Slide 1: Second Quarter 2025 Earnings Call Presentation
Second Quarter 2025 Earnings Call Presentation July 31st, 2025 Antero Resources (NYSE: AR)
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation includes “forward-looking statements.” Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under AR’s control. All statements, except for statements of historical fact, made in this presentation regarding activi
Slide 3: Efficiencies Reduce Maintenance Capital
Efficiencies Reduce Maintenance Capital Operating efficiencies and strong well performance result in back-to-back years of increased production and reduced Capex guidance AR Maintenance Program (1) Peer Capital Efficiency (2) (2025E D&C Capital / 2025E Production) Maintenance Production Maintenance
Slide 4: Hedging to Lock in Returns While Preserving Upside
Hedging to Lock in Returns While Preserving Upside Antero Lean Gas Hedge Strategy (2026) ($/MMBtu) Ceiling Floor NYMEX $6.50 $6.31/MMBtu Ceiling $6.00 $5.50 $5.00 $4.50 Upside Preservation $4.00 NYMEX Strip: $4.00/MMBtu Lock in Returns $3.50 $3.14/MMBtu Floor $3.00 1Q26 2Q26 3Q26 4Q26 ~20% of AR’s 2
Slide 5: NGL Pricing Premium
NGL Pricing Premium Second half 2025 NGL premium to benefit from seasonal strength and domestic sales contracts AR Realized C3+ NGL Premiums to Mont Belvieu ($/Bbl) Higher premiums $2.50 $2.50 expected in 2H 2025 $2.00 $2.00 $1.50 $1.41 $1.50 $1.00 $0.68 $1.00 $0.50 $0.00 ($0.39) ($0.50) 2023A 2024A
Slide 6: New Capacity to Increase Exports
New Capacity to Increase Exports U.S. Gulf Coast export constraints to be alleviated by new capacity beginning in 3Q25, which is expected to reduce storage levels and strengthen benchmark NGL prices U.S. Gulf Coast LPG Export Capacity vs. LPG Exports (MMBbls/d) 3,500 Existing Export Capacity Export
Slide 7: Not All Transport to the U.S. Gulf Coast is Equal
Not All Transport to the U.S. Gulf Coast is Equal “While everything 100 Tier 3 Henry Hub-Linked miles back of Henry Hub Cal ‘24: ($0.21) (% of ‘24E Production) Cal ’25: ($0.26) could be at $3-4/MMBtu Cal ’26: ($0.24) 75% regional cash price, Cal ‘27: ($0.26) Henry Hub cash could 7% Tier 3 find itsel
Slide 8: Near-Term LNG Capacity Additions
Near-Term LNG Capacity Additions 8 Bcf/d of new LNG capacity is expected to be added from 2025 to 2027 LNG Feedgas Capacity (2025 – 2027) (Bcf/d) 28.0 26.0 Arthur 1 24.0 Calcasieu Pass 2 Cameron 4-6 22.0 Golden Pass 3 Golden Pass 2 20.0 Golden Pass 1 Corpus Christi 3 18.0 Plaquemines Phase 2 We are
Slide 9: Regional Natural Gas Demand is Increasing
Regional Natural Gas Demand is Increasing (Power Demand and Data Center Project Capacity) (MMcf/d) 6,000 Under Construction: 2,120 MMcf/d FID: 300 MMcf/d Waiting on FID: 2,560 MMcf/d 5,000 Total: 4,980 MMcf/d Cunningham + Gordonsville + Bay Shore + QTS: 235 MMcf/d Mountain State + Laurel-Cooper + Sa
Slide 10: AR Has Highest Exposure to NYMEX-Linked Pricing
AR Has Highest Exposure to NYMEX-Linked Pricing Antero’s leading natural gas realized pricing is attributable to its exposure to NYMEX-linked markets Pre-Hedge Natural Gas Differential to NYMEX Guidance ($/Mcf) 2Q 2025 Natural Gas Differential 2025 Guidance $0.20 $0.15 $0.10 $0.00 ($0.10) ($0.05) ($
Slide 11: Northeast Basis Pricing
Northeast Basis Pricing Historically, northeast basis strength has been short-lived due to ample supply and takeaway constraints Historical TETCO M2 Basis Pricing vs. NYMEX Henry Hub ($/Mcf) Shut-in Shut-in NYMEX Price Economics Economics $0.00 ($0.20) ($0.40) ($0.48) ($0.60) ($0.53) 2014-2025E Aver
Slide 12: APPENDIX
APPENDIX
Slide 13: Low Debt Balance Provides Flexibility
Low Debt Balance Provides Flexibility Debt Maturity Schedule - 06/30/2025 ($MM) Investment Grade Rated AR Senior Notes AR Revolver Borrowings S&P: BBB- Fitch: BBB- Credit Facility maturity $140 extended to 2030 Moody’s: Ba1 $600 Strong Balance Sheet ~$2.7 Bn in debt reduction since 2019 $365 Lowest
Slide 14: Guidance
Guidance 2025 Guidance Ranges Net Production (Bcfe/d) 3.40 – 3.45 Net Natural Gas Production (Bcf/d) 2.19 – 2.23 Net Liquids Production (Bbl/d) 198,000 – 207,000 Net Daily C3+ NGL Production (Bbl/d) 113,000 – 117,000 Net Daily Ethane Production (Bbl/d) 77,000 – 80,000 Net Daily Oil Production (Bbl/d
Slide 15: Antero Resources Non-GAAP Measures
Antero Resources Non-GAAP Measures Adjusted EBITDAX: Adjusted EBITDAX as defined by the Company represents income or loss, including noncontrolling interests, before interest expense, interest income, unrealized gains or losses from commodity derivatives, but including net cash receipts or payments
Slide 16: Antero Resources Adjusted EBITDAX Reconciliation
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended June 30, 2024 2025 Reconciliation of net income (loss) to Adjusted EBITDAX: Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (79,806) 156,585 Net income and comprehensive income attrib
Slide 17: Antero Resources Adjusted EBITDAX Reconciliation
Antero Resources Adjusted EBITDAX Reconciliation Twelve Months Ended June 30, 2025 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 478,858 Net income and comprehensive income attributable to noncontrolling interests
Slide 18: Antero Resources Free Cash Flow Reconciliation
Antero Resources Free Cash Flow Reconciliation Three Months Ended June 30, 2024 2025 Net cash provided by operating activities $ 143,499 492,358 Less: Capital expenditures (192,385) (208,409) Less: Distributions to non-controlling interests in Martica (19,282) (21,512) Free Cash Flow $ (68,168) 262,
Slide 19: Antero Resources Total Debt to Net Debt Reconciliation
Antero Resources Total Debt to Net Debt Reconciliation December 31, June 30, 2024 2025 Credit Facility $ 393,200 140,000 8.375% senior notes due 2026 96,870 — 7.625% senior notes due 2029 407,115 365,353 5.375% senior notes due 2030 600,000 600,000 Unamortized debt issuance costs (7,955) (6,684) Tot