INVESTOR PRESENTATION MARCH 2025 Antero Resources (NYSE: AR)
Pure-Play Investment Grade Appalachian Producer Ohio West Virginia Utica Shale Marcellus Shale 13 Bn Enterprise Value (1) 50% of NGLs 20 years Headquarters: Denver, CO Exported into Of Premium Global Market Drilling Inventory…
Antero Resources Investment Thesis AR = Purest Way to Invest in the Natural Gas Demand Story Top 5 U.S. Natural Gas and NGL Producer Largest, Low-Cost Inventory 75% of Natural Gas Delivered to LNG Markets (i.e. NYMEX+ pricing) Strong…
AR Has the Largest Low-Cost Inventory Appalachia Sub-2.75/Mcfe Inventory AR Inventory (Years - Locations Based on 3rd Party Data) Includes 30 Bn of acquisitions since 2021 due to limited inventory and firm takeaway which added 22…
Antero Wells Continue to Outperform Peers Antero leads its Appalachian peers in well productivity trends, and importantly, continues to increase its liquids productivity AR Cumulative Well Productivity vs. Peers (MMcfe/1,000) 800…
Best in Class Maintenance Capital Program Operating efficiencies, strong well performance and repeatable inventory allow Antero to consistently deliver a peer-leading maintenance capital program AR D&C Capex AR Production (MM)…
Not All Transport to the U.S. Gulf Coast is Equal Tier 3 Henry Hub-Linked While everything 100 miles back of Henry Hub Cal 24: (0.21) (% of 24E Production) Cal 25: (0.32) could be at 3-4/MMBtu Cal 26: (0.30) 75% regional cash…
Strong C3+ NGL Differentials Anteros strong C3+ NGL premium to Mont Belvieu in 2024 is expected to increase further in 2025 AR Realized C3+ NGL Differentials to MB. AR C3+ NGL Marketing Volume (/Bbl) (% Marketed) 3rd Party Antero…
Lowest Free Cash Flow Breakeven 2024E Unhedged FCF Natural Gas Price Breakeven (1) 2024 Unhedged Free Cash Flow / (Outspend) (2) (/Mcf Henry Hub) (MM) Maintenance Capital Interest Expense 2024 NYMEX Henry Hub: 2.27/MMBtu Cash Costs +…
Low Debt Balance Provides Operational Flexibility Debt Maturity Schedule - 12/31/2024 (2) (MM) Investment Grade Rated AR Senior Notes AR Revolver Borrowings S&P: BBB- Fitch: BBB- 600 On February 18th, 2025, AR issued notice of…
Antero Resources Investment Highlights 20 Years of Premium Inventory in low-cost natural gas and NGL basins Most Capital Efficient Operator Low maintenance capital requirements Repeatable Free Integrated Midstream Cash Flow and…
NATURAL GAS & NGL MACRO OUTLOOK
U.S. Demand Outpaces Supply Through YE 2026 U.S. Natural Gas Demand Growth U.S. Natural Gas Supply Growth (Bcf/d from YE24 to YE26) (Bcf/d from YE24 to YE26) 14.0 12.0 10.0 5.5 Bcf/d Short of Demand 8.0 0.3 6.1 6.0…
Historic Start to 2025 Withdrawal Season 2025 is on pace to record the highest U.S. natural gas storage withdrawal season in a decade January 1st Through 8 Weeks of Withdrawal Season Values (2015 Current) (Bcf) (400) (900)…
Visible U.S. LNG Exports Will Feed Global Demand Growth U.S. LNG Export Capacity Through 2030 (Bcf/d) Antero Resources (NYSE: AR) Source: 3rd Party and Antero Estimates. 17
Plaquemines vs. Calcasieu Pass Ramp The Plaquemines LNG export facility has vastly outpaced the Calcasieu facility ramp and continues to surpass market expectations Calcasieu Pass vs. Plaquemines Phase 1 LNG Start-Up Timeline (% of…
TGP 500L Basis Performance TGP 500-L basis strip pricing has continued to show strength as the start-up of the Plaquemines LNG export facility has surpassed initial expectations TGP 500-L Differential to NYMEX Henry Hub (/MMBtu)…
AR Well Positioned for Data Center Demand Growth Anteros firm transportation portfolio provides direct access to regional data center buildouts For AI/data centers, natural gas MI is the only accessible power NY source available in…
Record Natural Gas Demand Natural gas demand from power burn has broken records every month this winter while ResComm demand in January 2025 was the highest on record U.S. Natural Gas Demand From Power Burn (Winter Months) (Bcf/d) 2020…
U.S. LPG is a Transformational Fuel for the World INDUSTRIAL / PLASTICS Durable products, consumer packaging & pharmaceuticals RESIDENTIAL Provides fuel for various applications (heating & cooking) VEHICLE FUEL Preferred…
Antero Holds Northeast LPG Export Advantage ARs export capacity is not impacted by near-term U.S. Gulf Coast capacity constraints U.S. Gulf Coast LPG Export Capacity vs. LPG Exports (MMBbls/d) 3,500 Existing Export Capacity Export…
NGL Price Trend Driven by strong exports, C3+ pricing as a percentage of WTI is trending back to historical norms WTI Oil Price vs. C3+ NGL Price as a % of WTI (/Bbl) (% of WTI) WTI Price (Left Axis) % of WTI (Right Axis) 120 64%…
U.S. Propane Exports Continue to Move Higher U.S. Exports of Propane, Quarterly Average (MMBbls/d) Weekly Record High Set on April 19, 2024 of 2.335 MMBbl/d 2.4 2.3 2025E Avg: 1.90 MMBbl/d 2.2 (+9% YoY) 2.1 Current Max Capacity: 2.1…
U.S. Propane Stocks and Propane Days of Supply Strong Exports Have Resumed Following Terminal Record Total Demand (Domestic Demand + Exports) Outages and Hurricane Impacts Drops Days of Supply Below 5-Year Average U.S. Propane Stocks…
Global NGL Demand Buildout Continues Note: Proposed China PDH projects through 2026, proposed Outside of China PDH through 2030, ethane crackers China and Outside of China through 2028 Antero Resources (NYSE: AR) Source: Argus,…
The U.S. is the Prominent Incremental LPG Supplier LPG Exports (MBbl/d) 3,000 2,500 The U.S. is the incremental supplier for growing world demand. 2,000 1,500 Supply from Middle East nations flat, 1,000 OPEC policies limit…
ESG Antero Resources (NYSE: AR)
Leading Sustainability and ESG Metrics Antero Resources (NYSE: AR) 31
Antero Has the Lowest Emissions Among U.S. E&Ps Reported GHG Intensity (metric tons CO2e/Mboe) 18.0 16.0 14.0 12.0 10.0 Antero 2023 GHG 8.0 Intensity = 1.1 6.0 4.0 2.0 0.0 AR P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11…
Anteros Net Zero Road Map Emission Reduction Priorities Carbon Offset Strategy Reduce absolute emissions from our Address energy poverty directly by providing operations access to clean cooking Reduced scope 1 emissions by 60% Align…
Ghana LPG Cookstove Project Details Ghana and LPG Distribution ARs LPG is shipped directly from Marcus Hook, Pennsylvania to Ghana, then delivered to the Tema LPG terminal AR will work with Envirofit, Henos Energy, a Ghanaian…
APPENDIX
Guidance 2025 Guidance Ranges Net Production (Bcfe/d) 3.35 3.45 Net Natural Gas Production (Bcf/d) 2.16 2.20 Net Liquids Production (Bbl/d) 198,000 208,000 Net Daily C3+ NGL Production (Bbl/d) 113,000 117,000 Net Daily Ethane…
Highly Integrated From Wellhead to End User Counterparties Water Natural Gas & Gathering & Processing & Long Haul LNG / LPG End Delivery Liquids Producer Compression Fractionation Transport Facilities User Integrated Value Chain…
AR Credit Momentum Credit Ratings (S&P Corporate Ratings) 5 Upgrades Investment Grade Rating Achieved BBB+ Since 2020 BBB BBB- BBB- BB+ BB+ 2.2 Bn BB BB BB- Debt reduction BB- since 2019 B+ B B B- B- Unsecured CCC+…
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended Year Ended December 31, December 31, 2023 2024 2023 2024 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to…
Antero Resources Free Cash Flow Reconciliation Three Months Ended December 31, 2023 2024 Net cash provided by operating activities 312,175 278,002 Less: Capital expenditures (1) (219,817) (128,315) Less: Distributions to…
Antero Resources Total Debt to Net Debt Reconciliation December 31, December 31, 2023 2024 Credit Facility 417,200 393,200 8.375% senior notes due 2026 96,870 96,870 7.625% senior notes due 2029 407,115 407,115 5.375% senior notes…
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