Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shales, including natural gas gathering and compression. The presentation outlines Antero Midstream's organic growth strategy through expanding its existing midstream infrastructure to support Antero Resources' increasing production. It also notes potential opportunities for Antero Midstream to expand further into other midstream services like fresh water distribution, processing, and pipelines.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays, including natural gas gathering and compression. The document outlines Antero Midstream's organic growth strategy through expanding its existing midstream infrastructure to support Antero Resources' increasing production. It also notes potential opportunities for Antero Midstream to expand into additional midstream services such as fresh water distribution, processing, and pipelines.
Antero Midstream Partners provides midstream services to its sponsor Antero Resources in the Marcellus and Utica shale plays. It owns natural gas gathering pipelines, compression infrastructure, and condensate gathering lines. Significant organic growth is expected in 2015 through capital expenditures that will add over 60 miles of new pipelines and increase compression capacity by 545 MMcf/d. Antero Midstream is also pursuing opportunities to expand its services across the full midstream value chain through options to acquire water handling assets and participate in processing and pipeline projects with its sponsor.
Antero Midstream Partners LP provides an overview of its midstream assets and growth strategy. The document discusses Antero Midstream's organic growth projects including expanding its gathering pipelines, compression capacity, and water business. It also notes opportunities to participate in additional midstream activities along the value chain such as processing, fractionation, and regional pipelines. Antero Midstream is pursuing a strategy of organic expansion of its existing midstream assets to support production growth from its anchor shipper, Antero Resources, in the Marcellus and Utica shale plays.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shales, including gathering pipelines, compression, and processing. The presentation outlines Antero Midstream's organic growth strategy through 2018 which includes expanding existing gathering and compression infrastructure by 64 miles and 545 MMcf/d. It also notes opportunities for Antero Midstream to participate in additional midstream services such as water, NGL and gas processing, and transportation if acquired from Antero Resources.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays, including gathering pipelines, compression, processing, and condensate handling. The document outlines Antero Midstream's organic growth strategy through 2020, with planned expansion of gathering and compression infrastructure. It also notes opportunities for additional services such as fresh water distribution, processing, and pipelines. The strategy provides attractive returns through building new midstream assets rather than acquisitions. Antero Resources' capital budget and drilling plans are expected to drive significant volume growth for Antero Midstream.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which depends on annual budget approval by Antero Resources' board of directors.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key points such as 2016 guidance being on track, a focused growth strategy in core areas like the Delaware Permian and Bakken, a strong balance sheet and distribution coverage. It summarizes growth opportunities and projects in these regions that are expected to provide accretive cash flow growth beginning in 2018.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses the assumptions, risks, and uncertainties inherent in forward-looking projections, including commodity price volatility and changes to development plans. The ability to make future distributions depends substantially on Antero Resources' development plan, which depends on annual budget approval.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays, including natural gas gathering and compression. The document outlines Antero Midstream's organic growth strategy through expanding its existing midstream infrastructure to support Antero Resources' increasing production. It also notes potential opportunities for Antero Midstream to expand into additional midstream services such as fresh water distribution, processing, and pipelines.
Antero Midstream Partners provides midstream services to its sponsor Antero Resources in the Marcellus and Utica shale plays. It owns natural gas gathering pipelines, compression infrastructure, and condensate gathering lines. Significant organic growth is expected in 2015 through capital expenditures that will add over 60 miles of new pipelines and increase compression capacity by 545 MMcf/d. Antero Midstream is also pursuing opportunities to expand its services across the full midstream value chain through options to acquire water handling assets and participate in processing and pipeline projects with its sponsor.
Antero Midstream Partners LP provides an overview of its midstream assets and growth strategy. The document discusses Antero Midstream's organic growth projects including expanding its gathering pipelines, compression capacity, and water business. It also notes opportunities to participate in additional midstream activities along the value chain such as processing, fractionation, and regional pipelines. Antero Midstream is pursuing a strategy of organic expansion of its existing midstream assets to support production growth from its anchor shipper, Antero Resources, in the Marcellus and Utica shale plays.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shales, including gathering pipelines, compression, and processing. The presentation outlines Antero Midstream's organic growth strategy through 2018 which includes expanding existing gathering and compression infrastructure by 64 miles and 545 MMcf/d. It also notes opportunities for Antero Midstream to participate in additional midstream services such as water, NGL and gas processing, and transportation if acquired from Antero Resources.
Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays, including gathering pipelines, compression, processing, and condensate handling. The document outlines Antero Midstream's organic growth strategy through 2020, with planned expansion of gathering and compression infrastructure. It also notes opportunities for additional services such as fresh water distribution, processing, and pipelines. The strategy provides attractive returns through building new midstream assets rather than acquisitions. Antero Resources' capital budget and drilling plans are expected to drive significant volume growth for Antero Midstream.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which depends on annual budget approval by Antero Resources' board of directors.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key points such as 2016 guidance being on track, a focused growth strategy in core areas like the Delaware Permian and Bakken, a strong balance sheet and distribution coverage. It summarizes growth opportunities and projects in these regions that are expected to provide accretive cash flow growth beginning in 2018.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses the assumptions, risks, and uncertainties inherent in forward-looking projections, including commodity price volatility and changes to development plans. The ability to make future distributions depends substantially on Antero Resources' development plan, which depends on annual budget approval.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It summarizes the companies' strategic pivot to improve processes and efficiencies, reduce costs, simplify operations, and deleverage the balance sheet. Going forward, the companies plan to focus on executing existing projects, high-grading growth opportunities, and pursuing disciplined growth through joint ventures to enhance their strategic position while preserving financial strength. Key regions for potential long-term growth include the Marcellus Shale, Bakken, and Delaware Permian areas.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company. It discusses SUN's recent acquisitions that have increased its scale and diversified its operations across 30 states. It highlights SUN's leading retail and wholesale fuel business, real estate portfolio of over 2,000 sites, and financial strategy targeting investment grade ratings. The presentation also provides an operating performance summary for the second quarter of 2016 that shows increased retail fuel margins and merchandise sales growth compared to the prior year.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. The ability to make future distributions is substantially dependent on Antero Resources' development and drilling plan, which is dependent on its annual capital budget approval.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP's strategic update. Key points include:
- Crestwood formed a joint venture with Con Edison, contributing its Northeast gas storage and transportation assets in exchange for $975 million and a 50% equity interest in the joint venture.
- Crestwood will use proceeds from the transaction to reduce debt by over $1 billion, lowering pro forma leverage to approximately 3.5x.
- Crestwood reduced its quarterly distribution to $0.60 per unit, providing estimated full-year 2016 distribution coverage of 1.7x and positioning it for financial strength.
The document discusses Sunoco LP's acquisition of Energy Transfer Partners' remaining wholesale fuel distribution and retail assets. The $2.226 billion acquisition will make Sunoco LP one of the leading wholesale fuel and retail marketing platforms in the US with increased scale, diversity, and cash flows. The acquisition is expected to close in Q1 2016 and will be immediately accretive to Sunoco LP's distributable cash flows and distributions.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It summarizes that any projections are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Our ability to make future distributions is substantially dependent on Antero Resources' development plan, which itself depends on its board's annual approval of the capital budget considering expected commodity prices, contractual obligations, and capital resources at that time.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights their simplified structure following a merger, fixed-fee contract portfolio that provides revenue stability, cost reduction efforts, and core operations in strategic basins like the Marcellus and Bakken shale plays. The presentation outlines financial results, liquidity position, and growth opportunities while noting the companies' valuation disconnect compared to peers.
Medical Facilities Corporation - 2021 Annual MeetingSharePitch
Slides accompanying the management presentation delivered by the CEO and CFO of Medical Facilities Corporation during their 2021 annual shareholders meeting on May 13, 2021.
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.
EnLink Midstream provides a strong operations report for May 3, 2016. The report discusses solid execution of their 2016 plan including meeting guidance targets and stable cash flows. It highlights their premier positions in key basins with high growth demand and confidence in their business model with quality customers and contracts. Segment performance showed growth in the Oklahoma segment from the Tall Oak acquisition and continued growth in the Permian region through expanding infrastructure.
Medical Facilities Corporation - 2020 Annual Shareholder Meeting PresentationSharePitch
Slides for the management presentation delivered during Medical Facilities Corporation's 2020 annual general meeting of shareholders. Medical Facilities Corporation (“MFC”), in partnership with physicians, owns surgical facilities in the United States.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company. It discusses SUN's recent acquisitions that have increased its scale and diversified its operations across 30 states. It also summarizes SUN's financial strategy of targeting long-term leverage of 4.0-4.5x and distribution coverage of ~1.1x to maintain investment grade ratings over time. Finally, it provides an operating update showing increased retail gallons sold in 1Q 2016 compared to the prior year.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the company's 2016 outlook, key investor highlights, cost cutting measures, capital structure, core operations in the Bakken shale play, and its COLT Hub facility. The presentation aims to position Crestwood favorably in the current challenging energy market environment through stable cash flow, high contract coverage, expense reductions, and operations in top producing regions.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It summarizes that any predictions are based on management's experience and historical trends but are subject to risks and uncertainties that could cause actual results to differ. Future distributions from Antero Midstream are dependent on Antero Resources' annual capital budget and commodity prices.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key investor information including recent financial results, growth projects, and commercial contracts. The document summarizes recent execution on projects in various regions, and outlines a backlog of announced growth projects through 2018 that are expected to generate over $30 million in incremental annual cash flow. These projects focus on the Bakken, Delaware Basin, and Marcellus regions.
EnLink Midstream / Tall Oak Midstream Acquisition Investor CallEnLinkMidstreamLLC
Tall Oak Midstream is acquiring assets in Oklahoma that will expand EnLink Midstream's presence in the core of the STACK and CNOW plays. The acquisition aligns with Devon Energy, who will be the largest customer on the system. It provides EnLink with long-term, fee-based contracts averaging 15 years. The financing structure is expected to be accretive to EnLink's distributions and maintain its investment grade credit rating. The transaction strengthens the relationship between EnLink and Devon while diversifying their businesses and further aligning their growth plans.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
American Midstream Partners LP will merge with JP Energy Partners LP to form a larger diversified midstream company with a combined enterprise value of approximately $2 billion. The transaction will be executed through a unit-for-unit exchange where AMID will issue new units to JPEP unitholders at a 0.5775 exchange ratio. The merger is expected to deliver synergies of at least $10 million annually and provide benefits like increased scale, financial strength, and growth opportunities for the combined company. The transaction is anticipated to close in late 2016 or early 2017 pending required approvals.
InfraREIT provides a presentation on its business. It owns $1.1 billion in regulated electric transmission and distribution assets in Texas and the Southwest. It has a track record of growing its rate base from $60 million in 2009 to $1.1 billion currently through developing projects like the CREZ transmission system and pursuing acquisitions. InfraREIT expects to continue growing through developing additional projects from its pipeline with Hunt Consolidated and potentially acquiring other third party assets. It maintains a stable cash flow through long term leases of its regulated assets.
This document provides an overview of JP Morgan's Energy Oklahoma City SCOOP/STACK & Houston Bus Tour on May 17, 2016. It includes forward-looking statements about future financial and operating results with various risk factors that could impact projections. It also contains non-GAAP financial measures and definitions. The presentation shows stable financial results for ENLK in Q1 2016 with adjusted EBITDA of $195 million, distribution coverage of 1.09x, and leverage of 3.8x debt to EBITDA. It highlights EnLink's premier positions in top U.S. oil and gas basins as well as its focus on execution and stability.
This document describes research into developing a three-axis printer for printing sensors directly onto gear surfaces using conductive ink and a laser sintering process. Initial experiments were conducted printing conductive patterns on polyimide layers to determine optimal laser sintering parameters. Tests varied the laser focus distance, power, and printing feed speed. Results showed the lowest resistance was achieved at a laser focus distance of 40mm, and resistance decreased with increasing laser power up to 25% of maximum power. Faster feed speeds also reduced resistance of the printed patterns. The goal is to use these parameter optimizations to develop a multi-axis printer that can print sensors directly onto complex gear geometries.
The thinning of hair affects not only women but also men. In fact, men are more likely to be affected due to the condition known as male pattern baldness.
This document provides an investor presentation for Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It summarizes the companies' strategic pivot to improve processes and efficiencies, reduce costs, simplify operations, and deleverage the balance sheet. Going forward, the companies plan to focus on executing existing projects, high-grading growth opportunities, and pursuing disciplined growth through joint ventures to enhance their strategic position while preserving financial strength. Key regions for potential long-term growth include the Marcellus Shale, Bakken, and Delaware Permian areas.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company. It discusses SUN's recent acquisitions that have increased its scale and diversified its operations across 30 states. It highlights SUN's leading retail and wholesale fuel business, real estate portfolio of over 2,000 sites, and financial strategy targeting investment grade ratings. The presentation also provides an operating performance summary for the second quarter of 2016 that shows increased retail fuel margins and merchandise sales growth compared to the prior year.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. The ability to make future distributions is substantially dependent on Antero Resources' development and drilling plan, which is dependent on its annual capital budget approval.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP's strategic update. Key points include:
- Crestwood formed a joint venture with Con Edison, contributing its Northeast gas storage and transportation assets in exchange for $975 million and a 50% equity interest in the joint venture.
- Crestwood will use proceeds from the transaction to reduce debt by over $1 billion, lowering pro forma leverage to approximately 3.5x.
- Crestwood reduced its quarterly distribution to $0.60 per unit, providing estimated full-year 2016 distribution coverage of 1.7x and positioning it for financial strength.
The document discusses Sunoco LP's acquisition of Energy Transfer Partners' remaining wholesale fuel distribution and retail assets. The $2.226 billion acquisition will make Sunoco LP one of the leading wholesale fuel and retail marketing platforms in the US with increased scale, diversity, and cash flows. The acquisition is expected to close in Q1 2016 and will be immediately accretive to Sunoco LP's distributable cash flows and distributions.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It summarizes that any projections are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Our ability to make future distributions is substantially dependent on Antero Resources' development plan, which itself depends on its board's annual approval of the capital budget considering expected commodity prices, contractual obligations, and capital resources at that time.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights their simplified structure following a merger, fixed-fee contract portfolio that provides revenue stability, cost reduction efforts, and core operations in strategic basins like the Marcellus and Bakken shale plays. The presentation outlines financial results, liquidity position, and growth opportunities while noting the companies' valuation disconnect compared to peers.
Medical Facilities Corporation - 2021 Annual MeetingSharePitch
Slides accompanying the management presentation delivered by the CEO and CFO of Medical Facilities Corporation during their 2021 annual shareholders meeting on May 13, 2021.
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.
EnLink Midstream provides a strong operations report for May 3, 2016. The report discusses solid execution of their 2016 plan including meeting guidance targets and stable cash flows. It highlights their premier positions in key basins with high growth demand and confidence in their business model with quality customers and contracts. Segment performance showed growth in the Oklahoma segment from the Tall Oak acquisition and continued growth in the Permian region through expanding infrastructure.
Medical Facilities Corporation - 2020 Annual Shareholder Meeting PresentationSharePitch
Slides for the management presentation delivered during Medical Facilities Corporation's 2020 annual general meeting of shareholders. Medical Facilities Corporation (“MFC”), in partnership with physicians, owns surgical facilities in the United States.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company. It discusses SUN's recent acquisitions that have increased its scale and diversified its operations across 30 states. It also summarizes SUN's financial strategy of targeting long-term leverage of 4.0-4.5x and distribution coverage of ~1.1x to maintain investment grade ratings over time. Finally, it provides an operating update showing increased retail gallons sold in 1Q 2016 compared to the prior year.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It discusses the company's 2016 outlook, key investor highlights, cost cutting measures, capital structure, core operations in the Bakken shale play, and its COLT Hub facility. The presentation aims to position Crestwood favorably in the current challenging energy market environment through stable cash flow, high contract coverage, expense reductions, and operations in top producing regions.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It summarizes that any predictions are based on management's experience and historical trends but are subject to risks and uncertainties that could cause actual results to differ. Future distributions from Antero Midstream are dependent on Antero Resources' annual capital budget and commodity prices.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights key investor information including recent financial results, growth projects, and commercial contracts. The document summarizes recent execution on projects in various regions, and outlines a backlog of announced growth projects through 2018 that are expected to generate over $30 million in incremental annual cash flow. These projects focus on the Bakken, Delaware Basin, and Marcellus regions.
EnLink Midstream / Tall Oak Midstream Acquisition Investor CallEnLinkMidstreamLLC
Tall Oak Midstream is acquiring assets in Oklahoma that will expand EnLink Midstream's presence in the core of the STACK and CNOW plays. The acquisition aligns with Devon Energy, who will be the largest customer on the system. It provides EnLink with long-term, fee-based contracts averaging 15 years. The financing structure is expected to be accretive to EnLink's distributions and maintain its investment grade credit rating. The transaction strengthens the relationship between EnLink and Devon while diversifying their businesses and further aligning their growth plans.
- Hospitality Properties Trust is presenting an investor presentation in February 2017 on their diversified real estate portfolio of hotels and travel centers.
- The portfolio includes 306 hotels with 46,583 rooms and 198 travel centers located along major highways in the US, operated under brands like Marriott, InterContinental, and TravelCenters of America.
- The presentation highlights HPT's consistent dividend supported by long-term contracts with brand operators, renovations increasing revenue, and conservative financial profile with coverage of annual minimum returns and growing adjusted EBITDA.
American Midstream Partners LP will merge with JP Energy Partners LP to form a larger diversified midstream company with a combined enterprise value of approximately $2 billion. The transaction will be executed through a unit-for-unit exchange where AMID will issue new units to JPEP unitholders at a 0.5775 exchange ratio. The merger is expected to deliver synergies of at least $10 million annually and provide benefits like increased scale, financial strength, and growth opportunities for the combined company. The transaction is anticipated to close in late 2016 or early 2017 pending required approvals.
InfraREIT provides a presentation on its business. It owns $1.1 billion in regulated electric transmission and distribution assets in Texas and the Southwest. It has a track record of growing its rate base from $60 million in 2009 to $1.1 billion currently through developing projects like the CREZ transmission system and pursuing acquisitions. InfraREIT expects to continue growing through developing additional projects from its pipeline with Hunt Consolidated and potentially acquiring other third party assets. It maintains a stable cash flow through long term leases of its regulated assets.
This document provides an overview of JP Morgan's Energy Oklahoma City SCOOP/STACK & Houston Bus Tour on May 17, 2016. It includes forward-looking statements about future financial and operating results with various risk factors that could impact projections. It also contains non-GAAP financial measures and definitions. The presentation shows stable financial results for ENLK in Q1 2016 with adjusted EBITDA of $195 million, distribution coverage of 1.09x, and leverage of 3.8x debt to EBITDA. It highlights EnLink's premier positions in top U.S. oil and gas basins as well as its focus on execution and stability.
This document describes research into developing a three-axis printer for printing sensors directly onto gear surfaces using conductive ink and a laser sintering process. Initial experiments were conducted printing conductive patterns on polyimide layers to determine optimal laser sintering parameters. Tests varied the laser focus distance, power, and printing feed speed. Results showed the lowest resistance was achieved at a laser focus distance of 40mm, and resistance decreased with increasing laser power up to 25% of maximum power. Faster feed speeds also reduced resistance of the printed patterns. The goal is to use these parameter optimizations to develop a multi-axis printer that can print sensors directly onto complex gear geometries.
The thinning of hair affects not only women but also men. In fact, men are more likely to be affected due to the condition known as male pattern baldness.
Sovyet Devrimi 20.yy'lın en önemli toplumsal olayıydı ve iktidar getirdi.Fakat en sonunda karşı olduğu kapitalist emperyalizmin sol bir kopyası haline dönüştü.Baskı her yerde baskı,zulüm her yerde zulümdür.ABD hegemonyasına nasıl karşı çıkmak gerekirse,SSCB hegemonyacılığına da aynı oranda karşı çıkmak gerekir.Şili'de yapılan CIA destekli hükümet darbesiyle,Çekoslovakya'da yürüyen Sovyet tankları arasında ne fark var.
Yaşamda geçerliliği lan bir şey varsa ;o da pozitif bilimlerdir.İdeolojilerse insanları köreltmekten başka neye yaradılar ki?SSCB komünist toplumu kurmak için,ABD de liberal demokrasiyi ,insan haklarını götürmek için Afganistan'a müdahale etti.Sonuç: Afganistan'ın toplumsal yapısı felç oldu ve bu gün 1979dan daha geri bir toplumsal yapı içinde.
The document summarizes and analyzes 5 different murals located in Malaysia. It provides background information on the artists and descriptions of the murals. The murals use concepts like non-verbal communication, perception, feedback, attention and space to convey various messages. The first mural by Ernest Zacharevic in Penang depicts a rural village to represent the idea of "hometown". The second by Muhammad Iqbal Ridzuan in Shah Alam is titled "Vacuum" and warns against hollow pursuits. The third by Abstrax Jingga in Klang pays tribute to two prominent Malaysian politicians. The fourth by Hazel Long uses 3D techniques to transport viewers through time. The last by Rapid KL
Contract Manufacturing Specialists for the Coffee Industry
As the premiere gourmet coffee roasting and packaging company in the Pacific Northwest, we specialize in private label and contract manufacturing programs catering to the world’s finest coffee labels.
This report provides a comparative analysis of two businesses in the hotel industry located in different geographical areas. The report analyzes Comfort Lodge, located in Kuala Lumpur, and Time Capsule Retreat in Kuantan, Pahang. It provides background information on the businesses and compares their competitive traits through interviews with representatives from each business. The analysis finds that while Time Capsule Retreat currently faces no local competitors, Comfort Lodge operates in a highly competitive environment in Kuala Lumpur and has adopted strategies like reasonable pricing and good customer service to compete successfully. Overall, the report determines that Comfort Lodge has been more commercially successful due to the more competitive nature of the hotel market in K
Cutis Medical Laser Clinics, an aesthetic clinic in Singapore, is based on the fundamentals of scientifically proven evidence-based aesthetic treatments.
Cutis Medical Laser Clinics specializes in Botox, Facial Fillers, Skin Tightening, Skin Rejuvenation, Hair Removal, Vein removal, Eyebag Treatment, Laser and IPL Treatments,
Thrillers aim to provoke suspense and excitement in audiences through their use of certain conventions. Thrillers typically take place in urban settings and revolve around an enigma or mystery, with themes of violence. They employ techniques like low key lighting, quick cuts between shots, shadows, tension-building music, and changing camera angles to create an atmosphere of tension and thrill. Examples of popular thriller films demonstrate these common conventions of the genre.
H&M is a major global clothing retailer founded in Sweden in 1947. The document analyzes H&M's financial ratios from 2012-2013. It finds that profitability ratios like return on equity increased slightly from 38.36% to 38.50%, while net profit margin decreased from 13.90% to 13.30%, indicating worsening expense control. Stability ratios like working capital and inventory turnover also decreased, suggesting weaker current liability and sales performance. However, the interest coverage ratio improved. Overall, the analysis finds moderate potential but recommends against investing due to the company's high share price and problems managing costs.
Phil Cantor, Chief Marketing Officer/Head of PreSales at iGTB - The CMO's Rol...Global Business Events
This document discusses the evolving role of the chief marketing officer (CMO) and marketing functions within organizations. It addresses how marketing is taking on expanded responsibilities beyond traditional areas like branding, sales, and product marketing. Sections touch on marketing's involvement in areas such as human resources, finance, technology product development, and serving as communicators across the organization. The document advocates for CMOs and marketing to play a more strategic role at the board level versus just focusing on promotional activities.
1) Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays including gathering pipelines, compression infrastructure, and water distribution systems.
2) Significant growth is projected over the next year through building out additional infrastructure to support Antero Resources' increasing production, with over $425 million budgeted for expansion capital expenditures.
3) Antero Midstream has an organic growth strategy of building new midstream assets itself rather than acquiring assets, which allows it to earn higher returns than drop down acquisition multiples.
1) Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays including gathering pipelines, compression infrastructure, and water distribution systems.
2) Significant growth is expected over the next year through building out additional infrastructure to support Antero Resources' increasing production, with over $425 million budgeted for expansion capital expenditures.
3) Antero Midstream has an organic growth strategy of building new midstream assets itself rather than acquiring assets, which allows it to earn higher returns than drop down acquisition multiples.
1) Antero Midstream Partners provides midstream services to Antero Resources in the Marcellus and Utica shale plays including gathering pipelines, compression infrastructure, and water distribution systems.
2) Significant growth is projected over the next year through building out additional infrastructure to support Antero Resources' increasing production, with over $425 million budgeted for expansion capital expenditures.
3) Antero Midstream has an organic growth strategy of building midstream infrastructure itself rather than acquiring assets, which allows it to earn higher returns than drop down acquisition multiples.
The document provides an overview of Antero Midstream Partners LP, a growth-focused midstream MLP. It discusses Antero's organic growth strategy of building rather than acquiring assets, with an estimated $875 million spent through 2014 and another $587 million forecast for 2015. This organic approach provides attractive returns compared to precedent drop down acquisition multiples. The MLP owns gathering and compression assets in the Marcellus and Utica shale plays that are supported by long-term, fee-based agreements with its sponsor Antero Resources, which expects 90% production growth in 2014 and 45-50% in 2015-2016.
1) The document provides an overview of Antero Midstream Partners LP, a growth-focused MLP. It highlights Antero Resources as the sponsor with significant production growth expectations in the Marcellus and Utica shale plays.
2) Antero Midstream owns midstream assets located in the lowest cost rich gas plays in North America, including over 265 miles of gathering pipelines and 370 million cubic feet per day of compression capacity as of year-end 2014.
3) The MLP expects substantial organic growth through capital expenditures to support Antero Resources' drilling plans and potential third party business, with projections of over $600 million in gathering and compression spending over the next twelve months to increase infrastructure.
The document provides an overview of Antero Midstream Partners LP, including:
1) Antero Midstream is focused on organic growth through building midstream infrastructure to support production growth from its sponsor Antero Resources, one of the most active operators in the Marcellus and Utica shale plays.
2) Antero Midstream's existing assets include rich gas gathering pipelines and compression infrastructure in the Marcellus and Utica with significant planned expansion over the next year.
3) Antero Midstream has opportunities to expand across the full midstream value chain through options to acquire fresh water distribution systems and equity interests in gas pipelines.
Antero Midstream Partners LP provides a forward-looking statement regarding its partnership overview presentation from February 2016. The statement indicates that projections in the presentation are based on certain assumptions by Antero Midstream and Antero Resources that could prove inaccurate. Actual results may differ due to risks including commodity price volatility, development and drilling plans, and factors discussed in regulatory filings. Future distributions are dependent on Antero Resources' annual budget approval by its board of directors.
The 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 exploration, development and production activities, as well as broader economic and market factors.
The document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions and risks, including commodity price volatility. It also notes that Antero Resources' annual development plan and board approval are important to Antero Midstream's ability to make future distributions. The document contains information on Antero Midstream and Antero Resources' acreage positions, reserves, production, and well economics as of December 31, 2015.
The document provides an overview of Antero Midstream Partners LP and discusses forward-looking statements. It notes that actual results could differ materially from expectations due to risks and uncertainties described in Antero Midstream's SEC filings. Future distributions are subject to approval by Antero Midstream's board and may be affected by commodity prices and Antero Resources' capital resources and liquidity. The document also outlines Antero Resources' multi-year drilling inventory which supports low-risk, high-return growth for Antero Midstream.
The document provides an overview of a partnership between Antero Midstream Partners LP and MPLX. It discusses forward-looking statements and risks involved. It then summarizes Antero Midstream's profile, including its market cap, enterprise value, EBITDA, net debt ratio, and dedicated acres. It also describes the joint venture between Antero Midstream and MPLX to develop processing and fractionation infrastructure in Appalachia, including existing and potential future assets.
The document provides an overview of Antero Midstream Partners LP and its subsidiaries. It contains forward-looking statements regarding future plans, strategies, objectives, financial and operating results that are subject to risks and uncertainties. It also summarizes Antero Resources' strong position as the largest producer in the Appalachian basin, with the highest growth and most core liquids-rich acreage that drives throughput growth for Antero Midstream. Finally, it outlines the improved well economics for Antero Resources from cost reductions, generating attractive rates of return.
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.
Antero Midstream provides forward-looking statements and guidance for 2015. They expect adjusted EBITDA of $180-190 million and distributable cash flow of $160-170 million, targeting annual distribution growth of 28-30% through 2017. Their ability to grow distributions depends substantially on Antero Resources' development plan and budget, which depends on commodity prices and Antero Resources' financial resources. Any forward-looking statements may prove to be inaccurate due to risks and uncertainties inherent in projections.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is dependent on Antero Resources' annual capital budget and development plan, which is dependent on commodity prices and Antero Resources' financial resources and liquidity. Any forward-looking statements speak only as of the date of the document and the company undertakes no obligation to update such statements.
This document provides an overview of Antero Midstream Partners LP and its business model. It summarizes that Antero Midstream has a sustainable business model supported by its high growth sponsor Antero Resources, with over 550,000 net acres and over 5,300 undrilled locations. It also notes that Antero Midstream has a high visibility of growth due to Antero Resources' projected buildout of its Marcellus and Utica midstream assets over the next several years. Additionally, it states that Antero Midstream has mitigated commodity price risk through its business being 100% fee-based across rich and dry gas areas.
The document discusses a joint venture between Antero Midstream Partners LP and MPLX to invest in natural gas processing and fractionation infrastructure in the Marcellus and Utica Shales. The joint venture will construct up to 11 new processing plants and 3 fractionation facilities over the next four years at an estimated cost of $1.3 billion, with Antero Midstream's net investment of $650 million. The joint venture assets will be operated by MPLX and supported by long-term, fixed-fee agreements with Antero Resources and other producers.
The document provides an overview of Antero Midstream Partners LP and its business model. It notes that Antero Resources' high growth and large core liquids-rich acreage position in Appalachia will drive throughput growth and distribution increases for Antero Midstream. Antero Midstream has a sustainable business model as it benefits from long-term, fixed-fee contracts with Antero Resources, providing stable cash flows. Antero Resources plans to drill over 3,000 liquids-rich locations over the coming years, supporting continued volume growth for Antero Midstream's midstream services.
This document provides an overview and update of Antero Midstream Partners' guidance for 2015. It begins with standard forward-looking statement disclosures and outlines key guidance metrics including adjusted EBITDA, distributable cash flow, distribution growth targets, and capital expenditures. The updated guidance reflects lower expected spending on gathering systems while maintaining previously expected financial results. Charts are included that showcase Antero Resources' leading position in the Marcellus and Utica shales through acreage, production, and reserves.
Antero Midstream Partnership Overview February 2017anteromidstream
Antero Midstream provides a summary of forward-looking statements and risks included in the presentation. It discloses that the presentation contains projections that may not come to pass due to assumptions, risks, and uncertainties beyond Antero Midstream's control. It also notes that Antero Resources' development plan and ability to fund future distributions will depend on annual capital budget approval by Antero Resources' board of directors based on commodity prices and Antero Resources' financial resources and liquidity.
The document provides an overview of forward-looking statements and assumptions for Antero Midstream Partners LP. It notes that future distributions are substantially dependent on Antero Resources' development plan, which is dependent on annual budget approval by Antero Resources' board of directors. It cautions that forward-looking statements are subject to risks from commodity prices, inflation, and other operational and regulatory factors.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. The partnership cautions that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. The ability to make future distributions is dependent on Antero Resources' development and drilling plan, which is dependent on its annual capital budget approval by the board of directors.
Antero Midstream provides concise summaries in 3 sentences or less:
The document is an overview of Antero Midstream Partners LP that contains forward-looking statements regarding future plans and expectations. It notes that actual results could differ materially from expectations due to assumptions and risks. Antero Midstream's ability to make future distributions is dependent on Antero Resources' development plan and approval of its annual capital budget.
Antero Midstream provides a partnership overview document that contains forward-looking statements regarding future plans and expectations. The document notes that actual results could differ materially from expectations due to risks and assumptions. It also states that Antero Resources' development plan and ability to fund future distributions are dependent on annual budget approval by its board of directors. The partnership undertakes no obligation to update forward-looking statements except as required by law.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It summarizes that any projections are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Our ability to make future distributions is substantially dependent on Antero Resources' development plan, which itself depends on its board's annual approval of the capital budget considering expected commodity prices, contractual obligations, and capital resources at that time.
This document provides an overview of Antero Midstream Partners LP and highlights key information about the company's forward-looking statements, recent changes since the prior presentation, benefits of Antero Resources' recent acreage acquisition for Antero Midstream, Antero Resources' continuous operating improvements, advanced completion designs driving increased water volumes, Marcellus well economics assumptions and upside potential, Antero Midstream's exercise of an option to acquire a stake in the Stonewall gathering pipeline, and reasons to own Antero Midstream including strong distribution growth and coverage, sponsor strength, investment opportunities, and financial flexibility.
The document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. The ability to make future distributions is substantially dependent on Antero Resources' development and drilling plan, which is dependent on its annual capital budget approval.
This document provides an overview of a partnership between Antero Midstream Partners LP and Antero Resources Corporation. It contains forward-looking statements regarding future plans, strategies, objectives, and anticipated financial and operating results. These statements are based on certain assumptions involving risks and uncertainties that could cause actual results to differ. The partnership cautions readers that forward-looking statements are subject to risks and uncertainties that could make the statements inaccurate. The ability to make future distributions is substantially dependent on Antero Resources' development and drilling plan, which itself is substantially dependent on approval by Antero Resources' board of directors of its annual capital budget.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It notes that statements in the presentation regarding future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts are forward-looking statements. It cautions readers that these statements are subject to risks and uncertainties that could cause actual future results to differ materially from expected results. The document also states that Antero Resources' ability to make future distributions is substantially dependent on Antero Resources' annual capital budget and development plan, which depends on commodity prices and Antero Resources' financial resources and liquidity.
The document provides an overview of forward-looking statements and assumptions regarding Antero Midstream Partners LP and Antero Resources Corporation. It cautions readers that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations. The document also notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which is reviewed and approved annually by Antero Resources' board of directors.
The document provides an overview of a partnership and contains forward-looking statements regarding future plans, expectations, strategies, objectives, and anticipated financial and operating results. It cautions readers that these statements are subject to risks and uncertainties that could cause actual results to differ materially. The ability to make future distributions is substantially dependent on Antero Resources' development and drilling plan, which itself is dependent on approval by its board of directors of the annual capital budget.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It notes that actual results could differ materially from what is currently expected or predicted. The ability to make future distributions depends substantially on Antero Resources' development plan, which depends on commodity prices and Antero Resources' financial resources and liquidity. Any forward-looking statements speak only as of the date of this document and the company undertakes no obligation to update projections or statements.
This document provides an overview of Antero Midstream Partners LP and forward-looking statements. It summarizes Antero Resources' expected future growth, ability to meet its drilling and development plan, and commodity price assumptions. It also outlines risks associated with forward-looking statements including commodity price volatility, inflation, environmental risks, and drilling and completion risks.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key risks and assumptions, including dependence on Antero Resources' development plans, commodity price volatility, and other operational risks. It also notes that future distributions are dependent on Antero Resources' annual capital budget and factors such as commodity prices and Antero Resources' financial resources and liquidity.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key risks and assumptions, including dependence on Antero Resources' development plans, commodity price volatility, and other operational risks. It also notes that future distributions are dependent on Antero Resources' annual capital budget and factors such as commodity prices and Antero Resources' financial resources and liquidity.
The document provides an overview of forward-looking statements and assumptions for Antero Midstream Partners LP. It notes that future plans are dependent on Antero Resources' annual capital budget approval and factors like commodity prices and liquidity. Any forward-looking statements may prove inaccurate due to risks including commodity price volatility and regulatory changes. The ability to make future distributions is substantially dependent on Antero Resources' development plan which itself depends on its board's annual review of the capital budget.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions and risks that could impact future results. Specifically, it notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which depends on commodity prices and Antero Resources' financial position. Any forward-looking statements speak only as of the date made and the company undertakes no obligation to update such statements.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions and risks that could impact future results. Specifically, the document notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which itself depends on annual budget approval by Antero Resources' board of directors.
The document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It notes that actual results could differ materially from what is currently expected or implied due to certain assumptions, risks, and uncertainties. Specifically, the document discusses Antero Midstream's dependence on Antero Resources for growth through its development plans, which are dependent on commodity prices and Antero Resources' financial resources and capital budget approved annually by its board of directors.
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ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
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Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
2. FORWARD-LOOKING STATEMENTS
This presentation contains forward-looking statements. All statements, other than statements of historical facts, included in this
presentation that address activities, events or developments that Antero Midstream Partners LP, and its subsidiaries (collectively,
the “Partnership”) expect, believe or anticipate will or may occur in the future are forward-looking statements. The words “believe,”
“expect,” “anticipate,” “plan,” “intend,” “estimate,” “project,” “foresee,” “should,” “would,” “could,” or other similar expressions are
intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not
forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation
specifically include expectations of plans, strategies, objectives, and anticipated financial and operating results of the Partnership
and Antero Resources Corporation (“Antero”). These statements are based on certain assumptions made by the Partnership and
Antero based on management’s experience and perception of historical trends, current conditions, anticipated future developments
and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties,
many of which are beyond the control of the Partnership, which may cause actual results to differ materially from those implied or
expressed by the forward-looking statements. These include the factors discussed or referenced under the heading “Item 1A. Risk
Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014 and in the Company’s subsequent filings with
the SEC.
The Partnership cautions you that these forward-looking statements are subject to risks and uncertainties that may cause these
statements to be inaccurate, and readers are cautioned not to place undue reliance on such statements. These risks include, but
are not limited to, Antero’s ability to meet its drilling and development plan, commodity price volatility, inflation, environmental risks,
drilling and completion and other operating risks, regulatory changes, the uncertainty inherent in projecting future rates of
production, cash flow and access to capital, the timing of development expenditures, and the other risks discussed or referenced
under the heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014 and in the
Company’s subsequent filings with the SEC.
Any forward-looking statement speaks only as of the date on which such statement is made, and the Partnership undertakes no
obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise,
except as required by applicable law.
1
3. ANTERO MIDSTREAM – A GROWTH FOCUSED MLP
2
• AM sponsor is the most active operator in Appalachia
• Highest recycle ratio and low F&D cost supports sponsor production growth expectations
• Sponsor maintains strong liquidity and significant hedging position
• Highly incentivized to maximize value of AM to support AR growth
• Midstream assets located in lowest cost per Mcfe rich gas plays in North America
• ~80% of midstream “footprint” is associated with rich gas production
• Substantial AR and third-party future infrastructure required
• Gathering and compression provide core asset portfolio with additional option to
expand into freshwater distribution and regional pipelines
• Pure play, fee-based midstream MLP with top tier growth rate
• Cash flows are supported by 20-year, fee-based agreements with AR
• “Best in class” anchor tenant with 92% net production growth in 2014 and 40%+
growth projected for 2015
• Growth not dependent on drop-downs, 3rd party business or acquisitions for growth
• Consolidated Marcellus and Utica rich gas acreage dedications
• Multiple gathering and compression, processing, pipeline and other expansion
opportunities
• Option to acquire AR Fresh Water Distribution system
• $1 billion of undrawn borrowing capacity commitments and $230 million of cash at
12/31/2014
• Good high yield access with “Ba2/BB” rated parent (corporate ratings)
• Structured to pursue organic growth opportunities
Premier
E&P Sponsorship
1
“Pure Play”
Marcellus/Utica
Midstream MLP
2
Top Tier MLP
Organic Growth3
Appalachian
Midstream Value
Chain Opportunity
4
Stacked-Pay Basin
Potential Upside5
Financial Flexibility
& Strong Capital
Structure
6
• Stacked-pay opportunities – Utica, Marcellus, Upper Devonian
• Opportunity to develop Utica Shale dry gas pipeline and compression systems in
West Virginia
• Future Upper Devonian development will require existing water resource for
completions and gathering and compression systems
5. Low Cost
Marcellus/Utica Focus
“Best-in-Class”
Distribution Growth
4
CATALYSTS
28%-30% distribution growth targeted for 2015 based on Sponsor
budgeted development; additional third party business expansion
opportunities
AM sponsor is the most active operator in Appalachia; 40%+ production
growth targeted for 2015 supported by $1.8 billion capital budget, firm
processing and takeaway, long-term natural gas hedges and $4.4 billion
of liquidity
Sponsor operations target lowest cost shale plays in North America;
attractive well economics support continued drilling at current prices
Multiple opportunities exist for additional gathering and compression,
processing and pipeline assets for Sponsor and third party use
Appalachian Basin
Midstream Growth
Sponsor Production
Growth Profile
Stacked-Pay Basin
Upside
1
2
3
4
5
6
Development of Utica Shale Dry Gas and Upper Devonian resources
provide further midstream infrastructure expansion opportunities
Potential Water
Business Dropdown
AM holds option to acquire water business from Sponsor; contingent on
receiving private letter ruling from IRS
6. Antero
Midstream Management
ANTERO MIDSTREAM OWNERSHIP STRUCTURE
5
Antero Resources
Corporation (NYSE: AR)
$13.6 Billion Enterprise Value(1)
Ba2/BB Corporate Rating
Antero Midstream
Partners LP (NYSE: AM)
$3.7 Billion Market Cap.(1)
Public
$1 Billion
Credit Facility
Midstream Entity
Partnership
Corporation
Marcellus
Gathering
& Compression
Utica
Gathering &
Compression
Option(3)
Antero Fresh Water
Distribution System
Option
69.7% Limited
Partner Interest
1. AR enterprise value excludes AM minority interest and cash; pro forma for $750 million Senior Notes offering on 3/3/2015 and $544 million equity offering on 3/5/2015. Market values as of 3/31/2015.
2. Option to acquire up to a 15% non-operating equity interest in a new build Regional Gathering Pipeline.
3. Option to acquire 100% interest at fair market value.
100% 100% 100%
Option(2)
Regional Gathering
Pipeline
15%
Midstream Option
7. 1. Represents inception to date actuals as of 12/31/2014 and 2015 midpoint guidance.
2. Includes $12.5 million of maintenance capex at 2015 midpoint guidance.
6
Utica
Shale
Marcellus
Shale
Projected Midstream Infrastructure(1)
Marcellus
Shale
Utica
Shale Total
YE 2014 Cumulative Gathering/
Compression Capex ($MM) $836 $345 $1,181
Gathering Pipelines
(Miles) 153 80 233
Compression Capacity
(MMcf/d) 375 - 375
Condensate Gathering Pipelines
(Miles) - 16 16
2015 Gathering/Compression
Capex Budget ($MM)(2) $256 $182 $438
Gathering Pipelines
(Miles) 46 18 64
Compression Capacity
(MMcf/d) 425 120 545
Condensate Gathering Pipelines
(Miles) - 4 4
Midstream Assets
ANTERO MIDSTREAM PARTNERS OVERVIEW
• Gathering and compression assets in core of rapidly
growing Marcellus and Utica Shale plays
– Acreage dedication of ~419,000 net leasehold
acres for gathering and compression services
– 100% fixed fee long term contracts
• AR owns 70% of AM units (NYSE: AM)
9. ANTERO MIDSTREAM ASSETS – RICH GAS MARCELLUS
8
• Provides Marcellus gathering and compression
services
− Liquids-rich gas is delivered to MWE’s Sherwood
Complex for processing
• Significant growth projected over the next twelve
months as set out below:
• Antero sold the Harrison County portion of its gathering
system to a 3rd party midstream company in 2012,
which is now recognized as the 3rd Party Gathering and
Compression Dedication area
• Development upside as AR continues to drill, step-out
and add acreage
Marcellus Gathering & Compression
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
YE 2014 YE 2015
Gathering Pipelines (Miles) 153 199
Compression Capacity (MMcf/d) 375 800
WV/PA Utica Dry Gas Gathering & Compression
• Further development upside in 175,000 net acres of
Utica deep rights beneath the Marcellus Shale
− Will require a separate dry gas gathering system
10. 9
• Provides Utica natural gas and condensate gathering
services
− Liquids-rich gas delivered into MWE’s Seneca
Complex for processing
− Condensate delivered to centralized stabilization
and truck loading facilities
• Significant growth projected over the next twelve
months as set out below:
• Development upside as AR continues to drill, step-out
and add acreage
Utica Gathering
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
ANTERO MIDSTREAM ASSETS – RICH & DRY GAS UTICA
YE 2014 YE 2015
Gathering Pipelines (Miles) 80 98
Condensate Pipelines (Miles) 16 20
Compression (MMcf/d) 0 120
Utica Compression
• Opportunity to build up to ten new compressor stations
that are planned to support AR development over the
next several years
11. ORGANIC GROWTH STRATEGY: “BUILD VS. BUY”
10
• Organic growth strategy provides attractive
returns and project economics, while
avoiding the competitive acquisition market
• Industry leading organic growth story
– ~$1.06 billion in capital spent through
9/30/2014
– $425 million in additional growth capital
forecast for the twelve-month period
ending 12/31/15 (excludes $12.5 million of
maintenance capital)
Note: Precedent data per IHS Herold’s research and public filings.
1. Antero organic multiple calculated as estimated gathering and compression capital expended through Q3 2014 divided by 12/31/15 projected gathering and compression EBITDA assuming 12-15
month lag between capital incurred and full system utilization.
2. Selected gathering and compression drop down acquisitions since 1/1/2011. Drop down multiples are based on NTM EBITDA. Source: Barclays.
6.8x
11.9x
10.7x
10.0x
9.3x
9.0x 9.0x 9.0x 8.9x 8.9x 8.8x
8.6x
8.0x 7.9x
7.0x 6.9x
5.5x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
12.0x
Drop Down Multiple(2)
Organic EBITDA Multiple vs. Precedent Drop Down Multiples
Median: 8.9x
Value creation for the AM unit holder =
Build at 4-7x EBITDA
vs.
Drop-Down / Buy at 8-12x EBITDA
12. • 60% of $1.6 billion drilling and completion budget for
2015 focused on the Marcellus Shale; 80 gross wells
expected to be completed
• Antero plans to operate an average of nine drilling
rigs in the Marcellus Shale during 2015, including
intermediate rigs
− 100% of rigs targeting the highly-rich
gas/condensate and highly-rich gas regimes
• Of the 80 gross wells targeted to be completed in
2015, 90% (72 gross wells) are forecast to be
completed in the AM dedicated area
− Only 8 gross wells are targeted for completion in
the non-AM dedicated acreage; an additional 22
wells are expected to be drilled but not
completed until 2016
− AM dedicated acreage contains 2,165 gross
undeveloped Marcellus locations and 313 Upper
Devonian locations
• Antero will defer 50 completions originally scheduled
to occur in the second and third quarters of 2015 into
2016 in order to limit natural gas volumes sold into
unfavorable pricing markets
Marcellus Capital Plan
ANTERO MARCELLUS CAPITAL PLAN
11
13. Fresh Water
Distribution(1)
Regional Gas Pipelines
Miles Capacity In-Service
Unnamed Regional
Pipeline
50 1.4 Bcf/d 4Q 2015
121. Currently owned by AR; AM holds option to purchase 100% of assets at fair market value.
End
Users
End
Users
Gas Processing
Y-Grade Pipeline
Long-Haul Interstate
Pipeline
Inter
Connect
NGL Product Pipelines
Fractionation
Compression
Low Pressure Gathering
Well Pad
Terminals
and
Storage
(Miles) YE 2014 YE 2015
Marcellus 91 118
Utica 45 62
Total 136 180
AM has option to participate
in processing, fractionation,
terminaling and storage
projects offered to AR
FULL MIDSTREAM VALUE CHAIN POTENTIAL
(Miles) YE 2014 YE 2015
Marcellus 62 81
Utica 35 36
Total 97 117
(MMcf/d) YE 2014 YE 2015
Marcellus 375 800
Utica 0 120
Total 375 920
AM Owned Assets
Condensate Gathering
Stabilization
(Miles) YE 2014 YE 2015
Utica 16 20
End
Users
AM Option Assets
(Ethane, Propane,
Butane, etc.)
(De-ethanization)
14. AM OPTION – INTEGRATED WATER BUSINESS
13
Marcellus Fresh Water Distribution System
• Provides fresh water to support ongoing Marcellus completion
activity
• Year-round water supply sources: Ohio River and local rivers
• Significant asset growth in 2015 as summarized below:
Note: Antero acreage position reflects tax districts in which greater than 3,000 net acres are owned.
1. Estimated fee of $3.50 per barrel at an average of 200,000 Bbls of water per well.
Utica Fresh Water Distribution System
• Provides fresh water to support ongoing Utica completion activity
• Year-round water supply sources: local reservoirs and rivers
• Significant asset growth in 2015 as summarized below:
• Currently owned by AR – AM holds option to purchase 100% of assets at fair market value, subject to receipt of a Private Letter
Ruling (PLR) from the IRS
• Antero has built an integrated water business to serve upstream’s water needs including fresh water distribution for completions as
well as water handling, treating and recycling
Marcellus Water System YE 2014 YE 2015
Water Pipeline (Miles) 177 49
Fresh Water Storage Impoundments 22 24
YE 2015 Projected Wells 80
Water Fees per Well ($)(1) $600K -
$800K
Utica Water System YE 2014 YE 2015
Water Pipeline (Miles) 61 29
Fresh Water Storage
Impoundments
8 14
YE 2015 Projected Wells 50
Water Fees per Well ($)(1) $600K -
$800K
OHIO
15. 25%
15%
10%
25%
30%
15% 15%
35%
25%
20%
35%
25%
20%
40%
0%
10%
20%
30%
40%
InternalRateofReturn
14
DRY GAS LOCATIONS RICH GAS LOCATIONS
HIGHLY
RICH GAS
LOCATIONS
Project Economics by Segment(1)
ESTIMATED PROJECT ECONOMICS BY SEGMENT
LP
Gathering
HP
Gathering Compression
Condensate
Gathering
Water
Distribution
Regional
Pipeline
Processing/
Fractionation
Unlevered IRR Range: 25% - 35% 15% - 25% 10% - 20% 25% - 35% 30% - 40% 15% - 25% 15% - 20%
Payout (Years): 2.5 - 4.0 3.5 - 4.5 4.0 - 6.5 2.0 - 3.5 2.0 – 3.0 3.5 - 7.0 5.0 - 6.0
Minimum Volume Commitments: N/A 75% 70% N/A N/A 100% 60%
12/31/2015 Capex(2) Total
Marcellus $248 $73 $73 $102 -
Utica 177 104 12 56 5
Expansion Capex $425 $177 $85 $158 $5
% of Capex 100% 42% 20% 37% 1%
Included in NTM Period: Marcellus &
Utica
Marcellus &
Utica
Marcellus Utica Not Included Not Included Not Included
Additional Opportunities: Dry Utica Dry Utica Rich & Dry
Utica
Utica
Stabilization
Drop-Down
of Water
Distribution
System
Regional
Gathering
Pipeline
Marcellus
Processing/
Fractionation
1. Based on management capex, operating cost and throughput assumptions by project.
2. Excludes $12.5 million of maintenance capex.
Wtd. Avg. 23% IRR
AM Option Opportunities
16. 0.0x
0.6x
1.9x
3.1x
3.8x
4.0x 4.1x 4.4x
4.8x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8
TotalDebt/LTMEBITDA
SIGNIFICANT FINANCIAL FLEXIBILITY
15
• Unfunded $1 billion revolver in place to fund future growth
capital (5x Debt/EBITDA Cap)
• $230 million of cash at 12/31/2014
• Sponsor (NYSE: AR) has Ba2/BB corporate ratings
AM Liquidity (12/31/2014)
AM Peer Leverage Comparison(1)
($ in millions)
Revolver Capacity $1,000
Less: Borrowings -
Plus: Cash 230
Liquidity $1,230
1. As of 12/31/2014. Peers include EQM, MWE, PSXP, RRMS, SXL, TEP, TLLP, and WES.
Financial Flexibility
17. 16
ANTERO MIDSTREAM MLP INVESTMENT HIGHLIGHTS
Premier E&P
Sponsorship
“Pure Play”
Marcellus/Utica
Midstream MLP
Top Tier MLP
Organic Growth
Full Midstream Value
Chain Potential
Financial Flexibility
& Strong Capital
Structure “Best in Class”
Distribution Growth
Expected
19. ANTERO RESOURCES – 2015 GUIDANCE
Key Variable 2015 Guidance
Net Daily Production (MMcfe/d) 1,400
Net Residue Natural Gas Production (MMcf/d) 1,175
Net Liquids Production (Bbl/d) 33,000
Net Oil Production (Bbl/d) 4,000
Natural Gas Realized Price Differential to NYMEX Henry Hub Before Hedging ($/Mcf) $(0.20) - $(0.30)
Oil Realized Price Differential to NYMEX WTI Before Hedging ($/Bbl) $(12.00) - $(14.00)
NGL Realized Price (% of WTI) 48% - 52%
Cash Production Expense ($/Mcfe)(2) $1.50 - $1.60
Marketing Expense, Net of Marketing Revenue ($/Mcfe) $0.20 - $0.30
G&A Expense ($/Mcfe) $0.23 - $0.27
Net Income Attributable to Non-Controlling Interest ($MM) $23 - $27
Operated Wells Completed 130
Average Operated Drilling Rigs 14
Capital Expenditures ($MM)
Drilling & Completion $1,600
Water Infrastructure $50
Land $150
Total Capital Expenditures ($MM) $1,800
1. Financial assumptions per Company press release dated 1/20/2015.
2. Includes lease operating expenses, gathering, compression and transportation expenses and production taxes. Excludes net marketing expense.
Key Operating & Financial Assumptions(1)
18
20. 19
Most Active Operator
in Appalachia
Largest Firm Transport
and Processing
Portfolio in Appalachia
Largest Gas Hedge
Position in U.S. E&P +
Strong Financial
Liquidity
Highest Growth
Large Cap E&P
Largest Core Liquids-
Rich Position in
Appalachia
Highest Realizations
and Margins Among
Large Cap
Appalachian Peers
Growth Liquids-Rich
Liquidity
Midstream
Drilling
LEADING UNCONVENTIONAL BUSINESS MODEL
MLP (NYSE: AM)
Highlights
Substantial Value in
Midstream Business
Realizations
Takeaway
Well
Economics
1
2 3
4
5
67
8
Premier Appalachian
E&P Company
Run by Co-Founders
Low Break-Even
Price Economics
21. Note: 2014 SEC prices were $4.07/MMBtu for natural gas and $81.48/Bbl for oil on a weighted average Appalachian index basis.
1. All net acres allocated to the WV/PA Utica Shale Dry Gas and Upper Devonian Shale are included among the net acres allocated to the Marcellus Shale as they are stacked pay formations attributable
to the same leasehold.
2. Antero and industry rig locations as of 3/27/2015, and average rig count for 1Q 2015, per RigData.
DRILLING – MOST ACTIVE OPERATOR IN APPALACHIA
20
COMBINED TOTAL – 12/31/14 RESERVES
Assumes Ethane Rejection
Net Proved Reserves 12.7 Tcfe
Net 3P Reserves 40.7 Tcfe
Pre-Tax 3P PV-10 $22.8 Bn
Net 3P Reserves & Resource 51.8 Tcfe
Net 3P Liquids 1,026 MMBbls
% Liquids – Net 3P 15%
1Q 2015E Net Production 1,485 MMcfe/d
- 1Q 2015E Net Liquids 40,000 Bbl/d
Net Acres(1) 550,000
Undrilled 3P Locations 5,331
UTICA SHALE CORE
Net Proved Reserves 758 Bcfe
Net 3P Reserves 7.6 Tcfe
Pre-Tax 3P PV-10 $6.1 Bn
Net Acres 149,000
Undrilled 3P Locations 1,024
MARCELLUS SHALE CORE
Net Proved Reserves 11.9 Tcfe
Net 3P Reserves 28.4 Tcfe
Pre-Tax 3P PV-10 $16.8 Bn
Net Acres 401,000
Undrilled 3P Locations 3,191
UPPER DEVONIAN SHALE
Net Proved Reserves 8 Bcfe
Net 3P Reserves 4.6 Tcfe
Pre-Tax 3P PV-10 NM
Undrilled 3P Locations 1,116
WV/PA UTICA SHALE DRY GAS
Net Resource 11.1 Tcf
Net Acres 175,000
Undrilled Locations 1,616
0
2
4
6
8
10
12
14
16
18
RigCount
Operators
1Q 2015 Avg SW Marcellus & Utica(2)
23. Assembled a 543,000 net acre position in the core of the Marcellus and Utica shale plays over the past 6 years
December 2008
Net Acreage 118,000
Net Production (MMcfe/d) NM
3P Reserves (Bcfe) NM
3P PV-10 ($MM) NM
Rigs Running NM
Dec 2008 Dec 2011 Dec 2014
December 2011(1)
Net Acreage 213,000
Net Production (MMcfe/d) 167
3P Reserves (Bcfe) 18,400
3P PV-10 ($MM) $9,000
Rigs Running 5
December 2014(1)
Net Acreage 543,000
Net Production (MMcfe/d) 1,265
3P Reserves (Bcfe) 40,700
3P PV-10 ($MM) $22,800
Rigs Running 21
1. Net daily production for December 2011 and December 2014 is for the fourth quarter, respectively.
LAND – MOST ACTIVE LAND ORGANIZATION
IN APPALACHIA
22
118,000 118,000 118,000
162,000
189,000
213,000
285,000
371,000
420,000
450,000
486,000
543,000
0
100,000
200,000
300,000
400,000
500,000
600,000
12/2008 12/2009 6/2010 12/2010 6/2011 12/2011 6/2012 12/2012 6/2013 12/2013 6/2014 12/2014
Antero Net Acreage
Utica Marcellus
24. 23
LIQUIDS-RICH – LARGEST CORE POSITION
Source: Core outlines and peer net acreage positions based on investor presentations, news releases and 10-K/10-Qs.
1. Based on company filings and presentations. Peer group includes AEP, CHK, CNX, COG, CVX, EQT, NBL, RICE, RRC, STO, SWN.
• Antero has the largest core liquids-
rich position in Appalachia with
≈375,000 net acres (> 1100 Btu)
• Represents over 21% of core liquids-
rich acreage in Marcellus and Utica
plays combined
• 2x its closest competitor
Antero has over 3,000 undeveloped rich gas locations with an average lateral length of 6,800’ in its 3P reserves
0
100
200
300
400
(000s)
Core Liquids-Rich Net Acres(1)
25. TAKEAWAY – LARGEST FIRM TRANSPORTATION AND
PROCESSING PORTFOLIO IN APPALACHIA
Odebrecht / Braskem
30 MBbl/d Commitment
Ascent Cracker
(Pending Final
Investment Decision)
Antero Long Term Firm Processing & Takeaway Position (2018) – Accessing Favorable Markets
Mariner East II
62 MBbl/d Commitment
Marcus Hook Export
Shell
25 MBbl/d Commitment
Beaver County Cracker
(Pending Final
Investment Decision)
Sabine Pass (Trains 1-4)
50 MMcf/d per Train
1. May2015 and full year 2016 futures basis, respectively, provided by Wells Fargo dated 3/31/2015. Favorable gas markets shaded in green.
Chicago(1)
$(0.04) /
$(0.05)
CGTLA(1)
$(0.08) /
$(0.09)
Dom South(1)
$(1.09) /
$(1.06)
TCO(1)
$(0.16) /
$(0.40)
24
4.1 Bcf/d
Firm Gas
Takeaway
By 2018
Cove Point
26. $4
-$8
$5
$25 $34 $29 $28 $26
$12 $16 $17
$28 $29
$19
$25 $43
$80 $83
$59
$49 $48
$14
$47 $54
-$1
$1
$58
$78
$185
($2.00)
($1.00)
$0.00
$1.00
$2.00
$3.00
$4.00
($40)
$0
$40
$80
$120
$160
$200
Quarterly Realized Gains/(Losses)
1Q '08 - 1Q '15
1,316 1,415 900 1,193 1,348 850
$4.42
$4.14 $4.22 $4.40 $4.12
$3.85
$2.78
$3.09 $3.33 $3.42 $3.50 $3.61
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
0
200
400
600
800
1,000
1,200
1,400
9 Mths 2015 2016 2017 2018 2019 2020
BBtu/d $/MMBtu
25
Average Index Hedge Price(1)Hedged Volume Current NYMEX Strip(2)
COMMODITY HEDGE POSITION
~$2.3 billion mark-to-market unrealized gain based on 3/31/2015 prices
2.4 Tcfe hedged from April 1, 2015 through year-end 2020 and 259 Bcf of TCO basis hedged from 2015 to 2017
$596 MM $616 MM $306 MM $425 MM $303 MM $76 MM
Mark-to-Market Value(2)
HEDGING – LARGEST GAS HEDGE POSITION IN U.S. E&P
≈ 94% of 2015
Guidance
Hedged
1. Weighted average index price based on volumes hedged assuming 6:1 gas to liquids ratio; excludes impact of TCO basis hedges. 3,000 Bbl/d of oil and 23,000 Bbl/d of propane hedged for 2015.
2. As of 3/31/2015; 2015 mark-to-market value reflects April-December hedges.
Hedging is a key component of Antero’s business model due to the large, repeatable drilling inventory
Antero has realized almost $1.1 billion of gains on commodity hedges over the past 7 years
– Gains realized in 27 of last 29 quarters
$MM $/Mcfe
27. $525
$1,000
$1,100
$750
$0
$200
$400
$600
$800
$1,000
$1,200
2015 2016 2017 2018 2019 2020 2021 2022 2023
($inMillions)
$453
26
LIQUIDITY – STRONG FINANCIAL LIQUIDITY AND DEBT
TERM STRUCTURE
1. Pro forma for $750 million 5.625% Senior Notes offering on 3/3/2015 with $739 million of bank debt repaid and $544 million primary share offering on 3/5/2015, including 1.6 million shares from the shoe
exercise. with $538 million of bank debt repaid.
$4,000
$3,176
($453)
($387) $16
$0
$1,000
$2,000
$3,000
$4,000
Credit Facility
12/31/2014
Bank Debt
12/31/2014
L/Cs Outstanding
12/31/2014
Cash
12/31/2014
Pro Forma
Liquidity
12/31/2014
PRO FORMA AR LIQUIDITY POSITION ($MM)(1) AM LIQUIDITY POSITION ($MM)
$1,000
$1,230$0 $0
$230
$0
$250
$500
$750
$1,000
$1,250
$1,500
Credit Facility
12/31/2014
Bank Debt
12/31/2014
L/Cs Outstanding
12/31/2014
Cash
12/31/2014
Pro Forma
Liquidity
12/31/2014
Over $4.4 billion of combined AR and AM financial liquidity as of 12/31/2014, pro forma for $750 million Senior Notes offering on 3/3/2015 and
primary equity offering of $544 million on 3/5/2015
No leverage covenant in bank facility, only interest coverage and working capital covenants
Senior Secured Revolving Credit Facility Senior Notes
PRO FORMA DEBT MATURITY PROFILE(1)
Recent bond and equity offerings have allowed Antero to reduce its cost of debt to 5.0% and significantly enhance liquidity while extending the
pro forma average debt maturity to December 2021
28. Average
NYMEX
Price
($/Mcf)
Average
Differential(1)
($/Mcf)
Average
BTU Upgrade
($/Mcf)
Discount to
NYMEX
($/Mcf)
Gas
Hedge
Effect
($/Mcf)
Average
Realized
Gas Price
($/Mcf)
Average
Realized Gas
Premium to
NYMEX
($/Mcf)
Liquids
Upgrade
($/Mcfe)
Realized
Equivalent
Price
($/Mcfe)
Gas
Equivalent
Premium to
NYMEX
($/Mcfe)
4Q 2014 $4.00 $(0.71) $0.37 $(0.34) $0.73 $4.39 $0.39 $0.29 $4.68 $0.68
1Q 2015 $2.98 $(0.43) $0.26 $(0.17) $1.56 $4.37 $1.39 $0.05 $4.42 $1.44
1. Includes firm sales.
2. Includes natural gas hedges.
3. Source: Public data from 4Q 2014 10-Ks. Peers include Cabot Oil & Gas, CONSOL Energy, EQT Corp. and Range Resources.
4. Includes realized hedge gains and losses. Operating costs include lease operating expenses, production taxes, gathering, processing and firm transport costs and general and administrative costs. 4-year
proved reserve average all-in F&D from 2010-2013. Calculation = (Development costs + exploration costs + leasehold costs) / Total reserves added (2013 ending reserves – 2010 beginning reserves + 4-year
reserve sales – 4-year reserve purchases + 4-year accumulated production). AR price realization includes $0.09 of midstream revenues.
$2.84
$2.64 $2.74
$1.95
$2.38
$0.58 $0.74
$0.95
$0.77 $0.81
$4.77
$4.15 $4.05 $3.90
$3.46
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
AR Peer 1 Peer 2 Peer 3 Peer 4
$/Mcfe
Production Taxes GPT G&A LOE EBITDAX 4-year Avg. All-in F&D
$4.39
$4.01
$3.70 $3.56
$2.96
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
AR EQT CNX RRC COG
$/Mcf
27
REALIZATIONS – HIGHEST REALIZATIONS & MARGINS
AMONG LARGE-CAP APPALACHIAN PEERS
4Q 2014 Natural Gas Realizations(2) 4Q 2014 Price Realization & EBITDAX Margin vs F&D(3)(4)
4Q 2014 NYMEX = $4.00/Mcf
($/Mcfe)
4Q 2014 & 1Q 2015 Natural Gas Realizations ($/Mcf)
Antero continues to lead its peer group in price realizations and EBITDAX unit margins
29. DOM S
22%
DOM S - 9% DOM S - 6%
TETCO M2 - 7%
TETCO M2 - 6%
TCO
24%
TCO
16%
TCO - 9%
NYMEX
8%
NYMEX
11%
NYMEX
10%
Gulf Coast
18%
Gulf Coast
38%
Gulf Coast
56%
Chicago
21%
Chicago
20%
Chicago
19%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
($/Mcf) 2015E
NYMEX Strip Price(1) $3.09
Basis Differential to NYMEX(1) $(0.46)
BTU Upgrade(6) $0.26
Estimated Realized Hedge Gains $1.35
Realized Gas Price with Hedges $4.24
Premium to NYMEX +$1.15
Liquids Impact +$0.39
Premium to NYMEX w/ Liquids +$1.54
Realized Gas-Equivalent Price $4.63
4. Represents 60,000 MMBtu/d of TCO index hedges and 290,000 MMBtu/d of TCO basis
hedges that are matched with NYMEX hedges for presentation purposes.
5. Represents 125,000 MMBtu/d of TCO basis hedges matched with NYMEX hedges.
6. Assumes ethane rejection resulting in 1100 BTU residue sales gas.
REALIZATIONS – REALIZED PRICE “ROAD MAP”
1. Based on 12/31/2014 strip pricing.
2. Differential represents contractual deduct to NYMEX-based firm sales contract.
3. Represents 120,000 MMBtu/d of TCO index hedges and 390,000 MMBtu/d of TCO basis
hedges that are matched with NYMEX hedges for presentation purposes.
2015
Basis(1)
2016
Basis(1)
2017
Basis(1)
2015
Hedges
2016
Hedges
2017
Hedges
Marketed%ofTargetResidueGasProduction
+$0.05/MMBtu
$(0.25)/MMBtu(2)
$(1.28)/MMBtu
$(0.24)/MMBtu
$(0.07)/MMBtu
$(0.25)/MMBtu(2)
$(1.11)/MMBtu
$(0.41)/MMBtu
$(0.20)/MMBtu
$(0.25)/MMBtu(2)
$(0.83)/MMBtu
$(0.50)/MMBtu
$(0.09)/MMBtu
$(0.07)/MMBtu
205,000 MMBtu/d
@ $4.28/MMBtu
125,000 MMBtu/d
@ $3.79/MMBtu (5)
40,000 MMBtu/d
@ $4.00/MMBtu
230,000 MMBtu/d
@ $5.60/MMBtu
510,000 MMBtu/d
@ $3.87/MMBtu(3)
170,000 MMBtu/d
@ $4.09/MMBtu
272,500 MMBtu/d
@ $5.35/MMBtu
350,000 MMBtu/d
@ $3.66/MMBtu(4)
85% exposure to favorable price indices71% exposure to favorable price indices 94% exposure to favorable price indices
Antero’s exposure to favorable gas price indices like Chicago, Gulf Coast, NYMEX and TCO is expected to increase to 94% by
2017
$(1.35)/MMBtu
$(1.26)/MMBtu
Wtd. Avg.
Basis ($0.46)
Wtd. Avg.
Basis $(0.32)
1,160,000 MMBtu/d
@ $4.34/MMBtu
Wtd. Avg.
Basis $(0.18)
1,072,500 MMBtu/d
@ $4.20/MMBtu
420,000 MMBtu/d
@ $4.27/MMBtu
2015E 2016E 2017E
28
380,000 MMBtu/d
@ $3.88/MMBtu
280,000 MMBtu/d
@ $3.82/MMBtu
70,000 MMBtu/d
@ $4.57/MMBtu
820,000 MMBtu/d
@ $4.22/MMBtu
$(0.10)/MMBtu
30. 0%
10%
20%
30%
40%
248
139
94
254
289
14%
39%
55%
40% 39%
0
100
200
300
0%
20%
40%
60%
Condensate Highly-Rich
Gas/
Condensate
Highly-Rich
Gas
Rich Gas Dry Gas
Total3PLocations
ROR
Locations ROR
MARCELLUS SSL WELL ECONOMICS(1)
664
1,010
628
88945%
30%
15% 15%
0
300
600
900
1,200
0%
15%
30%
45%
60%
Highly-Rich
Gas/
Condensate
Highly-Rich
Gas
Rich Gas Dry Gas
Total3PLocations
ROR
Locations ROR
MULTI-YEAR DRILLING INVENTORY SUPPORTS
LOW RISK, HIGH RETURN GROWTH PROFILE
Large 3P Drilling Inventory of High Return Projects(2)
1. Pre-tax well economics based on a 9,000’ lateral, 12/31/2014 natural gas and WTI strip pricing for 2015-2024, flat thereafter, NGLs at 50% of oil price and applicable firm transportation costs. Well costs
are current estimates and include $1.2 million of pad, road and location work, in addition to production facilities.
2. Source: Credit Suisse report dated December 2014 – After-tax internal rate of return based on 12/31/2014 strip pricing.
26% 26%
31%
15%
InternalRateofReturn(%)
20%
29
UTICA WELL ECONOMICS(1)
72% of Marcellus locations are processable (1100-plus Btu) 72% of Utica locations are processable (1100-plus Btu)
3,037 Antero Liquids-Rich Locations
16%
2015
Drilling Plan
Antero Projects
Antero has over 3,000 undrilled liquids-rich Marcellus and Utica locations with an average lateral length of 6,800 feet
31. WORLD CLASS MARCELLUS SHALE
DEVELOPMENT PROJECT
100% operated
Operating 7 drilling rigs including
2 intermediate rigs
401,000 net acres in
Southwestern Core (74%
includes processable rich gas
assuming an 1100 Btu cutoff)
– 50% HBP with additional 29%
not expiring for 5+ years
400 horizontal wells completed
and online
– Laterals average 7,500’
– 100% drilling success rate
5 plants in-service at Sherwood
Processing Complex capable of
processing 1 Bcf/d of rich gas
− Over 1 Bcf/d MMcf/d of Antero
gas being processed currently
Net production of 1,211 MMcfe/d
in 1Q 2015E, including 28,700
Bbl/d of liquids
3,191 future drilling locations in
the Marcellus (2,302 or 72% are
processable rich gas)
28.4 Tcfe of net 3P (17% liquids),
includes 11.9 Tcfe of proved
reserves (assuming ethane
rejection) Highly-Rich Gas
133,000 Net Acres
1,010 Gross Locations
Rich Gas
92,000 Net Acres
628 Gross Locations
Dry Gas
104,000 Net Acres
889 Gross Locations
Highly-Rich/Condensate
72,000 Net Acres
664 Gross Locations
HEFLIN UNIT
30-Day Rate
2H: 21.4 MMcfe/d
(20% liquids)
CONSTABLE UNIT
30-Day Rate
1H: 14.3 MMcfe/d
(25% liquids)
142 Horizontals Completed
30-Day Rate
8.1 MMcf/d
6,915’ average lateral length
Sherwood
Processing
Complex
Source: Company presentations and press releases. Antero acreage position reflects tax districts in which greater than 3,000 net acres are held. Note: Rates in ethane rejection.
NERO UNIT
30-Day Rate
1H: 18.2 MMcfe/d
(27% liquids)
BEE LEWIS PAD
30-Day Rate
4-well combined
30-Day Rate of
67 MMcfe/d
(26% liquids)
RJ SMITH PAD
30-Day Rate
4-well combined
30-Day Rate of
56 MMcfe/d
(21% liquids)
30
HENDERSHOT UNIT
30-Day Rate
1H: 16.3 MMcfe/d
2H: 18.1 MMcfe/d
(29% liquids)
HORNET UNIT
30-Day Rate
1H: 21.5 MMcfe/d
2H: 17.2 MMcfe/d
(26% liquids)
CARR UNIT
30-Day Rate
2H: 20.6 MMcfe/d
(20% liquids)
WAGNER PAD
30-Day Rate
4-well combined
30-Day Rate of
59 MMcfe/d
(14% liquids)
32. Note: Antero acreage position reflects townships in which greater than 3,000 net acres are held. Antero 30-day rates in ethane rejection.
1. 30-day rate reflects restricted choke regime.
• 100% operated
• Operating 4 drilling rigs
• 149,000 net acres in the core rich gas/
condensate window (72% includes processable
rich gas assuming an 1100 Btu cutoff)
– 23% HBP with additional 75% not expiring
for 5+ years
• 58 operated horizontal wells completed and
online in Antero core areas
− 100% drilling success rate
• 3 plants at Seneca Processing Complex
capable of processing 600 MMcf/d of rich gas
− Over 500 MMcf/d being processed currently,
including third party production
• Net production of 274 MMcfe/d in 1Q 2015E
including 11,300 Bbl/d of liquids
• Fourth third party compressor station in-service
December 2014 with a capacity of 120 MMcf/d
• 1,024 future gross drilling locations (735 or 72%
are processable gas)
• 7.6 Tcfe of net 3P (15% liquids), includes
758 Bcfe of proved reserves (assuming ethane
rejection)
LEADING UTICA SHALE CORE POSITION DELIVERS
PROLIFIC LIQUIDS-RICH WELLS
31
Cadiz
Processing
Plant
NORMAN UNIT
30-Day Rate
2 wells average
16.8 MMcfe/d
(15% liquids)
RUBEL UNIT
30-Day Rate
3 wells average
17.2 MMcfe/d
(20% liquids)
Utica
Core
Area
GARY UNIT
30-Day Rate
3 wells average
24.2 MMcfe/d
(21% liquids)
Highly-Rich/Cond
26,000 Net Acres
139 Gross Locations
Highly-Rich Gas
16,000 Net Acres
94 Gross Locations
Rich Gas
33,000 Net Acres
254 Gross Locations
Dry Gas
42,000 Net Acres
289 Gross Locations
NEUHART UNIT 3H
30-Day Rate
16.2 MMcfe/d
(57% liquids)
Condensate
32,000 Net Acres
248 Gross Locations
DOLLISON UNIT 1H
30-Day Rate
19.8 MMcfe/d
(40% liquids)
MYRON UNIT 1H
30-Day Rate
26.8 MMcfe/d
(52% liquids)
Seneca
Processing
Complex
LAW UNIT
30-Day Rate
2 wells average
16.1 MMcfe/d
(50% liquids)
SCHAFER UNIT
30-Day Rate(1)
2 wells average
14.2 MMcfe/d
(49% liquids)
URBAN PAD
30-Day Rate
4 wells average
18.8 MMcfe/d
(15% liquids)
GRAVES UNIT
500’ Density Pilot
30-Day Rate
4 wells average
15.5 MMcfe/d
(24% liquids)
FRANKLIN UNIT
30-Day Rate
3 wells average
17.6 MMcfe/d
(16% liquids)
FRAKES UNIT
30-Day Rate
2 wells average
18.6 MMcfe/d
(42% liquids)
34. LTM Production
NTM Production Forecast
Average LTM Production
MAINTENANCE CAPITAL METHODOLOGY
• Maintenance Capital Calculation Methodology
– Estimate the number of new well connections needed during the forecast period in order to offset the natural
production decline and maintain the average throughput volume on our system over the LTM period
– (1) Compare this number of well connections to the total number of well connections estimated to be made during
such period and
– (2) Designate an equal percentage of our estimated gathering capital expenditures as maintenance capital
expenditures
33
Maintenance capital expenditures are cash expenditures (including expenditures for the
construction or development of new capital assets or the replacement, improvement or expansion
of existing capital assets) made to maintain, over the long term, our operating capacity or revenue
• Illustrative Example
LTM Forecast Period
Decline of LTM
average throughput
to be replaced with
production volume
from new well
connections
35. CONTRACTUAL ARRANGEMENTS WITH ANTERO
PROVIDE SIGNIFICANT GROWTH OPPORTUNITIES
34
• Gathering and Compression
– 20-year agreement
– Dedication of all current and future AR acreage in West Virginia, Ohio, and Pennsylvania, outside of current
third-party commitments
– Option to gather and compress natural gas produced by Antero on any future acquired acreage outside of the
aforementioned areas
– Low-pressure gathering fee of $0.30/Mcf(1)
– High-pressure gathering fee of $0.18/Mcf(1)
– Compression fee of $0.18/Mcf(1)
– Minimum volume commitments on newly constructed high-pressure lines and compressor stations, respectively
– Compression minimum volume commitments of 70% of design capacity
– High-pressure gathering minimum volume commitments of 75% of design capacity
• Processing (“ROFO”)
– Right of first offer on future processing services
– Agreement stipulates that AR has agreed not to procure any gas processing or NGLs fractionation,
transportation or marketing services (other than production subject to a pre-existing dedication) without first
offering AM the right to provide such services
1. All subject to CPI-based adjustments.
36. FORECASTED CASH FLOW AVAILABLE
FOR DISTRIBUTIONS
35
12 Months Ending
($ in millions) December 31, 2015
Antero Midstream Adjusted EBITDA(1) $150 – $160
Less:
Cash interest, net ($2.5)
Expansion capital expenditures ($415 – $435)
Ongoing maintenance capital expenditures ($10 – $15)
Add:
Borrowings and cash to fund expansion capital expenditures $415 – $435
Minimum estimated cash available for distribution $135 – $145
Distributable Cash Flow Coverage Ratio 1.1x – 1.2x
Year-over-Year Distribution Growth(2) 28% – 30%
1. Includes incremental public company expenses.
2. Year-over-year distribution growth reflects the expected distribution in the fourth quarter of 2015 vs. the minimum quarterly distribution (“MQD”) of $0.17/unit (not full year 2015
distributions vs. the annualized MQD).
37. AM OPPORTUNITY SET
36
ACTIVITY CURRENTLY DEDICATED TO AM
Gas Gathering and Compression
(High-Pressure and Low-Pressure)
Condensate and
Liquids Gathering
Integrated Water Business
Processing, Fractionation,
Transportation, Marketing
and Other Services
• Existing dedication of ≈419,000 acres
• Option to expand outside dedicated area, including ROFR
• Minimum Volume Commitments on newly constructed
compression (70%) and high pressure gathering (75%)
Regional Pipeline Project
• Option to participate up to 15% in another regional pipeline
project
• Relevant liquids production can be
added to the existing dedication; AR must request AM to
provide a fee proposal
• Option to acquire at fair market value 100% of AR’s water
business assets covering 550,000 net acres, including ROFO
on future services
• AR must request a bid from AM and can only reject if third
party service fees are lower. AM has right to match
lower fee offer.
38. 0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
$3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00
Pre-TaxROR(%)
Highly-Rich Gas/Condensate Highly-Rich Gas Rich Gas Dry Gas
MARCELLUS ROR% AND GAS PRICE SENSITIVITY
371. Assumes 12/31/2014 strip pricing, market differentials and relevant transportation cost; 9,000’ lateral.
• Large portfolio of Highly-Rich Gas/Condensate to Dry Gas locations
• Focused on drilling highly economic rich gas locations – rig symbols represent current rig location by Btu regime
• Assumes 12/31/2014 WTI strip pricing for 2015-2024, flat thereafter; NGL price 50% of WTI
NYMEX Flat Price Sensitivity(1)
ROR% at Flat 2015-2024 Strip Price
Highly-Rich Gas/Condensate: 50%
Highly-Rich Gas: 35%
Rich Gas: 16%
Dry Gas: 16%
664 Locations
1,010 Locations
628 Locations
889 Locations
Antero Rigs Employed
2015
Drilling Plan
39. 0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
200%
$3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00
Pre-TaxROR(%)
Condensate Highly-Rich Gas/Condensate Highly-Rich Gas Rich Gas Dry Gas Antero Rigs Employed
UTICA ROR% AND GAS PRICE SENSITIVITY
38
NYMEX Flat Price Sensitivity(1)
94 Locations
ROR% at Flat 2015-2024 Strip Price
Condensate: 13%
Highly-Rich Gas/Condensate: 47%
Highly-Rich Gas: 73%
Rich Gas: 54%
Dry Gas: 58%
• Large portfolio of Condensate to Dry Gas locations
• Focused on drilling highly economic rich gas locations – rig symbols represent current rig location by Btu regime
• Assumes 12/31/2014 WTI strip pricing for 2015-2024, flat thereafter; NGL price 50% of WTI
1. Assumes 12/31/2014 strip pricing, market differentials and relevant transportation cost; 9,000’ lateral.
254 Locations
139 Locations
289 Locations
248 Locations
2015
Drilling Plan
40. LARGE UTICA SHALE DRY GAS POSITION
39
Antero has 217,000 net acres of exposure to Utica dry gas play
− 42,000 net acres in Ohio with net 3P reserves of 2.4 Tcf as of
12/31/2014
− 175,000 net acres in West Virginia and Pennsylvania with net
resource of 11.1 Tcf as of 12/31/2014 (not included in 40.7
Tcfe of net 3P reserves)
− 1,616 locations underlying current Marcellus Shale leasehold
in West Virginia and Pennsylvania as of 12/31/2014
Other operators have reported strong Utica Shale dry gas
results including the following wells:
Chesapeake
Hubbard BRK #3H
3,550’ Lateral
IP 11.1 MMcf/d
Hess
Porterfield 1H-17
5,000’ Lateral
IP 17.2 MMcf/d
Gulfport
Irons #1-4H
5,714’ Lateral
IP 30.3 MMcf/d
Eclipse
Tippens #6H
5,858’ Lateral
IP 23.2 MMcf/d
Magnum Hunter
Stalder #3UH
5,050’ Lateral
IP 32.5 MMcf/d
Antero
Planned
Utica Well
Well Operator
IP
(MMcf/d)
Lateral
Length (Ft)
Claysville SC #1 Range 59.0 5,420
Stewart Winland 1300U Magnum Hunter 46.5 5,289
Bigfoot 9H Rice Energy 41.7 6,957
Stalder #3UH Magnum Hunter 32.5 5,050
Irons #1-4H Gulfport 30.3 5,714
Pribble 6HU Stone Energy 30.0 3,605
Simms U-5H Gastar 29.4 4,447
Conner 6H Chevron 25.0 6,451
Messenger 3H Southwestern 25.0 5,889
Tippens #6H Eclipse 23.2 5,858
Porterfield 1H-17 Hess 17.2 5,000
Hubbard BRK #3H Chesapeake 11.1 3,550
1. Antero acreage position reflects tax districts in which greater than 3,000 net acres are held in OH, WV and PA.
Magnum Hunter
Stewart Winland 1300U
5,289’ Lateral
IP 46.5 MMcf/d
Range
Claysville SC #1
5,420’ Lateral
IP 59.0 MMcf/d
Chevron
Conner 6H
6,451’ Lateral
IP 25.0 MMcf/d
Gastar
Simms U-5H
4,447’ Lateral
IP 29.4 MMcf/d
Utica Shale Dry Gas Acreage in OH/WV/PA(1)
Rice
Bigfoot 9H
6,957’ Lateral
IP 41.7 MMcf/d
Utica Shale Dry Gas
WV/PA
Net Resource
11.1 Tcf
1,616 Gross Locations
175,000 Net Acres
Utica Shale Dry Gas
Ohio
3P Reserves
2.4 Tcf
289 Gross Locations
42,000 Net Acres
Utica Shale Dry Gas
Total OH/WV/PA
Net Resource
13.5 Tcf
1,905 Gross Locations
217,000 Net Acres
Stone Energy
Pribble 6HU
3,605’ Lateral
IP 30.0 MMcf/d
Southwestern
Messenger 3H
5,889’ Lateral
IP 25.0 MMcf/d
Rice
Blue Thunder
10H, 12H
≈9,000’ Lateral
41. CAUTIONARY NOTE
The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserve estimates
(collectively, “3P”). Antero has provided internally generated estimates for proved, probable and possible reserves in this presentation in
accordance with SEC guidelines and definitions, which have been audited by Antero’s third-party engineers. Unless otherwise noted,
reserve estimates as of December 31, 2014 assume ethane rejection and strip pricing.
Actual quantities that may be ultimately recovered from Antero’s interests may differ substantially from the estimates in this presentation.
Factors affecting ultimate recovery include the scope of Antero’s ongoing drilling program, which will be directly affected by commodity
prices, the availability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease
expirations, transportation constraints, regulatory approvals and other factors, and actual drilling results, including geological and
mechanical factors affecting recovery rates.
In this presentation:
• “3P reserves” refer to Antero’s estimated aggregate proved, probable and possible reserves as of December 31, 2014. The SEC
prohibits companies from aggregating proved, probable and possible reserves in filings with the SEC due to the different levels of
certainty associated with each reserve category.
• “EUR,” or “Estimated Ultimate Recovery,” refers to Antero’s internal estimates of per well hydrocarbon quantities that may be
potentially recovered from a hypothetical future well completed as a producer in the area. These quantities do not necessarily
constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management
System or the SEC’s oil and natural gas disclosure rules.
• “Condensate” refers to gas having a heat content between 1250 BTU and 1300 BTU in the Utica Shale.
• “Highly-rich gas/condensate” refers to gas having a heat content between 1275 BTU and 1350 BTU in the Marcellus Shale and 1225
BTU and 1250 BTU in the Utica Shale.
• “Highly-rich gas” refers to gas having a heat content between 1200 BTU and 1275 BTU in the Marcellus Shale and 1200 BTU and
1225 BTU in the Utica Shale.
• “Rich gas” refers to gas having a heat content of between 1100 BTU and 1200 BTU.
• “Dry gas” refers to gas containing insufficient quantities of hydrocarbons heavier than methane to allow their commercial extraction or
to require their removal in order to render the gas suitable for fuel use.
40
Regarding Hydrocarbon Quantities