Antero Resources (AR) Investor presentation summary

Company overview and scale

• Enterprise value of approximately $14 billion and ranked #5 natural gas and NGL producer in the U.S.

• Owns 29% of a major midstream company, with headquarters in Denver, CO.

• Holds 19 Tcfe of proved reserves in the Southwest Marcellus Shale and over 20 years of premium drilling inventory.

• 50% of NGLs exported globally and 75% of natural gas delivered to LNG fairways.

Market outlook and demand drivers

• Anticipates 30% demand growth for natural gas through 2030, driven by data center, power, LNG, and Mexico export growth.

• Data center and power growth expected to add 8 Bcf/d, while LNG and Mexico exports add 23 Bcf/d.

Operational strengths and efficiency

• Demonstrates significant scale and product diversity, with leading net production and liquids output in Appalachia.

• Most capital efficient operator among peers, with 2025 D&C capital per production well below peer average.

• Uniquely positioned to supply both LNG and power demand, with 75% of production delivered to LNG fairways and direct sales to LNG facilities.