Antero Resources Corporation · NYSE:AR
Antero Resources — Q2 2026 Earnings Presentation
22 slides from Antero Resources's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Earnings Call Presentation
SECOND QUARTER 2026 EARNINGS CALL PRESENTATION J U LY 3 0 , 2 0 2 6
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: Structural Margin Improvement at Antero
Structural Margin Improvement at Antero The Antero Advantage 2Q 2025 2Q 2026 Variance Henry Hub Settlement $3.44 $2.90 (16%) L i q u ids ex p os ure p rov ides m a rgin ($/MMBtu) u p s i de & p ro duc t d i ve rsif ication Production 3.4 4.1 +21% (Bcfe/d) C o st re d uction s s tre ngth en m a rgins
Slide 4: Significant Reduction in Cash Costs
Significant Reduction in Cash Costs Cash Operating Costs(1) Then ($ per Mcfe) $3.00 $2.70 100% liquids rich development and 100% of gas sold out of basin requiring $2.50 $2.40 processing and firm transport $2.00 $2.00 Now $1.50 $1.00 Balance rich and dry gas development and optimize firm transportat
Slide 5: Margin Enhancement: Bottom-Line Improvement
Margin Enhancement: Bottom-Line Improvement Target Adjusted EBITDAX Margin Enhancement Target Margin Enhancement Breakdown ($/Mcfe) ($MM) $2.00 $1.69 Liquids Firm Transport $1.50 $1.34 $0.70 $105 ($0.35) $1.00 Total FT ~$210 MM $300 MM ORRI $90 + ($0.20 / Mcfe)(1) VPP $0.50 $105 Natural Gas $0.00 Fi
Slide 6: New Propane Dock Capacity
New Propane Dock Capacity U.S. Exports of Propane, Quarterly Average (MMBbl/d) 2025 2026 2027 4.0 Enterprise Future Dock Expansions Energy Transfer Neches River Dock Expansion Online 2Q 2026 3.5 Online Nov 2025 3.0 Future Record Export Potential 2.5 Record Propane Exports May 2026: 2.63 MMBbl/d Dock
Slide 7: China PDH Demand on the Rise
China PDH Demand on the Rise China PDH demand has increased 40% from the lows in 2026 China PDH Demand (Bbl/d) 2023 2024 2025 2026E 750,000 600,000 450,000 300,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: S&P Global Energy. Antero Resources (NYSE: AR) Note: PDH is an abbreviation for
Slide 8: Record Amount of New VLGC Ships to be Delivered in 2027
Record Amount of New VLGC Ships to be Delivered in 2027 Global VLGC Fleet (VLGC Delivery & Scrapping) VLGC Net Delivery & Scrapping End-Year Fleet (Right-Axis) 60 600 All-Time High 50 550 40 500 30 450 20 400 All-Time Low 10 350 0 300 2024 2025 2026E 2027E 2028E 2029E Global VLGC fleet will grow 31%
Slide 9: Strong Fundamental Outlook for Natural Gas
Strong Fundamental Outlook for Natural Gas Key Drivers of Demand Growth (2025 - 2030) Data Center and Power Growth (Bcf/d) 34 15 2025 2026E 2027E 2028E 2029E 2030E 37% Total LNG and Mexico Export Growth (Bcf/d) Mexico Exports LNG Exports = Demand Growth 45 47 39 8 31 24 27 6 39 18 2025 2026E 2027E 2
Slide 10: Increasing Regional Power Demand
Increasing Regional Power Demand Appalachia Expected Power Generation Growth Publicly Disclosed Only Status Projects Gigawatts Bcf/d Supply Growth & In Service FID + Under 2 1 0 Throughput Volumes Construction 17 31 6 Waiting on 16 15 3 FID Total 35 47 9 Gas and Water Infrastructure Buildout 100 Mil
Slide 11: Gas Demand Competition
Gas Demand Competition Antero Attributes Gulf Coast LNG + Power Demand (2025–2030) ~67% of production already sold at p r e m i u m m a r ke ts F i r m Tra n s p o r t at i o n p o r t fo l i o provides pricing optionality Antero is well positioned for a c c r e t i v e m a r ke t i n g o p p o r t
Slide 12: 2Q 2026 Operating & Financial Highlights
2Q 2026 Operating & Financial Highlights 2Q 2026 Operational Highlights 2Q 2026 Financial Highlights Record Quarterly Adjusted EBITDAX Production $595 MM, +57% Year-Over-Year 4.1 Bcfe/d, +21% Year-Over-Year Return to Dry Gas Acreage Return of Capital First Pad Outperforms Expectations 1.1 MM shares
Slide 13: Strong Performance in Return to Dry Gas Drilling
Strong Performance in Return to Dry Gas Drilling Well Design Highlights 90-Day Cumulative Production Plots (MMcf; per Well) Then Now 2,000 Change 2012 Pad - 1 (4 Wells) (2012) (2026) 2012 Pad - 2 (4 Wells) 2026 Pad (5 Wells) Avg. Lateral (Ft.) 7,600 13,500 1.8x 1,500 3.4x Sand (Lbs/Ft.) 800 2,000 2.
Slide 14: $315 MM of Accretive Acquisitions
$315 MM of Accretive Acquisitions(1) Acquisition Highlights Production Outlook (Bcfe/d) 1 2 5 M M c fe /d N e t Pro d uction 4.4 to 4.5 4.2 4.1 0.1 3 , 5 0 0 N e t A c res; 1 5 N e t L o cati ons 3.4 P D P a c q uired at at tractive m u l t iples: ~ 4 x 2 0 2 7 E E B ITDA > 2 0 % 2 0 2 7 E F C F Yi
Slide 15: Appendix
APPENDIX MaAntero Resources
Slide 16: 2026 Guidance (Updated July 2026)
2026 Guidance (Updated July 2026) 2026 Guidance Ranges Updated 2026 Guidance Ranges Net Production (Bcfe/d) 4.1 4.15 – 4.2 Net Natural Gas Production (Bcf/d) 2.8 Net Liquids Production (Bbl/d) 213,000 Net Daily C3+ NGL Production (Bbl/d) 125,000 Net Daily Ethane Production (Bbl/d) 80,000 Net Daily O
Slide 17: Balance Sheet
Balance Sheet Pro Forma Debt Maturity Schedule Financial Initiatives ($MM as of 06/30/2026) Commercial Paper Revolver Borrowings $1,100 Maximize Free Cash Flow Term Loan Senior Notes $750 Use Free Cash Flow to Reduce $600 Debt or for Return of Capital $1,100 $182 Opportunistically Hedge 5.375% $3 5.
Slide 18: Updated Hedge Position
Updated Hedge Position Natural Gas Hedge Position (1)(2) (% of Forecast Natural Gas Production, as of July 29, 2026) 70% 62% Swaps Collars 60% 18% 50% 40% 34% 2% 30% 20% 44% 32% 10% 0% 2026 Hedges 2027 Hedges 2026 Volume Floor Ceiling 2027 Volume Floor Ceiling Collars 577 BBtu/d $3.27 $5.66 Collars
Slide 19: 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 20: Antero Resources Adjusted EBITDAX Reconciliation
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended June 30, 2025 2026 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 156,585 278,657 Net income and comprehensive income attributable to noncontrolli
Slide 21: Antero Resources Adjusted Free Cash Flow Reconciliation
Antero Resources Adjusted Free Cash Flow Reconciliation Three Months Ended June 30, 2025 2026 Net cash provided by operating activities $ 492,358 438,849 Less: Capital expenditures (208,409) (340,716) Less: Distributions to non-controlling interests in Martica (21,512) (7,346) Plus: Transaction expe
Slide 22: Antero Resources Total Debt to Net Debt Reconciliation
Antero Resources Total Debt to Net Debt Reconciliation December 31, June 30, 2025 2026 Commercial Paper $ — 182,000 Credit Facility 438,600 2,700 Term Loan — 1,100,000 7.625% senior notes due 2029 365,353 — 5.375% senior notes due 2030 600,000 600,000 5.400% senior notes due 2036 — 750,000 Unamortiz