Antero Resources : Company Presentation

Published: 2026-05-12 07:36:08 ET AR

Published on 05/12/2026 at 07:36 am EDT

INVESTOR

PRESENTATION

M AY 2 0 2 6

~$15 Bn

Enterprise Value (1)

Integrated Midstream

Owns 29% of Antero

#5 Midstream

(NYSE: AM)

Natural Gas & #3 NGL

Producer in the U.S (2)

19 Tcfe

Proved Reserves

(12/31/2025)

>20 years

Of Premium Drilling Inventory

67% of Natural Gas

Delivered to LNG Fairways

Headquarters: Denver, CO

50% of NGLs Exported into Global Market

Southwest Marcellus Shale

Natural Gas NGLs & Oil

68%

32%

(3)

2026E Production

Antero Resources (NYSE: AR)

Enterprise value as of April 30, 2026.

Top producer ranking represents 2026E C2+ NGL guidance or consensus as of April 30, 2026. Excludes integrated producers. Based on 2026 company guidance.

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

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

6 Integrated Midstream

Antero Resources (NYSE: AR) 5

1 Product Diversity & International Exposure

2.3 Bcf/d Sold to

LNG Fairway

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

Increasing Demand

for U.S Gas

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

Premium Natural

Gas Realizations

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) 6

Appalachia 1Q 2026 Net Production (1)

(Bcfe/d)

Appalachia 1Q 2026 Liquids Production (1)

(MBbls/d)

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

6.9

4.3

4.1

2.2

1.7

250

200

150

100

207

116

- -

Peer 1 Peer 2 Peer 3 Peer 4

Peer 3 Peer 2 Peer 1 Peer 4

Antero Resources (NYSE: AR)

1) Represents 1Q 2026 net production actuals. Peers include CNX, EQT, EXE and RRC. Excludes production from basins outside of Appalachia. AR pro forma for HG acquisition and Utica divestiture. 77

Peer Capital Efficiency (1)

(2026 D&C Capital / 2026 Production)

$1.20

$1.00

$0.80

$0.60

$0.99

Peer Average: $0.81

$0.84

$0.67

$0.68

$0.73

Peer Average Production Growth (2026G / 2025A): ~2%

Production Growth: ~20%

$0.40

$0.20

Peer 1

Peer 2

Peer 3

Peer 4

Antero Resources (NYSE: AR)

Note: Information on this s lide is based on public filings and calculations may not be comparable between companies.

1) Represents 2026 guidance. Peers include CNX, EQT, EXE and RRC.

$0.00

Firm Transport to LNG Fairway

(Bcf/d)

2.3

1.9

67%

of Natural Gas Production(1)

1.2

0.8

0.0

67%

28%

19%

50%

% of Production (1)

AR is Currently Selling 1+ Bcf/d Directly to LNG

Facilities 0.3 Bcf/d

Cove Point

TGP/CGT/

Antero Resources (NYSE: AR)

Source: Company filings and Antero estimates.

1) Represents percent of 2026 consensus production as of 4/30/2026. Peers include CNX, EQT, EXE and RRC.

GXP

LNG

Appalachia Expected Power Generation Growth

Projects

Gigawatts

Bcf/d

100 Miles to Data Center Alley

Antero Resources (NYSE: AR)

Source: 3rd Party Dis closure and Antero Estimates as of March 31, 2026. Includes Combined Cycle Generation, Data Center, and Coal Conversion projects in region.

1100

Supply Growth &

Throughput Volumes

Gas and Water

Infrastructure Buildout

Recent Announcements in West Virginia

D&C Capital Outlook (2026)

($MM)

$900

$100

Discretionary

Growth Capital

$1,000

Up to $200

$1,200

$900

$600

$300

2026 Maintenance Capital No Drilling JV 2026 D&C Capital

Production Outlook (2026 and 2027)

(Bcfe/d)

4.1

3.4

4.3

Up to 200

MMcfe/d

5.0

4.0

3.0

2.0

1.0

0.0

Up to 4.5

Antero Resources (NYSE: AR)

Note: 2026 guidance includes HG Acquisition closed in early February and Ohio Utica Dives titure at the end of February.

1111

2025 Production 2026 Production (Guidance) 2027 Forecast

Antero Resources (NYSE: AR)

1122

Transaction Highlights HG Acquisition Map

850 MMcfe/d of production

385,000 net acres

400+ remaining gross locations

5+ years of extended inventory

MVP

Smithburg

Sherwood

HG Gathering

Stonewall

PIPELINES HG GATHERING STONEWALL MVP

ACREAGE

ANTERO HG

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

Transportation Costs

Portfolio optimization + lower overall firm transport exposure

$1.60

Processing Costs

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

$1.20

$0.80

$0.40

Antero Resources (NYSE: AR)

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

Represents forecast 2Q-4Q cash costs to arrive at the midpoint of updated full year 2026 guidance.

1133

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

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

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.

Represents approximate Adjusted Free Cash Flow forecast range for the next twelve months ending 3/31/2027. Assumes strip pricing as of 04/30/2026. Not indicative of future guidance.

1144

Cost

Interim Antero FCF

(Dec 2025 - Mar 2026E)

Utica

Proceeds

Term Loan

(03/31/26)(1)

NTM Free Cash

Flow Range (2)

AR expects pro forma leverage to be below 1.0x by mid-year 2026, six months ahead of initial expectations

AR Pro Forma Leverage Timeline

(Net Debt / LTM EBITDAX)

1.8x

1.6x

1.2x

< 1.0x

1.4x

1.2x

1.0x

0.8x

0.6x

0.4x

0.2x

0.0x

HG Announcement

Antero Resources (NYSE: AR)

Note: Net Debt / LTM EBITDAX is a non-GAAP metric. Please see appendix for more details and disclosures.

1) Assumes strip pricing as of 04/30/2026.

1155

(12/31/2025)

3/31/2026 Mid-Year 2026E

(1)

Financial Initiatives

Debt Maturity Schedule

($MM as of 03/31/2026)

Maximize Free Cash Flow

Antero Resources (NYSE: AR)

1166

$750

$1,264 $73

$600

5.375%

5.4%

Use Free Cash Flow to Reduce Debt

Opportunistically Hedge

2026 2027 2028 2029 2030 2031 2032 2033 2034 2036

5 …With Hedge Protection

Natural Gas Hedge Position (1)

(% of Forecast Natural Gas Production)

70%

60%

50%

61%

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 .

1177

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

Integrated Midstream - 29% Ownership in AM (~$3 Bn)

NYSE: AM

~$11 Bn

Equity Value (1)

AR and AM Asset Map

AR Acreage AM Pipelines

Stonewall Pipeline

>1,000 Miles of Gathering and Water Pipelines

4.1 Bcf/d of Compression Capacity

JV in Largest Natural Gas Processing Complex in North America

Interconnects with ~10 Interstate Pipelines

Antero Resources (NYSE: AR)

1) Equity value as of April 30, 2026.

1188

Adjacent to Data Center Alley

Antero Resources (NYSE: AR)

Source: 3rd Party Dis closure and Antero Estimates.

2200

+8 Bcf/d

Data Center and

Power Growth

+23 Bcf/d

LNG and Mexico

Export Growth

30% Demand Growth

Disclaimer

Antero Resources Corporation published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 11:35 UTC.