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Antero Resources Corp — 3Q2026 Earnings Call Presentation 10.29.2026 vF (company IR deck)
Antero Resources Corp (AR) · 21 slides · Filed Oct 30, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All AR deck slides
Slide 1 — EARNINGS CAL
THIRD QUARTER 2026 EARNINGS CAL PRESENTATION OCTOBER 29, 2026
Slide 2 — Legal Disclaimer
Legal Disclaimer 2 Antero Resources (NYSE: AR) This presentation includes ЊċĺŘſÎŘþ - loking statements . Ћ Such forward - loking statements are subject to a number of risks and uncertainties, many of which are not under •ЍŜ control . Al statements, except for statements of historical fact, made in this presentation regarding activities, events or developments AR expects, believes or anticipates wil or may ocur in the future, such as those regarding our financial and hedging strategies, future operating and hedging results, financial position, estimated revenues and loses, projected costs, prospects, plans and objectives of management, return of capital program, expected results, our ability to integrate acquired asets and achieve the intended operational, financial and strategic benefits from any such transactions, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and in the Midle East, and world health events, future comodity prices, future production targets, estimated realized natural gas, NGL and oil prices, including those related to certain levels of production, future earnings, leverage targets and debt repayment, future capital spending plans, improved and/or increasing capital eficiency, expected driling and development plans, projected wel costs and cost savings initiatives, operations of Antero Midstream, the participation level of our driling partner and the financial and production results to be achieved as a result of the driling partnership and the other key asumptions underlying its projections, the impact of recently enacted legislation and future marketing oportunities are forward - loking statements within the meaning of Section 27 A of the Securities Act of 193 and Section 21 E of the Securities Exchange Act of 1934 . These forward - loking statements are based on ıÎIJÎČ½ı½IJťЍŜ curent beliefs, based on curently available information, as to the outcome and timing of future events . Al forward - loking statements speak only as of the date of this presentation . Although AR believes that the plans, intentions and expectations reflected in or sugested by the forward - loking statements are reasonable, there is no asurance that these plans, intentions or expectations wil be achieved . Therefore, actual outcomes and results could materialy difer from what is expresed, implied or forecast in such statements . Except as required by law, AR expresly disclaims any obligation to and does not intend to publicly update or revise any forward - loking statements . AR cautions you that these forward - loking statements are subject to al of the risks and uncertainties incidental to our busines, most of which are dificult to predict and many of which are beyond •ЍŜ control . These risks include, but are not limited to, comodity price volatility, inflation, suply chain or other disruptions, availability and cost of driling, completion and production equipment and services, environmental risks, driling and completion and other operating risks, marketing and transportation risks, regulatory changes or changes in law, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flows and aces to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical events world health events, cybersecurity risks, the state of markets for and availability of verified quality carbon ofsets and the other risks described or referenced under the heading "Item 1 A . Risk Factors" in •ЍŜ Anual Report on Form 10 - K for the year ended December 31 , 2025 . Any forward - loking statement speaks only as of the date on which such statement is made and AR undertakes no obligation to corect or update any forward - loking statement whether as a result of new information, future events or otherwise, except as required by aplicable law . This presentation also includes AR non - GAP measures which are financial measures that are not calculated in acordance with U . S . generaly acepted acounting principles ϼЊ]¢ЋϽ . Please se ЊIJť½Řĺ Non - GAP ~½ÎŜŪŘ½ŜЋ for definitions of these measures as wel as certain aditional information regarding these measures . IJť½Řĺϙ•½ŜĺŪئ½Ŝϙ9ĺŘŕĺŘÎťĖĺIJϙĖŜϙþ½IJĺť½þϙÎŜϙЊ•ЋϙĖIJϙť Њ~ЋϠϙſēĖ¦ēϙÎŘ½ϙťē½ĖŘϙŘ½Ŝŕ½¦ťĖŽ½ϙĽſϙ“ĺŘħϙ©
Slide 3 — Leading Inventory Depth in Apalachia
3 Antero Resources (NYSE: AR) Leading Inventory Depth in Apalachia - Enverus Enverus Total Operated Locations in SW Marcelus ϼxĺ¦ÎťĖĺIJϙ9ĺŪIJťϠϙÄĺŘıÎīĖƏ½þϙťĺϙ͐͏ Ϡ͏͏͏ ЍϙxÎť½ŘÎīŜϽ Source: Enverus Apalachia Inventory as of June 2026. Note: Includes West Virginia and Southwest Pensylvania Marcelus locations. 2,168 1,428 1,162 618 376 348 314 0 50 1,0 1,50 2,0 2,50 EQT AR RC PenEnergy XOM CNX EXE
Slide 4 — CEO Comentary and Outlok
4 CEO Comentary and Outlok Record Production Lowest Cash Costs in Company History (1) 27% Y - O - Y Increase in Unhedged EBITDAX Margin Return of Capital 4.2 Bcfe /d, +23% year - over - year (with >10 Mcfe /d curtailed) $2.05 per Mcfe, down $0.39 YoY Driven by diversity of production and low cost structure 1.6 M shares repurchased for $56 M during 3Q 2026 Antero Resources (NYSE: AR) Note: Adjusted EBITDAX and Adjusted EBITDAX Margin are a non - GAP metrics. Se apendix for aditional disclosures. 1) Cash costs include LOE, Production and Ad Val Tax and GP&T.