Antero Resources (AR) investor relations material

Supportive market fundamentals

• End of season natural gas storage in 2026 is projected at or below the 5-year average, indicating a balanced market backdrop.

• Super El Niño effects are already priced into the market, but renewables' growth may increase reliance on natural gas.

• Record LNG export utilization and electricity demand are expected, with subdued production in the first half of 2026.

• Permian Basin takeaway capacity is expanding by 4.6 Bcf/d, mainly serving Texas LNG and Mexico export markets.

• Henry Hub and East Coast markets are expected to maintain premium pricing due to access constraints.

Demand and export growth

• U.S. natural gas net exports are at an all-time high, currently ~19% of production.

• LNG and Mexico export growth are projected to add 23 Bcf/d to demand by 2030.

• Data center and power growth are expected to contribute an additional 19 Bcf/d to demand by 2030.

• U.S. LNG export capacity is set to increase by 21 Bcf/d from 2025 to 2030, reaching 39.1 Bcf/d.

• Regional gas demand is rising, with new infrastructure and power generation projects, especially in Appalachia.

Electricity and renewables trends

• U.S. electricity demand is at all-time highs, with natural gas filling the gap left by declining coal.

• Wind and solar generation are at record levels, offsetting some natural gas demand but not fully replacing coal.

• Lower coal displacement is observed, with renewables contributing more to the generation mix.

• During El Niño years, natural gas achieves a higher share of the generation mix, with 2026 expected to be 1.5 Bcf/d above 2025.

• Renewables' larger share may increase reliance on natural gas during peak demand periods.