Antero Resources : Weekly Pricing Update

Published: 2025-05-19 07:53:05 ET AR

Published on 05/19/2025 at 07:53

Weekly Pricing Update

May 19, 2025

Antero's C3+ NGL Composite Barrels

Weekly Benchmark Index Pricing as of 05/19/25 - Net of Shipping (1)

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

Antero Estimated International Sales (2)

45 MBbl/d C3, 10 MBbl/d C4

(Assumes 50% ARA, 50% FEI)

Assumes 2025 AR C3+ NGL Volumes of 115,000 Bbl/d (3)

100%

90%

80%

70%

60%

50%

40%

30%

Propane (C3)

57%

~66 MBbl/d

Normal Butane (C4)

17%

~19 MBbl/d

IsoButane (iC4)

~10 MBbl/d

Estimated Annualized Mix:

~50% International

~50% Domestic

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

Bbl/d

Propane

$0.82/gal

25,000

Butane

$0.93/gal

5,000

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

Propane $0.78/gal 25,000

Butane $0.89/gal 5,000

60,000

Antero Estimated Domestic Sales

100% Mont Belvieu Linked

Mont Belvieu Prices (4,5)

Bbl/d

Weekly Indicated Weighted Average Price (2):

$36.02/Bbl

Represents Spot Pricing Only (ie: Excludes Firm Sales Contracts In Place)

20% 9%

Propane $0.76/gal

15,550

10%

Pentanes (C5+)

N. Butane $0.89/gal 9,550

IsoButane $0.89/gal 10,350

17%

~20 MBbl/d

Pentanes $1.31/gal 19,550

Total 55,000

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, 54,500 domestic).

Volumes represent midpoint of Antero's previously announced 2025 C3+ NGL guidance of 113,000 to 117,000 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

1Q21

$40.72

2Q21

$40.32

3Q21

$52.68

4Q21

$58.25

2021

$47.82

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(1)

$36.38

3Q25

4Q25

2025(1)

$39.98

$36.02

Current(1)

C3+ NGL Price Sensitivity

Bbl/d (2)

Days

MMBbls

+/- $5 per Bbl Change

Revenue Impact ($MM)

115,000

365

41.975

$210

2Q25 and 2025 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 midpoint of Antero's previously announced 2025 C3+ NGL guidance of 113,000 to 117,000 Bbl/d.

Natural Gas Pricing

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

4Q25

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

FOM (75%)

Daily (25%)

BTU Realized Premium / (Diff) to

Uplift

Price

NYMEX ($/MMBtu)

Antero 2025 Guidance $0.10 - $0.20

1Q25

Pricing Index ($/Mcf)

FOM

Daily

BTU

Realized

Premium / (Diff) to

(% of Volume Sold)

(75%)

(25%)

Blend

Uplift

Price

NYMEX ($/MMBtu)

NYMEX Related (75%) (1)

TCO (10%)

Midwest (15%) (2)

$3.61

$3.46

$3.78

$4.16

$3.95

$4.07

Total

$3.62

$4.12

$3.75

$0.26

$4.01

$0.36

3Q25

Pricing Index ($/Mcf)

FOM

Daily

BTU

Realized

Premium / (Diff) to

(% of Volume Sold)

(75%)

(25%)

Uplift

Price

NYMEX ($/MMBtu)

NYMEX Related (70%) (1)

TCO (15%)

Midwest (15%) (2)

$4.15

$3.20

$3.50

$4.15

$3.20

$3.50

Total

$3.91

$0.27

$4.18

$0.20

Current 2025 Indicated Price Realization

Pricing Index ($/Mcf)

FOM

Daily

BTU

Realized

Premium / (Diff) to

(% of Volume Sold)

(75%)

(25%)

Blend

Uplift

Price

NYMEX ($/MMBtu)

NYMEX Related (75%) (1)

TCO (10%)

Midwest (15%) (2)

$3.97

$3.26

$3.61

$4.04

$3.36

$3.66

Total

$3.81

$3.88

$3.83

$0.27

$4.10

$0.19

NYMEX Price ($/Mcf)

1Q25

2Q25

3Q25

4Q25

$3.65

$3.57

$3.98

$4.43

2Q25

Pricing Index ($/Mcf)

FOM

Daily

BTU Realized

Premium / (Diff) to

(% of Volume Sold)

(75%)

(25%)

Uplift Price

NYMEX ($/MMBtu)

NYMEX Related (75%) (1)

TCO (10%)

Midwest (15%) (2)

$3.57

$2.94

$3.14

$3.30

$2.85

$3.05

Total

$3.41

$3.20

$3.36

$0.23 $3.59

$0.02

NYMEX Related (70%) (1)

$4.56

TCO (15%)

$3.44

Midwest (15%) (2)

$4.01

Total

$4.31

$0.30

$4.61

$0.19

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.

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

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 11:52 UTC.