Slide 1: Fourth Quarter 2024 Earnings Call Presentation
Fourth Quarter 2024 Earnings Call Presentation February 13th, 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: Reduced Maintenance Capital
Reduced Maintenance Capital Operating efficiencies and strong well performance resulted in CAPEX below guidance and production above guidance in 2024 AR D&C Capex AR Production ($MM) (MMcfe/d) $909 3,392 3,421 3,350 $675 $620 2023 Initial (1) 2024 2023 Initial (1) 2024 Actual 2024 Guidance Actual Ac
Slide 4: Drilling and Completion Efficiencies
Drilling and Completion Efficiencies Total Days per Well (13,000’ Lateral) Increased Completion Stages per Day… 13.9 12.2 Annual 12.4 10.7 Record 9.9 8.0 2022 2023 2024 2022 2023 2024 Significantly Reduces Cycle Time per Pad (1) 163 137 123 2022 2023 2024 Note: Percentage increase or decrease arrows
Slide 5: Strong C3+ NGL Differentials
Strong C3+ NGL Differentials Antero’s strong C3+ NGL premium to Mont Belvieu in 2024 driven by premium export differentials is expected to continue in 2025 AR Realized C3+ NGL Differentials to MB. AR C3+ NLG Marketing Volume ($/Bbl) (% Marketed) 3rd Party Antero $2.50 $2.50 27% 2 22% $2.00 40% 2 $1.
Slide 6: 2025 Propane Inventories and Exports vs. 5-Year Average
2025 Propane Inventories and Exports vs. 5-Year Average Storage Returns to 5-Year Average Propane Exports Trend Above 2024 MBbl/d US Propane Exports 120 US Propane Inventories 2,500 100 2,000 80 Million Barrels 1,500 60 1,000 40 500 20 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Slide 7: 2025 Natural Gas Storage vs. the 5-Year Average
2025 Natural Gas Storage vs. the 5-Year Average The U.S. natural gas storage is below the 5-year average U.S. Natural Gas Storage (Bcf) 4,100 4,100 3,600 3,600 3,100 (111) 3,100 Below the 2,600 5-Year Avg. 2,600 5 Yr Max-Min Range 2,100 2024 2,100 2025 1,600 1,600 5 Yr Ave 1,100 1,100 May Nov Mar Au
Slide 8: Strong Winter Natural Gas Demand
Strong Winter Natural Gas Demand Natural gas demand from power burn has broken records every month this winter while ResComm demand in January 2025 was the highest on record U.S. Natural Gas Demand From Power Burn (Winter Months) (Bcf/d) 2020 2021 2022 2023 2024 2025 36.9 37.7 32.3 32.4 32.9 33.8 30
Slide 9: TGP 500L Basis Performance
TGP 500L Basis Performance TGP 500-L basis strip pricing has continued to show strength as the start-up of the Plaquemines LNG export facility has surpassed initial expectations TGP 500-L Differential to NYMEX Henry Hub ($/MMBtu) March ‘25 Cal’ 2025 Cal’ 2026 +$0.14 +$0.37 +$0.50 $0.60 $0.50 $0.40 +
Slide 10: Lowest Free Cash Flow Breakeven
Lowest Free Cash Flow Breakeven 2024E Unhedged FCF Natural Gas Price Breakeven (1) 2024 Unhedged Free Cash Flow / (Outspend) (2) ($/Mcf Henry Hub) ($MM) Maintenance Capital Interest Expense Cash Costs + Basis - Liquids Uplift 2024 NYMEX Henry Hub: $2.27/MMBtu $55 $2 $2.71 $2.73 ($56) Antero $2.49 $2
Slide 11: Compelling Free Cash Flow Story
Compelling Free Cash Flow Story Free Cash Flow Sensitivities (1) Cash Flow Drivers ($Bn) Peer-Leading Breakevens $5.00 NYMEX $8.0 Liquids Exposure $6.0 Premium Takeaway to $4.00 NYMEX LNG Markets 95% Unhedged in 2025+ $3.00 NYMEX $4.0 Every $5/Bbl increase in C3+ NGL price = ~$200 MM $2.0 in increme
Slide 12: Appendix
APPENDIX
Slide 13: Guidance
Guidance 2025 Guidance Ranges Net Production (Bcfe/d) 3.35 – 3.45 Net Natural Gas Production (Bcf/d) 2.16 – 2.20 Net Liquids Production (Bbl/d) 198,000 – 208,000 Net Daily C3+ NGL Production (Bbl/d) 113,000 – 117,000 Net Daily Ethane Production (Bbl/d) 76,000 – 80,000 Net Daily Oil Production (Bbl/d
Slide 14: 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 15: Antero Resources Adjusted EBITDAX Reconciliation
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended Year Ended December 31, December 31, 2023 2024 2023 2024 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 81,839 149,649 198,404 57,226 Net income a
Slide 16: Antero Resources Free Cash Flow Reconciliation
Antero Resources Free Cash Flow Reconciliation Three Months Ended December 31, 2023 2024 Net cash provided by operating activities $ 312,175 278,002 Less: Net cash used in investing activities (226,630) (125,902) Less: Proceeds from sale of assets, net — (2,015) Less: Distributions to non-controllin
Slide 17: Antero Resources Total Debt to Net Debt Reconciliation
Antero Resources Total Debt to Net Debt Reconciliation December 31, December 31, 2023 2024 Credit Facility $ 417,200 393,200 8.375% senior notes due 2026 96,870 96,870 7.625% senior notes due 2029 407,115 407,115 5.375% senior notes due 2030 600,000 600,000 4.250% convertible senior notes due 2026 2