Antero Resources : Company Presentation

Published: 2025-05-19 07:09:05 ET AR

Published on 05/19/2025 at 07:09

INVESTOR PRESENTATION

MAY 2025

Antero Resources (NYSE: AR)

Enterprise Value (1)

Natural Gas & NGL Producer in the U.S (2)

Investment Grade Credit

Of Premium Drilling Inventory

Integrated Midstream

Owns 29% of Antero Midstream (NYSE: AM)

65%

35%

58%

42%

(3)

West Virginia Marcellus Shale

Headquarters:

Denver, CO

Ohio Utica Shale

50% of NGLs Exported into Global Market

75% of Natural Gas Delivered to LNG Fairways

Natural Gas NGLs & Oil

Rating

2025E Production

2025E Revenue(3)

Enterprise value as of 05/01/2025.

0% 20% 40% 60% 80% 100%

Antero Resources (NYSE: AR)

Top producer ranking represents 2025E C2+ NGL guidance or consensus as of 05/01/2025. Pro forma for acquisitions announced to date.

3

Guidance and consensus estimates as of 05/01/2025.

Top 5 U.S. Natural Gas and NGL Producer

Largest, Low-Cost Inventory

75% of Natural Gas Delivered to LNG Markets (i.e. NYMEX+ pricing)

Strong Liquids Production and Pricing

Investment Grade with low debt

Fully Integrated from wellhead to LNG export facilities

Step Change in Natural Gas Demand

~32 Bcf/d of U.S. demand growth by end of decade

LNG Exports are Largest Driver of Demand Growth

23 Bcf/d of demand growth expected from U.S. LNG and pipelines to Mexico

9 Bcf/d of demand growth expected from data centers and electrification

Antero Resources (NYSE: AR) Source: 3rd party research and S&P Global Platts. 4

AR Inventory

Appalachia Sub-$2.75/Mcfe Inventory

(Years - Locations Based on 3rd Party Data)

16

16

Includes

~$340 MM

of Organic Leasing Since 2021

12

5

Peer 1

Peer 2

Peer 3

Peer 4

Includes $30 Bn of acquisitions since 2021 due to limited inventory and firm takeaway which added debt to peer balance sheets.

20+ Years of

Premium Inventory

Low Cost, Organic

Leasing Program

Contiguous Acreage

Position

22

Antero Resources (NYSE: AR)

AR

Source: Enverus - October 2024. Peers include CNX, EQT, EXE and RRC. Represents sub-$2.75/Mcfe inventory that meets a

10% IRR threshold. 5

Disclaimer

Antero Resources Corporation published this content on May 19, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 19, 2025 at 11:08 UTC.