Antero Resources Corporation · NYSE:AR
Antero Resources — Q3 2026 Earnings Presentation
21 slides from Antero Resources's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Earnings Call Presentation
THIRD QUARTER 2026 EARNINGS CALL PRESENTATION OCTOBER 29, 2026
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation includes “forward-looking statements.” Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under AR’s control. All statements, except for statements of historical fact, made in this presentation regarding activi
Slide 3: Leading Inventory Depth in Appalachia - Enverus
Leading Inventory Depth in Appalachia - Enverus Enverus Total Operated Locations in SW Marcellus (Location Count, Normalized to 10,000’ Laterals) 2,500 2,168 2,000 1,500 1,428 1,162 1,000 618 500 376 348 314 0 EQT AR RRC PennEnergy XOM CNX EXE Antero Resources (NYSE: AR) Source: Enverus Appalachia I
Slide 4: CEO Commentary and Outlook
CEO Commentary and Outlook Record Lowest Cash 27% Y-O-Y Return of Production Costs in Company Increase in Capital History (1) Unhedged EBITDAX Margin 4.2 Bcfe/d, +23% $2.05 per Mcfe, Driven by diversity of 1.6 MM shares year-over-year down $0.39 YoY production and repurchased for $56 MM (with >100 M
Slide 5: Margin Enhancement Progress
Margin Enhancement Progress Annual Margin Enhancement Initiatives and Status ($MM) $350 $300 $300 $250 $105 $200 $55 $150 $50 $30 $100 $30 By 2Q 2027 $60 $20 $50 $0 ORRI Natural Gas FT VPP Natural Gas Liquids YE 2028 Optimization FT Optimization / Dry FT Target Gas Development 3Q 2026 to 3Q 2026 3Q
Slide 6: Record Butane Exports
Record Butane Exports U.S. LPG Exports vs. Capacity U.S. Butane Exports (MBbl/d) (MBbl/d) 900 Propane Exports Butane Exports Export Capacity 3,000 800 2,500 700 2,000 Butane Exports 600 1,500 500 Propane Exports 1,000 400 500 300 Antero Resources (NYSE: AR) Source: EIA. 6
Slide 7: C4+ Pricing Carries Antero's NGL Barrel – 57% of Revenue
C4+ Pricing Carries Antero’s NGL Barrel – 57% of Revenue 2026 AR C3+ NGL Volumes (125,000 Bbl/d)(1) AR C3+ NGL Price Per Barrel (3Q 2026) (Bbl/d) ($/Bbl) 100% 90% Propane (C3) Propane (C3) 80% 43% of Revenue 57% $32/Bbl 70% ~72 MBbl/d 60% Normal Butane (C4) 50% ~43% of volume 17% of Revenue $47/Bbl
Slide 8: U.S. Propane Inventory Returns to 5-Year Range
U.S. Propane Inventory Returns to 5-Year Range U.S. Propane Inventories (MMBbl) 5-Yr Range 2026 2025 5-Yr Avg 2021-2025 120 100 80 Last Seven Weeks Storage Change 60 2026 5-Year Average (2021-2025) 1.8 1.8 1.6 1.2 40 0.5 0.9 0.3 2026 withdrawal season has started 7 weeks earlier (0.1) (0.1) (0.5) 20
Slide 9: Record Amount of New VLGC Ships to be Delivered in 2027
Record Amount of New VLGC Ships to be Delivered in 2027 Global VLGC Fleet (VLGC Delivery & Scrapping) VLGC Net Delivery & Scrapping End-Year Fleet (Right-Axis) All-Time High 60 All-Time High 600 50 (pre-2029) 550 40 500 30 All-Time Low 57 450 47 20 38 41 400 10 21 350 12 0 300 2024 2025 2026E 2027E
Slide 10: Regional Demand Outlook
Regional Demand Outlook Natural Gas Demand (Bcf/d) 1.6 Bcf/d to Northeast 16 4 1.5 Bcf/d to Midwest 6 6 2.0 Bcf/d to Gulf Coast Pipelines Power Power Demand Total New 0.6 Bcf/d to Atlantic New Out-of-Basin Demand (Waiting on FID) Demand (In-Service + FID) Pipeline Demand Power Demand Projects Antero
Slide 11: Margin Enhancement in Lower Natural Gas Environment
Margin Enhancement in Lower Natural Gas Environment NYMEX Henry Hub Adjusted EBITDAX Margin Change (1) ($/Mcf) (Year-Over-Year Change - $/Mcfe) $0.30 $0.27 $0.25 $3.07 +$0.69 $0.20 $0.18 $2.95 $0.15 Peer Average Change: (1%) $0.10 $0.05 $0.00 ($0.05) ($0.10) ($0.07) ($0.15) ($0.13) ($0.15) ($0.20) A
Slide 12: Margin Enhancement: Rate of Change Story
Margin Enhancement: Rate of Change Story Production (1) Change in Total Cash Costs(2) (MMcfe/d) (Year-Over-Year Change - $/Mcfe) $0.20 $0.11 3Q25 3Q26 $0.10 $0.01 $0.04 $0.04 8,000 7,338 7,538 6,896 Peer Average Growth: $0.00 6,335 Flat 6,000 ($0.10) 4,234 ($0.20) 4,000 3,429 ($0.30) 2,228 2,499 1,7
Slide 13: Free Cash Flow Per Share Growth
Free Cash Flow Per Share Growth Appalachian Peer Free Cash Flow per Share (Year-Over-Year) (1) ($MM / Shares Outstanding) 160% 139% 140% 125% 120% 100% 80% 60% 40% 20% 0% (3%) (20%) (18%) (40%) (29%) AR Peer 3 Peer 1 Peer 4 Peer 2 Note: Peers include CNX, EQT, EXE and RRC. Free Cash Flow per share i
Slide 14: Appendix
APPENDIX Ma Antero Resources
Slide 15: 4Q 2026 Guidance (Updated October 2026)
4Q 2026 Guidance (Updated October 2026) 4Q 2026 Guidance Ranges Net Production (Bcfe/d) 4.3 Natural Gas Realized Price – Expected Premium to NYMEX ($/Mcf) ($0.15) – ($0.25) Cash Production Expense ($/Mcfe) (1)(2) $2.10 – $2.20 D&C Capital Expenditures ($MM) (3) $325 - $350 1) Includes lease operatin
Slide 16: Balance Sheet
Balance Sheet Debt Maturity Schedule Financial Initiatives ($MM as of 09/30/2026) Commercial Paper Revolver Borrowings Maximize Free Cash Flow Term Loan Senior Notes $1,000 $750 Use Free Cash Flow to Reduce $600 Debt or for Return of Capital $451 Opportunistically Hedge 5.375% 5.4% 2026 2027 2028 20
Slide 17: Updated Hedge Position
Updated Hedge Position Natural Gas Hedge Position (1)(2) (% of Forecast Natural Gas Production, as of July 29, 2026) 70% 62% Swaps Collars 60% 18% 50% 40% 37% 3% 30% 20% 44% 34% 10% 0% 2026 Hedges 2027 Hedges 2026 Volume Floor Ceiling 2027 Volume Floor Ceiling Collars 584 BBtu/d $3.27 $5.65 Collars
Slide 18: Antero Resources Non-GAAP Measures
Antero Resources Non-GAAP Measures 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
Slide 19: Antero Resources Adjusted EBITDAX Reconciliation
Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended September 30, 2025 2026 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 76,179 359,000 Net income and comprehensive income attributable to noncontr
Slide 20: Antero Resources Adjusted Free Cash Flow Reconciliation
Antero Resources Adjusted Free Cash Flow Reconciliation Three Months Ended September 30, 2025 2026 Net cash provided by operating activities $ 310,090 575,201 Less: Capital expenditures (202,659) (360,447) Less: Distributions to non-controlling interests in Martica (16,525) — Plus: Transaction expen
Slide 21: Antero Resources Total Debt to Net Debt Reconciliation
Antero Resources Total Debt to Net Debt Reconciliation December 31, September 30, 2025 2026 Commercial Paper $ — 451,000 Credit Facility 438,600 — Term Loan — 1,000,000 7.625% senior notes due 2029 365,353 — 5.375% senior notes due 2030 600,000 600,000 5.400% senior notes due 2036 — 750,000 Unamorti