Antero Resources (AR) Investor Presentation summary

2025 operational and financial guidance

• Net production expected between 3.40 and 3.45 Bcfe/d, with natural gas at 2.19–2.23 Bcf/d and liquids at 198,000–207,000 Bbl/d.

• C3+ NGL realized price premium to Mont Belvieu projected at $0.75–$1.00/Bbl; oil price differential to WTI at ($12.00)–($16.00)/Bbl.

• Cash production expense forecasted at $2.45–$2.55/Mcfe, with D&C capital expenditures of $650–$675 million and land capital expenditures of $125–$150 million.

• 50–55 operated wells to be drilled and 60–65 wells completed, with average lateral lengths of 13,100–13,700 feet.

• 4Q 2025 net production guidance set at 3.50–3.525 Bcfe/d, with C3+ NGL premium at $1.25–$1.75/Bbl and land capex at $25–$50 million.

Hedge position and risk management

• 2025 VPP swaps cover 44,000 MMBtu/d at $2.61/MMBtu; 2026 VPP swaps cover 32,000 MMBtu/d at $2.68/MMBtu.

• 4Q 2025 NYMEX Henry Hub swap hedges 500,000 MMBtu/d at $3.70/MMBtu.

• 2026 NYMEX Henry Hub swap hedges 646,087 MMBtu/d at $3.82/MMBtu; 2027 swap hedges 600,000 MMBtu/d at $3.93/MMBtu.

• 2026 NYMEX Henry Hub collars hedge 100,000 MMBtu/d with a floor of $3.22 and ceiling of $5.83.

• Hedge gains or losses from ORRI and VPP transactions are attributed to noncontrolling interests and netted from distributions.

Forward-looking statements and non-GAAP measures

• Guidance and projections are subject to risks including commodity price volatility, inflation, and regulatory changes.

• Non-GAAP financial measures are used; definitions and additional information are available in the presentation.

• Forward-looking statements reflect current expectations but actual results may differ materially.