Highlights Include:

• $350 million of midstream fee reductions expected between 2020 and 2023
• Announced asset sale program target of $750 million to $1 billion to be completed in 2020 to reduce debt
  • Asset sales could consist of lease acreage, minerals, producing properties, hedge restructuring or sale of AM shares to Antero Midstream
  • Initiated asset sales with the sale of $100 million of AM shares to Antero Midstream, with proceeds used to repurchase senior notes at a discount to par
• Repurchased $215 million notional amount of unsecured notes due in 2021 and 2022 during the fourth quarter of 2019 at a 17% weighted average discount
  • Reduced absolute debt by $37 million and annualized interest expense by over $5 million
• As a result of the midstream fee reductions and the previously announced well and operating cost savings, Antero expects a $0.15 per Mcfe reduction in its 2020 all-in cash operating costs as compared to 2019
  • By 2022 the Company is targeting a $0.35 per Mcfe reduction in all-in cash operating costs compared to 2019, reflecting further reductions in gathering, processing and transportation expense, lease operating expense, general and administrative and net marketing expense
• Revised 2020 free cash flow target to positive free cash flow from a previous forecast outspend of $100 to $150 million, driven by the announced reductions in cost structure and improved NGL pricing outlook

https://www.prnewswire.com/news-releases/antero-resources-announces...