{
  "docId": "019de50f-4e66-7538-99b7-531a49dfe81b",
  "docSlug": "d88c05b337d144e86652788865a07b15",
  "documentTitle": "Antero Midstream Partners | Investor Conference Presentation Deck | 40 slides",
  "authorId": "antero-midstream-partners",
  "authorName": "Antero Resources",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2019-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3314841,
  "pageNumber": 24,
  "pageCount": 40,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 10,
  "notes": "The slide uses a combination of historical data and forward-looking projections to justify a bullish price outlook.",
  "elementsJson": null,
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019de50f-4e66-7538-99b7-531a49dfe81b/24",
  "deckHref": "/decks/019de50f-4e66-7538-99b7-531a49dfe81b",
  "deckJsonHref": "/decks/019de50f-4e66-7538-99b7-531a49dfe81b.json",
  "deckAnchorHref": "/decks/019de50f-4e66-7538-99b7-531a49dfe81b#slide-24",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.5,
        "x": 0.45,
        "y": 0.27
      },
      "kind": "callout",
      "text": "Antero's gas price outlook is higher than current strip prices due to the substantial new supply needed to address base decline + demand growth",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "048b5f6b-1bb6-4346-a25b-ddbc76b193be",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Nymex Natural Gas Pricing (2017-2023)",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "be1692cd-d2ee-4a55-8b1f-99b377eccc56",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.5,
        "x": 0.45,
        "y": 0.4
      },
      "kind": "list",
      "text": "The Futures Strip Could be \"Oversold\": 1. Waves of gas hedges... 2. Significant gas hedges... 3. Large gas hedges... 4. Reduced number of financial counterparties...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a17a027-ac55-43b6-a869-b0a7b281ccb0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "subtitle",
      "text": "Nymex natural gas prices averaged ~$3.10/MMBtu in 2017 and 2018; $2.72/MMBtu average Nymex gas strip price from 2019-2023 not expected to stimulate enough drilling to meet the forecasted demand growth",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1110cf03-a43e-413a-aa31-f8a3b175ff75",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.05,
        "y": 0.02
      },
      "kind": "title",
      "text": "Does Natural Gas Strip Reflect Current Fundamentals?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4b7a4bee-4653-4fec-bd01-37b10e308438",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "aa78ff09-f4e4-4227-acc1-6586bb121938",
      "evidence": "The slide explicitly lists reasons why the market price (strip) is 'oversold' to justify a higher internal outlook.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 24,
      "from": 20,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "96ed2ee8-924f-4c6c-aebd-9cc92d341307",
      "evidence": "The presentation addresses the potential consequences of not taking action in the current market",
      "position": 0,
      "objective": "Does natural gas strip reflect current fundamentals?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}