in projections. The rest of the document then highlights Antero's large production base, declining costs, significant hedging position through 2021 protecting cash flows, and strategic transportation agreements allowing it to sell almost all production at favorable markets. It presents Antero as having a sustainable business model through the current price down cycle.
The document provides an overview of Antero Resources Corporation. It begins with forward-looking statements and disclosures regarding the risks of relying on such statements. It then highlights Antero's balance sheet strength, hedging position through 2018, production growth targets, and flexibility to adjust activity levels. Finally, it summarizes Antero's leading position in the Appalachian basin in terms of reserves, production, core acreage, and inventory of drilling locations.
Jp morgan hy conference presentation february 2016 v-fAnteroResources
The document discusses forward-looking statements regarding Antero Resources Corporation's expectations, beliefs, anticipations and projections. It notes that actual results could differ materially from what is presented due to assumptions, risks, and uncertainties. It also cautions that the forward-looking statements are subject to risks related to oil and gas exploration, development, production, and other operational risks that could affect actual future results.
- The document contains forward-looking statements regarding Antero Resources Corporation's expectations, beliefs, anticipations or intentions regarding future activities and developments.
- It cautions that forward-looking statements are subject to risks and uncertainties that may cause actual results to differ from expectations.
- It provides an overview of Antero's business strategy, competitive positioning, and financial strength. Key points include that Antero has significant liquidity, production sold forward at attractive prices, improving well economics, and the largest core drilling inventory position in the Marcellus and Utica plays.
The document provides an overview of Antero Resources Corporation and contains forward-looking statements regarding estimates, plans, strategies, objectives, anticipated financial and operating results, and assumptions. It cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Specifically, it notes estimates of reserves, a drilling program, production growth, hedging activities, capital expenditures, and guidance are forward-looking statements dependent on certain assumptions. It also lists risk factors that could impact forward-looking statements from the company's annual report.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays, including gathering pipelines, compression, processing, and condensate handling. The document outlines Antero Midstream's organic growth strategy through 2020, with planned expansion of gathering and compression infrastructure. It also notes opportunities for additional services such as fresh water distribution, processing, and pipelines. The strategy provides attractive returns through building new midstream assets rather than acquisitions. Antero Resources' capital budget and drilling plans are expected to drive significant volume growth for Antero Midstream.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. Key details include a $1.05 billion initial payment for Antero's water delivery business and 20-year agreement for fluid handling and disposal services. Minimum volume commitments are expected to support revenues. Earn out payments over the next few years provide incentives for Antero to meet long-term volume targets. The partnership is expected to be accretive and integrate Antero's water and gathering businesses to create one of the highest growth midstream MLPs.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It summarizes that any projections are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Our ability to make future distributions is substantially dependent on Antero Resources' development plan, which itself depends on its board's annual approval of the capital budget considering expected commodity prices, contractual obligations, and capital resources at that time.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions and risks that could impact future results. Specifically, it notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which depends on commodity prices and Antero Resources' financial position. Any forward-looking statements speak only as of the date made and the company undertakes no obligation to update such statements.
Company website presentation (b) september 2016AnteroResources
The document provides an overview of a company acquisition that will significantly increase the company's core drilling inventory. Specifically:
- The acquisition adds 66,500 net acres and over 5 trillion cubic feet of reserves for $546 million, increasing the company's core inventory by over 1,000 drilling locations.
- The new acreage provides opportunities for improved well economics and type curves above 2 billion cubic feet per 1,000 feet, with estimated returns of 51-77% at current strip prices.
- The acquisition significantly increases the company's dry gas and condensate inventory, adding over 225 dry gas locations and enhancing over 300 condensate locations.
1) Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays including gathering pipelines, compression infrastructure, and water distribution systems.
2) Significant growth is projected over the next year through building out additional infrastructure to support Antero Resources' increasing production, with over $425 million budgeted for expansion capital expenditures.
3) Antero Midstream has an organic growth strategy of building midstream infrastructure itself rather than acquiring assets, which allows it to earn higher returns than drop down acquisition multiples.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions involving risks and uncertainties that could cause actual results to differ. The partnership cautions readers that forward-looking statements are subject to risks and uncertainties that could cause actual results to be inaccurate. The ability to make future distributions is dependent on Antero Resources' development and drilling plan, which is dependent on its annual capital budget approval.
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements subject to risks and uncertainties. It also highlights several changes made in the presentation since February 2017, including updated slides on Antero's reserve growth, liquids-rich resource base, and increasing NGL realizations. The document introduces Antero as the largest liquids-rich natural gas producer and consolidator in Appalachia.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. The partnership cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. The ability to make future distributions is dependent on Antero Resources' development and drilling plan, which is dependent on its annual capital budget approval by the board of directors.
The document provides an overview of a partnership between Antero Midstream Partners LP and MPLX. It discusses forward-looking statements and risks involved. It then summarizes Antero Midstream's profile, including its market cap, enterprise value, EBITDA, net debt ratio, and dedicated acres. It also describes the joint venture between Antero Midstream and MPLX to develop processing and fractionation infrastructure in Appalachia, including existing and potential future assets.
Howard weil conference presentation march 2017 v-f (small)AnteroResources
This document contains forward-looking statements regarding Antero Resources Corporation's expected activities, events, developments, and financial results. It cautions readers that these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. It also provides an overview of Antero's key attributes, including its large drilling inventory, production and reserves growth targets, strong hedge book, and upside potential from growing liquids production as infrastructure expands.
The document analyzes two movie trailers - The Pink Panther and War of the Worlds - by examining the placement and content of graphics within each trailer. Key findings include:
1) Graphics make up about 10 out of 40 frames in each trailer, with most referring to stars/directors or providing narrative context rather than studio logos.
2) Graphics are concentrated at the beginning and end of each trailer, with few in the middle during action scenes.
3) Both trailers follow similar conventions by starting with production companies, presenting narrative elements in the middle, and ending with the film title, release date, and credits.
Los alumnos del IES Satafi, de 1º ESO D, intercambian opiniones sobre aspectos culturales con alumnos del instituto Wego Private High School en Taipei (Taiwán) via blog.
The document provides market data and statistics on housing in the Houston area from January 2015 through January 2017. It shows that during this period:
- The average home price per square foot declined slightly for both homes listed for sale and homes that sold.
- The total number of homes listed, under contract, and sold fluctuated from month to month but overall declined over the two year period.
- The number of homes listed and under contract generally exceeded the number of homes sold, indicating a buyer's market.
This document provides a summary of the history and events at the Church of the Holy Innocents in West Orange, NJ over several decades. It highlights various charity efforts including an AIDS ministry and fundraisers. It also describes community events like auctions and festivals, building renovations such as a new altar window and roof repair, and special occasions including filming a movie scene at the church and holidays like Christmas, Easter, Halloween and Mardi Gras. The summary provides an overview of the church's involvement in charitable causes and community over many years.
The document provides an overview of Antero Resources Corporation and contains forward-looking statements regarding estimates, expectations, plans, strategies, objectives, anticipated financial and operating results, and assumptions. It cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. The company undertakes no obligation to update forward-looking statements, except as required by law.
La hospitalización de niños los somete a gran estrés emocional por separarse de su hogar y familia. Leerles a los niños hospitalizados se ha convertido en una estrategia importante para recrearlos y estimularlos durante este difícil proceso. La lectura tiene un efecto sanador al brindarles a los niños un espacio de libertad y continuidad a través de los libros, lo que fortalece sus vínculos afectivos.
Company website presentation (a) september 2016AnteroResources
The document provides an overview of Antero Resources Corporation. It begins with forward-looking statements and disclaimers about projections. It then notes that the company has updated its 2016 production and operating cost guidance, increasing projected growth to 20% and lowering costs. The acquisition of additional acreage from a third party is discussed, which adds over 66,000 net acres and over 5 trillion cubic feet of reserves. This significantly increases Antero's core drilling locations and provides growth for its midstream subsidiary, Antero Midstream. The economics of developing the acquired acreage are attractive, with projected returns of 51-77% depending on gas prices.
The document provides an overview of Antero Resources Corporation. It notes that the company has a market capitalization of $8.5 billion and net production of 1,875 MMcfe/d. It also contains forward-looking statements regarding Antero's estimates and plans. These include estimates of reserves, production growth targets, drilling plans, and expected realized natural gas prices. The document highlights Antero's leading well economics in the Marcellus, including lower costs and higher estimated ultimate recoveries. It also summarizes Antero's substantial natural gas hedge portfolio, which locks in prices significantly above current strip.
The document is a company overview for Antero Resources Corporation from July 2016. It discusses Antero's acquisition of 68,000 net acres and 5.1 trillion cubic feet of reserves for $558 million. This significantly increases Antero's core drilling inventory and positions the company for long-term production growth. The acquisition also enhances Antero's dry gas optionality and increases dedication of acreage to Antero Midstream. The economics of wells on the acquired acreage are attractive, with estimated returns of 51% to 77% at current strip prices.
Company website presentation (b) october 2016AnteroResources
The document provides an overview of Antero Resources Corporation. It notes that Antero has a large net acreage position of over 629,000 acres and over 42 trillion cubic feet of estimated reserves. It also highlights Antero's leading well economics, driven by drilling longer laterals and more intensive completions that have increased estimated ultimate recoveries. Antero has significant located drilling inventory and the financial strength to continue developing its acreage inventory.
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements regarding activities, events or developments that may occur in the future. It cautions that these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. The document then provides details on Antero's market capitalization, net debt, production levels, reserve estimates, and acreage holdings.
Barclays conference presentation (website) september 2016 v5AnteroResources
This document provides guidance and forward-looking statements from Antero Resources Corporation regarding its operations and financial outlook. Some of the key points include:
- Revised 2016 total production guidance of 1.8 Bcfe/d, an increase from previous guidance of 1.75 Bcfe/d.
- Estimated net income range for 2016 of $205-225 million, an increase from the previous estimate of $165-190 million.
- Capital budget for 2016 remains at $1.4 billion to drill 110 wells while maintaining production growth of 20-25% annually through 2020.
- The company has significant liquidity and a large drilling inventory that positions it to capitalize on growing natural
This corporate presentation by Denbury Resources provides an overview of the company's CO2 enhanced oil recovery (EOR) business. Some key points:
- Denbury focuses on CO2 EOR, owning significant CO2 reserves and over 1,100 miles of pipelines to transport CO2 for injection.
- The company's assets have substantial long-term EOR resource potential estimated at 890 million barrels recoverable.
- In response to low oil prices, Denbury is focusing on reducing costs, optimizing operations, reducing debt, and preserving cash and liquidity.
- The company has ample CO2 supply for EOR operations with no significant capital required for several years.
This document provides an overview of Denbury Resources Inc. (NYSE: DNR), an oil and gas company focused on enhanced oil recovery using carbon dioxide (CO2) flooding. Some key points:
- DNR owns over 1,100 miles of CO2 pipelines and has produced over 155 million gross barrels from CO2 EOR projects to date.
- DNR's two core CO2 EOR target areas in the Gulf Coast and Rocky Mountain regions have an estimated recoverable potential of up to 16 billion gross barrels.
- DNR's 2017 capital budget is approximately $300 million, focused on expanding existing CO2 floods and other projects. Production is expected to remain relatively flat in 2017 compared to
This document provides an overview of Antero Resources Corporation. It details Antero's integrated business model including its position as the most active operator and landowner in Appalachia. Antero has over 524,000 net acres and 5,244 future drilling locations. The company is targeting 45-50% annual production growth through 2016. It owns 70% of Antero Midstream Partners which has a market valuation of over $3 billion, providing substantial value to Antero's shareholders. Antero has significant firm transportation and processing contracts in place to access favorable gas markets. It also has one of the largest natural gas hedge books among US E&Ps worth over $1 billion at current prices.
Company website presentation (b) december 2014AnteroResources
This document provides an overview of Antero Resources Corporation from December 2014. It contains the following key points:
1) Antero has established a leading position in the Appalachian basin with over 524,000 net acres and significant drilling inventory and reserves in the Marcellus and Utica shales.
2) The company has demonstrated strong production and reserves growth over time through active development of its acreage position. Antero is targeting 45-50% annual production growth in both 2015 and 2016.
3) Antero has assembled a large integrated midstream business through its majority ownership in Antero Midstream Partners, which provides substantial value beyond Antero's E&P assets.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses the assumptions, risks, and uncertainties inherent in forward-looking projections, including commodity price volatility and changes to development plans. The ability to make future distributions depends substantially on Antero Resources' development plan, which depends on annual budget approval.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which depends on annual budget approval by Antero Resources' board of directors.
The document provides an overview of forward-looking statements and guidance for Antero Midstream Partners LP. It summarizes that AM expects adjusted EBITDA of $180-190 million and distributable cash flow of $160-170 million for 2015. It also outlines AM's guidance for expansion of its low and high pressure pipelines and compression capacity additions. The guidance assumes a continued 28-30% annual distribution growth through 2017 driven by Antero Resources' 40%+ production growth target, establishing AM's business model is tied to Antero's strong production growth.
The document provides an overview of Antero Resources Corporation, including:
- Antero is a leading natural gas and oil producer in the Appalachian Basin, with over 12 trillion cubic feet equivalent of proved reserves and over 5,300 undrilled drilling locations as of year-end 2014.
- Antero has the largest core acreage position and is the most active driller in the Marcellus and Utica shale plays. It expects production to reach over 1.5 billion cubic feet equivalent per day in the first quarter of 2015, including 40,000 barrels per day of natural gas liquids.
- Antero has significant midstream infrastructure and natural gas liquid marketing agreements in place, allowing it
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding estimates, plans, strategies, objectives, anticipated financial and operating results, and assumptions that involve risks and uncertainties. It cautions readers that actual results could differ materially from forward-looking statements due to various risks and uncertainties. The document also highlights that Antero is a leading producer and landholder in the Appalachian basin with a large core position of liquids-rich acreage and significant growth planned through 2020.
1) The document provides an overview and guidance for Antero Resources Corporation for 2015. It details Antero's strong reserve and production growth over the past years and outlines their strategic focus on liquids-rich drilling and midstream assets.
2) Antero is targeting 40% production growth in 2015 to over 1,400 MMcfe/d, with 94% of expected natural gas production hedged at an average price of $4.42/MMBtu.
3) Antero has a large inventory of drilling locations across its core Marcellus and Utica positions and expects continued reserve and production growth through development of these resources.
Company website presentation (a) february 2015AnteroResources
1) The company overview document discusses Antero Resources' forward-looking statements and reserves growth. Antero's proved reserves increased 66% to 12.7 Tcfe in 2013-2014, while 3P reserves grew 16% to 40.7 Tcfe.
2) Antero has outlined several potential drivers for further reserve growth, including successful Marcellus and Utica drilling, step-out Utica pilots, and potential acquisitions. Antero also notes an estimated 11.1 Tcf of net resource in the WV/PA Utica dry gas area that is not currently booked.
3) Antero's 2015 guidance forecasts 40% production growth to 1,400 MMcfe/
Antero Midstream Partnership Overview February 2017anteromidstream
Antero Midstream provides a summary of forward-looking statements and risks included in the presentation. It discloses that the presentation contains projections that may not come to pass due to assumptions, risks, and uncertainties beyond Antero Midstream's control. It also notes that Antero Resources' development plan and ability to fund future distributions will depend on annual capital budget approval by Antero Resources' board of directors based on commodity prices and Antero Resources' financial resources and liquidity.
Antero Resources Corporation provides an overview of its company and forward-looking statements. It discloses that the presentation contains forward-looking statements regarding estimates, plans, expectations and guidance. It cautions that these statements are based on assumptions and are subject to risks and uncertainties. The company is subject to risks related to commodity price volatility, inflation, drilling risks, regulatory changes, reserve estimates, production estimates and access to capital.
- Antero Resources announced its 2015 capital budget of $1.8 billion, a 41% decrease from its final 2014 capital budget of $3.05 billion.
- Key guidance for 2015 includes net daily production of 1,400 MMcfe/d and net liquids production of 33,000 Bbl/d, with a targeted 40% production growth over 2014.
- Antero owns a 70% limited partner interest in Antero Midstream Partners, which provides substantial value given AM's $4 billion market valuation as of March 2015.
- Antero Resources announced its 2015 capital budget of $1.8 billion, a 41% decrease from its final 2014 budget of $3.05 billion.
- The budget is focused on drilling and completing 130 wells in the Marcellus shale and continuing development of the Utica shale.
- Antero's guidance for 2015 includes expected production growth of 40% over 2014, reaching 1,400 MMcfe/d, driven by continued development of its liquids-rich Marcellus and Utica positions.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. The ability to make future distributions is substantially dependent on Antero Resources' development and drilling plan, which is dependent on its annual capital budget approval.
Antero Midstream Partners LP provides a forward-looking statement regarding its partnership overview presentation from February 2016. The statement indicates that projections in the presentation are based on certain assumptions by Antero Midstream and Antero Resources that could prove inaccurate. Actual results may differ due to risks including commodity price volatility, development and drilling plans, and factors discussed in regulatory filings. Future distributions are dependent on Antero Resources' annual budget approval by its board of directors.
Antero Midstream Partners provides midstream services to its sponsor Antero Resources in the Marcellus and Utica shale plays. It owns natural gas gathering pipelines, compression infrastructure, and condensate gathering lines. Significant organic growth is expected in 2015 through capital expenditures that will add over 60 miles of new pipelines and increase compression capacity by 545 MMcf/d. Antero Midstream is also pursuing opportunities to expand its services across the full midstream value chain through options to acquire water handling assets and participate in processing and pipeline projects with its sponsor.
Antero Midstream Partners LP provides an overview of its midstream assets and growth strategy. The document discusses Antero Midstream's organic growth projects including expanding its gathering pipelines, compression capacity, and water business. It also notes opportunities to participate in additional midstream activities along the value chain such as processing, fractionation, and regional pipelines. Antero Midstream is pursuing a strategy of organic expansion of its existing midstream assets to support production growth from its anchor shipper, Antero Resources, in the Marcellus and Utica shale plays.
The document provides an overview of forward-looking statements and assumptions for Antero Midstream Partners LP. It notes that future plans are dependent on Antero Resources' annual capital budget approval and factors like commodity prices and liquidity. Any forward-looking statements may prove inaccurate due to risks including commodity price volatility and regulatory changes. The ability to make future distributions is substantially dependent on Antero Resources' development plan which itself depends on its board's annual review of the capital budget.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It summarizes that any projections are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Our ability to make future distributions is substantially dependent on Antero Resources' development plan, which itself depends on its board's annual approval of the capital budget considering expected commodity prices, contractual obligations, and capital resources at that time.
This document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions involving risks and uncertainties that could cause actual results to differ. The partnership cautions readers that forward-looking statements are subject to risks and uncertainties that could make the statements inaccurate. The ability to make future distributions is substantially dependent on Antero Resources' development and drilling plan, which itself is substantially dependent on approval by Antero Resources' board of directors of its annual capital budget.
The document provides an overview of forward-looking statements and assumptions for Antero Midstream Partners LP. It notes that future distributions are substantially dependent on Antero Resources' development plan, which is dependent on annual budget approval by Antero Resources' board of directors. It cautions that forward-looking statements are subject to risks from commodity prices, inflation, and other operational and regulatory factors.
The document discusses a joint venture between Antero Midstream Partners LP and MPLX to invest in natural gas processing and fractionation infrastructure in the Marcellus and Utica Shales. The joint venture will construct up to 11 new processing plants and 3 fractionation facilities over the next four years at an estimated cost of $1.3 billion, with Antero Midstream's net investment of $650 million. The joint venture assets will be operated by MPLX and supported by long-term, fixed-fee agreements with Antero Resources and other producers.
Antero Midstream provides concise summaries in 3 sentences or less:
The document is an overview of Antero Midstream Partners LP that contains forward-looking statements regarding future plans and expectations. It notes that actual results could differ materially from expectations due to assumptions and risks. Antero Midstream's ability to make future distributions is dependent on Antero Resources' development plan and approval of its annual capital budget.
Antero Midstream provides a partnership overview document that contains forward-looking statements regarding future plans and expectations. The document notes that actual results could differ materially from expectations due to risks and assumptions. It also states that Antero Resources' development plan and ability to fund future distributions are dependent on annual budget approval by its board of directors. The partnership undertakes no obligation to update forward-looking statements except as required by law.
This document provides an overview of Antero Midstream Partners LP and highlights key information about the company's forward-looking statements, recent changes since the prior presentation, benefits of Antero Resources' recent acreage acquisition for Antero Midstream, Antero Resources' continuous operating improvements, advanced completion designs driving increased water volumes, Marcellus well economics assumptions and upside potential, Antero Midstream's exercise of an option to acquire a stake in the Stonewall gathering pipeline, and reasons to own Antero Midstream including strong distribution growth and coverage, sponsor strength, investment opportunities, and financial flexibility.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. The ability to make future distributions is substantially dependent on Antero Resources' development and drilling plan, which is dependent on its annual capital budget approval.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It summarizes that any predictions are based on management's experience and historical trends but are subject to risks and uncertainties that could cause actual results to differ. Future distributions from Antero Midstream are dependent on Antero Resources' annual capital budget and commodity prices.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It notes that statements in the presentation regarding future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts are forward-looking statements. It cautions readers that these statements are subject to risks and uncertainties that could cause actual future results to differ materially from expected results. The document also states that Antero Resources' ability to make future distributions is substantially dependent on Antero Resources' annual capital budget and development plan, which depends on commodity prices and Antero Resources' financial resources and liquidity.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It cautions readers that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. The document also notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which is reviewed and approved annually by Antero Resources' board of directors.
The document provides an overview of a partnership and contains forward-looking statements regarding future plans, expectations, strategies, objectives, and anticipated financial and operating results. It cautions readers that these statements are subject to risks and uncertainties that could cause actual results to differ materially. The ability to make future distributions is substantially dependent on Antero Resources' development and drilling plan, which itself is dependent on approval by its board of directors of the annual capital budget.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It notes that actual results could differ materially from what is currently expected or predicted. The ability to make future distributions depends substantially on Antero Resources' development plan, which depends on commodity prices and Antero Resources' financial resources and liquidity. Any forward-looking statements speak only as of the date of this document and the company undertakes no obligation to update projections or statements.
This document provides an overview of Antero Midstream Partners LP and forward-looking statements. It summarizes Antero Resources' expected future growth, ability to meet its drilling and development plan, and commodity price assumptions. It also outlines risks associated with forward-looking statements including commodity price volatility, inflation, environmental risks, and drilling and completion risks.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key risks and assumptions, including dependence on Antero Resources' development plans, commodity price volatility, and other operational risks. It also notes that future distributions are dependent on Antero Resources' annual capital budget and factors such as commodity prices and Antero Resources' financial resources and liquidity.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key risks and assumptions, including dependence on Antero Resources' development plans, commodity price volatility, and other operational risks. It also notes that future distributions are dependent on Antero Resources' annual capital budget and factors such as commodity prices and Antero Resources' financial resources and liquidity.
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Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
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2. FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements. All statements, other than statements of historical facts, included in this
presentation that address activities, events or developments that Antero Midstream Partners LP, and its subsidiaries (collectively,
the “Partnership”) expect, believe or anticipate will or may occur in the future are forward-looking statements. The words “believe,”
“expect,” “anticipate,” “plan,” “intend,” “estimate,” “project,” “foresee,” “should,” “would,” “could,” or other similar expressions are
intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not
forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation
specifically include expectations of plans, strategies, objectives, and anticipated financial and operating results of the Partnership
and Antero Resources Corporation (“Antero Resources”). These statements are based on certain assumptions made by the
Partnership and Antero Resources based on management’s experience and perception of historical trends, current conditions,
anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the control of the Partnership, which may cause actual results to
differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or
referenced under the heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014
and in the Partnership’s subsequent filings with the SEC.
The Partnership cautions you that these forward-looking statements are subject to risks and uncertainties that may cause these
statements to be inaccurate, and readers are cautioned not to place undue reliance on such statements. These risks include, but
are not limited to, Antero Resources’ ability to meet its drilling and development plan, commodity price volatility, inflation,
environmental risks, drilling and completion and other operating risks, regulatory changes, the uncertainty inherent in projecting
future rates of production, cash flow and access to capital, the timing of development expenditures, and the other risks discussed or
referenced under the heading “Item 1A. Risk Factors” in the Partnership’s Annual Report on Form 10-K for the year ended
December 31, 2014 and in the Partnership’s subsequent filings with the SEC.
Any forward-looking statement speaks only as of the date on which such statement is made, and the Partnership undertakes no
obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise,
except as required by applicable law.
1
3. Sustainable
Business
Model
High Growth Sponsor
Drives AM Throughput
and Distribution Growth
Largest Dedicated Core
Liquids-Rich Acreage
Position in Appalachia
No Debt and $1.2 Billion
of Liquidity
2
Premier E&P Operator
in Appalachia
100% Fixed Fee and
Largest Firm Transport
and Hedge Portfolio
Opportunity to Build Out
Northeast Value Chain
Growth Liquids-
Rich
Value
Chain
Opportunity
High
Visibility
Sponsor
Strength
LEADING UNCONVENTIONAL MIDSTREAM BUSINESS MODEL
“Just-in Time”
Non-Speculative
Capital Program
Strong
Financial
Position
Mitigated
Commodity
Risk
1
2 3
4
5
67
8
Premier Appalachian
Midstream Partnership
Run by Co-Founders
Consolidated Acreage
Position in Lowest
Unit Cost Basin
4. 0
500
1,000
1,500
2,000
2,500
3,000
3,500
Appalachian Peers
-
100
200
300
400
500
600 Core Net Acres - Dry
Core Net Acres - Liquids-Rich
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
SPONSOR STRENGTH – AR – LEADER IN APPALACHIAN BASIN
3
Top Producers in Appalachia (Net MMcfe/d) – 1Q 2015(1)(2) Top 12 U.S. Natural Gas Producers (Net MMcf/d) – 1Q 2015(1)
Appalachian Companies by Proved Reserves (Bcfe) – YE 2014(1)(2)Appalachian Companies by Core Net Acres (000’s) – YE 2014(4)(5)
1. Based on company filings and presentations.
2. Appalachian only production and reserves where available.
3. Talisman acquisition by Repsol effective 5/8/2015; production data as of 4Q 2014.
4. Based on Antero geologic interpretation and state well data, company presentations and public land data. Peer group includes AEP, CHK, CNX, COG, CVX, EQT, NBL, RICE, RRC, STO, SWN. See map on page 7.
5. Southwestern leasehold and proved reserves include the impact from STO and WPX property acquisitions closed in January 2015.
6. Includes proved reserves categorized in “Northern Division” consisting of Utica Shale, Marcellus Shale and Powder River Basin.
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
5. Note: 2014 SEC prices were $4.07/MMBtu for natural gas and $81.48/Bbl for oil on a weighted average Appalachian index basis.
1. All net acres allocated to the WV/PA Utica Shale Dry Gas and Upper Devonian Shale are included among the net acres allocated to the Marcellus Shale as they are stacked pay formations attributable
to the same leasehold.
2. Antero and industry rig locations as of 3/27/2015, and average rig count for 1Q 2015, per RigData.
SPONSOR STRENGTH – MOST ACTIVE OPERATOR
IN APPALACHIA
4
COMBINED TOTAL – 12/31/14 RESERVES
Assumes Ethane Rejection
Net Proved Reserves 12.7 Tcfe
Net 3P Reserves 40.7 Tcfe
Pre-Tax 3P PV-10 $22.8 Bn
Net 3P Reserves & Resource 51.8 Tcfe
Net 3P Liquids 1,026 MMBbls
% Liquids – Net 3P 15%
1Q 2015 Net Production 1,485 MMcfe/d
- 1Q 2015 Net Liquids 40,000 Bbl/d
Net Acres(1) 550,000
Undrilled 3P Locations 5,331
UTICA SHALE CORE
Net Proved Reserves 758 Bcfe
Net 3P Reserves 7.6 Tcfe
Pre-Tax 3P PV-10 $6.1 Bn
Net Acres 149,000
Undrilled 3P Locations 1,024
MARCELLUS SHALE CORE
Net Proved Reserves 11.9 Tcfe
Net 3P Reserves 28.4 Tcfe
Pre-Tax 3P PV-10 $16.8 Bn
Net Acres 401,000
Undrilled 3P Locations 3,191
UPPER DEVONIAN SHALE
Net Proved Reserves 8 Bcfe
Net 3P Reserves 4.6 Tcfe
Pre-Tax 3P PV-10 NM
Undrilled 3P Locations 1,116
WV/PA UTICA SHALE DRY GAS
Net Resource 11.1 Tcf
Net Acres 175,000
Undrilled Locations 1,616
0
2
4
6
8
10
12
14
16
18
RigCount
Operators
1Q 2015 Avg SW Marcellus & Utica(2)
6. 40.0%
25.6%
23.6%
20.0% 19.1%
17.7%
15.0%
9.3%
6.9%
3.0% 2.3%
(1.8%) (1.8%) (2.3%) (2.3%)
(8.6%) (8.7%)
(13.6%)
-25%
-15%
-5%
5%
15%
25%
35%
45%
40%+
5
Appalachian Peers
Source: Represents median of Wall Street research estimates for 2015E production growth vs. 2014 actual production.
1. Includes all North American E&P companies with a market capitalization greater than $7.0 billion.
2. Based on publicly announced 2015 production growth target of 40%+.
Antero’s 40%+ production growth target for 2015 leads the U.S. large cap E&P industry(1) and drives AM growth
GROWTH – HIGHEST GROWTH LARGE CAP E&P
(2)
8. 7
LIQUIDS-RICH – LARGEST CORE POSITION
Source: Core outlines and peer net acreage positions based on investor presentations, news releases and 10-K/10-Qs. Rig information per RigData as of 3/27/2015.
1. Based on company filings and presentations. Peer group includes AEP, CHK, CNX, COG, CVX, EQT, NBL, RRC, SWN.
• Antero has the largest core liquids-
rich position in Appalachia with
≈375,000 net acres (> 1100 Btu)
• Represents over 21% of core liquids-
rich acreage in Marcellus and Utica
plays combined
• 2x its closest competitor
Antero has over 3,000 undeveloped rich gas locations with an average lateral length of 6,800’ in its 3P reserves
0
100
200
300
400
(000s)
Core Liquids-Rich Net Acres(1)
9. 0%
10%
20%
30%
40%
248
139
94
254
289
14%
39%
55%
40% 39%
0
100
200
300
0%
20%
40%
60%
Condensate Highly-Rich
Gas/
Condensate
Highly-Rich
Gas
Rich Gas Dry Gas
Total3PLocations
ROR
Locations ROR
MARCELLUS WELL ECONOMICS(1)
664
1,010
628
88945%
30%
15% 15%
0
300
600
900
1,200
0%
15%
30%
45%
60%
Highly-Rich
Gas/
Condensate
Highly-Rich
Gas
Rich Gas Dry Gas
Total3PLocations
ROR
Locations ROR
SUSTAINABLE BUSINESS MODEL – AR MULTI-YEAR DRILLING
INVENTORY SUPPORTS LOW RISK, HIGH RETURN GROWTH PROFILE
Large 3P Drilling Inventory of High Return Projects(2)
1. Pre-tax well economics based on a 9,000’ lateral, 12/31/2014 natural gas and WTI strip pricing for 2015-2024, flat thereafter, NGLs at 50% of oil price and applicable firm transportation costs. Well costs
are current estimates and include $1.2 million of pad, road and location work, in addition to production facilities.
2. Source: Credit Suisse report dated December 2014 – After-tax internal rate of return based on 12/31/2014 strip pricing.
26% 26%
31%
15%
InternalRateofReturn(%)
20%
8
UTICA WELL ECONOMICS(1)
72% of Marcellus locations are processable (1100-plus Btu) 72% of Utica locations are processable (1100-plus Btu)
3,037 Antero Liquids-Rich Locations
16%
2015
Drilling Plan
Antero Projects
Antero has over 3,000 undrilled liquids-rich Marcellus and Utica locations with an average lateral length of 6,800 feet
10. Marcellus and Utica undeveloped 3P rich-gas locations have the lowest breakeven prices for both oil and natural gas
compared to other U.S. shale plays
$39 $42
$44
$51 $53 $54
$60
$64
$65
$68 $69
$72
$83
$86
$0
$20
$40
$60
$80
$100
WTIPrice($/Bbl)
Antero 2015
Drilling Plan
1. Source: Credit Suisse report dated December 2014 – Break-even WTI oil price to generate 15% after-tax rate of return. Assumes NYMEX gas price of $3.66/MMBtu for 2015-2019; $4.23/MMBtu thereafter.
2. 2015 one year WTI crude oil strip price as of 12/31/14; NYMEX one year natural gas strip price as of 12/31/14.
3. Source: Credit Suisse report dated December 2014 – Break-even NYMEX gas price to generate 15% after-tax rate of return. Assumes WTI oil price of $64.74/Bbl for 2015-2019; $70.50/Bbl thereafter; NGLs at
35% WTI vs. 48%-52% WTI for Antero per guidance.
$1.94 $2.20 $2.20 $2.37
$2.96 $3.13 $3.31 $3.48 $3.50 $3.63 $3.77 $3.85 $3.88 $3.98
$4.33 $4.38
$5.56 $5.62 $5.69 $5.71 $5.74
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
NYMEXPrice($/MMBtu)
Antero 2015
Drilling Plan
Assumes $65/Bbl WTI Oil(3)
SUSTAINABLE BUSINESS MODEL– LOW BREAK-EVEN
PRICE ECONOMICS
North American Break-even Natural Gas Prices(3)
9
North American Break-even Oil Prices ($/Bbl)(1)
2015 NYMEX Strip: $3.01/MMBtu(2)
2015 WTI Strip: $56.26/Bbl(2)
Antero Projects
Assumes $3.66/MMBtu NYMEX Gas(1)
15. $0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$0
$50
$100
$150
$200
$250
$MM
14
MITIGATED COMMODITY RISK – HEDGING IS INTEGRAL TO AR
BUSINESS MODEL
1. 2Q 2015 – 4Q 2020 hedge gains based on mark-to-market as of 3/31/2015.
2. Based on NYMEX strip as of 3/31/2015.
Hedging is a key component of AR’s business model due to its large repeatable drilling inventory
AR has realized $1.1 billion of gains on commodity hedges over the past 6 years
– Gains realized in 24 of last 25 quarters, or 96% of the quarters since 2009
● Based on AR’s hedge position as of 3/31/2015(2), a further $2.2 billion in hedge gains are projected to be achieved through
the end of 2020
● Significant additional hedge capacity remains under the credit facility hedging covenant for 2016 – 2021 period
Quarterly Realized Hedge Gains / (Losses)(1)
Realized Hedge Gains
Projected Hedge Gains(2)
NYMEX Natural Gas
Historical Spot Prices
($/Mcf)
NYMEX Natural Gas
Futures Prices (2)
2.4 Tcfe Hedged at
average price of
$4.20/Mcfe through
2020
$4.42
$4.14 $4.22
$4.40
$4.12
$3.85
Realized $1.1 Billion
in Hedge Gains Over
Past Six Years
$2.2 Billion in
Projected Hedge
Gains Through
2020(1)
Average Hedge Prices
($/Mcfe)
16. Water
Assets(1)
Regional Gas Pipelines
Miles Capacity In-Service
Regional Gathering
Pipeline(2)
50 1.4 Bcf/d 4Q 2015
151. Currently owned by AR; AM holds option to purchase 100% of assets at fair market value.
2. AM holds option to purchase 15% of regional gathering pipeline at cost plus cost of carry.
End
Users
End
Users
Gas Processing
Y-Grade Pipeline
Long-Haul Interstate
Pipeline
Inter
Connect
NGL Product Pipelines
Fractionation
Compression
Low Pressure Gathering
Well Pad
Terminals
and
Storage
(Miles) YE 2014 YE 2015
Marcellus 91 118
Utica 45 62
Total 136 180
AM has option to participate
in processing, fractionation,
terminaling and storage
projects offered to AR
VALUE CHAIN OPPORTUNITY – FULL MIDSTREAM VALUE CHAIN
(Miles) YE 2014 YE 2015
Marcellus 62 81
Utica 35 36
Total 97 117
(MMcf/d) YE 2014 YE 2015
Marcellus 375 800
Utica 0 120
Total 375 920
AM Owned Assets
Condensate Gathering
Stabilization
(Miles) YE 2014 YE 2015
Utica 16 20
End
Users
AM Option Assets
(Ethane, Propane,
Butane, etc.)
17. 0.0x
1.2x
3.7x 3.8x 4.0x
4.5x 4.6x
5.0x
5.6x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
AM Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8
TotalDebt/LTMEBITDASTRONG FINANCIAL POSITION – SIGNIFICANT FINANCIAL
FLEXIBILITY
16
• Undrawn $1 billion revolver in place to fund future growth
capital (5x Debt/EBITDA Cap)
• $162 million of cash at 3/31/2015
• Sponsor (NYSE: AR) has Ba2/BB corporate ratings
AM Liquidity (3/31/2015)
AM Peer Leverage Comparison(1)
($ MMs)
Revolver Capacity $1,000
Less: Borrowings -
Plus: Cash 162
Liquidity $1,162
1. As of 3/31/2015, pro forma for all 2Q 2015 transactions. Peers include EQM, MWE, PSXP, RRMS, SXL, TEP, TLLP, and WES.
Financial Flexibility
18. 3–Year Expected Distribution Growth Rate and DCF Coverage(1)
171. Based on Bloomberg 2015-2017 consensus distribution and DCF coverage estimates.
TOP TIER DISTRIBUTION GROWTH & HEALTHY COVERAGE
35%
28%
25% 25% 24% 24%
17% 16%
14% 14%
12%
8%
1.17x 1.20x 1.21x
1.46x
1.44x
1.63x
1.50x
1.25x
1.18x
1.25x
1.15x
1.10x
0.00x
0.20x
0.40x
0.60x
0.80x
1.00x
1.20x
1.40x
1.60x
1.80x
0%
5%
10%
15%
20%
25%
30%
35%
40%
SHLX AM DM PSXP MPLX VLP EQM CNNX TEP SXL WES MWE
19. ATTRACTIVE VALUE PROPOSITION
Note: Based on Bloomberg consensus estimates and current market prices as of 05/15/15.
18
• Attractive appreciation potential on a relative basis
EQM
DM
SHLX
CNNX
MWE
WES
TEP
MPLX
PSXP
VLP
AM - Current
Yield: 2.68%
Price: $26.82/unit
AM - Implied
Yield: 1.86%
Price: $38.72/unit
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
5% 10% 15% 20% 25% 30% 35% 40%
Yield(%)
2015-2017 Distribution Growth CAGR
Bubble Size Reflects Market Capitalization
AM Yield vs Distribution Growth
R-squared = .93
21. 1. Represents inception to date actuals as of 12/31/2014 and 2015 midpoint guidance.
2. Includes $12.5 million of maintenance capex at 2015 midpoint guidance.
20
Utica
Shale
Marcellus
Shale
Projected Midstream Infrastructure(1)
Marcellus
Shale
Utica
Shale Total
YE 2014 Cumulative Gathering/
Compression Capex ($MM) $836 $345 $1,181
Gathering Pipelines
(Miles) 153 80 233
Compression Capacity
(MMcf/d) 375 - 375
Condensate Gathering Pipelines
(Miles) - 16 16
2015 Gathering/Compression
Capex Budget ($MM)(2) $256 $182 $438
Gathering Pipelines
(Miles) 46 18 64
Compression Capacity
(MMcf/d) 425 120 545
Condensate Gathering Pipelines
(Miles) - 4 4
Midstream Assets
ANTERO MIDSTREAM ASSET OVERVIEW
• Gathering and compression assets in core of rapidly
growing Marcellus and Utica Shale plays
– Acreage dedication of ~419,000 net leasehold
acres for gathering and compression services
– Additional stacked pay potential with dedication on
175,000 acres of Utica deep rights underlying the
Marcellus in WV and PA
– 100% fixed fee long term contracts
• AR owns 70% of AM units (NYSE: AM)
22. ANTERO MIDSTREAM ASSETS – RICH GAS MARCELLUS
21
• Provides Marcellus gathering and compression services
− Liquids-Rich gas is delivered to MWE’s 1 Bcf/d
Sherwood processing complex
• Significant growth projected over the next twelve months as
set out below:
• Antero plans to operate an average of nine drilling rigs in the
Marcellus Shale during 2015, including intermediate rigs
− 100% of rigs targeting the highly-rich gas/condensate
and highly-rich gas regimes
• Of the 80 gross wells targeted to be completed in 2015, 90%
(72 gross wells) are forecast to be completed in the AM
dedicated area
− AM dedicated acreage contains 2,165 gross
undeveloped Marcellus locations and 313 Upper
Devonian locations
• Antero will defer 50 completions originally scheduled to
occur in the second and third quarters of 2015 into 2016 in
order to limit natural gas volumes sold into unfavorable
pricing markets
− 28 of the deferred completions are in the AM dedicated
area
Marcellus Gathering & Compression
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
YE 2014 YE 2015E
Low Pressure Gathering
Pipelines (Miles)
91 118
High Pressure Gathering
Pipelines (Miles)
62 81
Compression Capacity (MMcf/d) 375 800
23. 22
• Provides Utica natural gas and condensate gathering
services
− Liquids-Rich gas delivered into MWE’s 600 MMcf/d
Seneca processing complex
− Condensate delivered to centralized stabilization
and truck loading facilities
• Significant growth projected over the next twelve
months as set out below:
• Antero plans to operate an average of five drilling rigs
in the Utica Shale during 2015, including intermediate
rigs
− 100% of rigs targeting the highly-rich
gas/condensate and highly-rich gas regimes
• All of the 50 gross wells targeted to be completed in
2015 are on Antero Midstream’s footprint
Utica Gathering & Compression
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
ANTERO MIDSTREAM ASSETS – RICH & DRY GAS UTICA
YE 2014 YE 2015E
Low Pressure Gathering
Pipelines (Miles)
45 62
High Pressure Gathering
Pipelines (Miles)
35 36
Condensate Pipelines (Miles) 16 20
Compression Capacity (MMcf/d) 0 120
24. ORGANIC GROWTH STRATEGY: “BUILD VS. BUY”
23
• Organic growth strategy provides attractive
returns and project economics, while
avoiding the competitive acquisition market
• Industry leading organic growth story
– ~$1.06 billion in capital spent through
9/30/2014
– $425 million in additional growth capital
forecast for the twelve-month period
ending 12/31/15 (excludes $12.5 million of
maintenance capital)
Note: Precedent data per IHS Herold’s research and public filings.
1. Antero organic multiple calculated as estimated gathering and compression capital expended through Q3 2014 divided by 2015 projected gathering and compression EBITDA, assuming 12-15 month
lag between capital incurred and full system utilization.
2. Selected gathering and compression drop down acquisitions since 1/1/2011. Drop down multiples are based on NTM EBITDA. Source: Barclays.
6.8x
11.9x
10.7x
10.0x
9.3x
9.0x 9.0x 9.0x 8.9x 8.9x 8.8x
8.6x
8.0x 7.9x
7.0x 6.9x
5.5x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
Drop Down Multiple(2)
Organic EBITDA Multiple vs. Precedent Drop Down Multiples
Median: 8.9x
Value creation for the AM unit holder =
Build at 4x to 7x EBITDA
vs.
Drop-Down / Buy at 8x to 12x EBITDA
25. LP
Gathering
HP
Gathering Compression
Condensate
Gathering
Water
Business
Regional
Pipeline
Processing/
Fractionation
Unlevered IRR Range: 25% - 35% 15% - 25% 10% - 20% 25% - 35% 30% - 40% 15% - 25% 15% - 20%
Payout (Years): 2.5 - 4.0 3.5 - 4.5 4.0 - 6.5 2.0 - 3.5 2.0 – 3.0 3.5 - 7.0 5.0 - 6.0
Minimum Volume Commitments: N/A 75% 70% N/A N/A 80% 80%
2015 Capex(2) Total
Marcellus $248 $73 $73 $102 -
Utica 177 104 12 56 5
Growth Capex $425 $177 $85 $158 $5
% of Capex 100% 42% 20% 37% 1%
Included in 2015 Budget: Marcellus &
Utica
Marcellus &
Utica
Marcellus &
Utica
Utica Not Included Not Included Not Included
Additional In-hand
Opportunities:
Dry Utica Dry Utica Dry Utica Utica
Stabilization
Drop-Down
of Water
Business
Regional
Gathering
Pipeline
Marcellus
Processing/
Fractionation
25%
15%
10%
25%
30%
15% 15%
35%
25%
20%
35%
25%
20%
40%
0%
10%
20%
30%
40%
InternalRateofReturn
24
Project Economics by Segment(1)
ESTIMATED PROJECT ECONOMICS BY SEGMENT
1. Based on management capex, operating cost and throughput assumptions by project.
2. Excludes $12.5 million of maintenance capex.
3. Represents overall project economics using $3.50/Bbl; does not represent water business drop-down economics.
Wtd. Avg. 23% IRR
AM Option Opportunities
(3)
26. AM UPSIDE OPPORTUNITY SET
25
ACTIVITY CURRENTLY DEDICATED TO AM
Integrated Water Business
Processing, Fractionation,
Transportation and Marketing
Regional Pipeline Project
• Option to participate up to 15% in regional gathering
pipeline project in West Virginia
• Option to acquire at fair market value 100% of AR’s water
business dedicating 550,000 net acres, including ROFO on
future services
• AR must request a bid from AM and can only reject if third
party service fees are lower. AM has right to match
lower fee offer.
Deep Utica Dry Gas
• 175,000 net acres of AR deep Utica dry gas acreage
underlying the Marcellus in West Virginia and Pennsylvania
dedicated to AM
Active AR Leasing
• Future acreage acquisitions by AR are dedicated to AM
• Minimum Volume Commitments on newly constructed
compression (70%) and high pressure gathering (75%)
27. AM OPTION – INTEGRATED WATER BUSINESS
26
Marcellus Fresh Water System
• Provides fresh water to support ongoing Marcellus completion
activity
• Year-round water supply sources: Ohio River and local rivers
• Source water treatment facility to be completed by 3Q 2015
• Significant asset growth in 2015 as summarized below:
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
1. Estimated fee of $3.50 per barrel at an average of 240,000 Bbls of fresh water per well.
Utica Fresh Water System
• Provides fresh water to support ongoing Utica completion activity
• Year-round water supply sources: local reservoirs and rivers
• Significant asset growth in 2015 as summarized below:
• Currently owned by AR – AM holds option to purchase 100% of water business at fair market value, subject to receipt of a Private Letter
Ruling (PLR) from the IRS
• Antero has built an integrated water business to serve its water needs including fresh water treating and delivery for completions as well as
handling, recycling and disposal of produced water
Marcellus Water System YE 2014 YE 2015E
Water Pipeline (Miles) 156 183
Fresh Water Storage Impoundments 22 24
Projected Well Completions in 2015 80
Water Fees per Well ($)(1) $800K -
$900K
Utica Water System YE 2014 YE 2015E
Water Pipeline (Miles) 55 84
Fresh Water Storage Impoundments 8 14
Projected Well Completions in 2015 50
Water Fees per Well ($)(1) $800K -
$900K
28. REGIONAL PIPELINE PROJECT
•Option to Acquire Up To 15% Non-Op Equity
Interest
●Enables Antero Resources to move up to 1.1
Bcf/d of gas to more favorably priced
markets including TCO, NYMEX and Gulf
Coast markets
●Once the Regional Pipeline is placed into
service, Antero Resources will complete the
previously deferred 50 Marcellus wells,
resulting in approximately 350 MMcf/d of
gross gas production
Regional Gathering Pipeline
Throughput Capacity: 1.4 Bcf/d
Pipeline
Specifications:
50 miles of 36 inch pipeline
Project Capital: ≈ $400 Million
In-Service Date: 4Q 2015
AR FT Commitment: 1.1 Bcf/d
27
29. PROCESSING – VALUE CHAIN POTENTIAL FOR UNDEDICATED
ACREAGE
Sherwood
Processing
Complex
AR acreage position on map reflects tax districts in which greater than 3,000 net acres are held.
(1) Antero gross 3P C3+ NGL volumes and 3P Gross Wellhead Gas reserves as of 12/31/14.
Processing Area Of
Dedication for AM
MarkWest
Processing AOD
– 194,500 Gross
Acres
Tyler County
70,000 Gross Acres
Ritchie County
46,500 Gross Acres
Antero Resources has 11.6 Tcf of processable gross 3P gas reserves and 616 Million Bbls of gross 3P NGL
reserves across 128,500 gross processable Marcellus acres that are dedicated to Antero Midstream for processing
28
Gilmer County
12,000 Gross Acres
AR Gross Gross 3P NGL AR 3P Gross
Processable Reserves Wellhead Gas
Acres (MMBbls) (1)
(Tcf)
Potential Processing AOD for AM
Tyler 70,000 382.2 6.6
Ritchie 46,500 196.6 4.0
Gilmer 12,000 37.1 1.0
Total 128,500 615.9 11.6
30. DEEP UTICA DRY GAS
29
Antero has 217,000 net acres of exposure to Utica dry gas
play
− 42,000 net acres in Ohio with net 3P reserves of 2.4 Tcf
and 289 locations as of 12/31/2014
− 175,000 net acres in West Virginia and Pennsylvania with
net resource of 11.1 Tcf as of 12/31/2014 (not included in
40.7 Tcfe of net 3P reserves)
− 1,616 locations (not included in 3P reserves) underlying
current Marcellus Shale leasehold in West Virginia and
Pennsylvania as of 12/31/2014
Other operators have reported strong Utica Shale dry gas
results including the following wells:
Well Operator
IP
(MMcf/d)
Lateral
Length (Ft)
Claysville SC #11H Range 59.0 5,420
Stewart Winland 1300U Magnum Hunter 46.5 5,289
Bigfoot 9H Rice Energy 41.7 6,957
Stalder #3UH Magnum Hunter 32.5 5,050
Irons #1-4H Gulfport 30.3 5,714
Pribble 6HU Stone Energy 30.0 3,605
Simms U-5H Gastar 29.4 4,447
Conner 6H Chevron 25.0 6,451
Messenger 3H Southwestern 25.0 5,889
Tippens #6H Eclipse 23.2 5,858
Porterfield 1H-17 Hess 17.2 5,000
Hubbard BRK #3H Chesapeake 11.1 3,550
1. Antero acreage position reflects tax districts in which greater than 3,000 net acres are held in OH, WV and PA.
Utica Shale Dry Gas Acreage in OH/WV/PA(1)
Chesapeake
Hubbard BRK #3H
3,550’ Lateral
IP 11.1 MMcf/d
Hess
Porterfield 1H-17
5,000’ Lateral
IP 17.2 MMcf/d
Gulfport
Irons #1-4H
5,714’ Lateral
IP 30.3 MMcf/d
Eclipse
Tippens #6H
5,858’ Lateral
IP 23.2 MMcf/d
Magnum Hunter
Stalder #3UH
5,050’ Lateral
IP 32.5 MMcf/d
Antero
Planned
Tyler County
Utica Well
Magnum Hunter
Stewart Winland 1300U
5,289’ Lateral
IP 46.5 MMcf/d
Range
Claysville SC #11H
5,420’ Lateral
IP 59.0 MMcf/d
Chevron
Conner 6H
6,451’ Lateral
IP 25.0 MMcf/d
Gastar
Simms U-5H
4,447’ Lateral
IP 29.4 MMcf/d
Rice
Bigfoot 9H
6,957’ Lateral
IP 41.7 MMcf/d
Utica Shale Dry Gas
WV/PA
Net Resource
11.1 Tcf
1,616 Gross Locations
175,000 Net Acres
Utica Shale Dry Gas
Ohio
3P Reserves
2.4 Tcf
289 Gross Locations
42,000 Net Acres
Utica Shale Dry Gas
Total OH/WV/PA
Net Resource
13.5 Tcf
1,905 Gross Locations
217,000 Net Acres
Stone Energy
Pribble 6HU
3,605’ Lateral
IP 30.0 MMcf/d
Southwestern
Messenger 3H
5,889’ Lateral
IP 25.0 MMcf/d
Rice
Blue Thunder
10H, 12H
≈9,000’ Lateral
31. Low Cost
Marcellus/Utica Focus
“Best-in-Class”
Distribution Growth
30
CATALYSTS
28% to 30% distribution growth targeted based on Sponsor budgeted
development; additional third party business expansion opportunities
AM Sponsor is the most active operator in Appalachia; 40%+ production
growth targeted for 2015 supported by $1.8 billion capital budget, firm
processing and takeaway, long-term natural gas hedges and $3.9 billion
of liquidity
Sponsor operations target lowest cost shale plays in North America;
attractive well economics support continued drilling at current prices
Multiple opportunities exist for additional gathering and compression,
processing and pipeline assets for Sponsor and third party use
Appalachian Basin
Midstream Growth
Sponsor Production
Growth Profile
1
2
3
4
5
6
AM holds option to acquire water business from Sponsor; contingent on
receiving private letter ruling from IRS
Stacked Pay Basin
Upside
Development of Utica Shale Dry Gas and Upper Devonian resources
provide further midstream infrastructure expansion opportunities
Potential Water
Business Dropdown
32. $0.17
$0.18
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
$0.40
$0.45
$0.50
4Q 14A 1Q 15A 2Q 15E 3Q 15E 4Q 15E 1Q 16E 2Q 16E 3Q 16E 4Q 16E 1Q 17E 2Q 17E 3Q 17E 4Q 17E
TOP TIER DISTRIBUTION GROWTH
31
Distribution Per Unit(1)
• Antero Midstream is targeting 28% to 30% annual distribution growth through 2017
Note: Future distributions subject to AM Board approval
1) Assumes midpoint of target distribution growth range
34. LARGEST FIRM TRANSPORTATION AND PROCESSING
PORTFOLIO IN APPALACHIA
Odebrecht / Braskem
30 MBbl/d Commitment
Ascent Cracker
(Pending Final
Investment Decision)
Antero Long Term Firm Processing & Takeaway Position (2018) – Accessing Favorable Markets
Mariner East II
62 MBbl/d Commitment
Marcus Hook Export
Shell
25 MBbl/d Commitment
Beaver County Cracker
(Pending Final
Investment Decision)
Sabine Pass (Trains 1-4)
50 MMcf/d per Train
1. May 2015 and full year 2016 futures basis, respectively, provided by Wells Fargo dated 3/31/2015. Favorable gas markets shaded in green.
Chicago(1)
$(0.04) /
$(0.05)
CGTLA(1)
$(0.08) /
$(0.09)
Dom South(1)
$(1.09) /
$(1.06)
TCO(1)
$(0.16) /
$(0.40)
A-1
4.1 Bcf/d
Firm Gas
Takeaway
By 2018
Cove Point
35. CURRENT NGL MARKETING – GEOGRAPHICALLY DIVERSE
1. As an anchor shipper on Mariner East II, Antero has the right to expand its NGL commitment with notice to operator.
2. 2015 NGL production assumes ethane rejection.
A-2
Mariner East II
61,500 Bbl/d AR
Commitment(1)
4Q 2016 In-Service
MarkWest currently processes all of Antero’s rich gas and markets all NGLs
Export
15%
Gulf
Coast
13%
Mid-
Atlantic
6%
Ontario
3%
Northeast
43%
Midwest
10%
Edmonton
10%
2015 NGL Marketing by Region
(2)
36. WORLD CLASS MARCELLUS SHALE
DEVELOPMENT PROJECT
100% operated
Operating 7 drilling rigs including
2 intermediate rigs
401,000 net acres in
Southwestern Core (74%
includes processable rich gas
assuming an 1100 Btu cutoff)
– 50% HBP with additional 29%
not expiring for 5+ years
400 horizontal wells completed
and online
– Laterals average 7,500’
– 100% drilling success rate
5 plants in-service at Sherwood
Processing Complex capable of
processing in excess of 1 Bcf/d of
rich gas
− Over 1 Bcf/d of Antero gas
being processed currently
Net production of 1,211 MMcfe/d
in 1Q 2015, including 28,700
Bbl/d of liquids
3,191 future drilling locations in
the Marcellus (2,302 or 72% are
processable rich gas)
28.4 Tcfe of net 3P (17% liquids),
includes 11.9 Tcfe of proved
reserves (assuming ethane
rejection)
Highly-Rich Gas
133,000 Net Acres
1,010 Gross Locations
Rich Gas
92,000 Net Acres
628 Gross Locations
Dry Gas
104,000 Net Acres
889 Gross Locations
Highly-Rich/Condensate
72,000 Net Acres
664 Gross Locations
HEFLIN UNIT
30-Day Rate
2H: 21.4 MMcfe/d
(20% liquids)
CONSTABLE UNIT
30-Day Rate
1H: 14.3 MMcfe/d
(25% liquids)
142 Horizontals Completed
30-Day Rate
8.1 MMcf/d
6,915’ average lateral length
Sherwood
Processing
Complex
Source: Company presentations and press releases. Antero acreage position reflects tax districts in which greater than 3,000 net acres are held. Note: Rates in ethane rejection.
NERO UNIT
30-Day Rate
1H: 18.2 MMcfe/d
(27% liquids)
BEE LEWIS PAD
30-Day Rate
4-well combined
30-Day Rate of
67 MMcfe/d
(26% liquids)
RJ SMITH PAD
30-Day Rate
4-well combined
30-Day Rate of
56 MMcfe/d
(21% liquids)
A-3
HENDERSHOT UNIT
30-Day Rate
1H: 16.3 MMcfe/d
2H: 18.1 MMcfe/d
(29% liquids)
HORNET UNIT
30-Day Rate
1H: 21.5 MMcfe/d
2H: 17.2 MMcfe/d
(26% liquids)
CARR UNIT
30-Day Rate
2H: 20.6 MMcfe/d
(20% liquids)
WAGNER PAD
30-Day Rate
4-well combined
30-Day Rate of
59 MMcfe/d
(14% liquids)
37. 0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
$3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00
Pre-TaxROR(%)
Highly-Rich Gas/Condensate Highly-Rich Gas Rich Gas Dry Gas
MARCELLUS ROR% AND GAS PRICE SENSITIVITY
A-41. Assumes 12/31/2014 strip pricing, market differentials and relevant transportation cost; 9,000’ lateral.
• Large portfolio of Highly-Rich Gas/Condensate to Dry Gas locations
• Focused on drilling highly economic rich gas locations – rig symbols represent current rig location by Btu regime
• Assumes 12/31/2014 WTI strip pricing for 2015-2024, flat thereafter; NGL price 50% of WTI
NYMEX Flat Price Sensitivity(1)
ROR% at Flat 2015-2024 Strip Price
Highly-Rich Gas/Condensate: 50%
Highly-Rich Gas: 35%
Rich Gas: 16%
Dry Gas: 16%
664 Locations
1,010 Locations
628 Locations
889 Locations
Antero Rigs Employed
2015
Drilling Plan
38. Note: Antero acreage position reflects townships in which greater than 3,000 net acres are held. Antero 30-day rates in ethane rejection.
1. 30-day rate reflects restricted choke regime.
• 100% operated
• Operating 4 drilling rigs
• 149,000 net acres in the core rich gas/
condensate window (72% includes processable
rich gas assuming an 1100 Btu cutoff)
– 23% HBP with additional 75% not expiring
for 5+ years
• 58 operated horizontal wells completed and
online in Antero core areas
− 100% drilling success rate
• 3 plants at Seneca Processing Complex
capable of processing 600 MMcf/d of rich gas
− Over 500 MMcf/d being processed currently,
including third party production
• Net production of 274 MMcfe/d in 1Q 2015
including 11,300 Bbl/d of liquids
• Fourth third party compressor station in-service
December 2014 with a capacity of 120 MMcf/d
• 1,024 future gross drilling locations (735 or 72%
are processable gas)
• 7.6 Tcfe of net 3P (15% liquids), includes
758 Bcfe of proved reserves (assuming ethane
rejection)
LEADING UTICA SHALE CORE POSITION DELIVERS
PROLIFIC LIQUIDS-RICH WELLS
A-5
Cadiz
Processing
Plant
NORMAN UNIT
30-Day Rate
2 wells average
16.8 MMcfe/d
(15% liquids)
RUBEL UNIT
30-Day Rate
3 wells average
17.2 MMcfe/d
(20% liquids)
Utica
Core
Area
GARY UNIT
30-Day Rate
3 wells average
24.2 MMcfe/d
(21% liquids)
Highly-Rich/Cond
26,000 Net Acres
139 Gross Locations
Highly-Rich Gas
16,000 Net Acres
94 Gross Locations
Rich Gas
33,000 Net Acres
254 Gross Locations
Dry Gas
42,000 Net Acres
289 Gross Locations
NEUHART UNIT 3H
30-Day Rate
16.2 MMcfe/d
(57% liquids)
Condensate
32,000 Net Acres
248 Gross Locations
DOLLISON UNIT 1H
30-Day Rate
19.8 MMcfe/d
(40% liquids)
MYRON UNIT 1H
30-Day Rate
26.8 MMcfe/d
(52% liquids)
Seneca
Processing
Complex
LAW UNIT
30-Day Rate
2 wells average
16.1 MMcfe/d
(50% liquids)
SCHAFER UNIT
30-Day Rate(1)
2 wells average
14.2 MMcfe/d
(49% liquids)
URBAN PAD
30-Day Rate
4 wells average
18.8 MMcfe/d
(15% liquids)
GRAVES UNIT
500’ Density Pilot
30-Day Rate
4 wells average
15.5 MMcfe/d
(24% liquids)
FRANKLIN UNIT
30-Day Rate
3 wells average
17.6 MMcfe/d
(16% liquids)
FRAKES UNIT
30-Day Rate
2 wells average
18.6 MMcfe/d
(42% liquids)
39. 0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
$3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00
Pre-TaxROR(%)
Condensate Highly-Rich Gas/Condensate Highly-Rich Gas Rich Gas Dry Gas Antero Rigs Employed
UTICA ROR% AND GAS PRICE SENSITIVITY
A-6
NYMEX Flat Price Sensitivity(1)
94 Locations
ROR% at Flat 2015-2024 Strip Price
Condensate: 13%
Highly-Rich Gas/Condensate: 47%
Highly-Rich Gas: 73%
Rich Gas: 54%
Dry Gas: 58%
• Large portfolio of Condensate to Dry Gas locations
• Focused on drilling highly economic rich gas locations – rig symbols represent current rig location by Btu regime
• Assumes 12/31/2014 WTI strip pricing for 2015-2024, flat thereafter; NGL price 50% of WTI
1. Assumes 12/31/2014 strip pricing, market differentials and relevant transportation cost; 9,000’ lateral.
254 Locations
139 Locations
289 Locations
248 Locations
2015
Drilling Plan
40. $0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
2015 2015 2016 2016 2017
GasPrice$/MMBtu
Completion Deferral Impact on Realized Gas Price
TETCO CGTLA
TETCO Cal 2015:
$1.88/MMBtu
CGTLA Cal 2016:
$3.27/MMBtu
BTAX IRR:
57%
A-7
Plan to defer 50 Marcellus well completions into 2016 to achieve higher gas price realizations
− Regional gathering pipeline expected in-service late 2015 will connect incremental Marcellus production to CGTLA (Gulf
Coast) and TCO pricing
− Results in estimated pre-tax IRR of 57% vs. 39% from 2015 TETCO pricing in first year, excluding sunk drilling costs
COMPLETION DEFERRALS – OPTIMIZING PRICING
0
50
100
150
200
250
300
350
400
450
500
Jan-16 Mar-16 May-16
GrossWellheadProduction(MMcf/d)
Completion Deferral Impact on 2016 Production
Production From
50 Deferred
Completions
+$1.39/MMBtu Pickup
in Price =
18% BTAX IRR Increase
BTAX IRR:
39%
41. ANTERO MIDSTREAM – 2015 GUIDANCE
Key Variable 2015 Guidance
Adjusted EBITDA ($MM) $150 - $160
Distributable Cash Flow ($MM) $135 - $145
Year-over-Year Distribution Growth(2) 28% - 30%
Low Pressure Pipelines Added (Miles) 44
High Pressure Pipelines Added (Miles) 20
Compression Capacity Added (MMcf/d) 545
Capital Expenditures ($MM)
Low Pressure Gathering $165 - $170
High Pressure Gathering $85 - $90
Compression $160 - $165
Condensate Gathering $5 - $10
Maintenance Capital $10 - $15
Total Capital Expenditures ($MM) $425 - $450
1. Financial assumptions per Partnership press release dated 1/20/2015.
2. Reflects the expected distribution growth associated with the fourth quarter 2015 over the fourth quarter 2014.
Key Operating & Financial Assumptions(1)
A-8
42. ANTERO RESOURCES – 2015 GUIDANCE
Key Variable 2015 Guidance
Net Daily Production (MMcfe/d) 1,400
Net Residue Natural Gas Production (MMcf/d) 1,175
Net Liquids Production (Bbl/d) 33,000
Net Oil Production (Bbl/d) 4,000
Natural Gas Realized Price Differential to NYMEX Henry Hub Before Hedging ($/Mcf) $(0.20) - $(0.30)
Oil Realized Price Differential to NYMEX WTI Before Hedging ($/Bbl) $(12.00) - $(14.00)
NGL Realized Price (% of WTI) 48% - 52%
Cash Production Expense ($/Mcfe)(2) $1.50 - $1.60
Marketing Expense, Net of Marketing Revenue ($/Mcfe) $0.20 - $0.30
G&A Expense ($/Mcfe) $0.23 - $0.27
Net Income Attributable to Non-Controlling Interest ($MM) $23 - $27
Operated Wells Completed 130
Average Operated Drilling Rigs 14
Capital Expenditures ($MM)
Drilling & Completion $1,600
Water Infrastructure $50
Land $150
Total Capital Expenditures ($MM) $1,800
1. Financial assumptions per Company press release dated 1/20/2015.
2. Includes lease operating expenses, gathering, compression and transportation expenses and production taxes. Excludes net marketing expense.
Key Operating & Financial Assumptions(1)
A-9
43. LTM Production
NTM Production Forecast
Average LTM Production
MAINTENANCE CAPITAL METHODOLOGY
• Maintenance Capital Calculation Methodology
– Estimate the number of new well connections needed during the forecast period in order to offset the natural
production decline and maintain the average throughput volume on our system over the LTM period
– (1) Compare this number of well connections to the total number of well connections estimated to be made during
such period and
– (2) Designate an equal percentage of our estimated low pressure gathering capital expenditures as maintenance
capital expenditures
A-10
Maintenance capital expenditures are cash expenditures (including expenditures for the
construction or development of new capital assets or the replacement, improvement or expansion
of existing capital assets) made to maintain, over the long term, our operating capacity or revenue
• Illustrative Example
LTM Forecast Period
Decline of LTM
average throughput
to be replaced with
production volume
from new well
connections
44. CAUTIONARY NOTE
The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserve estimates
(collectively, “3P”). Antero has provided internally generated estimates for proved, probable and possible reserves in this presentation in
accordance with SEC guidelines and definitions, which have been audited by Antero’s third-party engineers. Unless otherwise noted,
reserve estimates as of December 31, 2014 assume ethane rejection and strip pricing.
Actual quantities that may be ultimately recovered from Antero’s interests may differ substantially from the estimates in this presentation.
Factors affecting ultimate recovery include the scope of Antero’s ongoing drilling program, which will be directly affected by commodity
prices, the availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease
expirations, transportation constraints, regulatory approvals and other factors, and actual drilling results, including geological and
mechanical factors affecting recovery rates.
In this presentation:
• “3P reserves” refer to Antero’s estimated aggregate proved, probable and possible reserves as of December 31, 2014. The SEC
prohibits companies from aggregating proved, probable and possible reserves in filings with the SEC due to the different levels of
certainty associated with each reserve category.
• “EUR,” or “Estimated Ultimate Recovery,” refers to Antero’s internal estimates of per well hydrocarbon quantities that may be
potentially recovered from a hypothetical future well completed as a producer in the area. These quantities do not necessarily
constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management
System or the SEC’s oil and natural gas disclosure rules.
• “Condensate” refers to gas having a heat content between 1250 BTU and 1300 BTU in the Utica Shale.
• “Highly-rich gas/condensate” refers to gas having a heat content between 1275 BTU and 1350 BTU in the Marcellus Shale and 1225
BTU and 1250 BTU in the Utica Shale.
• “Highly-rich gas” refers to gas having a heat content between 1200 BTU and 1275 BTU in the Marcellus Shale and 1200 BTU and
1225 BTU in the Utica Shale.
• “Rich gas” refers to gas having a heat content of between 1100 BTU and 1200 BTU.
• “Dry gas” refers to gas containing insufficient quantities of hydrocarbons heavier than methane to allow their commercial extraction or
to require their removal in order to render the gas suitable for fuel use.
A-11
Regarding Hydrocarbon Quantities