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Antero Resources (NYSE: AR) Second Quarter 2025 Earnings Call Presentation July 31 st , 2025
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Antero Resources (NYSE: AR) 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 activities, events or developments AR expects, believes or anticipates will or may occur in the future, such as those regarding our financial strategy, future operating results, 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, 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, impact of recently enacted legislation 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. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. 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 incidental to our business, 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 or changes in law, changes in emission calculation methods, 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 events, including the conflicts in Ukraine and the Middle East, 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. 2
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Antero Resources (NYSE: AR) Efficiencies Reduce Maintenance Capital 1) Represents midpoint of guidance ranges for 2023 and 2025. 2) Peers include CNX, EQT, EXE and RRC. Based on 2025 forecast and guidance as of 7/31/2025. 3 AR Maintenance Program (1) Peer Capital Efficiency (2) (2025E D&C Capital / 2025E Production) Operating efficiencies and strong well performance result in back-to-back years of increased production and reduced Capex guidance Maintenance Production Maintenance Capital 3,275 3,425 2023 Guidance 2025 Guidance $900 $663 2023 Guidance 2025 Guidance $0.53 $0.65 $0.67 $0.77 $0.83 AR Peer 1 Peer 2 Peer 3 Peer 4 Peer Average: $0.73 (MMcfe/d) ($MM)
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Antero Resources (NYSE: AR) Hedging to Lock in Returns While Preserving Upside 4 Antero Lean Gas Hedge Strategy (2026) ($/MMBtu) Note: Hedge position and strip pricing as of 07/29/2025. 1) Approximate percentage of 2026 natural gas production hedged assumes flat production from 2025. ~20% of AR’s 2026E natural gas production is hedged via wide two way collars (1) $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00 $6.50 1Q26 2Q26 3Q26 4Q26 Ceiling Floor NYMEX Upside Preservation $6.31/MMBtu Ceiling $3.14/MMBtu Floor Lock in Returns NYMEX Strip: $4.00/MMBtu
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Antero Resources (NYSE: AR) NGL Pricing Premium AR Realized C3+ NGL Premiums to Mont Belvieu ($/Bbl) Second half 2025 NGL premium to benefit from seasonal strength and domestic sales contracts ($0.39) $1.41 $0.68 $1.50 $1.00 $2.50 $2.00 ($0.50) $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 2023A 2024A 1H 2025A 2H 2025E 2025E Note: C3+ NGL differentials to Mont Belvieu based on AR NGL component barrel consisting of 57% C3 (propane), 9% isobutane (Ic4), 17% normal butane (Nc4) and 17% natural gasoline (C5+). Propane and isobutane reflect TET prices, and normal butane and natural gasoline reflect non-TET prices 5 Higher premiums expected in 2H 2025
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Antero Resources (NYSE: AR) New Capacity to Increase Exports - 500 1,000 1,500 2,000 2,500 3,000 3,500 2019 2020 2021 2022 2023 2024 2025 2026 Existing Export Capacity LPG Exports (Actuals) Source: Company Reports, LPG Exports and forecast per S&P Global Commodity Insights July 2025 Export Capacity Additions LPG Exports (Forecast) U.S. Gulf Coast export constraints to be alleviated by new capacity beginning in 3Q25, which is expected to reduce storage levels and strengthen benchmark NGL prices U.S. Gulf Coast LPG Export Capacity vs. LPG Exports (MMBbls/d) EPD EHT: 300 MMBbl/d EPD Neches River: 360 MMBbl/d ET Nederland: 250 MMBbl/d We are here New Capacity Expected to Increase Exports in 2H25 6
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Antero Resources (NYSE: AR) Not All Transport to the U.S. Gulf Coast is Equal Tier 2 Tier 3 Tier 1 Cal ‘24: ($0.21) Cal ’25: ($0.26) Cal ’26: ($0.24) Cal ‘27: ($0.26) Cal ‘24: ($0.07) Cal ’25: ($0.05) Cal ’26: $0.02 Cal ‘27: $0.03 Cal ‘24: ($0.21) Cal ’25: ($0.26) Cal ’26: ($0.24) Cal ‘27: ($0.26) Antero Firm Transport Delivery Locations Cal ‘24: $0.08 Cal ’25: $0.30 Cal ’26: $0.60 Cal ‘27: $0.41 Source: ICE data 2025-2027 strip pricing as of 07/29/2025. Note: Tier boxes represent differentials to NYMEX Henry Hub. 1) Peers include CNX, EQT, EXE and RRC. 7 “While everything 100 miles back of Henry Hub could be at $3-4/MMBtu regional cash price, Henry Hub cash could find itself at periods of time comfortably above $5/MMBtu.” - JPM Commodities Research TGP 500LAR Peer Average Henry Hub-Linked (% of ‘24E Production) (1) 68% Tier 1 / TGP 500L 7% Tier 3 11% Tier 1 19% Tier 2/3 75% 31%
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Antero Resources (NYSE: AR) Near-Term LNG Capacity Additions Source: 3rd Party and Antero Estimates. 8 Bcf/d of new LNG capacity is expected to be added from 2025 to 2027 LNG Feedgas Capacity (2025 – 2027) (Bcf/d) 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Oct-26 Jan-27 Apr-27 Jul-27 Oct-27 Currently In-Service Plaquemines Phase 2 Corpus Christi 3 Golden Pass 1 Golden Pass 2 Golden Pass 3 Cameron 4-6 Calcasieu Pass 2 Arthur 1 We are here 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2025 2026 2027 8
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Antero Resources (NYSE: AR) - 1,000 2,000 3,000 4,000 5,000 6,000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Regional Natural Gas Demand is Increasing 9 (Power Demand and Data Center Project Capacity) Note: Megawatts are converted to MMcf/d. Source: Company disclosures and Antero internal research. Homer City: 650 MMcf/d Wolf Summit Energy: 110 MMcf/d Shay Energy Center: 375 MMcf/d Harrison, Ft. Martin: 640 MMcf/d Ridgeline Facility 350 MMcf/d Mountain State + Laurel-Cooper + Sammis + J.S. Cooper: 530 MMcf/d 2026 2027 2028 2029 2030 2031 2032 2033 2034 Under Construction: FID: Waiting on FID: Total: 2,120 MMcf/d 300 MMcf/d 2,560 MMcf/d 4,980 MMcf/d Brunner Island: 290 MMcf/d Trumbull + Socrates – New Albany: 270 MMcf/d Monarch Cloud Campus: 430 MMcf/d H.L. Spurlock: 300 MMcf/d Cunningham + Gordonsville + Bay Shore + QTS: 235 MMcf/d Shipping Port: 800 MMcf/d (MMcf/d)
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Antero Resources (NYSE: AR) AR Has Highest Exposure to NYMEX-Linked Pricing 10Source: Company filings and disclosures. Pre-Hedge Natural Gas Differential to NYMEX Guidance ($/Mcf) ($0.05) ($0.51) ($0.51) ($0.55) ($0.59) $0.15 ($0.38) ($0.43) ($0.44) ($0.47) ($0.70) ($0.60) ($0.50) ($0.40) ($0.30) ($0.20) ($0.10) $0.00 $0.10 $0.20 AR EXE EQT RRC CNX 2Q 2025 Natural Gas Differential 2025 Guidance Antero’s leading natural gas realized pricing is attributable to its exposure to NYMEX-linked markets
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Antero Resources (NYSE: AR) Northeast Basis Pricing 11 Note: Represents historical TETCO M2 price less NYMEX Henry Hub. 2025E represents actuals through July 2025 and strip prici ng as of 7/30/2025 thereafter. 2026E and 2027E represents strip pricing as of 7/30/2025. Historical TETCO M2 Basis Pricing vs. NYMEX Henry Hub ($/Mcf) Historically, northeast basis strength has been short-lived due to ample supply and takeaway constraints ($1.07) ($1.17) ($1.11) ($0.89) ($0.53) ($0.48) ($0.78) ($0.81) ($1.12) ($1.02) ($0.63) ($0.85) ($0.89) ($0.89) ($1.40) ($1.20) ($1.00) ($0.80) ($0.60) ($0.40) ($0.20) $0.00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E TETCO M2 Spread Average 2014-2025E Average ($0.80) ~13 Bcf/d of takeaway capacity added in 2017 - 2019 NYMEX Price Shut-in Economics Shut-in Economics
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APPENDIX
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Antero Resources (NYSE: AR) ~$2.7 Bn in debt reduction since 2019 Lowest debt among peers ~$1.5 Bn in Liquidity 0.8x Leverage (1) Low Debt Balance Provides Flexibility 1) Represents Net Debt to LTM Adjusted EBITDAX as of 06/30/2025. 13 S&P: BBB- Fitch: BBB- Moody’s: Ba1 Investment Grade Rated $365 $600 $140 2025 2026 2027 2028 2029 2030 No near term maturities 7.625% 5.375% Debt Maturity Schedule - 06/30/2025 ($MM) AR Revolver Borrowings Strong Balance Sheet AR Senior Notes Credit Facility maturity extended to 2030
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Antero Resources (NYSE: AR) Guidance 14 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) $1.00 - $2.00 Oil Realized Price Expected Differential to WTI ($/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) $75 - $100 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 Resources Non-GAAP Measures Adjusted EBITDAX: Adjusted EBITDAX as defined by the Company represents income or loss, including noncontrolling interests, before interest exp ense, interest income, unrealized gains or losses from commodity derivatives, but including net cash receipts or payments on deriva tive instruments included in derivative gains or losses other than proceeds from derivative monetizations, amortization of deferred revenue, VPP, income t axes, impairment of property and equipment, depletion, depreciation, amortization, and accretion, exploration expense, equity -based compensation expense, contract termination, loss contingency, transaction fees, gain or loss on sale of assets, loss on convertible note inducement, equity in earnings of and dividends from unconsolidated affiliates and Martica-related adjustments. The GAAP financial measure nearest to Adjusted EBITDAX is net income or loss including noncontrolling interest that will be r eported in Antero’s condensed consolidated financial statements. While there are limitations associated with the use of Adjusted EBITDAX described below, management believes that this measure is useful to an investor in evaluating the Company’s financial performance because it: • is widely used by investors in the oil and natural gas industry to measure operating performance without regard to items excl uded from the calculation of such term, which may vary substantially from company to company depending upon accounting methods and the book value of asset s, capital structure, and the method by which assets were acquired, among other factors; • helps investors to more meaningfully evaluate and compare the results of Antero’s operations from period to period by removin g the effect of its capital and legal structure from its consolidated operating structure; and • is used by management for various purposes, including as a measure of Antero’s operating performance, in presentations to the Company’s board of directors, and as a basis for strategic planning and forecasting. Adjusted EBITDAX is also used by the board of directors as a performance measure in determining executive compensation. There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze t he effects of certain recurring and non-recurring items that materially affect the Company’s net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies. In addition, Adjusted EBITDAX provides no information regarding a company’s capital structure, borrowings, interest costs, capital expenditures, and working capital movement or tax position. Net Debt: Net Debt is calculated as total long-term debt less cash and cash equivalents. Management uses Net Debt to evaluate its financial position, including its ability to service its debt obligations. Leverage: Leverage is calculated as Net Debt divided by LTM Adjusted EBITDAX. Free Cash Flow: Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow, or as a measure of liquidity. The Company defines Free Cash Flow as Net Cash Provided by Operating Activities, less Net Cash Used in Investing Activities, which includes drilling and completion capital and leasehold capital, plus payments for derivative monetizations, less proceeds from asset sales and less distributions to non-controlling interests in Martica. Free Cash Flow is a useful indicator of the Company’s ability to internally fund its activities and to service or incur addit ional debt and estimate return of capital. There are significant limitations to using Free Cash Flow as a measure of performance, including the inability to an alyze the effect of certain recurring and non-recurring items that materially affect the Company’s net income, the lack of comparability of results of operations of different companies and the different methods of calculating Free Cash Flow reported by different companies. Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, worki ng capital, income taxes, exploration expenses, and other commitments and obligations. 15
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Antero Resources (NYSE: AR) Antero Resources Adjusted EBITDAX Reconciliation 1) Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above. 16 Three Months Ended June 30, 2024 2025 Reconciliation of net income (loss) to Adjusted EBITDAX: Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ (79,806) 156,585 Net income and comprehensive income attributable to noncontrolling interests 5,208 9,988 Unrealized commodity derivative (gains) losses 11,479 (59,763) Amortization of deferred revenue, VPP (6,739) (6,298) Loss (gain) on sale of assets (18) 546 Interest expense, net 32,681 19,954 Loss on early extinguishment of debt — 729 Income tax expense (benefit) (17,288) 48,190 Depletion, depreciation, amortization and accretion 189,413 188,531 Impairment of property and equipment 313 6,297 Exploration expense 643 648 Equity-based compensation expense 17,151 15,855 Equity in earnings of unconsolidated affiliate (20,881) (30,563) Dividends from unconsolidated affiliate 31,284 31,314 Contract termination, loss contingency, transaction expense and other 3,020 13,627 166,460 395,640 Martica related adjustments (1) (15,058) (16,176) Adjusted EBITDAX $ 151,402 379,464
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Antero Resources (NYSE: AR) Antero Resources Adjusted EBITDAX Reconciliation 1) Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above. 17 Twelve Months Ended June 30, 2025 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 478,858 Net income and comprehensive income attributable to noncontrolling interests 40,804 Unrealized commodity derivative losses 6,913 Amortization of deferred revenue, VPP (26,152) Loss on sale of assets 663 Interest expense, net 98,661 Loss on early extinguishment of debt 4,156 Income tax benefit (4,534) Depletion, depreciation, amortization, and accretion 760,985 Impairment of property and equipment 53,845 Exploration 2,689 Equity-based compensation expense 64,234 Equity in earnings of unconsolidated affiliate (108,783) Dividends from unconsolidated affiliate 125,256 Contract termination, loss contingency, transaction expense and other 13,983 $ 1,511,578 Martica related adjustments (1) (63,850) Adjusted EBITDAX $ 1,447,728
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Antero Resources (NYSE: AR) Antero Resources Free Cash Flow Reconciliation 1) Working capital adjustments include changes in current assets and liabilities and changes in accounts payable and accrued lia bilities for additions to property and equipment. 18 Three Months Ended June 30, 2024 2025 Net cash provided by operating activities $ 143,499 492,358 Less: Capital expenditures (192,385) (208,409) Less: Distributions to non-controlling interests in Martica (19,282) (21,512) Free Cash Flow $ (68,168) 262,437 Changes in Working Capital (1) (11,700) (106,165) Free Cash Flow before Changes in Working Capital $ (79,868) 156,272
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Antero Resources (NYSE: AR) Antero Resources Total Debt to Net Debt Reconciliation 19 December 31, June 30, 2024 2025 Credit Facility $ 393,200 140,000 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) (6,684) Total long-term debt $ 1,489,230 1,098,669 Less: Cash and cash equivalents — — Net Debt $ 1,489,230 1,098,669