Antero Resources is an E&P company focused on developing natural gas and liquids resources in the Marcellus and Utica Shales of the Appalachian Basin. As of June 30, 2013, Antero had over 6 trillion cubic feet equivalent of proved reserves and over 27 trillion cubic feet equivalent of probable and possible reserves. Antero has a large inventory of potential drilling locations and a track record of production and reserve growth. Analysis shows that Antero has among the lowest finding and development costs in the industry, demonstrating capital efficiency. Antero also has a significant long-term hedge position that is expected to generate substantial hedge gains through 2019.
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 Antero Resources Corporation and contains forward-looking statements regarding estimates, plans, expectations and guidance. It notes that actual results may differ materially from forward-looking statements due to risks and uncertainties in the exploration and development of natural gas and oil. These risks include commodity price volatility, inflation, operational risks, regulatory changes, reserve estimation uncertainties, and other factors discussed in Antero's SEC filings.
This document provides an earnings presentation by Sandridge Energy for Q3 2016. It includes cautionary statements about forward-looking projections. The presentation summarizes Sandridge's operational strategy of focusing on high-return projects from its Mid-Continent assets while diversifying into long-term growth from its large North Park Niobrara position. It provides details on improved drilling economics in both areas, highlighting initial positive results from extended laterals in the Niobrara. The presentation also outlines Sandridge's reorganized capital structure and liquidity following its bankruptcy restructuring and concludes with operational and capital expenditure guidance for 2016.
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 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.
Dejour provides a corporate presentation summarizing its oil and gas assets and operations. The company holds over 45,000 net acres in the Piceance Basin and over 19,000 net acres in the Peace River Arch region. Dejour expects production to increase to over 1,200 BOE/d in Q3 2015 from existing wells at its Woodrush, Hunter, and Kokopelli projects. The presentation also highlights Dejour's other exploration prospects and provides a financial and corporate overview.
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.
The document summarizes an asset acquisition by Antero Resources Corporation of 55,000 net acres of core Marcellus and Utica shale assets for $450 million. The acquisition significantly increases Antero's acreage position and drilling inventory in the core of the Marcellus and Utica plays. Specifically, the acquisition adds over 4.1 trillion cubic feet of estimated reserves and over 1,000 new drilling locations. The acquired acreage will also be dedicated to Antero Midstream Partners for gathering and processing, providing additional growth opportunities. The acquisition enhances Antero's position in the top producing regions and improves the economic returns of its drilling program.
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 Antero Resources Corporation and contains forward-looking statements regarding estimates, plans, expectations and guidance. It notes that actual results may differ materially from forward-looking statements due to risks and uncertainties in the exploration and development of natural gas and oil. These risks include commodity price volatility, inflation, operational risks, regulatory changes, reserve estimation uncertainties, and other factors discussed in Antero's SEC filings.
This document provides an earnings presentation by Sandridge Energy for Q3 2016. It includes cautionary statements about forward-looking projections. The presentation summarizes Sandridge's operational strategy of focusing on high-return projects from its Mid-Continent assets while diversifying into long-term growth from its large North Park Niobrara position. It provides details on improved drilling economics in both areas, highlighting initial positive results from extended laterals in the Niobrara. The presentation also outlines Sandridge's reorganized capital structure and liquidity following its bankruptcy restructuring and concludes with operational and capital expenditure guidance for 2016.
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 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.
Dejour provides a corporate presentation summarizing its oil and gas assets and operations. The company holds over 45,000 net acres in the Piceance Basin and over 19,000 net acres in the Peace River Arch region. Dejour expects production to increase to over 1,200 BOE/d in Q3 2015 from existing wells at its Woodrush, Hunter, and Kokopelli projects. The presentation also highlights Dejour's other exploration prospects and provides a financial and corporate overview.
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.
The document summarizes an asset acquisition by Antero Resources Corporation of 55,000 net acres of core Marcellus and Utica shale assets for $450 million. The acquisition significantly increases Antero's acreage position and drilling inventory in the core of the Marcellus and Utica plays. Specifically, the acquisition adds over 4.1 trillion cubic feet of estimated reserves and over 1,000 new drilling locations. The acquired acreage will also be dedicated to Antero Midstream Partners for gathering and processing, providing additional growth opportunities. The acquisition enhances Antero's position in the top producing regions and improves the economic returns of its drilling program.
Gürcan Gülen presented on predicting future natural gas supply and demand. Some key points:
fueling stations in the U.S.
- There are abundant shale gas resources in the U.S., but deliverability depends on factors like infrastructure and prices needed for producers to be profitable.
- Demand is difficult to predict and depends on uncertain factors like economic growth, power generation fuel mix, industrial demand, and exports.
- For gas to significantly displace other fuels like coal in power generation, the gas price needs to remain competitive, but coal and nuclear face regulatory risks that could boost gas demand.
The document provides an overview of CPFL Renováveis' 2Q14 results. It summarizes that operating capacity increased 30% year-over-year to 1,495 MW distributed across 70 power plants. Net revenue increased 31% to R$245 million in 2Q14. EBITDA grew 19% to R$117 million in 2Q14 due to portfolio expansion, though extraordinary costs reduced profits. The outlook remains positive as new projects are expected to come online through 2018.
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.
The Bakken bubble has burst, production is now falling
The updated model in this study suggests 119 new producers/month are required for 2015 to maintain North Dakota YE 2015 production at 2014 levels i.e. 1.23M bopd – this is comparable to NDIC and other estimates
Assuming the number of new producers stays at 52/month (i.e. Jan/Feb levels) for the remainder of 2015 then, North Dakota 2015 YE production would decline by 27% to 0.90M BOPD
Some analysts suggest the LTO industry could enter a downward spiral by Q4 2015, sustained by weaker oil prices that will result in significantly reduced cash flows and for some, debt to EBITA ratios that violate credit covenants. This will in turn accentuate the decline of production and revenues. Some LTO plays (such as the Bakken) would then become a less attractive proposition as the cycle accentuates
Bakken economics are one of the most challenging of the LTO plays at sustained low oil prices due to the $7-10 discount between ND light sweet and WTI
Some companies are already diverting capital from the Bakken to other LTO plays with higher margins
CRS: U.S. Crude Oil and Natural Gas Production in Federal and Non-Federal AreasMarcellus Drilling News
A report issued on Feb. 28, 2013 by the Congressional Research Service, a branch of the U.S. Congress. The report shows that while oil and natural gas production on private land in the U.S. rose from 2007-2012, production decreased, significantly, on federal lands during the same period. Obama administration policies are partially to blame for the decrease in federal land production.
A report published by the independent energy consulting firm Concentric Energy Advisors. The report finds that if the PennEast Pipeline is built, PA electric and natural gas customers will see a combined savings of over $500 million, while NJ electric and gas customers will see a combined savings of nearly $400 million.
The document provides an overview of Cypress Energy Partners, L.P., which offers water and environmental services and pipeline inspection and integrity services to energy companies. It notes that increased U.S. oil and gas production is driving greater demand for saltwater disposal and pipeline inspection. Cypress owns saltwater disposal facilities and has a stake in a pipeline inspection business. The document highlights several growth drivers in the company's end markets like increasing production volumes, water usage, and regulatory scrutiny pushing outsourcing of waste services to specialists.
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.
- 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.
2018 05-03 great panther silver limited corporate presentationAlex Heath, CFA
This presentation provides an overview of Great Panther Silver Limited, a profitable silver producer with mining operations in Mexico and Peru. It summarizes Great Panther's production and financial results, outlines its properties and growth projects including the Coricancha Mine in Peru, and highlights its strong balance sheet with $60.9 million in cash and no debt which positions it to pursue acquisition opportunities focused on silver and precious metals assets in the Americas.
Eni Strategic Plan 2021-2024: towards zero emissionsEni
This document discusses Eni's strategic plan to transition to a zero-carbon integrated energy company by 2050. It outlines Eni's goals to reduce greenhouse gas emissions through increasing renewable energy capacity, developing biorefineries, implementing carbon capture projects, and leveraging natural gas. Eni expects to double adjusted EBITDA from retail and renewable businesses between 2021 and 2024. The plan also focuses upstream portfolio on short cycle projects with high returns, aims for annual cash flow growth of 4% through 2024, and establishes a progressive dividend policy tied to oil prices.
Fortune Minerals Investor Presentation November 2013Company Spotlight
This investor presentation provides an overview of Fortune Minerals and its two late-stage mineral development projects in Canada. It summarizes the positive feasibility study for its Arctos Anthracite Project, a metallurgical coal mine in British Columbia with a strategic partnership with POSCO. It also provides corporate and ownership information, analyst coverage, and discusses progress on permitting and development.
Cequence energy announces_operations_update_feb_20161Julian Majic
Cequence Energy announces positive operating results from its recent wells. Its Simonette Montney well produced an average of 1,800 boe/d and showed a high initial condensate yield, indicating potential in the western portion of Simonette. A Dunvegan oil well exceeded forecasts, producing 47,000 bbls in its first 150 days. Cequence increased the length of future Simonette wells and expects cost savings through pad drilling. Capital expenditures in the first half of 2016 will be limited while the company examines options to maximize shareholder value.
Fortune Minerals Investor Presentation - January 2014Company Spotlight
- The document is an investor presentation for Fortune Minerals outlining their two late-stage mineral development projects in Canada: the Arctos Anthracite Project and the NICO gold-cobalt project.
- The Arctos project has completed a positive feasibility study and environmental assessment and is advancing permitting to begin production. It would be an open-pit mine producing high-quality metallurgical coal.
- Fortune Minerals also provided updates on project economics from the feasibility study, resource estimates, permitting progress, partnerships including with POSCO, and plans to further advance the project.
BSM084 - Group 15 - 1413749 - Individual Report - IGas Shale - 2015_01_05 (FI...Murat Islam CEng MIMechE
This document provides a high-level project plan for IGas Energy PLC to extract shale gas from the UK. It evaluates three potential drilling locations - West Bowland Basin, Sussex Weald Basin, and Midland Valley. The document recommends that IGas focus its initial efforts on the West Bowland Basin, as it contains over 1,300 trillion cubic feet of recoverable shale gas and could meet the UK's natural gas needs for 40 years. A work breakdown structure, project schedule, and risk assessment are provided to guide the development of a more detailed project plan. Key stakeholders like local communities and investors are identified, and their interests and potential concerns are discussed.
The document provides an overview of Ur-Energy Inc., a uranium mining company with projects in Wyoming. Key points include:
- Lost Creek is the company's flagship in-situ recovery uranium facility which began production in 2013 and has exceeded production targets.
- Resources at Lost Creek have increased 250% since 2011 with measured, indicated and inferred resources now totaling over 21 million pounds.
- A preliminary economic assessment outlines potential production of 13.8 million additional pounds over the life of the Lost Creek mine.
- The company's next development project is Shirley Basin, also located in Wyoming.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of natural gas and natural gas liquids located in the Marcellus and Utica Shales.
- The company has grown production significantly through operational focus on these shale plays, currently operating 20 drilling rigs.
- Antero has secured substantial firm natural gas processing and takeaway capacity to support its high growth plans.
Company website presentation february 2014 (b)AnteroResources
2015
1,600,000
20,000
1. Company overview of Antero Resources, a pure play natural gas company focused on developing properties in the Marcellus and Utica shale plays.
2. Antero has significant reserves of over 35 trillion cubic feet of gas equivalent and a multi-year drilling inventory across its acreage that supports continued low-risk growth.
3. The company has invested heavily in midstream infrastructure including significant gas processing plants and takeaway pipelines to handle its growing production volumes and move them to premium markets.
The document provides an overview of Antero Resources Corporation. It states that Antero has significant reserves of 35 trillion cubic feet of gas equivalent in the Marcellus and Utica Shales. It also notes that Antero has grown its Appalachian production by 159% annually since 2010 through active drilling, with 20 rigs currently operating. Antero focuses on having low development costs of $1.03 per thousand cubic feet of gas equivalent and industry-leading growth-adjusted recycle ratios of 6.1 times. The document emphasizes Antero's infrastructure including firm transportation agreements and processing facilities to support its planned growth.
Gürcan Gülen presented on predicting future natural gas supply and demand. Some key points:
fueling stations in the U.S.
- There are abundant shale gas resources in the U.S., but deliverability depends on factors like infrastructure and prices needed for producers to be profitable.
- Demand is difficult to predict and depends on uncertain factors like economic growth, power generation fuel mix, industrial demand, and exports.
- For gas to significantly displace other fuels like coal in power generation, the gas price needs to remain competitive, but coal and nuclear face regulatory risks that could boost gas demand.
The document provides an overview of CPFL Renováveis' 2Q14 results. It summarizes that operating capacity increased 30% year-over-year to 1,495 MW distributed across 70 power plants. Net revenue increased 31% to R$245 million in 2Q14. EBITDA grew 19% to R$117 million in 2Q14 due to portfolio expansion, though extraordinary costs reduced profits. The outlook remains positive as new projects are expected to come online through 2018.
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.
The Bakken bubble has burst, production is now falling
The updated model in this study suggests 119 new producers/month are required for 2015 to maintain North Dakota YE 2015 production at 2014 levels i.e. 1.23M bopd – this is comparable to NDIC and other estimates
Assuming the number of new producers stays at 52/month (i.e. Jan/Feb levels) for the remainder of 2015 then, North Dakota 2015 YE production would decline by 27% to 0.90M BOPD
Some analysts suggest the LTO industry could enter a downward spiral by Q4 2015, sustained by weaker oil prices that will result in significantly reduced cash flows and for some, debt to EBITA ratios that violate credit covenants. This will in turn accentuate the decline of production and revenues. Some LTO plays (such as the Bakken) would then become a less attractive proposition as the cycle accentuates
Bakken economics are one of the most challenging of the LTO plays at sustained low oil prices due to the $7-10 discount between ND light sweet and WTI
Some companies are already diverting capital from the Bakken to other LTO plays with higher margins
CRS: U.S. Crude Oil and Natural Gas Production in Federal and Non-Federal AreasMarcellus Drilling News
A report issued on Feb. 28, 2013 by the Congressional Research Service, a branch of the U.S. Congress. The report shows that while oil and natural gas production on private land in the U.S. rose from 2007-2012, production decreased, significantly, on federal lands during the same period. Obama administration policies are partially to blame for the decrease in federal land production.
A report published by the independent energy consulting firm Concentric Energy Advisors. The report finds that if the PennEast Pipeline is built, PA electric and natural gas customers will see a combined savings of over $500 million, while NJ electric and gas customers will see a combined savings of nearly $400 million.
The document provides an overview of Cypress Energy Partners, L.P., which offers water and environmental services and pipeline inspection and integrity services to energy companies. It notes that increased U.S. oil and gas production is driving greater demand for saltwater disposal and pipeline inspection. Cypress owns saltwater disposal facilities and has a stake in a pipeline inspection business. The document highlights several growth drivers in the company's end markets like increasing production volumes, water usage, and regulatory scrutiny pushing outsourcing of waste services to specialists.
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.
- 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.
2018 05-03 great panther silver limited corporate presentationAlex Heath, CFA
This presentation provides an overview of Great Panther Silver Limited, a profitable silver producer with mining operations in Mexico and Peru. It summarizes Great Panther's production and financial results, outlines its properties and growth projects including the Coricancha Mine in Peru, and highlights its strong balance sheet with $60.9 million in cash and no debt which positions it to pursue acquisition opportunities focused on silver and precious metals assets in the Americas.
Eni Strategic Plan 2021-2024: towards zero emissionsEni
This document discusses Eni's strategic plan to transition to a zero-carbon integrated energy company by 2050. It outlines Eni's goals to reduce greenhouse gas emissions through increasing renewable energy capacity, developing biorefineries, implementing carbon capture projects, and leveraging natural gas. Eni expects to double adjusted EBITDA from retail and renewable businesses between 2021 and 2024. The plan also focuses upstream portfolio on short cycle projects with high returns, aims for annual cash flow growth of 4% through 2024, and establishes a progressive dividend policy tied to oil prices.
Fortune Minerals Investor Presentation November 2013Company Spotlight
This investor presentation provides an overview of Fortune Minerals and its two late-stage mineral development projects in Canada. It summarizes the positive feasibility study for its Arctos Anthracite Project, a metallurgical coal mine in British Columbia with a strategic partnership with POSCO. It also provides corporate and ownership information, analyst coverage, and discusses progress on permitting and development.
Cequence energy announces_operations_update_feb_20161Julian Majic
Cequence Energy announces positive operating results from its recent wells. Its Simonette Montney well produced an average of 1,800 boe/d and showed a high initial condensate yield, indicating potential in the western portion of Simonette. A Dunvegan oil well exceeded forecasts, producing 47,000 bbls in its first 150 days. Cequence increased the length of future Simonette wells and expects cost savings through pad drilling. Capital expenditures in the first half of 2016 will be limited while the company examines options to maximize shareholder value.
Fortune Minerals Investor Presentation - January 2014Company Spotlight
- The document is an investor presentation for Fortune Minerals outlining their two late-stage mineral development projects in Canada: the Arctos Anthracite Project and the NICO gold-cobalt project.
- The Arctos project has completed a positive feasibility study and environmental assessment and is advancing permitting to begin production. It would be an open-pit mine producing high-quality metallurgical coal.
- Fortune Minerals also provided updates on project economics from the feasibility study, resource estimates, permitting progress, partnerships including with POSCO, and plans to further advance the project.
BSM084 - Group 15 - 1413749 - Individual Report - IGas Shale - 2015_01_05 (FI...Murat Islam CEng MIMechE
This document provides a high-level project plan for IGas Energy PLC to extract shale gas from the UK. It evaluates three potential drilling locations - West Bowland Basin, Sussex Weald Basin, and Midland Valley. The document recommends that IGas focus its initial efforts on the West Bowland Basin, as it contains over 1,300 trillion cubic feet of recoverable shale gas and could meet the UK's natural gas needs for 40 years. A work breakdown structure, project schedule, and risk assessment are provided to guide the development of a more detailed project plan. Key stakeholders like local communities and investors are identified, and their interests and potential concerns are discussed.
The document provides an overview of Ur-Energy Inc., a uranium mining company with projects in Wyoming. Key points include:
- Lost Creek is the company's flagship in-situ recovery uranium facility which began production in 2013 and has exceeded production targets.
- Resources at Lost Creek have increased 250% since 2011 with measured, indicated and inferred resources now totaling over 21 million pounds.
- A preliminary economic assessment outlines potential production of 13.8 million additional pounds over the life of the Lost Creek mine.
- The company's next development project is Shirley Basin, also located in Wyoming.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of natural gas and natural gas liquids located in the Marcellus and Utica Shales.
- The company has grown production significantly through operational focus on these shale plays, currently operating 20 drilling rigs.
- Antero has secured substantial firm natural gas processing and takeaway capacity to support its high growth plans.
Company website presentation february 2014 (b)AnteroResources
2015
1,600,000
20,000
1. Company overview of Antero Resources, a pure play natural gas company focused on developing properties in the Marcellus and Utica shale plays.
2. Antero has significant reserves of over 35 trillion cubic feet of gas equivalent and a multi-year drilling inventory across its acreage that supports continued low-risk growth.
3. The company has invested heavily in midstream infrastructure including significant gas processing plants and takeaway pipelines to handle its growing production volumes and move them to premium markets.
The document provides an overview of Antero Resources Corporation. It states that Antero has significant reserves of 35 trillion cubic feet of gas equivalent in the Marcellus and Utica Shales. It also notes that Antero has grown its Appalachian production by 159% annually since 2010 through active drilling, with 20 rigs currently operating. Antero focuses on having low development costs of $1.03 per thousand cubic feet of gas equivalent and industry-leading growth-adjusted recycle ratios of 6.1 times. The document emphasizes Antero's infrastructure including firm transportation agreements and processing facilities to support its planned growth.
The document provides an overview of Antero Resources Corporation, including:
1) Antero has over 35 trillion cubic feet equivalent of reserves across the Marcellus and Utica shales, with average net production of 678 million cubic feet equivalent per day in the fourth quarter of 2013.
2) Antero is the most active driller in the Marcellus shale with 15 rigs currently drilling, and the third most active driller in the Utica shale with 5 rigs.
3) Antero has over $1 billion in available liquidity and 1.5 trillion cubic feet equivalent of production hedged through 2019, supporting its high growth plans.
This document provides an overview of Antero Resources Corporation. It states that Antero has critical mass in the Marcellus and Utica shale plays, with over 28 trillion cubic feet of reserves across the regions. It also notes that Antero is the most active driller in Appalachia and the Marcellus shale, with 20 and 15 rigs running respectively. Finally, it highlights Antero's industry leading capital efficiency and recycle ratio, supported by its significant midstream infrastructure and hedge position to facilitate continued high growth.
This document provides an overview of Antero Resources Corporation. It discusses Antero's position as a "pure play" company focused on the Marcellus and Utica shale plays, with over 28 trillion cubic feet of reserves across the regions. Antero has demonstrated strong production growth through operational focus and investment in infrastructure. The company has a multi-year inventory of drilling locations that can support continued low-risk growth. Antero has among the lowest development costs in the industry, driving high returns as shown through its industry-leading recycle ratio.
Company Presentation - August 2014 (budget update)AnteroResources
This document provides an overview of Antero Resources Corporation, a company focused on developing natural gas and oil resources from the Marcellus and Utica Shales in Appalachia. It discusses Antero's large reserve base of 37.5 trillion cubic feet of gas equivalents, industry-leading production growth and capital efficiency, significant midstream infrastructure investments, and portfolio of firm gas and natural gas liquid takeaway agreements. Antero plans to continue high growth through developing its multi-year drilling inventory across its core acreage positions in the liquids-rich Marcellus and Utica Shales.
This document provides an overview of Antero Resources Corporation. Some key points:
- Antero has significant natural gas and oil reserves located in the Marcellus and Utica Shales in the Appalachian Basin, totaling over 28 trillion cubic feet of gas equivalent.
- Antero has demonstrated strong production growth through development of these shale plays, with a 182% compound annual growth rate in Appalachian production since 2010.
- Antero has a multi-year inventory of potential drilling locations that can support continued low-risk and high-return growth, and uses industry-leading capital efficiency.
This document provides an overview of Antero Resources Corporation, including forward-looking statements and risks. It summarizes Antero's position in the Marcellus and Utica Shales, with over 37 Tcfe of reserves across the regions. Antero plans a $3.7 billion 2014 capital budget to accelerate drilling and midstream activities. It has significantly increased production, reserves, and infrastructure since its IPO through successful drilling and strategic acquisitions.
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.
Company website presentation (c) october 2014AnteroResources
- Antero Resources is a pure play company focused on developing natural gas and oil resources in the Marcellus and Utica Shales.
- As of June 30, 2014, Antero reported net proved reserves of 9.1 Tcfe and net 3P reserves of 37.5 Tcfe across its acreage positions.
- Antero has invested over $1.6 billion in midstream infrastructure including gathering lines, compressor stations, and fresh water distribution systems to support its production and operations.
Company website presentation (c) october 2014AnteroResources
- The company overview document discusses Antero Resources, a natural gas exploration and production company focused on the Marcellus and Utica Shale plays.
- Antero has significant reserves of 37.5 trillion cubic feet of gas equivalents across its acreage, along with high growth production that increased 91% year-over-year in the third quarter of 2014.
- The company has invested heavily in midstream infrastructure like processing plants and pipelines to efficiently develop its production and access favorable gas markets.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with strong production growth.
- The company has industry-leading capital efficiency and a top quartile return on productive capital.
- Antero has significant midstream infrastructure and secured firm transportation for its gas and NGL production.
The document provides an overview of Antero Resources Corporation, including:
- Antero has significant reserves of 37.5 Tcfe primarily in the Marcellus and Utica shale plays with strong production growth.
- The company has industry-leading capital efficiency and a top quartile return on productive capital, with low development costs and a high growth-adjusted recycle ratio.
- Antero has invested heavily in midstream infrastructure like processing plants and pipelines to support its production and has secured significant firm transportation contracts.
Company Website Presentation - April 2014 (C)AnteroResources
The document provides an overview of Antero Resources Corporation. It discusses Antero's position as a "pure play" on the Marcellus and Utica Shales, with over 35 trillion cubic feet equivalent of reserves across these regions. It also summarizes Antero's strong production growth track record, low development costs leading to industry-leading capital efficiency, and significant multi-year drilling inventory. The document highlights Antero's focus on increasing its liquids production and securing firm gas processing and takeaway capacity.
This document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding Antero's estimates, plans, strategies, objectives, anticipated financial and operating results. These statements are based on certain assumptions and are subject to risks and uncertainties. The document also cautions that forward-looking statements are subject to difficulties in predicting Antero's future results. It provides updated information on Antero's balance sheet, liquidity, production growth targets, and reserve additions as of the end of 2016.
- The document provides an overview of Antero Resources Corporation, a company focused on developing natural gas and oil resources from the Marcellus and Utica Shales.
- Antero has significant reserves and acreage positions in the Marcellus and Utica Shales, with over 37 trillion cubic feet of reserves across both plays.
- The company has invested heavily in midstream infrastructure like gathering lines and processing facilities to support its production and growth.
- Antero has also secured long-term firm transportation and processing agreements to achieve premium realized prices for its natural gas and natural gas liquids.
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's acquisition of 66,500 net acres and 5.0 trillion cubic feet of reserves for $546 million. The acquisition significantly increases Antero's core drilling inventory by adding over 1,000 drilling locations and enhancing existing locations. The acquired acreage has well economics with projected returns of 51-77% at current strip prices and contains opportunities in liquids-rich gas, dry gas, and Utica development. The acquisition also provides organic growth for Antero Midstream through additional acreage dedication.
The document provides an overview of Antero Resources Corporation. It discusses forward-looking statements and risks associated with the company's projections. It then highlights Antero's leading position in the Appalachian Basin, including having the largest core liquids-rich position. It also summarizes Antero's reserves and production growth, well economics showing high returns, and the substantial value of its midstream business through its ownership in Antero Midstream Partners.
The document provides an overview of Antero Resources Corporation, including:
- Antero has 35 trillion cubic feet equivalent of reserves primarily in the Marcellus and Utica Shales.
- They are the most active driller in the Marcellus Shale with 15 rigs running and among the most active in the Utica Shale with 5 rigs.
- Antero has industry-leading capital efficiency with the lowest 3-year average development costs and top quartile return on productive capital.
This document provides an overview of Antero Resources Corporation. It states that Antero has significant natural gas and oil reserves located in the Marcellus and Utica Shales of Appalachia. Antero has over 28 trillion cubic feet equivalent of 3P reserves across its acreage and over 800 undrilled drilling locations that are expected to provide economic returns even at low natural gas prices. The company has demonstrated strong production and reserve growth over time through active development of its multi-year inventory of drilling opportunities.
The document provides an overview of Antero Resources Corporation, including:
- Antero has over 35 trillion cubic feet of equivalent reserves across the Marcellus and Utica Shales in Appalachia, with industry-leading production growth and capital efficiency.
- The company operates 20 drilling rigs with a focus on liquids-rich areas for higher returns, and has significant midstream infrastructure commitments to support its growth plans.
- Antero has a large inventory of undrilled drilling locations across its multi-year development plan and a substantial hedge book to underpin its growth through 2019.
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.
Sandridge Energy presented its operational plan and investment thesis. Key points include:
- Focus on high-grading its Mid-Continent assets and appraising new zones while developing its North Park Niobrara acreage position.
- North Park Niobrara drilling is showing encouraging early results and potential upside through extended laterals and additional benches.
- The company has a strong balance sheet, $536 million in liquidity, and minimal covenants following its restructuring providing financial flexibility.
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.
The document provides an overview of Antero Resources Corporation. It discusses forward-looking statements and risks associated with the estimates and projections. It also highlights key aspects of Antero's recent acquisition including the addition of 66,500 net acres and over 5 trillion cubic feet of reserves for $546 million. The acquisition significantly increases Antero's drilling inventory in the Marcellus shale play with attractive well economics.
- The document is a presentation by Antero Resources Corporation that contains forward-looking statements about Antero's estimates, plans, expectations and guidance.
- It provides Antero's market capitalization, enterprise value, recent liquidity events, and reserves and acreage positions as well as production and financial metrics.
- The presentation outlines Antero's 2017 capital budget and guidance, and long-term targets for production growth, leverage, hedging and cash flow that aim to double production by 2020 while maintaining financial strength.
This document provides an overview of Antero Resources Corporation. It begins with forward-looking statements and disclaimers about the risks of relying on such statements. It then provides highlights of Antero's size, including market capitalization, enterprise value, reserves, production levels, and acreage. The document discusses Antero's growth since its IPO in 2013 across several operational and financial metrics. It also summarizes Antero's leading position in the Marcellus and Utica shales in Appalachia with recent well results and 2016 acquisitions expanding its high-quality acreage position.
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 forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. The document also highlights several changes made to guidance, economics and other figures since the prior presentation in March 2017 based on updated strip pricing as of March 31, 2017.
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.
Credit suisse conference presentation february 2017 v-fAnteroResources
The document provides forward-looking statements and guidance for Antero Resources Corporation. It summarizes Antero's 2016 reserve growth which saw proved reserves increase 16% to 15.4 trillion cubic feet equivalent and 3P reserves increase 25% to 46.4 trillion cubic feet equivalent. The document also announces a new joint venture between Antero Midstream and MPLX for natural gas processing and fractionation in Appalachia, providing long-term growth opportunities through 2020. Finally, it provides Antero's 2017 guidance which calls for production growth to 2.2 billion cubic feet equivalent per day, D&C capital of $1.3 billion, and modest annual increases in cash flow from operations within cash flow from operations.
Company website presentation (c) february 2017AnteroResources
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding estimates, plans, expectations and guidance. It also cautions that actual results could differ materially from forward-looking statements due to risks and uncertainties. The document then provides details on Antero's market capitalization, reserves, production, acreage position, and drilling inventory to support long-term growth plans. Antero has over 8,000 potential drilling locations that provide multi-year development opportunities on its large, consolidated acreage position in the Marcellus and Utica shale plays.
Company website presentation (b) february 2017AnteroResources
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding estimates, plans, expectations and guidance. It also cautions that actual results could differ materially from forward-looking statements due to risks and uncertainties. The document then provides details on Antero's market capitalization, reserves, production, drilling inventory, and long-term growth outlook through 2020. Antero plans annual production growth and decreasing leverage while maintaining a substantial inventory of drilling locations with attractive economics.
Company website presentation (a) february 2017AnteroResources
The document provides an overview of Antero Resources Corporation. Some key points:
- It contains forward-looking statements regarding estimates, plans, expectations and guidance that are subject to risks and uncertainties.
- As of February 2017, Antero has a market capitalization of $8.2 billion and net production of 1,875 MMcfe/d that is 26% liquids. It holds 624,000 net acres of land.
- In 2016, Antero grew its proved reserves by 16% to 15.4 Tcfe and its 3P reserves by 25% to 46.4 Tcfe through acquisitions and successful drilling, establishing an outstanding drilling inventory for long-term growth.
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding estimates, expectations, plans, strategies and guidance. It cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. The document also provides an overview of Antero's market capitalization, reserves, production, acreage position, and 2017 guidance including planned capital expenditures, production growth targets, and hedging percentages.
Company website presentation (a) december 2016AnteroResources
The document provides an overview of Antero Resources Corporation. It notes that the presentation contains forward-looking statements and describes various risk factors that could affect Antero's actual results. It then provides highlights of Antero's profile, including its market capitalization, enterprise value, reserves, production rates, and acreage position. The document emphasizes Antero's strong balance sheet, leading realized prices and margins, improving well economics, and large drilling 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.
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.
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 forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. The document also provides updates to slides since the last October 2016 presentation, including updated financial data, production guidance, and hedge positions.
This document provides an overview of Antero Resources Corporation. It begins with forward-looking statements and disclosures, noting that the document contains projections that may not come to pass. It then provides updates to slides presented in a prior September 2016 presentation, including improved well economics from lower costs and longer laterals, higher estimated ultimate recoveries, and updated financial information. The document highlights Antero's large core acreage position, growing production and improving well returns, leading realized prices due to premium sales contracts, and strong balance sheet with significant liquidity. It presents Antero as well positioned for sustainable growth in the Appalachian basin.
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
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.
The document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding estimates, plans, expectations and guidance. It cautions that actual results could differ materially from forward-looking statements due to risks and uncertainties inherent in the natural gas and oil business. The company has achieved significant reductions in well costs in both the Marcellus and Utica shales through improvements in drilling times, lateral lengths, stages per well, and costs per thousand feet.
This document is the first quarter 2016 earnings call presentation for Antero Resources Corporation. It contains forward-looking statements and discusses Antero's hedge strategy, which has resulted in $2.1 billion in realized hedge gains since 2009. It also summarizes Antero's projected incremental EBITDA of $125.6 million from its Stonewall project. Additional sections compare Antero's EBITDAX and margins to Appalachian peers, show Antero's continued measured growth, and demonstrate Antero's flexibility and upside in various commodity price scenarios.
The document provides an overview of Antero Resources Corporation. It begins with forward-looking statements and disclosures, noting that the presentation contains projections that may not come to pass. It then highlights Antero's leading position in the Appalachian basin, with the largest core position, largest proved reserves, and status as one of the top gas producers. It also notes Antero's track record of continuous improvements that have driven down well costs and increased recoveries over time.
Company website presentation final april 2016AnteroResources
This document provides an overview of Antero Resources Corporation. It contains forward-looking statements regarding Antero's estimates, plans, expectations and guidance. These statements are based on certain assumptions but are subject to risks and uncertainties. The document also notes that Antero has updated certain slides since its last presentation in April 2016, including updated well economics and acreage positions as of March 31, 2016 under current strip pricing. It highlights why investing in Antero provides balance sheet strength, production hedged at attractive prices, improving well economics and margins, and significant drilling inventory in core areas.
This document provides an overview of Antero Resources Corporation. It begins with forward-looking statements and disclosures, noting the risks associated with such projections. It then highlights several changes to projections and figures since the last presentation in April 2016, including updated well economics and acreage positions. The document emphasizes Antero's leading position as the most active driller in Appalachia, with a large core acreage position and drilling inventory. It also notes improvements in well costs, performance, and operating efficiencies.
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Final ank Satta Matka Dpbos Final ank Satta Matta Matka 143 Kalyan Matka Guessing Final Matka Final ank Today Matka 420 Satta Batta Satta 143 Kalyan Chart Main Bazar Chart vip Matka Guessing Dpboss 143 Guessing Kalyan night
Easily Verify Compliance and Security with Binance KYCAny kyc Account
Use our simple KYC verification guide to make sure your Binance account is safe and compliant. Discover the fundamentals, appreciate the significance of KYC, and trade on one of the biggest cryptocurrency exchanges with confidence.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
How to Implement a Real Estate CRM SoftwareSalesTown
To implement a CRM for real estate, set clear goals, choose a CRM with key real estate features, and customize it to your needs. Migrate your data, train your team, and use automation to save time. Monitor performance, ensure data security, and use the CRM to enhance marketing. Regularly check its effectiveness to improve your business.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
The Genesis of BriansClub.cm Famous Dark WEb PlatformSabaaSudozai
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Call8328958814 satta matka Kalyan result satta guessing➑➌➋➑➒➎➑➑➊➍
Satta Matka Kalyan Main Mumbai Fastest Results
Satta Matka ❋ Sattamatka ❋ New Mumbai Ratan Satta Matka ❋ Fast Matka ❋ Milan Market ❋ Kalyan Matka Results ❋ Satta Game ❋ Matka Game ❋ Satta Matka ❋ Kalyan Satta Matka ❋ Mumbai Main ❋ Online Matka Results ❋ Satta Matka Tips ❋ Milan Chart ❋ Satta Matka Boss❋ New Star Day ❋ Satta King ❋ Live Satta Matka Results ❋ Satta Matka Company ❋ Indian Matka ❋ Satta Matka 143❋ Kalyan Night Matka..
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
2. This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this
presentation that address activities, events or developments that Antero Resources LLC and its subsidiaries (collectively, the
“Company”) expects, believes or anticipates will or may occur in the future are forward-looking statements. The words “believe,”
“expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify
forward-looking statements, which are generally not historical in nature. 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 estimates of the Company’s reserves, expectations of plans, strategies,
objectives and anticipated financial and operating results of the Company, including as to the Company’s drilling program,
production, hedging activities, capital expenditure levels and other guidance included in this presentation. These statements are
based on certain assumptions made by the Company 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 Company, 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 in the Company’s filings with the SEC.
We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult
to predict and many of which are beyond our control, incident to the exploration for and development, production, gathering and
sale of natural gas and oil. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of
drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the
uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access
to capital, the timing of development expenditures, and the other risks described under the heading “Item 1A. Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31, 2012.
Any forward-looking statement speaks only as of the date on which such statement is made and the Company 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.
Forward-Looking Statements
1
3. Antero Resources Snapshot
• Private E&P company headquartered in Denver, Colorado – extensive shale experience
− Drilled and operated over 450 horizontal shale wells in Barnett, Woodford, Marcellus and Utica Shales
• Appalachian Shale-Focused – a “pure play” company with upstream and midstream assets
− Marcellus Shale: 328,000 net acres all located in the Southwestern Core area, 195 horizontal wells completed
− Utica Shale: 101,000 net acres all located in the Core of the play, 11 horizontal wells completed
− Upper Devonian Shale: 170,000 net acres (overlying Marcellus Shale), 2 horizontal wells completed
• High production growth – Appalachian production has increased 115% year-over-year to 458 MMcfe/d net for 2Q
2013, including 3,300 Bbl/d of liquids
− Estimated August 2013 net production averaged 590 MMcfe/d including 9,000 Bbl/d of liquids
− Current net production is 680 MMcfe/d including 13,500 Bbl/d of liquids, with an additional 115 MMcfe/d of net
production including 4,300 Bbl/d of liquids constrained/shut-in waiting on pipeline, compression or processing
• Large, low risk drilling inventory – Over 4,500 horizontal drilling locations will continue to feed high growth in
existing 6.3 Tcfe(1) proved reserve base as of June 30, 2013 (assuming ethane rejection)
• Low cost leader – $1.03/Mcfe 3-year pro forma development cost calculated using 2012 J.P. Morgan methodology(2)
− $0.90/Mcfe estimated net future development cost in 6/30/2013 3P reserve base (assuming ethane rejection)
• Rapidly growing liquids exposure – 12% by production volume today, forecast to grow to ~20% by 2014 assuming
ethane rejection (~40% liquids exposure if assume ethane recovery in 2014 and beyond)
• Large long-term hedge position – 1,024 Bcfe hedged at $5.11/MMBtu NYMEX-equivalent(3) through 2019
• Infrastructure emphasis – Gathering, compression and processing infrastructure either in place or committed and
underway – well positioned in southern portion of Marcellus and Utica Shale plays for access to gas takeaway
• Strong liquidity to fuel low cost growth – ~$1.0 billion(4) of undrawn borrowing base capacity as of June 30, 2013
2
___________________________
1. 6/30/2013 SEC reserves assuming ethane rejection using a price deck of $3.43/MMBtu for Appalachia. WTI SEC price averaged $91.65/Bbl. Reserves audited by independent third-party engineers DeGolyger & MacNaughton using
SEC reserve methodology and pricing.
2. Source: Proved developed F&D research report prepared by J.P. Morgan dated 7/22/2013. Includes total drilling and completion costs but excludes land and acquisition costs for all companies. Defined as total drilling and
completion capital expenditures for the period divided by PDP and PDNP volumes added after adding back production for the period. Calculated by Antero using J.P. Morgan methodology; Marcellus and Utica only.
3. In order to compare hedges across basins and commodities, hedged basin prices are converted by Antero to NYMEX-equivalent prices using current basis differentials in the over-the-counter futures market and 6:1 gas to oil ratio.
4. Lender commitments under the facility are $1.75 billion which can be expanded to the full $2.0 billion borrowing base. Undrawn capacity as of 6/30/2013.
4. Appalachia
Total – SEC Reserves
___________________________
1. 6/30/2013 SEC reserves assuming ethane rejection and using a price deck of $3.43/MMBtu for Appalachia. WTI SEC price averaged $91.65/Bbl. Reserves prepared internally using SEC reserve methodology and pricing
and audited by independent third-party engineers DeGolyer & MacNaughton.
2. See note on page 38 for 3P definition.
3. Includes hedge PV-10 value of $944 million.
4. All net acres allocated to the Upper Devonian Shale are included among the net acres allocated to the Marcellus Shale as formations attributable to the same leases.
Marcellus Shale
Low Cost Liquids-Rich Reserve Base
SEC Proved Reserves(1) 5,959 Bcfe
Net 3P Gas Equivalent(1,2) 18,714 Bcfe
Net 3P Liquids(1,2) 465 MMBbls
% Liquids – Net 3P 15%
2Q 2013 Net Production 453 MMcfe/d
Net Acreage 328,000
Undrilled Locations 2,941
SEC Proved Reserves(1) 6.3 Tcfe
Net 3P Gas Equivalent(1,2) 27.7 Tcfe
Net 3P Liquids(1,2) 667 MMBbls
% Liquids – Net 3P 14%
Proved Developed PV-10(3) $3.0 Billion
Proved PV-10(3) $5.4 Billion
2Q 2013 Net Production 458 MMcfe/d
Net Acreage(4) 429,000
Utica Shale
SEC Proved Reserves(1) 279 Bcfe
Net 3P Gas Equivalent(1,2) 5,254 Bcfe
Net 3P Liquids(1,2) 164 MMBbls
% Liquids – Net 3P 19%
2Q 2013 Net Production 1 MMcfe/d
Net Acreage 101,000
Undrilled Locations 720
Upper Devonian Shale
SEC Proved Reserves(1) 44 Bcfe
Net 3P Gas Equivalent(1,2) 3,780 Bcfe
Net 3P Liquids(1,2) 38 MMBbls
% Liquids – Net 3P 6%
2Q 2013 Net Production 4 MMcfe/d
Net Acreage(4) 170,000
Undrilled Locations 915
3
● Antero increased Appalachian proved reserves by 44% at mid-year 2013, assuming ethane recovery, and 47%
assuming ethane rejection, from year-end 2012
5. Marcellus,
18.7 Tcfe
Utica, 5.3
Tcfe
Upper
Devonian,
3.8 Tcfe
• Antero’s liquids-rich position provides significant upside to improving NGL pricing
– 3P reserves of over 1.6 BBbls of NGLs and condensate assuming ethane recovery mode – 31% liquids
Significant Ethane Optionality
Ethane Rejection(1) Ethane Recovery(1)
Gas, 23.8
Tcf
Oil, 71
MMBbls NGLs, 595
MMBbls
Gas, 22.2
Tcf
Oil, 71
MMBbls
NGLs,
1,580
MMBbls
27.7 Tcfe 32.1 Tcfe
14% Liquids 31% Liquids
___________________________
1. Ethane rejection occurs when ethane is left in the wellhead gas stream when the gas is processed, rather than being separated out and sold as a liquid after fractionation. When ethane is left in the gas stream, the
BTU content of the residue gas at the outlet of the processing plant is higher. Producers will elect to ‘‘reject’’ ethane when the price received for the higher BTU residue gas is greater than the price received for the
ethane being sold as a liquid after fractionation. When ethane is recovered, the BTU content of the residue gas is lower, but a producer is then able to recover the value of the ethane sold as a separate NGL product.
4
Marcellus,
21.8 Tcfe
Utica, 6.1
Tcfe
Upper
Devonian,
4.2 Tcfe
6. Strong Track Record of Growth
___________________________
1. Proved reserves for 2006, 2007 and 2008 represent previously effective SEC methodology. 2009, 2010, 2011, 2012 and 6/30/2013 proved reserves based on current SEC reserve methodology and
pricing and audited by independent third-party engineers. 2012 excludes Arkoma Basin reserves which were sold on June 29, 2012 and Piceance Basin reserves which were sold on December 21,
2012. Marcellus includes Upper Devonian Shale proved reserves.
2. CAGR = Compound Annual Growth Rate.
Average Net Daily Production
Net Proved SEC Reserves (1)
Appalachia Production
Operated Wells Spud
6 31
87 105
133
244
87 235
680
1,141
3,231
5,017
85
96
126
18
66
91Economic
Crisis
119
5
334
4,929
156
21
458
2Q 2013
6,282
30
124
239
458
1Q 2013
383
383
7. $0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
Range
Cabot
EQT
SMEnergy
Noble
Cimarex
Southwestern
Pioneer
Concho
Devon
Chesapeake
EOG
Newfield
0%
20%
40%
60%
80%
100%
Industry Leading Finding Costs
Industry 3-Year All-in Finding Costs Through 2012(1)(2)
3‐Year Comp Median = $2.75/Mcfe(3)
• Based on the Howard Weil 2012 F&D Cost Study, Antero had the lowest three-year
average all-in finding cost through 2012 of $0.48/Mcfe
$/Mcfe
Antero
___________________________
1. Source: Howard Weil 2012 Finding & Development Cost Study.
2. Antero finding costs calculated over 3 years using 12/31/2012 SEC reserves, including Arkoma, Fayetteville and Piceance. Reserves were audited by DeGolyer & MacNaughton (Appalachia, Arkoma and
Fayetteville) and Ryder Scott (Piceance). Antero % Gas Reserves reflects MY 2013 proved reserves assuming ethane rejection.
3. Median calculated for comparable company set used in this graph; excludes Antero.
● Includes all drilling, land and acquisition expenditures
- Most direct Antero comparables
6
% Gas Proved
Reserves
$0.48
Marcellus Producers
$0.84 $1.02
$1.31
8. $0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
Cabot
Range
Southwestern
EQT
Ultra
Chesapeake
Devon
Concho
Newfield
Pioneer
Cimarex
EOG
SMEnergy
Noble
0%
20%
40%
60%
80%
100%
$1.03 $1.14
$1.41 $1.57 $1.71
Most-direct Antero comparables___________________________
1. Source: Proved developed F&D research report prepared by J.P. Morgan Research dated 7/22/2013. Includes all total drilling and completion costs but excludes land and acquisition costs for all companies. Defined as
total drilling and completion capital expenditures for the period divided by PDP and PDNP volumes after adding back production for the period. Antero % Gas Reserves calculated from 6/30/2013 proved reserves.
2. Median calculated for comparable company set used in this graph; excludes Antero.
3. Calculated by Antero using J.P. Morgan methodology – pro forma for divestiture of Arkoma and Piceance properties.
4. Calculated by Antero using J.P. Morgan methodology.
Industry 3-Year Development Costs Through 2012(1)
AnteroPF(3)
$/Mcfe
● Per Mcfe development cost excluding land is a better measure of capital efficiency than finding costs
− Antero was the leader in 3-year development costs through 2012
Industry Leading Development Costs
7
Antero(4)
3‐Year Comp Median = $3.04(2)
% Gas Proved
Reserves
• Based on the J.P. Morgan proved developed F&D methodology, Antero ranks as the lowest
cost developer with a three-year average pro forma development cost of $1.03/Mcfe
9. ● Antero expects to realize approximately $771 million(1) of hedge gains over the next seven years from its current
1,024 Bcfe hedge book which averages $5.11/MMBtu NYMEX-equivalent, assuming current strip prices
− Protects future cash flow thereby supporting drilling plans and production growth
Current Antero Hedge Position – July 1, 2013 through 2019(2)Current Antero Hedge Position – July 1, 2013 through 2019(2)
Natural Gas Swaps
Hedged Volume
(MMBtu/d)
NYMEX-Equivalent Price
($/MMBtu)(2)
2013 470,270 $5.25
2014 398,000 $5.93
2015 390,000 $5.69
2016 522,500 $5.23
2017 640,000 $4.41
2018 530,000 $4.73
2019 87,500 $4.75
___________________________
1. Undiscounted value based on STRIP natural gas prices as of August 30, 2013.
2. Virtually all hedges are fixed price swaps, hedged to the basin. Basin prices are converted by Antero to NYMEX-equivalent prices using current basis differentials in the over-the-counter futures market and a gas to oil
conversion ration of 6:1.
Strong Hedge Position
8
$91
$206 $217
$182
$24
$52
$-
$62
$(50)
$-
$50
$100
$150
$200
$250
2013 2014 2015 2016 2017 2018 2019
$MM Projected Annual Hedging Gains (1)(2)
Realized Gains Unrealized Gains
$154
11. Appalachian Basin – Overview
10
Antero Marcellus SW PA
25,000 Net Acres
2 horizontal wells completed
Antero Marcellus NW WV
303,000 Net Acres
193 horizontal wells completed
15 rigs running
Southwestern and
Northeastern Core Areas
Marcellus Rich Gas Window
in Southwestern Core
Upper Devonian Shale Resource
Overlies Antero Marcellus Acreage
Antero Utica OH
101,000 Net Acres
11 horizontal wells completed
4 rigs running
Utica Liquids
Rich Fairway
Source: Company presentations and press releases.
Utica Core Area
12. ● 328,000 net acres of leasehold in Southwestern Core of the
Marcellus play
– 52% HBP with additional 26% not expiring for 5-plus years
– Over 80% of acreage has rich gas processing potential
● 100% operated by Antero
● 6.0 Tcfe of proved reserves; 18.7 Tcfe of 3P reserves
● 534 MMcfe/d net operated production estimated for August 2013
including 6,900 Bbl/d of liquids
– 585 MMcfe/d of estimated current net production including
8,500 Bbl/d of liquids (including Upper Devonian Shale)
● Operating 15 drilling rigs currently and two frac crews 24/7
● Antero has completed 195 consistently strong horizontal wells,
193 of which are online
– Demonstrated ability to drill wells with long laterals
7,000 ft + in less than 30 days
– 100% drilling success rate
Fully Integrated
● Sherwood I (running at full capacity) and Sherwood II
processing plants currently on line – 400 MMcf/d capacity fully
dedicated to Antero
– 200 MMcf/d Sherwood III processing plant expected to go
on line in 4Q 2013 with 200 MMcf/d Sherwood IV expected
in 2Q 2014
● 1,300,000 MMBtu/d of long-haul firm transportation or firm sales
secured – well positioned in southern portion of play
− 530,000 MMBtu/d of back-haul firm transportation to Gulf
Coast
● Committed to 20,000 Bbl/d ethane takeaway capacity on
Enterprise ATEX pipeline to Mont Belvieu expected to be in
service 1Q 2014
Antero Marcellus Shale
SummarySummary
11
13. Large Scale Position in Marcellus Core
● Antero has delineated and de-risked a large scale acreage position in the Southwestern Core of the Marcellus
Shale in northern West Virginia – currently building more infrastructure to process highly rich gas
Sherwood
Processing
Plant
Webley Fork 1H:
13.3 MMcfe/d 30-day rate
Little Tom 1H:
16.0 MMcfe/d 30-day rate
Valentine Unit
1H: 5,232 Boe/d IP
(50% Liquids)
2H: 3,726 Boe/d IP
(50% Liquids)
Moore Unit
1H: 21.5 MMcfe/d 30-day rate
2H: 20.5 MMcfe/d 30-day rate
Dry Gas
65,000 Net Acres
588 Gross Locations
Rich Gas
157,000 Net Acres
1,430 Gross Locations
Highly Rich Gas
106,000 Net Acres
923 Gross Locations
Dotson Unit
1H: 3,780 Boe/d IP
(50% Liquids)
2H:4,547 Boe/d IP
(50% Liquids)
Constable Unit
1H: 5,257 Boe/d IP
(51% Liquids)
Source: Company presentations and press releases. Note: All IPs are 24-hour peak rate; Boe/d IPs assume processing and full ethane recovery.
12
Cleta Unit
1H: 15.9 MMcfe/d
30-day rate
2H: 17.0 MMcfe/d
30-day rate
Triad Spencer Unit
4 wells averaged
1,550 Boe/d 30-day rate
(54% Liquids)
CHK Hadley Unit
1,884 Boe/d IP
(58% Liquids)
EQT PEN 15 Unit
5 wells averaged
1,553 Boe/d 30-day rate
(51% Liquids)
141 Horizontals Completed
10.1 Bcfe average EUR
8.3 MMcfe/d average 30-day rate
6,917’ avg lateral length
Prunty Unit
1H: 3,205 Boe/d IP
(50% Liquids)
Blanche Unit
2H:3,019 Boe/d IP
(52% Liquids)
15. 14
● Antero has over 3-½ years of production history to support its 1.5 Bcf/1,000’ of lateral recovery assumption as
demonstrated by the graph and table below
− DeGolyer & MacNaughton (D&M), Antero’s third party reserve auditor, supports this type curve
● Antero’s average 24-hour peak rate is 13.9 MMcf/d in the Marcellus
24-hour
peak(3)
30-day
avg. rate
90-day
avg. rate
180-day
avg. rate
One-year
avg. rate
Two-year
avg. rate
Three-year
avg. rate
MMcf/d 13.9 7.9 6.2 5.3 4.0 2.9 2.3
# of wells 193 177 171 134 95 49 15
Antero Marcellus Type Curve Support
___________________________
Note: Type curve reflects pre-processed wellhead production.
1. Wells normalized to time-zero; production for each well normalized to 7,000’ lateral length.
2. Actual wellhead IPs, not normalized.
3. Excludes two wells that are shut-in and waiting on infrastructure.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
15.0
0 1 2 3 4 5 6 7 8 9 10
CumulativeBcf
MMcf/d
Production Year
Area 1 Type Curve (7,000' Lateral)
Area 1 Actual Production (Normalized to 7,000' Lateral)
Area 1 Type Curve Cumulative Production (7,000' Lateral)
Antero Marcellus 1.5 Bcf/1,000’ Type Curve(1)Antero Marcellus 1.5 Bcf/1,000’ Type Curve(1) Antero Marcellus 24-hr Wellhead IPs(2)Antero Marcellus 24-hr Wellhead IPs(2)
0
5
10
15
20
25
30
35
MMcf/d
1st Production From All Wells 2009 - 2013
Average IP
13.9 MMcf/d
16. -
100
200
300
400
500
600
700
800
0%
50%
100%
150%
200%
250%
300%
950 1000 1050 1100 1150 1200 1250 1300 1350
ROR
DRY BTU
Marcellus Processing Economics
___________________________
1. Assumes 85% NRI and NGL price of 40% of WTI for 1200 BTU y-grade barrel. NGL WTI correlation changes to reflect y-grade barrel composition for different BTU regimes.
2. No ethane takeaway available until Enterprise ethane pipeline is online (expected 1Q 2014). Well economics include fixed fee cost tariff on ATEX ethane pipeline.
• Dramatic improvement in returns by processing higher BTU gas – Antero’s Marcellus rich gas leasehold spans the
1050 to 1350 BTU spectrum
• Antero has 2,353 gross processable horizontal locations (>1050 BTU)
Representative of single well
examples used for Marcellus
rich gas in Appendix
- Current
Antero rigs
15
No Processing
128% ROR
Dry Gas Locations Rich Gas Locations Highly Rich Gas Locations
57% ROR C2 Rejection
C2 Recovery
Single well economics example(1)(2):
– 10.0 Bcf well
– $8.0 million well cost ($0.94/Mcf net F&D cost)
– Assumes $4.25/MMBtu NYMEX 3-year STRIP, $90.00/Bbl oil
and NGL pricing at 40% of WTI for 1200 BTU y-grade barrel
1250 BTU – NGL Margin
C2 Rejection: $2.12/Mcf
C2 Recovery: $2.17/Mcf
1150 BTU – NGL Margin
C2 Rejection: $0.73/Mcf
C2 Recovery: $0.76/Mcf
17. Gas
$4.38
Gas
$4.07
Gas
$4.04
Gas
$3.55
Gas
$3.36
Condensate $0.45
Condensate $0.45
NGLs (C3+)
$0.96
NGLs (C3+)
$2.26
NGLs (C2+)
$1.22
NGLs (C2+)
$2.62
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
1050 BTU 1150 BTU 1250 BTU 1150 BTU 1250 BTU
Dry Gas Rich Gas Rich Gas
+$2.04
Upgrade
___________________________
1. Assumes $4.25/MMBtu NYMEX, $90.00/Bbl WTI and current NGL spot prices. 1.054 and 2.070 (ethane rejection) and 3.332 and 5.145 (ethane recovery) GPM s used, all processing costs, shrink and fuel included. No
ethane takeaway available until Enterprise ethane pipeline is online (expected 1Q 2014). Ethane recovery well economics include fixed fee cost tariff on ATEX ethane pipeline.
Marcellus Rich Gas – Liquids and Processing
Upgrade
Current – Ethane Rejection Projected – Ethane Recovery
(1085 BTU)
4% shrink
(1100 BTU)
6% shrink
(1006 BTU)
14% shrink
(1008 BTU)
17% shrink
$4.38
$5.03
$6.75
$4.77
$6.42
$/Wellhead Mcf(1)
• Marcellus rich gas and highly rich gas acreage provides a significant advantage in well economics – assuming
$4.25/MMBtu NYMEX, $90.00/Bbl WTI and current spot NGL pricing correlation
• Upgrade analysis demonstrates that ethane recovery is not economic at current ethane price
16
Dry Gas Rich Gas Rich Gas
($/Mcf)
+$2.37
Upgrade
+$0.65
Upgrade
+$0.39
Upgrade
18. Fresh Water Management System
Water Management System MapSummary
17
December 2013
Expected Completion
Date
158-mile Marcellus water sourcing and
distribution system to improve operational
efficiency and reduce water truck traffic
– $375 million total project costs
– $200 million in 2013E capital costs
– 150-miles of temporary and reusable pipeline,
40 centralized water storage facilities
equipped with transfer pumps and 4 pumping
stations optimize water delivery
56-mile Utica water sourcing and distribution
system to improve operational efficiency and
reduce water truck traffic
– $150 million total project costs
– $50 million in 2013E capital costs
– 45-miles of temporary and reusable pipeline
and 22 centralized water storage facilities and
equipped with transfer pumps
Reduces frac water costs from $6.00/Bbl to
$2.00/Bbl
– Cost savings of up to $600,000 per well
Reliable year-round water supply
Over 30% of wells drilled in 2013 and up to
90% of wells drilled in 2014 to utilize new water
infrastructure
19. CNX/Hess
Noble 16A
8.8 MMcf/d + 1,556 Bbl/d NGL +
768 Bbl/d oil
● Based on geologic analysis and announced drilling
results, the core area is in the southern portion of
the play
● Antero has 101,000 net acres of leasehold in Core
of the Utica play
– 20% HBP and remaining 77% not expiring for
5-plus years
– Over 90% of acreage has rich gas processing
potential
● 100% operated by Antero
● Operating four drilling rigs currently; fifth rig to be
added in 4Q 2013
● 279 Bcfe of proved reserves; 5.3 Tcfe of 3P
reserves
● 56 MMcfe/d net operated production estimated for
August 2013 including 2,100 Bbl/d of liquids
– 95 MMcfe/d of estimated current net
production including 5,000 Bbl/d of liquids
● 11 wells on line – 30 MMcfe/d of estimated
constrained production
● 100% drilling success rate
Fully Integrated
● 80 MMcf/d of priority processing capacity until 4Q
when Seneca I is expected on line
● 200 MMcf/d Seneca I cryogenic processing plant
on line in early 4Q 2013 and 200 MMcf/d Seneca
II expected on line late 4Q 2013
● Access to 20,000 Bbl/d of ethane takeaway
capacity on Enterprise ATEX pipeline to Mont
Belvieu expected to be in service 1Q 2014
Antero Utica Shale
SummarySummary
18
Gulfport Energy
Wagner #1-28H
17.1 MMcf/d + 1,881 Bbl/d NGL +
432 Bbl/d oil
Chesapeake
Bailey #3H
5.7 MMcf/d + 270 Bbl/d NGL +
205 Bbl/d oil
Chesapeake
Brown #10H
1,445 Boe/d
(Including 8.7 MMcf/d gas)
Chesapeake
Coniglio #6H
1,125 Boe/d with 290 Bbl/d Oil
Chesapeake
Mangun #8H
3.1 MMcf/d + 1,015 Bbl/d liquids
Chesapeake
Neider #3H
3.8 MMcf/d + 980 Bbl/d liquids
Chesapeake
Shaw #5H
1,435 Boe/d with
770 Bbl/d Oil + 180 Bbl/d NGL
Chesapeake
Burgett #8H
1,210 Boe/d with 70% Liquids
Chesapeake
Snoddy #6H
4.2 MMcf/d + 250 Bbl/d NGL + 320
Bbl/d oil
Chesapeake
Buell #8H
9.5 MMcf/d + 1,425 Bbl/d liquids
Gulfport Energy
Shugert #1-12H
26 MMcf/d + 2,907 Bbl/d NGL +
300 Bbl/d oil
Gulfport Energy
Shugert #1-1H
20 MMcf/d + 2,022 Bbl/d NGL +
144 Bbl/d oil
Gulfport Energy
BK Stephens #1-16H
6.9 MMcf/d + 759 Bbl/d NGL +
1,224 Bbl/d oil
CNX/Hess
Noble 1A
7.0 MMcf/d + 812 Bbl/d NGL + 10
Bbl/d oil
Gulfport Energy
Boy Scout #1-33H
7.1 MMcf/d + 1,008 Bbl/d NGL +
1,560 Bbl/d oil
Gulfport Energy
Ryser #1-25H
5.9 MMcf/d + 649 Bbl/d NGL +
1,488 Bbl/d oil
Gulfport Energy
Groh #1-12H
2.8 MMcf/d + 367 Bbl/d NGL +
1,186 Bbl/d oil
Enervest
Cairns #5H
2.2 MMcf/d + 1,316
Bbl/d liquids
Antero Miley Unit
2H and 5HA
Utica Shale Industry Activity(1)Utica Shale Industry Activity(1)
Hess/CNX
Athens A 1H-24
10.2 MMcf/d + 1,803 Bbl/d NGL +
1,056 Bbl/d oil
Utica
Core
Area
Gulfport Energy
Stutzman #1-14H
Peak rate 21 MMcf/d
___________________________
Source: Company presentations and press releases. Peak rates are 24-hour rates except where noted.
1. In some cases, Antero has converted rich gas rates where BTU has been disclosed to NGLs, assuming ethane recovery. Where BTU has not been disclosed, Antero has estimated BTU and gas composition.
Rexx
Guernsey 1H
7.7 MMcf/d + 1,158 Bbl/d NGL +
534 Bbl/d oil
Rexx
Noble 1H
7.9 MMcf/d + 1,205 Bbl/d NGL +
411 Bbl/d oil
Rexx
Guernsey 2H
8.0 MMcf/d + 1,213 Bbl/d NGL +
560 Bbl/d oil
Antero Wayne Unit
2H, 3HA and 4H
Antero Rubel Unit
1H, 2H and 3H
Antero Norman Unit 1H
Antero Yontz Unit 1H
Gulfport Energy
McCort 1-28H
8.3 MMcf/d + 835 Bbl/d NGL + 21
Bbl/d oil
Gulfport Energy
McCort 2-28H
10 MMcf/d + 1009 Bbl/d NGL
Antero Sanford Unit
1H
20. 0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Antero Has Many of the Top Utica IPs
Announced
● Antero has achieved 7 of the
top 8, and 10 of the top 17,
announced Utica IPs to-date
● Some of the best 24-hour peak
rates of any shale play in North
America
– 3,000 to 8,900 Boe/d per
well in the core area
● Liquids content from 40% -
70% (assumes ethane
recovery)
● Utica Core defined as Noble,
Monroe, Guernsey, Belmont and
Harrison Counties, Ohio
– Actual core is a subset of
these counties and ties to
Antero’s geologic model
___________________________
Source: Antero, press releases and company presentations.
1. All rates converted to oil equivalent based on press release, assumed BTU and Antero processing model. Not normalized for lateral length.
2. Based on 6 and 4 hour tests, respectively.
3. Production data based on 7-day IPs.
19
Utica IPs (1)Summary
Core
2,000 to 8,900 Boe/d IPs
Antero Utica Wells 3rd Party Core Utica Wells 3rd Party Non-Core Utica Wells
Tier 1
1,000 to 2,000 Boe/d IPs
Boe/d
(2)(2) (3) (3)
21. Strong Utica Production Growth
Antero Gross Operated Utica Production
20
• Antero brought on 10 Utica wells in August after gaining access to third-party processing
0
2,000
4,000
6,000
8,000
10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
8/1/2013 8/8/2013 8/15/2013 8/22/2013 8/29/2013 9/5/2013
Bo/d
Mcf/d
Gross Gas Net Gas Gross Oil Net Oil
22. Antero Marcellus PA
25,000 net acres
21
Integrated Marcellus and Utica Midstream
Infrastructure
Own and operate:
• 77 miles of gathering pipelines in the Marcellus Shale
• 1 mile of gathering pipelines in the Utica Shale
• Four compressor stations in the Marcellus Shale
• 2013 midstream capex of $500 million for gathering,
compression and water system
Third party access to:
• 94 miles of third party gathering in the Marcellus Shale
• Nine compressor stations in the Marcellus Shale and three
in the Utica
• Total compression capacity of 766 MMcf/d increasing to
2.3 Bcf/d by YE2014
• 1 Bcf/d of firm processing capacity (482 MMcf/d in service)
• 1.3 Bcf/d of long-haul firm transportation or firm sales
• 20,000 Bbl/d of committed ethane takeaway capacity
Fresh Water Pipeline:
• 158-mile proprietary water pipeline system in Marcellus
Shale and 56-mile system in the Utica Shale
• Total cost of $525 million, $250 million expected to be
spent in 2013
• Reduces well completion costs by up to $600,000 per well
Third Party
Plant Processing
Capacity (MMcf/d)
Contracted Firm
Processing Capacity
(MMcf/d)(1)
Anticipated Date
of Completion
Marcellus Shale
Sherwood I 200 200 In service
Sherwood II 200 200 In service
Sherwood III 200 150 Fourth Quarter 2013
Sherwood IV 200 200 Second Quarter 2014
Marcellus Shale Total 800 750
Third Party
Plant Processing
Capacity (MMcf/d)
Contracted Firm
Processing Capacity
(MMcf/d) (1)
Anticipated Date
of Completion
Utica Shale
Cadiz (2) 185 - In service
Seneca I (3) 200 200 Fourth Quarter 2013
Seneca II (3) 200 - Fourth Quarter 2013
Seneca III (4) 200 100 First Quarter 2014
Utica Shale Total 785 300
1. Contracted firm capacity at the Sherwood and Seneca facilities as of the start-up date of each identified unit.
2. Firm interim capacity of 80 MMcf/d at Cadiz will be fixed at 50 MMcf/d capacity upon start-up of the Seneca I processing complex and will terminate upon start-up of the Seneca II processing complex.
3. Antero has an option on Seneca I firm capacity that, if exercised by a certain date, would result in an additional 50 MMcf/d of temporary interim capacity at the Seneca II processing facility.
4. Remaining 100 MMcf/d of capacity at the Seneca III processing complex is available for commitment at our option.
23. $0.00 $0.00 $0.00
$0.29
$0.62
$1.35
$2.47 $2.50
$2.94 $3.02
$3.26 $3.27 $3.34
$3.65 $3.66 $3.70 $3.75 $3.81 $4.13 $4.25
$5.05
$5.37 $5.49
$6.75
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
Low Break Even Gas Price Portfolio
Gross Location and Returns Data(1)
Gross Horizontal Drilling Locations• 4,576 gross horizontal drilling locations
− Supports significant production growth potential
• Portfolio of rich gas locations provides significant flexibility
to achieve reserve and production growth with less
sensitivity to commodity price environment
• Over 80% of 4,576 identified horizontal drilling locations
target liquids-rich processable gas and many also have
condensate
___________________________
1. Source: Credit Suisse report dated 06/18/2013 – break even price for 15% after tax rate-of-return; assumes $90.00/Bbl WTI.
1250 BTU 1050 BTU
22- Antero Projects
3 Yr Strip ~$4.25/MMBtu
923WellLocations
1,430WellLocations
208WellLocations
588WellLocations
512WellLocations
$/MMBtuNYMEX
Highly Rich Rich Dry Total
Marcellus 923 1,430 588 2,941
Utica 208 512 0 720
Upper Devonian 6 659 250 915
Total 1,137 2,601 838 4,576
Processable 1,137 2,601 3,738
% Processable 82%
24. Utica
21
Marcellus
135
2012 Capex Budget by Type 2012 Capex Budget by Project
Total: $1,690MM Total: $1,690MM
2013E Capex Budget by Type 2013E Capex Budget by Project
Total: $1,950MM Total: $1,950MM
2012 and 2013E Capital Budget
23
Land
41%
2012 Wells Spud by Project
Total: 119
2013E Wells Planned by Project
Total: 156
Piceance/Arkoma
33
Utica
3
Marcellus
83
Drilling
41%Midstream
8%
Piceance/Arkoma
6%
Utica
41%
Marcellus
53%
Utica
15%
Marcellus
85%
Land
13%
Midstream
26%
Drilling
62%
25. 12 mos. 12 mos. 12 mos. 12 mos. LTM
$ millions 12/31/2009 12/31/2010 12/31/2011 12/31/2012 6/30/2013
Summary Operating Results
Production (Bcfe) (1) 38 49 89 122 138
Net Daily Production (MMcfe/d) (1) 105 133 244 334 378
EBITDAX (1) $201 $198 $341 $434 $457
Cash interest expense (1) $36 $56 $68 $90 $105
Proved reserves (Bcfe) (2) 1,141 3,231 5,017 4,929 6,282
Proved developed reserves (Bcfe) (2) 245 457 844 1,047 1,445
Pre-tax Proved PV 10 (2)(3) $625 $1,858 $4,103 $3,223 $5,412
Summary Capitalization
Cash and cash equivalents $11 $9 $3 $19 $11
Bank credit facility 142 100 365 217 960
2nd lien credit facility 375 0 0 0 0
Subordinated debt 0 25 25 25 25
Senior notes 0 528 927 1,227 1,458
Total debt $517 $653 $1,317 $1,469 $2,443
Members' equity 1,393 1,490 1,461 1,461 1,461
Non-controlling interest 30 0 0 0 0
Total book capitalization $1,940 $2,143 $2,778 $2,930 $3,904
Net debt $506 $644 $1,314 $1,450 $2,432
Credit Statistics
Net debt / net book capitalization 26.2% 30.2% 47.4% 49.8% 62.5%
Net debt / EBITDAX 2.5x 3.3x 3.9x 3.3x 5.3x
EBITDAX / interest expense 5.6x 3.5x 5.0x 4.8x 4.4x
Net debt / proved reserves ($/Mcfe) $0.44 $0.20 $0.26 $0.29 $0.39
Net debt / proved developed reserves ($/Mcfe) $2.07 $1.41 $1.56 $1.38 $1.68
Net debt / production ($/Mcfed) $4,860 $4,794 $5,381 $4,338 $6,433
Pre-tax Proved PV 10 / net debt 1.2x 2.9x 3.1x 2.2x 2.2x
Includes Discontinued Operations
Financial Summary
24
Current Financial Summary
___________________________
1. Production, EBITDAX and cash interest expense are non-GAAP as they include discontinued operations until transaction closing per 2009 - 2012 10-Ks and 6/30/2013 10-Q. Transactions include the Arkoma
Woodford and Fayetteville Shale asset sale for $445 million on June 29, 2012, and the Piceance Basin upstream and midstream asset sale for $325 million on December 21, 2012.
2. LTM proved developed and proved reserves as at 6/30/2013.
3. Pre-tax PV-10 value includes hedge value for each year; 2012 includes hedge value of $1.3 billion and 2Q 2013 hedge value is $0.9 billion.
26. Key Credit Strengths
World class asset
base with scale
Liquids-rich Marcellus and Utica shale plays are two of the premier U.S. shale plays
Antero has scale in both of these plays – 328,000 net acres in the Marcellus Shale
and 101,000 net acres in the Utica Shale
Large, low risk
drilling inventory
$1.03/Mcfe 3-year development cost leader through 2012 per J.P. Morgan equity
research methodology
$0.90/Mcfe average net development cost for 6/30/2013 3P reserves – assuming
ethane rejection
Low cost leader
115% average Marcellus production growth from 2Q 2012 to 2Q 2013
12% liquids by production volume today forecast to grow to ~20% by 2014 assuming
ethane rejection (~40% assuming ethane recovery)
Large long-term
hedge position
1,024 Bcfe hedged at $5.11/MMBtu NYMEX-equivalent(1) through 2019
Rapid production
growth with liquids
exposure
100% drilling success rate in the 208 horizontal wells in Marcellus, Utica and Upper
Devonian Shales to date
Over 3,600 horizontal drilling locations in the Marcellus and Utica; an additional 900
horizontal drilling locations have been identified in the Upper Devonian
___________________________
1. Assumes 1000 Btu average heat content. Excluding Rockies hedges.
2. Lender commitments under the facility are $1.75 billion which can be expanded to the full $2.0 billion borrowing base. Undrawn borrowing base capacity as of 6/30/2013.
25
Strong liquidity
~$1.0 billion of undrawn borrowing base capacity as of June 30, 2013(2)
30. Utica Shale Wells – Antero Initial Results
● Antero has drilled and completed 11 Utica Shale wells in the Core of the play to-date
___________________________
1. 24-hour peak rates assume full ethane recovery however Antero is currently rejecting ethane due to current market prices.
2. Rubel 2H and 3H peak rates based on 6-hour and 4-hour flow tests, respectively.
3. Average of Antero’s first 11 wells, assuming ethane rejection.
29
Antero Utica Well Initial Production Data
Lateral
Well Oil Eq. Rate Wellhead Gas Condensate Shrunk Gas NGL % Total Length
Name County (Boe/d)(1)
(MMcf/d) (Bbl/d) (MMcf/d) (Bbl/d) Liquids BTU (Feet)
Yontz 1H Monroe 8,879 38.9 52 33.9 3,177 36% 1161 5,115
Rubel 1H Monroe 7,917 31.1 214 25.9 3,391 46% 1231 6,554
Rubel 2H(2)
Monroe 7,816 30.9 232 25.8 3,284 45% 1217 6,571
Rubel 3H(2)
Monroe 7,097 28.4 142 23.7 3,003 44% 1220 6,424
Norman 1H Monroe 6,181 26.1 45 22.3 2,419 40% 1186 5,498
Wayne 3HA Noble 5,852 14.7 1,905 11.6 2,018 67% 1272 6,712
Wayne 4H Noble 5,698 14.2 1,922 11.2 1,907 67% 1265 6,493
Wayne 2H Noble 4,257 10.9 1,331 8.5 1,503 67% 1281 6,094
Miley 2H Noble 3,740 8.6 1,450 6.7 1,172 70% 1278 6,153
Miley 5HA Noble 3,369 7.7 1,285 6.0 1,090 70% 1291 6,296
Sanford 1H Noble 1,148 1.8 653 1.4 256 79% 1316 7,159
5,632 19.4 839 16.1 2,111 57% 1247 6,279
4,682 19.4 839 18.2 805 42% 1247 6,279
Average ‐ Ethane Recovery
Average ‐ Ethane Rejection(3)
24‐hr Peak Rate
31. 0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
$3.00 $4.00 $5.00 $6.00 $7.00
BTAXROR
NYMEX $/MMbtu
$8.0 MM / 9.0 Bcf $8.0 MM / 10.0 Bcf $8.0 MM / 11.0 Bcf
Lateral
Length
Well Cost
($MM) EUR (Bcf) Net F&D ($/Mcf)
7,000 $8.7 9.8 $1.03
___________________________
1. Fixed NYMEX gas prices with appropriate basis adjustment to the Marcellus area. 85% NRI assumed.
2. Defined as 10% before tax rate-of-return.
• Assumes 1050 BTU gas – no processing, dry gas
• Estimated 588 gross horizontal drilling locations in the dry gas category (950 to 1050 BTU)
Antero Average for First 195 Horizontal Wells
30
Marcellus Shale Well Economics
Horizontal Dry Gas
(1)(1) (1) (1) (1)
Well Cost
($MMs) EUR (Bcf) F&D ($/Mcf)
NYMEX
Breakeven(2)
$8.00 9.0 $1.05 $3.03
$8.00 10.0 $0.94 $2.78
$8.00 11.0 $0.86 $2.59
3 Yr Strip
$4.25/MMBtu
25-40% ROR
Long-term
$5.50/MMBtu
45-70% ROR
Natural
Gas,
100%
32. • Assumes 1150 BTU gas and includes processing margin at $90.00/Bbl oil and 36% WTI NGLs(1)
• Estimated 1,430 gross horizontal drilling locations in the 1050 to 1250 BTU category(2)
NGLs,
36%
Natural
Gas,
64%
769 MBbls NGLs
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
$3.00 $4.00 $5.00 $6.00 $7.00
BTAXROR
NYMEX $/MMbtu
$8.0 MM / 9.0 Bcf $8.0 MM / 10.0 Bcf $8.0 MM / 11.0 Bcf $8.0 MM / 10.0 Bcf - Spot NGL Pricing 4/1/13
~57% ROR
Antero Average for First 195 Horizontal Wells
Marcellus Shale Well Economics
Horizontal Rich Gas
___________________________
1. No ethane takeaway available until Enterprise ethane pipeline is online (expected 1Q 2014). Well economics include fixed fee cost tariff on ATEX ethane pipeline.
2. Economics will vary considerably depending on Btu and other factors.
3. Volumes assume ethane recovery. NGL and oil volumes based on 10 Bcf well.
4. Defined as 10% before tax rate-of-return.
5. Fixed NYMEX gas prices with appropriate basis adjustment to the Marcellus area. 85% NRI assumed. NGL price of 36% WTI assumed except for SPOT NGL pricing case which assumes C2 rejection.
31
(5) (5) (5) (5) (5)
3 Yr Strip
$4.25/MMBtu
45-70% ROR
Well Cost
($MMs) EUR (Bcf) F&D ($/Mcf)
NYMEX
Breakeven(4)
$8.00 9.0 $1.05 $1.26
$8.00 10.0 $0.94 $0.97
$8.00 11.0 $0.86 $0.73 Long-term
$5.50/MMBtu
65-105% ROR
Lateral
Length
Well Cost
($MM) EUR (Bcf) Net F&D ($/Mcf)
7,000 $8.7 9.8 $1.03
(3)
33. 0%
50%
100%
150%
200%
250%
300%
$3.00 $4.00 $5.00 $6.00 $7.00
BTAXROR
NYMEX $/MMbtu
$8.0 MM / 9.0 Bcf $8.0 MM / 10.0 Bcf $8.0 MM / 11.0 Bcf $8.0 MM / 10.0 Bcf - Spot NGL Pricing 4/1/13
• Assumes 1250 BTU gas and includes processing margin at $90.00/Bbl oil and 44% WTI NGLs(1)
• Estimated 923 gross horizontal drilling locations in the 1250 to 1350 BTU category(2)
Antero Average for First 195 Horizontal Wells
Marcellus Shale Well Economics
Horizontal Highly-Rich Gas
32
(5) (5) (5) (5) (5)
Well Cost
($MMs) EUR (Bcf) F&D ($/Mcf)
NYMEX
Breakeven(4)
$8.00 9.0 $1.05 $0
$8.00 10.0 $0.94 $0
$8.00 11.0 $0.86 $0
3 Yr Strip
$4.25/MMBtu
100-155% ROR
Long-term
$5.50/MMBtu
130-200% ROR
~128% ROR
% Oil,
2%
NGLs,
47%
Natural
Gas,
51%
(3)
Lateral
Length
Well Cost
($ MM) EUR (Bcf) Net F&D ($/Mcf)
7,000 $8.7 9.8 $1.03
___________________________
1. No ethane takeaway available until Enterprise ethane pipeline is online (expected 1Q 2014). Well economics include fixed fee cost tariff on ATEX ethane pipeline.
2. Economics will vary considerably depending on Btu and other factors.
3. Volumes assume ethane recovery. NGL and oil volumes based on 10 Bcf well.
4. Defined as 10% before tax rate-of-return.
5. Fixed NYMEX gas prices with appropriate basis adjustment to the Marcellus area. 85% NRI assumed. NGL price of 44% WTI assumed except for SPOT NGL pricing case which assumes C2 rejection.
1,194 MBbls NGLs; 24 MBbls/Oil
34. Marcellus Processing Barrels – 1150 BTU
NGL Barrel - VolumeNGL Barrel - Volume
Current NGL Value - $17.27/Bbl(1)Current NGL Value - $44.48/Bbl(1)
C2 Recovery
C2 Recovery
C2 Rejection
C2 Rejection
___________________________
1. Assumes $90.00/Bbl WTI pricing and current spot NGL prices.
33
Propane,
57%
Pentanes+,
16%
Normal
Butane,
13%
Iso Butane,
9% Ethane, 5%
Propane,
$18.64
Pentanes+,
$13.31
Normal
Butane,
$6.83
Iso Butane,
$5.44
Ethane,
$0.27
Ethane,
70%
Propane,
18%
Pentanes+,
5%
Normal
Butane, 4%
Iso Butane,
3%
Propane,
$6.06
Ethane,
$3.44
Pentanes+,
$4.04
Normal
Butane,
$2.06
Iso Butane,
$1.66
35. Marcellus Processing Barrels – 1250 BTU
NGL Barrel - VolumeNGL Barrel - Volume
Current NGL Value - $23.44/Bbl(1)Current NGL Value - $48.44/Bbl(1)
C2 Recovery
C2 Recovery
C2 Rejection
C2 Rejection
___________________________
1. Assumes $90.00/Bbl WTI pricing and current spot NGL prices.
34
Propane,
51%Pentanes+,
21%
Normal
Butane,
16%
Iso Butane,
8% Ethane, 3%
Pentanes+,
$18.26
Propane,
$16.80
Normal
Butane,
$8.20
Iso Butane,
$5.02
Ethane,
$0.16
Ethane,
58%
Propane,
23%
Pentanes+,
9%
Normal
Butane, 7%
Iso Butane,
4%
Propane,
$7.52
Pentanes+,
$7.55
Ethane,
$2.86
Normal
Butane,
$3.40
Iso Butane,
$2.11
36. Gas
$4.38
Gas
$4.07
Gas
$4.04
Gas
$3.55
Gas
$3.36
Condensate $0.45
Condensate $0.45
NGLs (C3+)
$1.11
NGLs (C3+)
$2.91
NGLs (C2+)
$1.68
NGLs (C2+)
$3.68
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
1050 BTU 1150 BTU 1250 BTU 1150 BTU 1250 BTU
Dry Gas Rich Gas Rich Gas
Marcellus Rich Gas Provides Liquids and
Processing Upgrade
$4.38
$5.18
$7.40
$5.24
$7.49
• Marcellus rich gas and highly rich gas acreage provides a significant advantage in well economics – assuming
$4.25/MMBtu NYMEX, $90.00/Bbl WTI and 40% WTI NGL pricing
• Upgrade analysis demonstrates that ethane recovery is economic at higher ethane prices
35
Current – Ethane Rejection Projected – Ethane Recovery
$/Mcf on Wellhead Gas Volumes (1)
($/Mcf)
___________________________
1. Assumes $4.25/MMBtu NYMEX, $90.00/Bbl WTI and 40% WTI NGL pricing for 1200 BTU y-grade barrel for ethane recovery, C3+ spot prices for ethane rejection. 1.054 and 2.070 (ethane rejection)
and 3.332 and 5.145 (ethane recovery) GPMs used, all processing costs, shrink and fuel included. No ethane takeaway available until Enterprise ethane pipeline is online (expected 1Q 2014). Ethane
recovery well economics include fixed fee cost tariff on ATEX ethane pipeline.
+$0.80
Upgrade
+$3.02
Upgrade
Dry Gas Rich Gas Rich Gas
+$0.86
Upgrade
+$3.11
Upgrade
(1085 BTU)
4% shrink
(1100 BTU)
6% shrink
(1006 BTU)
14% shrink
(1008 BTU)
17% shrink
37. Antero EBITDAX Reconciliation
EBITDAX
36
($ thousands) 6 Months Ended
Antero Resources LLC 6/30/2012 6/30/2013
EBITDAX:
Net income (loss) $254,318 $83,196
Unrealized loss (gain) on commodity derivative contracts (114,498) (61,265)
Interest expense and other 48,593 63,396
Provision (benefit) for income taxes 183,969 53,325
Depreciation, depletion, amortization and accretion 38,477 93,484
Impairment of unproved properties 1,581 6,359
Exploration expense 4,756 11,662
(Gain) Loss on sale of assets (291,305) --
Other 1,996 1,200
EBITDAX from Continuing Operations $127,887 $251,357
EBITDAX from Discontinued Operations 100,692 --
EBITDAX $228,579 $251,357
38. The U.S. Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved,
probable and possible reserve estimates (3P). Antero has provided internally generated estimates for proved, probable and possible reserves
in this presentation in accordance with SEC guidelines and definitions. The estimates of proved reserves included in this presentation have
been audited by Antero’s third-party engineers. Antero’s estimate of probable and possible reserves was prepared by Antero’s internal reserve
engineers, has not been reviewed by third-party engineers, and is provided in this presentation because management believes it is useful
information that is widely used by the investment community in the valuation, comparison and analysis of companies. Antero does not plan to
include probable and possible reserve estimates in its filings with the SEC.
We use certain other terms in this presentation relating to estimates of hydrocarbon volumes that the SEC’s guidelines prohibit us from
including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved, possible or probable reserves
as defined by SEC regulations and accordingly are substantially less certain and no discount or other adjustment is included in the presentation
of such numbers. 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 our 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 June 30, 2013. 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.
“Unrisked Resource” refers to Antero’s internal estimates of hydrocarbon quantities that Antero’s management believes may be potentially
discovered through exploratory drilling or recovered with additional drilling. Unrisked resource may not constitute 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. Actual
quantities that may be ultimately recovered from Antero’s interests will differ substantially. Factors affecting ultimate recovery include the
scope of our 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. Estimates of unrisked resource
may change significantly as development of Antero's resource plays provides additional data.
“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.
Cautionary Note Regarding Hydrocarbon
Quantities
37