Page 1

Antero Resources Antero Resources Reports First Quarter 2021 Financial and Operational Results Denver , Colorado , April 28 , 2021 - Antero Resources Corporation ( NYSE : AR ) ( " Antero Resources ” , “ Antero ” , or the “ Company ” ) today announced its first quarter 2021 financial and operational results . The relevant consolidated financial statements are included in Antero Resource's Quarterly Report on Form 10 - Q for the quarter ended March 31 , 2021 . First Quarter 2021 Highlights Include : • Net production averaged 3,322 MMcfe / d , including 170,000 bbl / d of liquids • . • • Realized natural gas equivalent price averaged $ 4.03 per Mcfe , a $ 1.34 per Mcfe premium to NYMEX pricing ○ Realized C3 + NGL prices averaged $ 40.72 per barrel , or 70 % of WTI , a 91 % increase from the year ago period Net loss was $ 15 million ; Adjusted Net Income was $ 183 million ( Non - GAAP ) Adjusted EBITDAX was $ 519 million ( Non - GAAP ) ; net cash provided by operating activities was $ 564 million Drilling and completion capital expenditures were $ 141 million , a 54 % decrease compared to the prior year period Free Cash Flow was $ 416 million ( Non - GAAP ) Net Debt at quarter end was $ 2.57 billion , a $ 433 million reduction from year end 2020 ( Non - GAAP ) • Net Debt to last twelve months Adjusted EBITDAX declined to 2.0x • Borrowing base under the credit facility remains unchanged at $ 2.85 billion • Established a new U.S. record for lateral feet drilled in 24 hours at 12,118 feet • Completion stages per day increased 19 % from the 2020 average of 8.0 stages per day to 9.5 stages per day Paul Rady , Chairman and Chief Executive Officer of Antero Resources commented , “ Antero's first quarter financial results highlight our significant exposure to rising commodity prices . As the second largest NGL producer and the largest NGL exporter in the U.S. , our results benefited from strong international demand for LPG that resulted in C3 + NGL prices that were nearly double the prices realized last year . This quarter's exceptional financial performance also benefited from our natural gas firm transportation portfolio that enabled us to sell natural gas at a $ 0.41 per Mcf premium to NYMEX . " Mr. Rady continued , “ Antero's differentiated business model focuses on liquids rich development and a firm transportation portfolio that provides flow assurance and enables best in class price realizations . In combination , these structural advantages generated Free Cash Flow of more than $ 400 million during the first quarter . Based on today's strip prices , we forecast over $ 600 million in Free Cash Flow in 2021 , which we will use for additional debt reduction . " Glen Warren , President , and Chief Financial Officer of Antero Resources said , " Since the start of our debt reduction program in the fourth quarter of 2019 we have reduced debt by $ 1.2 billion , including $ 433 million during the first quarter of 2021 alone . This rapid debt repayment has allowed us to reduce our leverage to 2.0x this quarter and positions us to be well below 2 - times in the coming quarters . Additionally , we expect to achieve our goal of absolute debt under $ 2 billion in 2022 , based on today's strip prices . Once these balance sheet objectives are accomplished , we will be opportunistic in further debt pay down and begin to return capital to our shareholders . " For a discussion of the non - GAAP financial measures including Adjusted Net Income , Adjusted EBITDAX , Free Cash Flow and Net Debt please see " Non - GAAP Financial Measures . 1