Antero Resources (AR) Investor Presentation summary

Benchmark pricing overview

• Weekly benchmark pricing estimates provided for C3+ NGL barrels, with 2025 volumes assumed at 115,000 bbl/d.

• About 50% of C3+ NGL sales are estimated to be international, split between Europe (ARA) and Asia (FEI), and 50% domestic, linked to Mont Belvieu prices.

• International weighted average C3/C4 price is $34.15/Bbl, while domestic weighted average is $36.14/Bbl.

• Spot pricing only is represented, excluding firm sales contracts.

• Benchmark prices do not reflect actual contracted prices.

Historical and projected C3+ NGL pricing

• Historical quarterly C3+ NGL prices ranged from $33.41/Bbl to $61.55/Bbl between 2021 and 2025.

• 2025 average C3+ NGL price is estimated at $38.40/Bbl, with current price at $35.10/Bbl.

• A $5/Bbl change in price impacts annual revenue by $210 million, based on 115,000 bbl/d.

Natural gas pricing and realization

• 2025 natural gas sales are 75% NYMEX-related, 10–15% TCO, and 15% Midwest, with realized prices generally at a premium to NYMEX.

• 1Q25–4Q25 NYMEX-related realized prices range from $3.06 to $4.16/Mcf.

• 2025 guidance indicates a premium of $0.10–$0.20/MMBtu to NYMEX.