Antero Resources Corporation · NYSE:AR
Antero Resources — Q1 2026 Earnings Presentation
20 slides from Antero Resources's earnings presentation, Apr 30, 2026
Slide 1: First Quarter 2026 Earnings Call Presentation
FIRST QUARTER 2026 EARNINGS CALL PRESENTATION APRIL 30, 2026
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: 1Q 2026 Operating & Financial Highlights
1Q 2026 Operating & Financial Highlights 1Q 2026 Operational Highlights 1Q 2026 Financial Highlights Closed Strategic Transactions Realized Price Premiums HG Acquisition +$0.53 per Mcf Natural Gas Premium Utica Divestiture +$0.94 per Barrel C3+ NGL Premium Synergies Ahead of Target Adjusted Free Cas
Slide 4: Updated Hedge Position
Updated Hedge Position Natural Gas Hedge Position (1) (% of Forecast Natural Gas Production) 70% 61% Swaps Collars 60% 50% 18% 40% 33% 30% 2% 20% 43% 31% 10% 0% 2026 Hedges (Feb-Dec) 2027 Hedges 2026 Volume Floor Ceiling 2027 Volume Floor Ceiling Collars 575 BBtu/d $3.25 $5.66 Collars 80 BBtu/d $3.5
Slide 5: Product Diversity & International Exposure
Product Diversity & International Exposure 2.3 Bcf/d Sold to Increasing Demand Premium Natural LNG Fairway for U.S Gas Gas Realizations Access to premium High export utilization Positioned to capture upside p r i c i n g m a r ke t s and risk premiums in pricing Majority of LPG Excess U.S. LPG Unhed
Slide 6: Middle East vs. U.S. Waterborne LPG Exports
Middle East vs. U.S. Waterborne LPG Exports War in Middle East Highlights Global Supply Insecurity and Strains Maritime Trade 2025 LPG Exports by Origin 2025 LPG Exports by Destination (MMBbl/d) (MMBbl/d) Iran Kuwait Qatar Saudi Arabia UAE USA Rest of World India China 3.0 3.0 Global Waterborne LPG
Slide 7: New Propane Dock Capacity Online
New Propane Dock Capacity Online U.S. Exports of Propane, Quarterly Average (MMBbl/d) 2025 2026 2027 4.0 Future Dock Expansions Enterprise Energy Transfer Neches River 3.5 Dock Expansion Online 2Q 2026 Max Exports at Online Nov 2025 90% Utilization 3.0 2026 Base Case 2.5 Dock Capacity 2.0 Pre-Epic F
Slide 8: Propane Inventory Scenarios
Propane Inventory Scenarios Propane Storage (MMBbl) 110 2026 Pre-Epic Fury Case 100 90 80 2026 70 2026 Base Case (Assumes +100 MBbl/d 60 Additional Exports) 5-Year Range 50 5-Year Average 2026 40 Max Export Case 30 (90% Export Dock Utilization, in-line with historical average) 20 Jan Feb Mar Apr May
Slide 9: Near-Term LNG Capacity Additions
Near-Term LNG Capacity Additions LNG Feed gas Capacity (2026 – 2027) (Bcf/d) 28 26 24 Port Arthur 1 22 Calcasieu Pass 2 (Phase 1) Golden Pass 3 20 Golden Pass 2 Golden Pass 1 Corpus Christi 3 18 We are 16 here Currently In-Service 14 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2026 2027 Antero Resources (NYSE: AR) Sour
Slide 10: EU Storage Exits Winter at the 2nd Lowest Level on Record
EU Storage Exits Winter at the 2nd Lowest Level on Record EU Storage (2021 – 2026) (Bcf) 4,000 3,000 Qatar and UAE Average Monthly LNG Exports (Bcf) 2,000 500 359 375 400 347 300 200 1,000 Middle East LNG outages limit supply from region, forcing EU to turn to US 100 32 Ukraine Invasion Operation Ep
Slide 11: Increasing Regional Power Demand
Increasing Regional Power Demand Appalachia Expected Power Generation Growth Projects Gigawatts Bcf/d Supply Growth & 25 44 8 Throughput Volumes Gas and Water Infrastructure Buildout 100 Miles to Data Center Alley Recent Announcements in West Virginia Antero Resources (NYSE: AR) Source: 3rd Party Di
Slide 12: Cash Cost Reduction
Cash Cost Reduction Cost Reduction Highlights Cash Costs ($/Mcfe) $2.80 $2.70 $0.05 Net Marketing $0.13 Net Marketing Expense $2.40 G&A $2.40 $0.04 Reduction in unutilized pipeline commitments Cash Production $0.11 Expense (1) $2.00 Transportation Costs $1.60 Portfolio optimization + lower overall f
Slide 13: Accelerated Acquisition Funding
Accelerated Acquisition Funding AR expects the HG acquisition to be fully paid off in early 2027 HG Acquisition Funding Timeline ($MM) $3,000 $2,800 Term Loan A expected to be $2,500 ~($750) paid down by hedged Free Cash Flow $2,000 ($800) $1,500 $1,250 $1,000 $500 $0 Acquisition Interim Antero FCF
Slide 14: Appendix
APPENDIX Mantero Resources
Slide 15: 2026 Guidance
2026 Guidance 2026 Guidance Ranges Net Production (Bcfe/d) 4.1 Net Natural Gas Production (Bcf/d) 2.8 Net Liquids Production (MBbl/d) 213 Natural Gas Realized Price Differential to Nymex ($/Mcf) $0.10 – $0.20 C2 NGL Realized Price Differential to Mont Belvieu ($/Bbl) $2.00 – $3.00 C3+ NGL Realized P
Slide 16: Balance Sheet
Balance Sheet Pro Forma Debt Maturity Schedule Financial Initiatives ($MM as of 03/31/2026) Term Loan Senior Notes Revolver Borrowings Maximize Free Cash Flow $750 Use Free Cash Flow to Reduce Debt $1,264 $73 $600 Opportunistically Hedge 5.375% 5.4% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2036
Slide 17: 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 18: Antero Resources Adjusted EBITDAX Reconciliation
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended March 31, 2025 2026 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 207,971 535,216 Net income and comprehensive income attributable to noncontroll
Slide 19: Antero Resources Adjusted Free Cash Flow Reconciliation
Antero Resources Adjusted Free Cash Flow Reconciliation Three Months Ended March 31, 2025 2026 Net cash provided by operating activities $ 457,739 859,058 Less: Capital expenditures (206,145) (206,101) Less: Distributions to non-controlling interests in Martica (15,969) (17,650) Plus: Transaction ex
Slide 20: Antero Resources Total Debt to Net Debt Reconciliation
Antero Resources Total Debt to Net Debt Reconciliation December 31, March 31, 2025 2026 Credit Facility $ 438,600 72,500 Term Loan — 1,264,000 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 Unamortized debt issuance costs (5