Slide 1: Fourth Quarter 2025 Earnings Call Presentation
Fourth Quarter 2025 Earnings Call Presentation February 12, 2026 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 Adds ~385k Net Acres; > West Virginia P > 400 Locations Positioning for Future Dry Gas Commodity Optionality > Development P Across Phase Windows > Use Hedging as a Tool to Lock in Predictable Cash Flows P HG Production Hedged Over
Slide 4: U.S. Propane Stocks and Propane Days of Supply
U.S. Propane Stocks and Propane Days of Supply U.S. Export/Demand Challenges Lead to Propane Although Stocks are Higher than 5-Year Range Inventories Crossing Above 5-Year Range Days of Supply is Near Historic Norms U.S. Propane Stocks U.S. Propane Days of Supply (MMBbls) (Days) Fundamental Impacts
Slide 5: U.S. C3+ Supply Growth Slows
U.S. C3+ Supply Growth Slows Permian production deceleration contributes to lower expected U.S. supply growth in 2026 U.S. Total C3+ NGL Supply Change Permian Basin C3+ NGL Supply Change (MBbls/d) (MBbls/d) 350 328 200 188 320 184 180 300 163 160 253 250 140 119 196 120 200 100 100 150 131 78 80 67
Slide 6: Timely In-Service Dates for LPG Export Expansions
Timely In-Service Dates for LPG Export Expansions U.S. Gulf Coast and East Coast LPG Export Capacity (Mbl/d) +1.25 MMbl/d by YE 4,500 Ample Dock Capacity = 2028 Lower Dock Premiums and 4,000 Higher Mont Belvieu Prices ONEOK/MPLX 1H 2028 3,500 Targa Galena Park – 2H 2027 Repauno Northeast Expansion –
Slide 7: Global NGL Demand Outlook
Global NGL Demand Outlook Global NGL demand is expected to rise significantly in 2026, with propane demand forecast to be the largest contributor Year-Over-Year Change in NGL Demand by Purity Product (MBbls/d) 700 Natural Gasoline Butane Propane 603 600 563 511 500 465 454 400 283 300 200 100 0 2021
Slide 8: Strong Residential & Commercial Demand
Strong Residential & Commercial Demand In 2025/2026, Winter ResComm natural gas demand has averaged +2.9 Bcf/d above the 5-year average Annual Average Winter ResComm Demand (Nov-Feb) (Bcf/d) 44.0 Winter (Nov-Feb) 5 Year Average 42.0 41.7 40.7 40.0 39.7 + 2.9 Bcf/d 5-Year Average: 38.9 38.8 38.0 38.3
Slide 9: Natural Gas Storage
Natural Gas Storage The natural gas storage trend has flipped to below the 5-year average in February Natural Gas Storage vs. 5-Year Average Natural Gas Storage (Bcf/d) (Bcf/d) 250 5-Year Range 5-Year Average 2025 2026 191 3900 200 150 3400 100 58 2900 50 - 2400 (50) (27) 02/06/2026: 1900 130 Bcf be
Slide 10: Basis Strength
Basis Strength The LNG demand pull and regional power demand has strengthened pricing at Antero’s sales points TGP 500-L Differential to Henry Hub Local Basis to Henry Hub ($/MMBtu) ($/MMBtu) $0.70 $0.66 ($0.40) $0.60 ($0.50) $0.50 ($0.60) $0.40 $0.33 ($0.70) $0.30 ($0.74) ($0.80) $0.20 ($0.80) ($0.
Slide 11: 2025 Operating & Financial Highlights
2025 Operating & Financial Highlights 2025 Operational Achievements 2025 Financial Highlights 19 Stages Per Day Adjusted Free Cash Flow (1) Achieved a Company Record $759 MM Stages in a Single Day (One Completion Crew) Net Debt Reduction ~$300 MM +8% Increase In Completion Stages per Day Shares Repu
Slide 12: Production and Capital Outlook
Production and Capital Outlook D&C Capital Outlook (2026) ($MM) $1,200 $1,200 $100 Up to $200 $900 $900 Discretionary $600 Growth Capital $1,000 $300 $0 2026 Maintenance Capital No Drilling JV 2026 D&C Capital Production Outlook (2026 and 2027) (Bcfe/d) 5.0 Up to 4.5 4.1 Up to 200 4.0 MMcfe/d 3.4 3.
Slide 13: Updated Hedge Position
Updated Hedge Position AR Natural Gas Hedge Position (% of Forecast Natural Gas Production) Swaps Collars 70% 60% 60% 50% 18% 40% 30% 30% 2% 20% 42% 28% 10% 0% 2026 Hedges 2027 Hedges (Feb-Dec) 2026 Volume Floor Ceiling 2027 Volume Floor Ceiling Collars 553 BBtu/d $3.24 $5.70 Collars 57 BBtu/d $3.46
Slide 14: Appendix
APPENDIX
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 (Bbl/d) 213,000 Net Daily C3+ NGL Production (Bbl/d) 125,000 Net Daily Ethane Production (Bbl/d) 80,000 Net Daily Oil Production (Bbl/d) 8,000 Natural Gas Realized Price Expec
Slide 16: 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 17: Antero Resources Adjusted EBITDAX Reconciliation
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended December 31, 2024 2025 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 149,649 193,683 Net income and comprehensive income attributable to noncontr
Slide 18: Antero Resources Free Cash Flow Reconciliation
Antero Resources Free Cash Flow Reconciliation Three Months Ended December 31, 2024 2025 Net cash provided by operating activities $ 278,002 370,743 Less: Capital expenditures (128,315) (202,909) Less: Distributions to non-controlling interests in Martica (15,651) (16,204) Plus: Transaction expense
Slide 19: Antero Resources Total Debt to Net Debt Reconciliation
Antero Resources Total Debt to Net Debt Reconciliation December 31, 2024 2025 Credit Facility $ 393,200 438,600 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) (5,977) Total long-t