Fourth Quarter 2025 Earnings Call Presentation February 12, 2026 Antero Resources (NYSE: AR)
Anteros Strategic Initiatives Expanding Core Marcellus Position in Adds 385k Net Acres; West Virginia P 400 Locations Positioning for Future Dry Gas Commodity Optionality Development P Across Phase Windows Use Hedging as a Tool…
U.S. Propane Stocks and Propane Days of Supply U.S. Export/Demand Challenges Lead to Propane Although Stocks are Higher than 5-Year Range Inventories Crossing Above 5-Year Range Days of Supply is Near Historic Norms U.S. Propane Stocks…
U.S. C3+ Supply Growth Slows Permian production deceleration contributes to lower expected U.S. supply growth in 2026 U.S. Total C3+ NGL Supply Change Permian Basin C3+ NGL Supply Change (MBbls/d) (MBbls/d) 350 328 200 188 320 184…
Timely In-Service Dates for LPG Export Expansions U.S. Gulf Coast and East Coast LPG Export Capacity (Mbl/d) +1.25 MMbl/d by YE 4,500 Ample Dock Capacity = 2028 Lower Dock Premiums and 4,000 Higher Mont Belvieu Prices ONEOK/MPLX 1H…
Global NGL Demand Outlook Global NGL demand is expected to rise significantly in 2026, with propane demand forecast to be the largest contributor Year-Over-Year Change in NGL Demand by Purity Product (MBbls/d) 700 Natural Gasoline…
Strong Residential & Commercial Demand In 2025/2026, Winter ResComm natural gas demand has averaged +2.9 Bcf/d above the 5-year average Annual Average Winter ResComm Demand (Nov-Feb) (Bcf/d) 44.0 Winter (Nov-Feb) 5 Year Average 42.0…
Natural Gas Storage The natural gas storage trend has flipped to below the 5-year average in February Natural Gas Storage vs. 5-Year Average Natural Gas Storage (Bcf/d) (Bcf/d) 250 5-Year Range 5-Year Average 2025 2026 191 3900…
Basis Strength The LNG demand pull and regional power demand has strengthened pricing at Anteros sales points TGP 500-L Differential to Henry Hub Local Basis to Henry Hub (/MMBtu) (/MMBtu) 0.70 0.66 (0.40) 0.60 (0.50) 0.50…
2025 Operating & Financial Highlights 2025 Operational Achievements 2025 Financial Highlights 19 Stages Per Day Adjusted Free Cash Flow (1) Achieved a Company Record 759 MM Stages in a Single Day (One Completion Crew) Net Debt…
Production and Capital Outlook D&C Capital Outlook (2026) (MM) 1,200 1,200 100 Up to 200 900 900 Discretionary 600 Growth Capital 1,000 300 0 2026 Maintenance Capital No Drilling JV 2026 D&C Capital Production Outlook (2026…
Updated Hedge Position AR Natural Gas Hedge Position (% of Forecast Natural Gas Production) Swaps Collars 70% 60% 60% 50% 18% 40% 30% 30% 2% 20% 42% 28% 10% 0% 2026 Hedges 2027 Hedges (Feb-Dec) 2026 Volume Floor…
APPENDIX
2026 Guidance 2026 Guidance Ranges Net Production (Bcfe/d) 4.1 Net Natural Gas Production (Bcf/d) 2.8 Net Liquids Production (Bbl/d) 213,000 Net Daily C3+ NGL Production (Bbl/d) 125,000 Net Daily Ethane Production (Bbl/d) 80,000 Net…
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended December 31, 2024 2025 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation 149,649…
Antero Resources Free Cash Flow Reconciliation Three Months Ended December 31, 2024 2025 Net cash provided by operating activities 278,002 370,743 Less: Capital expenditures (128,315) (202,909) Less: Distributions to non-controlling…
Antero Resources Total Debt to Net Debt Reconciliation December 31, 2024 2025 Credit Facility 393,200 438,600 8.375% senior notes due 2026 96,870 7.625% senior notes due 2029 407,115 365,353 5.375% senior notes due 2030 600,000…
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