Slides
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2025 Guidance & Hedge Position
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Antero Resources (NYSE: AR) Legal Disclaimer 2 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 activities, events or developments AR expects, believes or anticipates will or may occur in the future, such as those regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, return of capital, expected results, impacts of geopolitical and world health events, future commodity prices, future production targets, estimated realized natural gas, NGL and oil prices, anticipated reductions in letters of credit and interest expense, including those related to certain levels of production, leverage targets and debt repayment, future capital spending plans, improved and/or increasing capital efficiency, expected drilling and development plans, projected well costs and cost savings initiatives, operations of Antero Midstream, future financial position, the participation level of our drilling partner and the financial and production results to be achieved as a result of the drilling partnership and the key assumptions underlying its projections and future marketing opportunities are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this presentation. Although AR believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, AR expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements. AR cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the exploration for and the development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond AR’s control. These risks include, but are not limited to, commodity price volatility, inflation, supply chain disruption, availability and cost of drilling, completion and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes and changes in law, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical and world health events, cybersecurity risks, the state of markets for and availability of verified quality carbon offsets and the other risks described under the heading "Item 1A. Risk Factors" in AR’s Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement speaks only as of the date on which such statement is made and AR undertakes no obligation to correct or update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by applicable law. This presentation also includes AR non-GAAP measures which are financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Please see “Antero Non-GAAP Measures” for definitions of these measures as well as certain additional information regarding these measures. Antero Resources Corporation is denoted as “AR” in the presentation and Antero Midstream Corporation is denoted as “AM”, which are their respective New York Stock Exchange ticker symbols.
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Antero Resources (NYSE: AR) 4Q 2025 Guidance 3 4Q 2025 Guidance Ranges Net Production (Bcfe/d) 3.50 – 3. 525 C3+ NGL Realized Price - Expected Premium to Mont Belvieu ($/Bbl) (1) $1.25 - $1.75 Land Capital Expenditures ($MM) $25 - $50 1) Based on Antero C3+ NGL component barrel which consists of 57% C3 (propane), 9% isobutane (Ic4), 16% normal butane (Nc4) and 17% natural gasoline (C5+).
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Antero Resources (NYSE: AR) 2025 Guidance 4 2025 Guidance Ranges Net Production (Bcfe/d) 3.40 – 3.45 Net Natural Gas Production (Bcf/d) 2.19 – 2.23 Net Liquids Production (Bbl/d) 198,000 – 207,000 Net Daily C3+ NGL Production (Bbl/d) 113,000 – 117,000 Net Daily Ethane Production (Bbl/d) 77,000 – 80,000 Net Daily Oil Production (Bbl/d) 8,000 – 10,000 Natural Gas Realized Price Expected Premium to NYMEX ($/Mcf) $0.10 to $0.20 C2 Ethane Realized Price - Expected (Discount) / Premium to Mont Belvieu ($/Bbl) $1.00 - $2.00 C3+ NGL Realized Price - Expected Premium to Mont Belvieu ($/Bbl) (1) $0.75 - $1.00 Oil Realized Price Expected Differential to WTI ($/Bbl) ($12.00) – ($16.00) Cash Production Expense ($/Mcfe) (2) $2.45 – $2.55 Net Marketing Expense ($/Mcfe) $0.04 – $0.06 G&A Expense ($/Mcfe) (before equity-based compensation) $0.12 – $0.14 D&C Capital Expenditures ($MM) $650 - $675 Land Capital Expenditures ($MM) $125 - $150 Average Operated Rigs, Average Completion Crews Rigs: 2.0 | Completion Crews: 1.0 to 2.0 Operated Wells Drilled (Net) Operated Wells Completed (Net) Wells Drilled: 50 – 55 Wells Completed: 60 – 65 Average Lateral Lengths, Drilled Average Lateral Lengths, Completed Drilled: 13,100 Completed: 13,700 1) Based on Antero C3+ NGL component barrel which consists of 57% C3 (propane), 9% isobutane (Ic4), 16% normal butane (Nc4) and 17% natural gasoline (C5+). 2) Includes lease operating expenses, gathering, compression, processing and transportation expenses (“GP&T”) and production and ad valorem taxes.
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Antero Resources (NYSE: AR) Antero Natural Gas Hedge Position 5 Natural Gas (MMBtu/d) Weighted Average Index Price ($/MMBtu) 2025 Volumetric Production Payment Swaps (VPP) (1) 44,000 $2.61 2026 Volumetric Production Payment Swaps (VPP)(1) 32,000 $2.68 (1) Represents hedges related to the Volumetric Production Payment transaction that was completed in the third quarter of 2020. Note: Represents hedges related to the Overriding Royalty Interest (ORRI) transaction that was completed in the second quarte r of 2020. The hedge gains/(losses) are recorded on Antero’s financials, but are fully attributable to the noncontrolling interest in Martica and are netted out of the distribut ions paid to the noncontrolling interest owner. Fourth Quarter 2025 NYMEX Henry Hub Swap 646,087 $3.70 2026 NYMEX Henry Hub Swap 600,000 $3.82 2027 NYMEX Henry Hub Swap 100,000 $3.93 2026 NYMEX Henry Hub Collars 500,000 $3.22 $5.83 Natural Gas (MMBtu/d) Weighted Average Index Price ($/MMBtu) Natural Gas (MMBtu/d) Floor Price ($/MMBtu) Ceiling Price ($/MMBtu)