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2026 Guidance and Hedge Position O C T O B E R 2 8, 2026
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Legal Disclaimer 222Antero Resources (NYSE: AR) 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 program, expected results, our ability to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and in the Middle East, 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, future earnings, 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 other key assumptions underlying its projections, the 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, risks associated with the successful integration and future performance of acquired assets and operations, commodity price volatility, inflation, supply chain or other disruptions, 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 flows and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela 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, 2025. 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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4Q 2026 Guidance (Updated October 2026) 333Antero Resources (NYSE: AR) 1) Includes lease operating expenses, gathering, compression, processing and transportation expenses (“GP&T”) and production and ad valorem taxes. 2) Cash production expense and net marketing expense based on current forecast for utilization of AR’s firm transportation portf olio as a result of current strip pricing. Utilization of certain paths of firm transportation portfolio varies based on changes in basis pricing. 3) Guidance is based on accrual D&C capital. 4Q 2026 Guidance Ranges Net Production (Bcfe/d) 4.3 Natural Gas Realized Price – Expected Premium to NYMEX ($/Mcf) ($0.15) – ($0.25) Cash Production Expense ($/Mcfe) (1)(2) $2.10 – $2.20 D&C Maintenance Capital Expenditures ($MM) (3) $325 - $350
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Antero Natural Gas Hedge Position 444Antero Resources (NYSE: AR) Note: As of September 30, 2026. (1) Represents hedges related to the Volumetric Production Payment transaction that was completed in the third quarter of 2020. Natural Gas (MMBtu/d) Weighted Average Index Price ($/MMBtu) October – December 2026 Volumetric Production Payment Swaps (VPP) (1) 32,000 $2.63 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 distributions paid to the noncontrolling interest owner. October – December 2026 NYMEX Henry Hub Swap 1,368,000 $3.91 October – December 2026 M2 Swap 10,000 $3.36 2027 NYMEX Henry Hub Swap 1,062,000 $3.83 2027 Dom South Swap 20,000 $2.93 October – December 2026 NYMEX Henry Hub Collars 564,000 $3.25 $5.67 2027 NYMEX Henry Hub Collars 59,000 $3.47 $4.62 Natural Gas (MMBtu/d) Weighted Average Index Price ($/MMBtu) Natural Gas (MMBtu/d) Floor Price ($/MMBtu) Ceiling Price ($/MMBtu)
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Antero Natural Gas Hedge Position 555Antero Resources (NYSE: AR) October – December 2026 Basis Hedges Natural Gas (MMBtu/d) Weighted Average Index Price ($/MMBtu) TCO 100,000 ($0.83) M2 440,000 ($0.97) Dom South 210,000 ($0.98) 2027 Basis Hedges Natural Gas (MMBtu/d) Weighted Average Index Price ($/MMBtu) TCO 75,000 ($0.78) M2 303,000 ($0.93) Dom South 155,000 ($1.00) October – December 2026 20,000 $4.88 $3.70 $2.88 2027 22,000 $4.68 $3.66 $2.55 Three Way Collars Natural Gas (MMBtu/d) Call Price ($/MMBtu) Put Price ($/MMBtu) Sub Floor ($/MMBtu) Note: As of September 30, 2026.
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Antero Resources (NYSE: AR) 44% 34% 18% 3% 62% 37% 0% 10% 20% 30% 40% 50% 60% 70% 2026 Hedges 2027 Hedges Swaps Collars 2027 Volume Floor Ceiling Collars 81 BBtu/d $3.52 $4.63 Swaps 1,082 BBtu/d $3.82 Natural Gas Hedge Position (1)(2) (% of Forecast Natural Gas Production, as of July 29, 2026) 666 Note: Please see 10-Q disclosure around commodity derivative positions for more details. 1) Percent of natural gas hedged for 2026 and 2027 assumes Antero 2026 updated guidance and assumed Btu uplift held flat for eac h period (~3,161 Bbtu/d). 2) Collars inclusive of three-way collars. Swaps inclusive of TETCO M2 and Dominion South index swaps. 2026 Volume Floor Ceiling Collars 584 BBtu/d $3.27 $5.65 Swaps 1,378 BBtu/d $3.91 Updated Hedge Position