Antero Resources Corporation · NYSE:AR
Antero Resources — Investor Presentation (June 2026)
16 slides from Antero Resources's investor presentation, Jun 23, 2026
Slide 1: June 23-24 Investor Presentation
June 23 – 24 rd th Investor Presentation JUNE 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: Entering a New Era
Entering a New Era 2010 – 2015 2015 – 2025 2026 + “Build it” Era “Fill it” Era “Optimize it” Era • Acquired ~500,000 undeveloped • Drilled & completed ~1,500 wells • Consolidate West Virginia acres in the Marcellus core Marcellus Shale core • Grew net production to >4 Bcfe/d • Committed to significa
Slide 4: Antero Resources: The Rate of Change Story
Antero Resources: The Rate of Change Story Cash Cost Structure Declining • Targeting >$0.70/Mcfe cash cost reduction by YE 2028 (from 2025) to $2.00/Mcfe(1) EBITDAX Margins and Free Cash Flow Expanding • Targeting >$0.35/Mcfe EBITDAX margin expansion by YE 2028 (from 2025)(2) • EBITDAX and Free Cash
Slide 5: Cash Cost Structure Declining…
Cash Cost Structure Declining… Cash Operating Costs(1) Then ($ 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 $1.00 Balance rich and dry gas development and optimize firm transportation a
Slide 6: …Driven by Significant Annual Commitment Reduction
…Driven by Significant Annual Commitment Reduction Annual Commitments Then ($MM – Year End) Firm Transportation Other Midstream Contracts (1) YE 2025 AR 10-K $2,000 Committed to >3 bcf/d of natural $1,779 gas firm transport, 100 MBbls/d $1,643 of NGL transportation, and >2 $1,600 $1,520 Bcf/d of pro
Slide 7: Cash Cost Reductions: How Do We Get There?
Cash Cost Reductions: How Do We Get There? Cash Cost Reduction Waterfall Target(1) ($/Mcfe) 1 $3.00 Successfully integrate HG acquisition $2.70 with lower cost structure $2.50 $2.40 Liquids 2 1 2 Natural Gas $2.00 $2.00 Optimize natural gas and liquids firm 2 3 transport and commitments $1.50 3 $1.0
Slide 8: Margin Enhancement: Bottom-Line Improvement
Margin Enhancement: Bottom-Line Improvement Target EBITDAX Margin Enhancement Target Margin Enhancement Breakdown ($/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 Firm Transp
Slide 9: Peer-leading Cost Reductions
Peer-leading Cost Reductions Expected Change in Cash Costs (%) 15% 12% 8% 0% 0% (3%) (15%) (25%) (30%) Peer 1 Peer 2 Peer 3 Peer 4 Antero Antero Resources (NYSE: AR) Note: Based on Wall Street Estimates and Antero analysis. Antero and Peer change in cash costs based on FY-2025 to FY-2028E and G&A in
Slide 10: Liquids and Hedges Provide for Cash Flow Stability
Liquids and Hedges Provide for Cash Flow Stability Liquids Production & Gas Hedge Benchmarking Then (%) Percentage Liquids Production (%) Natural Gas Percent Hedged (%) 100% liquids development and AR Peer Average AR Peer Average unhedged production 40% 80% 31% 61% 30% 60% Now 52% 20% 40% 13% Optimi
Slide 11: Antero: The Rate of Change Story Positioned for Long-Term Value
Antero: The Rate of Change Story Structural Substantial Sustained Free Cash Flow Cash Cost Margin Cash Flow Stability Reductions Improvement Enhancement Ta r g e t i n g 2 5 % o r $ 0 . 7 0 / Balanced development Ta r g e t i n g $ 3 0 0 M M L ower cost structure, Mcfe driven by between dry and wet
Slide 12: Appendix
APPENDIX MaAntero Resources
Slide 13: 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 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 Year Ended 12/31/2025 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 634,418 Net income and comprehensive income attributable to noncontrolling interests 40,149 Unre
Slide 16: Antero Resources Adjusted Free Cash Flow Reconciliation
Antero Resources Adjusted Free Cash Flow Reconciliation Year Ended 12/31/2025 Net cash provided by operating activities $ 1,630,930 Less: Capital expenditures (820,122) Less: Distributions to non-controlling interests in Martica (70,210) Plus: Transaction expense 4,386 Adjusted Free Cash Flow $ 744,