Antero Resources : 1Q 2026 Earnings Presentation

Published: 2026-04-30 09:29:17 ET AR

Published on 04/30/2026 at 09:29 am EDT

FIRST QUARTER 2026 EARNINGS CALL

PRESENTATION

A P R I L 3 0 , 2 0 2 6

Antero Resources (NYSE: AR)

Note: Adjusted Free Cash Flow and Adjusted EBITDAX are non-GAAP metrics . See appendix for additional disclosures.

1Q 2026 Operational Highlights 1Q 2026 Financial Highlights

Closed Strategic Transactions

HG Acquisition Utica Divestiture

Synergies Ahead of Target

Operating Design Changes, Scheduling and

Economies of Scale Benefits

Record Quarterly Production

1Q26 Production Increased 13% From the Year Ago Period

Realized Price Premiums

+$0.53 per Mcf Natural Gas Premium

+$0.94 per Barrel C3+ NGL Premium

Adjusted Free Cash Flow

$657 MM

2nd Highest Quarter in Company History

Adjusted EBITDAX

$723 MM

32% Increase Year-Over-Year

Natural Gas Hedge Position (1)

(% of Forecast Natural Gas Production)

70%

60%

50%

61%

Swaps

18%

33%

43%

31%

40%

30%

20%

10%

Antero Resources (NYSE: AR)

Percent of natural gas hedged for 2026 and 2027 assumes Antero 2026 guidance and assumed Btu uplift held flat for each period (~3,030 Bbtu/d).

Collars inclusive of three-way collars . Please see 10-Q disclosure around commodity derivative positions for more details .

2026 Hedges (Feb-Dec) 2027 Hedges

2026

Volume

Floor

Ceiling

2027

Volume

Floor

Ceiling

Collars

575 BBtu/d

$3.25

$5.66

Collars

80 BBtu/d

$3.52

$4.64

Swaps

1,300 BBtu/d

$3.91

Swaps

935 BBtu/d

$3.86

A c c e s s to p re miu m p r i c i n g ma rket s

H i g h ex p o r t u t i l i zatio n a n d r i s k p re miu ms

Po s i t i o n e d to ca pt u re u ps i d e i n p r i c i n g

Majority of LPG

Volumes Exported

L a rge s t U. S . p ro d u c e r

ex p o r ter o f N G L s

Excess U.S. LPG

Export Capacity

E x p e c te d to re s u l t i n

i n c rea s ed ex p o r t s i n 2026

Unhedged NGL

Exposure

Po s i t i o n e d to ca pt u re u ps i d e

i n l i q u ids p r i c i n g

Antero Resources (NYSE: AR) 5

War in Middle East Highlights Global Supply Insecurity and Strains Maritime Trade

2025 LPG Exports by Origin

(MMBbl/d)

Global Waterborne LPG

Market = 5.0 MMBbl/d

46% of Global

Waterborne Market

36% of Global

Waterborne Market

0.4

0.2

0.3

0.6

2.3

3.0

2025 LPG Exports by Destination

(MMBbl/d)

China Shifted Buying to Middle East Due to US Trade Tensions

90% of India Imports come from Middle East

Imports come fro

50% of China

Middle East

0.1

0.3

0.6

0.7

0.6

1.9

3.0

2.5 2.5

2.0 2.0

1.5 1.5

1.0 1.0

0.5 0.5

0.0

Middle East USA

0.0

Middle East US

U.S. Exports of Propane, Quarterly Average

(MMBbl/d)

4.0

3.5

2025

2026

2027

Future Dock Expansions

Max Exports at 90% Utilization

2026 Base Case

Energy Transfer Dock Expansion Online Nov 2025

Enterprise Neches River Online 2Q 2026

3.0

2.5

2.0

1.5

1.0

Dock Capacity Propane Exports

2026 Base Forecast:

1.96 MMBbl/d

2027 Base Forecast:

Pre-Epic Fury

Case

2.10 MMBbl/d

3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Propane Storage

(MMBbl)

110

100

2026

5-Year Range 5-Year Average

2026

Max Export Case

(90% Export Dock Utilization, in-line with historical average)

2026 Pre-Epic Fury Case

2026 Base Case

(Assumes +100 MBbl/d Additional Exports)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

LNG Feed gas Capacity (2026 - 2027)

(Bcf/d)

Port Arthur 1

Calcasieu Pass 2 (Phase 1)

Golden Pass 3

Golden Pass 2

Golden Pass 1

Corpus Christi 3

We are

here

Currently In-Service

1Q 2Q 3Q 4Q

2026

2027

EU Storage (2021 - 2026)

(Bcf)

4,000

Qatar and UAE Average Monthly LNG Exports (Bcf)

500

400

347

359

375

300

200

100

2024

2025

2026

(Jan - Feb)

2026

(Mar - April)

Ukraine Invasion

Feb 24, 2022

Operation Epic Fury

Feb 28, 2026

Middle East LNG outages limit supply

from region, forcing EU to turn to US

3,000

2,000

1,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Range 2022 2025 2026 5 Year

Supply Growth &

Throughput Volumes

Gas and Water

Infrastructure Buildout

Recent Announcements in West Virginia

Appalachia Expected Power Generation Growth

Projects

Gigawatts

Bcf/d

100 Miles to Data Center Alley

Cost Reduction Highlights

Cash Costs

($/Mcfe)

Net Marketing Expense

Reduction in unutilized pipeline commitments

$2.80

$2.70

$0.05

$0.13

Net Marketing

G&A

Cash Production

Expense (1)

$2.40

$0.04

$0.11

$2.51

$1.12

$1.06

$0.06

$2.25

$2.40

$2.00

Portfolio optimization + lower overall firm transport exposure

$1.60

Increased focus on dry gas development lowers exposure to overall processing costs

$1.20

$0.80

$0.40

2025 Actuals 2025 Actuals 2Q-4Q 2026 (2)

1) Includes lease operating expense, gathering, compression, processing and transportation expense and production and ad valorem taxes..

HG Acquisition Funding Timeline

($MM)

$1,250

Term Loan A expected to be paid down by hedged

Free Cash Flow

$3,000

$2,800

~($750)

$2,500

($800)

$2,000

$1,500

$1,000

$500

Acquisition

Cost

Interim Antero FCF

(Dec 2025 - Mar 2026E)

Utica

Proceeds

Term Loan

(03/31/26)(1)

NTM Free Cash

Flow Range (2)

Antero Resources (NYSE: AR)

Note: Adjusted Free Cash Flow is a non-GAAP measure. See appendix for more details . HG acquisition and Utica sale represent headline figures. Please see 10-Q for details around purchase price adjustments.

Represents approximate term loan balance as of 03/31/2026.

1133

2026 Guidance Ranges

Net Production (Bcfe/d)

4.1

Net Natural Gas Production (Bcf/d)

2.8

Net Liquids Production (MBbl/d)

213

Natural Gas Realized Price Differential to Nymex ($/Mcf)

$0.10 - $0.20

C2 NGL Realized Price Differential to Mont Belvieu ($/Bbl)

$2.00 - $3.00

C3+ NGL Realized Price Differential to Mont Belvieu ($/Bbl)

($0.50) - $0.50

Oil Realized Price - Differential to Nymex ($/Bbl)

($12.00) - ($16.00)

Cash Production Expense ($/Mcfe) (1),(2)

$2.25 - $2.35

Marketing Expense ($/Mcfe) (2)

$0.02 - $0.04

G&A Expense ($/Mcfe) (before equity-based compensation)

$0.11 - $0.13

D&C Capital Expenditures ($MM) (3)

$1.0

Land Capital Expenditures ($MM) $100

Includes lease operating expense, gathering, compression, processing and transportation expense and production and ad valorem taxes.

Cash production expense and net marketing expense based on current forecast for utilization of AR's firm transportation portfolio as a result of current strip pricing. Utilization of certain paths of firm transportation

Financial Initiatives

Pro Forma Debt Maturity Schedule

($MM as of 03/31/2026)

$750

$1,264 $73

$600

5.375%

5.4%

2026 2027 2028 2029 2030 2031 2032 2033 2034 2036

Adjusted EBITDAX: Adjusted EBITDAX as defined by the Company represents income or loss, including noncontrolling interests, before interest expense, interest income, unrealized gains or losses from commodity derivatives, but including net cash receipts or payments on derivative instruments included in derivative gains or losses other than proceeds from derivative monetizations, amortization of deferred revenue, VPP, income taxes, impairment of property and equipment, depletion, depreciation, amortization, and accretion, exploration expense, equity-based compensation expense, contract termination, loss contingency, transaction fees, gain or loss on sale of assets, loss on convertible note inducement, equity in earnings of and dividends from unconsolidated affiliates and Martica-related adjustments.

The GAAP financial measure nearest to Adjusted EBITDAX is net income or loss including noncontrolling interest that will be reported in Antero's condensed consolidated financial statements. While there are

limitations associated with the use of Adjusted EBITDAX described below, management believes that this measure is useful to an investor in evaluating the Company's financial performance because it:

is widely used by investors in the oil and natural gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially from

company to company depending upon accounting methods and the book value of assets, capital structure, and the method by which assets were acquired, among other factors;

helps investors to more meaningfully evaluate and compare the results of Antero's operations from period to period by removing the effect of its capital and legal structure from its consolidated operating structure; and

is used by management for various purposes, including as a measure of Antero's operating performance, in presentations to the Company's board of directors, and as a basis for strategic planning and

forecasting. Adjusted EBITDAX is also used by the board of directors as a performance measure in determining executive compensation.

There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that materially affect the

Company's net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies. In

addition, Adjusted EBITDAX provides no information regarding a company's capital structure, borrowings, interest costs, capital expenditures, and working capital movement or tax position.

Net Debt: Net Debt is calculated as total long-term debt less cash and cash equivalents. Management uses Net Debt to evaluate its financial position, including its ability to service its debt obligations. Leverage: Leverage is calculated as Net Debt divided by LTM Adjusted EBITDAX.

Adjusted Free Cash Flow: Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow, or as a measure of liquidity. The Company defines Free Cash Flow as Net Cash Provided by Operating Activities, less Net Cash Used in Investing Activities, which includes drilling and completion capital and leasehold capital, plus payments for derivative monetizations, less proceeds from asset sales and less distributions to non-controlling interests in Martica, plus transaction expenses.

Free Cash Flow is a useful indicator of the Company's ability to internally fund its activities and to service or incur additional debt and estimate return of capital. There are significant limitations to using Free Cash Flow as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company's net income, the lack of comparability of results of operations of different companies and the different methods of calculating Free Cash Flow reported by different companies. Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations.

Reconciliation of net income to Adjusted EBITDAX:

Three Months Ended March 31,

2025 2026

Net income and comprehensive income attributable to Antero Resources Corporation

$ 207,971

535,216

Net income and comprehensive income attributable to noncontrolling interests

11,495

12,997

Unrealized commodity derivative (gains) losses

60,654

(200,158)

Amortization of deferred revenue, VPP

(6,230)

(5,795)

Gain on sale of assets

(575)

(45,950)

Interest expense, net

23,368

36,963

Loss on early extinguishment of debt

2,899

6,742

Income tax expense

54,400

145,508

Depletion, depreciation, amortization and accretion

187,291

207,302

Impairment of property and equipment

5,618

948

Exploration expense

668

792

Equity-based compensation expense

15,145

11,733

Equity in earnings of unconsolidated affiliate

(28,661)

(30,118)

Dividends from unconsolidated affiliate

31,314

Contract termination, loss contingency and settlements

(1,308)

12,035

Transaction expense and other

1,771

22,179

565,820

741,708

Martica related adjustments (1)

(16,392)

(18,290)

Adjusted EBITDAX

$ 549,428

723,418

Three Months Ended

March 31,

2025

2026

Net cash provided by operating activities

$ 457,739

859,058

Less: Capital expenditures

(206,145)

(206,101)

Less: Distributions to non-controlling interests in Martica

(15,969)

(17,650)

Plus: Transaction expense

22,144

Adjusted Free Cash Flow

$ 235,625

657,451

Changes in Working Capital

101,019

(224,134)

Adjusted Free Cash Flow before Changes in Working Capital

$ 336,644

433,317

December 31,

2025

March 31,

2026

Credit Facility

$ 438,600

72,500

Term Loan

1,264,000

7.625% senior notes due 2029

365,353

600,000

5.375% senior notes due 2030

600,000

750,000

Unamortized debt issuance costs

(5,977)

(21,703)

Total long-term debt

$ 1,397,976

2,664,797

Less: Cash, cash equivalents and restricted cash

(210,000)

Net Debt

$ 1,187,976

2,664,797

Disclaimer

Antero Resources Corporation published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 13:28 UTC.