Slide 1: Third Quarter 2025 Earnings Call Presentation
Third Quarter 2025 Earnings Call Presentation October 30th, 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: Antero's Strategic Initiatives
Antero’s Strategic Initiatives Expanding Core Marcellus Position in West Virginia Positioning for Future Dry Gas Development Hedging as a Tool Antero Resources (NYSE: AR) 3
Slide 4: Third Quarter Operating Highlights
Third Quarter Operating Highlights 3Q 2025 Operational Achievements 3Q 2025 Operational Company Records +17% Increase Longest Lateral In Drillout Feet per Day > 22,000’ Quarter-over-Quarter Drillout Feet per Day 8% Decrease 4,980 In Total Drilling Days per Well Quarter-over-Quarter Completion Stages
Slide 5: Marcellus Core Fairway Expansion
Marcellus Core Fairway Expansion Since Antero’s IPO in 2013, drilling results have extended the Marcellus Core outwards, incentivizing increased organic leasing activity 2013 IPO Today Counties with AR Activity Marcellus Core Fairway Boundary Counties with AR Activity Marcellus Core Fairway Boundary
Slide 6: U.S. C3+ Supply Growth Slows
U.S. C3+ Supply Growth Slows Permian production deceleration contributes to minimal expected U.S. supply growth in 2026 Permian Basin C3+ NGL Supply Change U.S. Total C3+ NGL Supply Change (MBbls/d) (MBbls/d) 200 350 329 319 180 175 162 300 160 153 254 140 250 120 200 100 75 150 80 60 54 98 100 40 5
Slide 7: New Capacity to Ramp Up Exports
New Capacity to Ramp Up Exports Ample export capacity combined with moderating supply growth is expected to lift domestic NGL prices in the coming years U.S. Gulf Coast LPG Export Capacity vs. LPG Exports (MBbls/d) 3,500 Existing Export Capacity Export Capacity Additions 3,000 EPD EHT: 300 MBbl/d LP
Slide 8: TGP 500L Basis Strength
TGP 500L Basis Strength TGP 500-L basis strip pricing has continued to show strength with Winter 2025 / 2026 currently averaging nearly +$0.80/MMBtu relative to NYMEX Henry Hub TGP 500-L Differential to NYMEX Henry Hub ($/MMBtu) Winter ’25/’26 Average: +$0.79 $0.90 $0.85 $0.84 $0.80 $0.69 $0.70 $0.6
Slide 9: Near-Term LNG Capacity Additions
Near-Term LNG Capacity Additions 10 Bcf/d of new LNG capacity is expected to be added from 2025 to 2027 LNG Feedgas Capacity (2025 – 2027) (Bcf/d) 28 Port Arthur 1 26 Plaquemines 2 Phase 2 Calcasieu Pass 2 24 Cameron 4-6 Golden Pass 3 22 Cameron 4-6 Plaquemines 2 Phase 1 Golden Pass 3 Golden Pass 2
Slide 10: Gas Demand Competition
Gas Demand Competition Antero’s acreage and firm transportation portfolio provides access to strong demand regions from West Virginia to the Gulf Coast Gulf Coast LNG + Power Demand (2026 – 2030) +8 Bcf/d Northeast Regional Power Demand Arthur 1 Calcasieu Pass 2 +3 Bcf/d Cameron 4-6 AR Firm Transpor
Slide 11: YTD 2025 Free Cash Flow Allocation
YTD 2025 Free Cash Flow Allocation Year-to-date, AR has generated nearly $600 MM in Free Cash Flow and has allocated the cash flow to accretive acquisitions, debt repayment and stock purchases YTD 2025 Free Cash Flow Summary ($MM) $0 Key Acquisition Metrics $163 $242 MM (1) In Acquisitions Stock YTD
Slide 12: Updated Hedge Position
Updated Hedge Position AR 4Q25 Natural Gas Swaps AR 2026 Natural Gas Hedge Position (% of Forecast Natural Gas Production) (% of Forecast Natural Gas Production) 2026 Collars Added 100 BBtu/d of $3.93/MMBtu 4Q 2025 Swaps 2026 Swaps swaps for 2027 production 35% 50% 45% 45% 30% 26% 40% 25% 35% 24% 20
Slide 13: Reduced Cash Flow Volatility
Reduced Cash Flow Volatility Antero has reduced its 2026E Free Cash Flow volatility while maintaining the ability to capture upside through its updated hedge program 2026E Free Cash Flow Yield Sensitivities (Free Cash Flow as a % of Antero Market Cap) 20% 18% 16% Reduced Volatility by Locking in Dow
Slide 14: Appendix
APPENDIX
Slide 15: Low Debt Balance Provides Flexibility
Low Debt Balance Provides Flexibility Debt Maturity Schedule - 09/30/2025 ($MM) Investment Grade Rated AR Senior Notes AR Revolver Borrowings S&P: BBB- Fitch: BBB- Credit Facility maturity extended to 2030 $348 Moody’s: Ba1 Strong Balance Sheet $600 ~$2.5 Bn in debt reduction since 2019 $365 Lowest
Slide 16: 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 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: Adjusted EBITDAX Reconciliation
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended September 30, 2024 2025 Reconciliation of net income (loss) to Adjusted EBITDAX: Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (35,347) 76,179 Net income and comprehensive income at
Slide 19: Adjusted EBITDAX Reconciliation
Antero Resources Adjusted EBITDAX Reconciliation Twelve Months Ended September 30, 2025 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 590,384 Net income and comprehensive income attributable to noncontrolling inte
Slide 20: Free Cash Flow Reconciliation
Antero Resources Free Cash Flow Reconciliation Three Months Ended September 30, 2024 2025 Net cash provided by operating activities $ 166,177 310,090 Less: Capital expenditures (173,630) (202,659) Less: Distributions to non-controlling interests in Martica (15,736) (16,525) Free Cash Flow $ (23,189)
Slide 21: Total Debt to Net Debt Reconciliation
Antero Resources Total Debt to Net Debt Reconciliation December 31, September 30, 2024 2025 Credit Facility $ 393,200 348,200 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) (6,333