Page 1

Antero Resources Reports Second Quarter 2021 Financial and Operational Results Denver , Colorado , July 28 , 2021 - Antero Resources Corporation ( NYSE : AR ) ( " Antero Resources " , " Antero " , or the " Company " ) today announced its second 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 June 30 , 2021 . Second Quarter 2021 Highlights Include : ● ● ● ● ● ● Antero Resources Net production averaged 3,324 MMcfe / d , including 173,000 Bbl / d of liquids Realized natural gas equivalent price averaged $ 3.78 per Mcfe , a $ 0.95 per Mcfe premium to NYMEX pricing ○ Realized C3 + NGL prices averaged $ 40.32 per barrel , or 61 % of WTI , a 159 % increase from the year ago period Net loss was $ 523 million , which included a $ 757 million unrealized hedging loss ; Adjusted Net Income was $ 42 million ( Non - GAAP ) Adjusted EBITDAX was $ 319 million ( Non - GAAP ) ; net cash provided by operating activities was $ 309 million Free Cash Flow was $ 105 million ( Non - GAAP ) Net Debt at quarter end was $ 2.4 billion , a $ 158 million reduction from March 31 , 2021 and a $ 591 million reduction from year end 2020 ( Non - GAAP ) Net Debt to last twelve months Adjusted EBITDAX declined to 1.7x Credit facility was undrawn and liquidity was $ 1.9 billion as of June 30 , 2021 Increased full year 2021 natural gas realization guidance by $ 0.05 per Mcf to a premium to NYMEX of $ 0.15 to $ 0.25 per Mcf Reduced full year 2021 net marketing expense guidance by 22 % to a range of $ 0.06 to $ 0.08 per Mcfe Announced pilot with Project Canary to certify the Company's Responsibly Sourced Gas ( RSG ) Established company records for completion stages per day for the quarter and on a pad at 9.8 and 10.8 stages per day , respectively Drilled the Company's longest lateral to date in the Marcellus with a lateral length of 18,858 feet Paul Rady , Chairman , President and Chief Executive Officer of Antero Resources commented , " Today's macro backdrop highlights Antero's core strengths , which include liquids rich development and a firm transportation portfolio that delivers natural gas and NGL realizations at a premium to benchmark prices . Driven by strong international demand and flat U.S. supply , C3 + NGL prices during the quarter were nearly triple the year ago period . In addition , at a time when tight takeaway capacity in the Appalachian Basin is resulting in wider differentials , our firm transportation enabled us to realize a pre - hedge natural gas price at an $ 0.18 per Mcf premium to NYMEX . The result of these competitive advantages was Free Cash Flow of $ 105 million during the quarter . Based on today's strip prices , we are targeting over $ 750 million in Free Cash Flow in 2021 , which we intend to use for additional debt reduction . " Mr. Rady continued , " We are committed to maintaining our leadership position in ESG . Our pilot with Project Canary is expected to certify a portion of the Company's assets on the quality of the engineering design we utilize and the operational practices that we employ , while underscoring the high environmental standards by which Antero's natural gas is produced . Natural gas is key to the energy transition and will be critical in delivering a low carbon , affordable fuel to an expanding global economy . " Michael Kennedy , Chief Financial Officer and Senior Vice President of Finance of Antero Resources said , " Since the end of 2020 , we have reduced absolute debt by nearly $ 600 million , resulting in a leverage profile of 1.7x . Based on today's NGL and natural gas future strips , we expect to achieve our goal absolute debt under $ 2 billion in early 2022. Further , based on today's strip prices , we expect Free Cash Flow in 2022 to be higher than in 2021 , driving leverage toward 1.0x by year end 2022. As we approach our balance sheet objectives , we will be opportunistic in further debt pay down and returning 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