Antero Resources (AR) Investor presentation summary

Fourth-quarter 2026 guidance

• Net production guidance: 4.3 Bcfe/d.

• Natural gas realized price premium to NYMEX: ($0.15)-($0.25)/Mcf.

• Cash production expense: $2.10-$2.20/Mcfe; includes lease operating, gathering, compression, processing, transportation, production and ad valorem taxes.

• D&C maintenance capital guidance: $325-$350 million, on an accrual basis.

Natural gas hedge position

• Forecast production hedged: 62% for 2026, comprising 44% swaps and 18% collars; 37% for 2027, comprising 34% swaps and 3% collars.

• 2026 swaps: 1,378 BBtu/d at $3.91/Mmbtu; collars: 584 BBtu/d with a $3.27 floor and $5.65 ceiling.

• 2027 swaps: 1,082 BBtu/d at $3.82/Mmbtu; collars: 81 BBtu/d with a $3.52 floor and $4.63 ceiling.

• Oct-Dec 2026 VPP swaps: 32,000 Mmbtu/d at a $2.63/Mmbtu weighted index price; hedge gains/losses are attributable to Martica's noncontrolling interest.

Basis hedges

• 2026 weighted index prices across TCO, M2 and Dom South hedges ranged from ($0.83) to ($0.98)/Mmbtu.

• 2027 weighted index prices across TCO, M2 and Dom South hedges ranged from ($0.78) to ($1.00)/Mmbtu.