Antero Resources : Weekly Pricing Update

Published: 2026-04-13 07:38:13 ET AR

Published on 04/13/2026 at 07:38 am EDT

Weekly Pricing Update

April 13, 2026

Antero's C3+ NGL Composite Barrels

Weekly Benchmark Index Pricing - Net of Shipping (1)

This data reflects benchmark pricing estimates and does not directly reflect Antero's realized prices

Antero Estimated International Sales (2)

50 MBbl/d C3, 10 MBbl/d C4 (Assumes 50% ARA, 50% FEI)

Assumes 2026 AR C3+ NGL Volumes of 125,000 Bbl/d (3)

100%

90%

80%

70%

60%

50%

40%

30%

Propane (C3)

57%

~72 MBbl/d

Normal Butane (C4)

17%

~21 MBbl/d

IsoButane (iC4)

Estimated Annualized Mix:

~50% International

~50% Domestic

50% Europe (ARA) Net of Shipping (1)

Bbl/d

Propane

$1.23/gal

25,000

Butane

$1.68/gal

5,000

50% Asia (FEI) Net of Shipping (1)

Propane $1.13/gal 25,000

Butane $1.58/gal 5,000

60,000

Antero Estimated Domestic Sales

100% Mont Belvieu Linked

Propane

$0.75/gal

Bbl/d

21,250

N. Butane

$1.00/gal

11,250

IsoButane

$1.00/gal

11,250

Pentanes

$1.90/gal

21,250

Total

65,000

Mont Belvieu Prices (4,5)

Weekly Indicated Weighted Average Price (2):

$49.59/Bbl

20%

9% ~11 MBbl/d

10%

Pentanes (C5+)

17% ~21 MBbl/d

AR's C3+ NGL Barrel Composition

Ice for product pricing assuming month 2 for international pricing and month 1 for shipping rates. Antero Internal Estimates for market shipping rates. See Appendix for more information.

Weighted average reflects net Antero volumes shipped on Mariner East Pipeline (60,000 Bbl/d international, 65,000 domestic).

Volumes represent Antero's previously announced 2026 C3+ NGL guidance 125,000 Bbl/d.

Assumes midpoint of Antero's previously announced guidance for domestic price discount to Mont Belvieu of $0.10/gal.

Mont Belvieu prices are based on month 1 Tet prices for Propane and IsoButane and Non-Tet for N. Butanes and Pentanes.

Historical C3+ NGL Pricing

1Q22

$61.55

2Q22

$60.28

3Q22

$50.61

4Q22

$39.88

2022

$52.98

1Q23

$42.95

2Q23

$34.16

3Q23

$36.81

4Q23

$37.72

2023

$37.91

1Q24

$40.93

2Q24

$40.27

3Q24

$41.30

4Q24

$44.29

2024

$41.70

1Q25

$45.65

2Q25

$37.92

3Q25

$36.60

4Q25

$35.41

2025

$38.83

1Q26(1)

$38.00

2Q26(1)

$50.19

2026(1)

$39.62

Current(1)

$49.59

C3+ NGL Price Sensitivity

Bbl/d (2)

Days

MMBbls

+/- $5 per Bbl Change

Revenue Impact ($MM)

125,000

365

45.625

$228

1Q26, 2Q26 and 2026 calculation reflects latest average of Weekly Indicated Weighted Average Price published on page 2 each week. Current price as stated on page 2.

Volumes represent Antero's previously announced 2026 C3+ NGL guidance of 125,000 Bbl/d.

Natural Gas Pricing

Daily prices are set to equal FOM futures prices in periods that have not yet occurred

1Q26

Pricing Index ($/Mcf)

Realized

Premium / (Diff) to

(% of Volume Sold)

FOM (75%) Daily (25%)

Blend

BTU Uplift

Price

NYMEX ($/MMBtu)

NYMEX Related (65%) (1)

$5.21

$5.24

TCO (10%)

$4.70

$4.80

TETCO M2 (20%)

$4.61

$4.83

Midwest (5%) (2)

$5.34

$4.95

Total

$5.06

$5.11

$5.08

$0.38

$5.46

$0.42

NYMEX Price ($/Mcf)

1Q26 2Q26

3Q26

4Q26

$5.04

$2.85

$3.15

$3.66

2Q26

Pricing Index ($/Mcf) (% of Volume Sold)

FOM (75%) Daily (25%)

BTU Uplift

Realized

Price

Premium / (Diff) to NYMEX ($/MMBtu)

NYMEX Related (65%) (1)

$2.81

$2.79

TCO (10%)

$2.25

$2.23

TETCO M2 (20%)

$2.06

$1.53

Midwest (5%) (2)

$2.46

$2.43

Total

$2.57

$2.43

$2.54

$0.19

$2.73

($0.12)

Current 2026 Indicated Price Realization

Pricing Index ($/Mcf)

NYMEX Related (65%) (1)

$3.77

TCO (10%)

$3.09

$3.11

TETCO M2 (20%)

$2.94

$2.86

Midwest (5%) (2)

$3.46

$3.35

Total

$3.51

$3.48

$3.50

$0.26

$3.76

$0.09

(% of Volume Sold) FOM (75%) Daily (25%) Blend BTU Uplift

Realized Price

Premium / (Diff) to NYMEX ($/MMBtu)

Antero 2026 Guidance $0.10 - $0.20

3Q26

Pricing Index ($/Mcf) (% of Volume Sold)

FOM (75%) Daily (25%)

BTU Uplift

Realized Price

Premium / (Diff) to NYMEX ($/MMBtu)

NYMEX Related (65%) (1)

$3.29

TCO (10%)

$2.46

TETCO M2 (20%)

$2.28

Midwest (5%) (2)

$2.72

Total

$2.95

$0.22

$3.18

$0.03

4Q26

Pricing Index ($/Mcf)

(% of Volume Sold) FOM (75%) Daily (25%) BTU Uplift

Realized Price

Premium / (Diff) to NYMEX ($/MMBtu)

NYMEX Related (65%) (1)

$3.76

TCO (10%)

$2.95

TETCO M2 (20%)

$2.79

Midwest (5%) (2)

$3.30

Total

$3.44

$0.26

$3.69

$0.03

Note: Assumes average BTU of 1075. FOM and NYMEX prices represent Intercontinental Exchange futures pricing as of date of this publication. Daily are set equal to FOM futures prices (as daily prices are not available until each respective period has occurred).

Antero Resources (NYSE: AR)

NYMEX related volumes assume sales of 33% at CGTLA, 33% at Tennessee Gas (TGP) and 33% at ANR-SE pricing. 5

Midwest related volumes assume 50% Chicago City Gate/Rex Zone 3 and 50% Michcon pricing.

Appendix and Supporting Information

This material is intended for benchmark pricing estimates only and does not reflect Antero actual contracted prices

Key Terms and Definitions:

ARA - "Amsterdam-Rotterdam-Antwerp." ARA is a port and refining area in the Belgian-Dutch region of Europe.

CIF - "Cost, Insurance, Freight." CIF means that the seller delivers the goods on board the vessel or procures the goods already so delivered. Note that the CIF ARA LPG prices represent a delivered cargo into Europe.

FEI - "Far East Index." The Argus Far East Index is the average of the Argus Japan CFR propane quotation and the Argus South China CFR

propane quotation. Note that the FEI LPG prices represent a delivered cargo into Asia

CFR - "Cost and Freight." CFR means that the seller delivers the goods on board the vessel or procures the goods already so delivered.

Baltic Index - The Baltic LPG Index is a shipping cost estimate based on a voyage from Ras Tanura, Saudi Arabia to Chiba, Japan round trip, laden (full) on the outbound journey and ballast (empty) on the return trip, carrying a fully refrigerated cargo of 44,000 MT (+/- 5%) propane, butane, or a mixture. The index is published by the Baltic Exchange.

FOM - "First of Month Index." The FOM index represents the New York Mercantile Exchange and regional indices natural gas settlement prices for the forthcoming month.

Intercontinental Exchange (ICE) provides the benchmark pricing Information used in this presentation. For more information, visit

https://www.theice.com/energy/natural-gas-liquids

ICE DEFINITION

ANTERO LABEL

HUB

PRODUCT

ARA C3

CIF ARA

Propane Argus Futures

ARA C4

CIF ARA

Butane Argus Futures

FEI C3

Far East

Propane Argus Futures

FEI C4

Far East

Butane Argus Futures

MB C3

MT.B-ENT

Propane OPIS Futures

MB C4

MT.B-ENT

Normal Butane OPIS Futures

Relevant Conversions:

Propane = 521 gallons per metric ton

Butane = 453 gallons per metric ton

Antero Internal Shipping Estimates are derived by Antero using several sources, including Baltic LPG Index Futures and broker estimates.

Rates are adjusted on travel time from Marcus Hook, PA to Northwest Europe (Amsterdam-Rotterdam-Antwerp Region) and Marcus Hook, PA to Asia (Chiba, Japan).

Antero's actual shipping rates may differ from these estimates.

Antero Resources (NYSE: AR) 6

Antero

Disclaimer

Antero Resources Corporation published this content on April 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 13, 2026 at 11:37 UTC.