INVESTOR PRESENTATION MAY 2025 Antero Resources (NYSE: AR)
Pure-Play Investment Grade Appalachian Producer Ohio West Virginia Utica Shale Marcellus Shale 12 Bn Enterprise Value (1) Headquarters: 50% of NGLs 20 years 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…
Drilling and Completion Efficiencies ARs average completed feet per day and completion stages per day have increased 15% since 2023 and are currently well above the peer group quarterly records Completed Feet per Day Completion Stages…
Hedging to Lock in Returns While Preserving Upside Antero Lean Gas Hedge Strategy (2026) (/MMBtu) Ceiling Floor NYMEX Strip Price 6.00 5.96/MMBtu Ceiling 5.50 5.00 4.50 Upside Preservation NYMEX Strip: 4.36/MMBtu 4.00 Lock…
Not All Transport to the U.S. Gulf Coast is Equal While everything 100 Tier 3 Henry Hub-Linked miles back of Henry Hub Cal 24: (0.21) (% of 24E Production) Cal 25: (0.31) could be at 3-4/MMBtu Cal 26: (0.27) 75% regional cash…
NGL Pricing Premium Antero has high confidence in 2025 C3+ NGL realized price guidance due to minimal spot exposure AR Realized C3+ NGL Premiums to Mont Belvieu (/Bbl) 2025 Guidance Highlights: 2.50 90% of LPG volumes are locked in…
Leading Capital Efficiency and Free Cash Flow Breakeven Capital Efficiency 2025E Unhedged FCF Natural Gas Price Breakeven (1) (2025E D&C Capital/ 2025E Production) (/Mcf Henry Hub) Maintenance Capital Interest Expense 1.00 Cash Costs…
Low Debt Balance Provides Flexibility Debt Maturity Schedule - 03/31/2025 (2) (MM) Investment Grade Rated AR Senior Notes AR Revolver Borrowings S&P: BBB- Fitch: BBB- Moodys: Ba1 In February, AR redeemed the outstanding…
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…
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. 16
Plaquemines Ramp + 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 expectations Calcasieu Pass vs. Plaquemines Phase 1 LNG…
AR Positioned for Data Center Natural Gas Demand Surge Power demand growth fueled by data center buildouts and new natural gas fired power plants The Homer City Generating Station, previously the Amazon to invest an estimated 7.8…
U.S. Data Center Natural Gas Demand Updated power forecasts have increased the expected U.S. demand for natural gas by 8 bcfd to more than 12 Bcf/d by 2030 Data Center Power Demand Data Center Demand Powered by Natural Gas (Gigawatts)…
Natural Gas Dominates Power Generation Mix Natural gas power generation demand grew by 6.0 Bcf/d, or 20% from 2021 to 2024, while all other categories declined by a total of 1.7 Bcf/d Power Generation Mix (Bcf/d) 40.0 2019 2020 2021…
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) 120 61% 80% C3+ NGL % OF WTI PRICE 100 70% 80 60%…
U.S. Propane Exports Remain Strong The growing U.S. propane export trend has continued with a new quarterly record in 1Q 2025 and a strong start to 2Q 2025 U.S. Propane Exports (MBbl/d) 2023+2024 2025 5-Year Average 2,000 1,953 1,830…
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…
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…
SUSTAINABILITY Antero Resources (NYSE: AR)
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…
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…
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended March 31, 2024 2025 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation 22,730 207,971…
Antero Resources Adjusted EBITDAX Reconciliation Twelve Months Ended March 31, 2025 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation 242,467 Net…
Antero Resources Free Cash Flow Reconciliation Three Months Ended March 31, 2024 2025 Net cash provided by operating activities 261,610 457,739 Less: Capital expenditures (222,449) (206,145) Less: Distributions to non-controlling…
Antero Resources Total Debt to Net Debt Reconciliation December 31, March 31, 2024 2025 Credit Facility 393,200 304,100 8.375% senior notes due 2026 96,870 7.625% senior notes due 2029 407,115 388,475 5.375% senior notes due 2030…
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