First Quarter 2025 Earnings Call Presentation May 1st, 2025 Antero Resources (NYSE: AR)
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: 4.13/MMBtu 4.00 Lock in…
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…
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 1,962 1,830…
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…
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…
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…
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 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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