Antero Resources (AR) Investor presentation summary

Strategic positioning and scale

• Holds an enterprise value of approximately $15 billion and is a top-five U.S. natural gas and top-three NGL producer, with 19 Tcfe proved reserves and over 20 years of premium drilling inventory.

• Owns 29% of a major midstream company, providing integrated infrastructure and access to premium markets.

• Exports 50% of NGLs globally and delivers 67% of natural gas to LNG fairways, enhancing international exposure.

Operational and financial performance

• Achieved record quarterly production in 1Q 2026, up 13% year-over-year, with adjusted free cash flow of $657 million and adjusted EBITDAX of $723 million, a 32% increase.

• Realized significant price premiums: $0.53 per Mcf for natural gas and $0.94 per barrel for C3+ NGL.

• Closed strategic transactions, including the HG acquisition and Utica divestiture, driving synergies and operational efficiencies.

Capital efficiency and growth

• Demonstrates industry-leading capital efficiency with a peer-low D&C capital per unit of production and ~20% production growth versus a peer average of ~2%.

• Maintains a low-cost growth profile through organic development and strategic acquisitions, with 2026 guidance for 4.1 Bcfe/d net production.

• Cash cost reductions achieved through portfolio optimization, lower transportation exposure, and focus on dry gas development.