Antero Resources (AR) investor relations material

Benchmark pricing overview

• Weekly pricing update provides benchmark estimates for C3+ NGL composite barrels and natural gas, not actual contracted prices.

• C3+ NGL volumes for 2026 are estimated at 125,000 bbl/d, with a 50/50 split between international and domestic sales.

• International sales are divided equally between Europe (ARA) and Asia (FEI), with weighted average prices provided net of shipping.

• Domestic sales are linked to Mont Belvieu prices, with a slight discount assumed in the estimates.

• Historical and current benchmark prices for C3+ NGL barrels are tracked quarterly and annually, showing price fluctuations over recent years.

Natural gas pricing and realization

• Natural gas prices are indexed to FOM futures, with realized prices reflecting a blend of FOM and daily prices.

• Price realizations vary by region, with NYMEX-related, TCO, TETCO M2, and Midwest indices used for allocation.

• 2026 guidance indicates a premium to NYMEX of $0.10–$0.20 per MMBtu.

• Quarterly and annual realized prices are provided, with detailed breakdowns for each index and region.

• Price sensitivity analysis shows a $5 per barrel change in C3+ NGL price impacts annual revenue by $228 million.

Supporting definitions and methodology

• Key terms such as ARA, FEI, CIF, CFR, FOM, and Baltic Index are defined for clarity in pricing and shipping estimates.

• Shipping rates are internally estimated using market indices and broker data, adjusted for specific routes.

• Benchmark prices are based on ICE and Argus indices, with relevant product and conversion details provided.