Antero Resources(US:AR)2019-05-02 16:54NGL Marketing and Pricing - Antero now exports NGLs due to the opening of the ME2 pipeline in Q1 2019[5] - In Q1 2019, realized C3+ NGL price was approximately $3163 per barrel[7] - Antero expects 50% of remaining 2019 NGL volumes to be sold into international markets[10] Firm Transportation Portfolio - Antero's firm transportation (FT) portfolio has delivered Appalachia-leading realized pricing[15] - Realized hedge gains were $025 per Mcfe in 2018 and an estimated $020 per Mcfe in 2019[14] - Antero has 47 Bcf/d total FT capacity[15] LNG Market and Production - 39 Bcf/d of LNG capacity growth is expected in 2019[17] - Antero's LNG commitments are expected to reach 700 MMcf/d by YE 2019[17] - Antero's production growth from 4Q 2017 to 4Q 2018 was 37%[53] Financial and Operational Improvements - Antero's pro forma net debt to LTM EBITDAX was 21x as of YE 2018[27] - Antero has reduced leverage from 39x at YE 2014 to 21x at 1Q 2019[31] - Antero's 2019 drilling and completion capital budget is $13 billion, including $840 million for maintenance capital and $460 million for growth capital[54]