Second Quarter 2025 Earnings Call Presentation July 31st, 2025 Antero Resources (NYSE: AR)
Efficiencies Reduce Maintenance Capital Operating efficiencies and strong well performance result in back-to-back years of increased production and reduced Capex guidance AR Maintenance Program (1) Peer Capital Efficiency (2) (2025E…
Hedging to Lock in Returns While Preserving Upside Antero Lean Gas Hedge Strategy (2026) (/MMBtu) Ceiling Floor NYMEX 6.50 6.31/MMBtu Ceiling 6.00 5.50 5.00 4.50 Upside Preservation 4.00 NYMEX Strip: 4.00/MMBtu Lock in Returns…
NGL Pricing Premium Second half 2025 NGL premium to benefit from seasonal strength and domestic sales contracts AR Realized C3+ NGL Premiums to Mont Belvieu (/Bbl) Higher premiums 2.50 2.50 expected in 2H 2025 2.00 2.00 1.50…
New Capacity to Increase Exports 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…
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: (0.26) could be at 3-4/MMBtu Cal 26: (0.24) 75% regional cash…
Near-Term LNG Capacity Additions 8 Bcf/d of new LNG capacity is expected to be added from 2025 to 2027 LNG Feedgas Capacity (2025 2027) (Bcf/d) 28.0 26.0 Arthur 1 24.0 Calcasieu Pass 2 Cameron 4-6 22.0 Golden Pass 3 Golden Pass 2…
Regional Natural Gas Demand is Increasing (Power Demand and Data Center Project Capacity) (MMcf/d) 6,000 Under Construction: 2,120 MMcf/d FID: 300 MMcf/d Waiting on FID: 2,560 MMcf/d 5,000 Total: 4,980 MMcf/d Cunningham +…
AR Has Highest Exposure to NYMEX-Linked Pricing Anteros leading natural gas realized pricing is attributable to its exposure to NYMEX-linked markets Pre-Hedge Natural Gas Differential to NYMEX Guidance (/Mcf) 2Q 2025 Natural Gas…
Northeast Basis Pricing Historically, northeast basis strength has been short-lived due to ample supply and takeaway constraints Historical TETCO M2 Basis Pricing vs. NYMEX Henry Hub (/Mcf) Shut-in Shut-in NYMEX Price Economics…
Guidance 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…
Antero Resources Adjusted EBITDAX Reconciliation 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…
Antero Resources Adjusted EBITDAX Reconciliation 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…
Antero Resources Free Cash Flow Reconciliation 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…
Antero Resources Total Debt to Net Debt Reconciliation 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…
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