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Antero Resources Corp — GO+WV+Summer+Meeting+Greenbrier+Presentation 07.30.2026 vF Website (company IR deck)
Antero Resources Corp (AR) · 14 slides · Filed Oct 28, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All AR deck slides
Slide 1 — ýŜťϙ…ĖŘČĖIJĖÎЍŜϙxÎŘČ½Ŝ
ýŜťϙ…ĖŘČĖIJĖÎЍŜϙxÎŘČ½Ŝ Energy Producer: Making a Positive Impact in West Virginia AUGUST 2026
Slide 2 — Antero at a Glance
Antero at a Glance ϳUpstream and Midstream 2 NYSE: AR ~$14 Bilion Enterprise Value Investment Grade Rated #1 Producer in WV $23 Bilion Capital Invested in WV Largest E&P IPO ϳ 2013 #4 U.S. E&P NGL Producer #5 U.S. E&P Natural Gas Producer ~4% of U.S. Natural Gas Market 30+ Years of Driling Inventory NYSE: AM ~$14 Bilion Enterprise Value S&P 40 Member #1 Midstream Provider in WV $6 Bilion Capital Invested in WV Largest MLP IPO ϳ 2014 ~4% of U.S. Natural Gas Market West Virginia Is Curently the 5 th Largest Natural Gas Producing State
Slide 3 — Progres Update Since Our Last Grenbrier Conference
Progres Update Since Our Last Grenbrier Conference 3 2023 Now Variance States Operated In: 2 1 (50%) Net Acreage: 40,0 850,0 +93% Producing Wels: 1,20+ 1,50+ +25% Future Locations: 1,80+ (20 Years) 3,0+ (30 Years) +67% Net Production: 3.2 Bcfe /d 4.5 Bcfe /d +41% Total Capital Invested: $16 Bilion $23 Bilion +4% Miles of Gathering & Freshwater Pipeline: 750 1,10 +47% Total Capital Invested: $4 Bilion $6 Bilion +50%
Slide 4 — West Virginia Production
Source: West Virginia Department of Environmental Protection State Production Database - 2.0 4.0 6.0 8.0 10.0 Rest of West Virginia Antero Production !ŶƚĞƌŽ͛ Ɛ DƌŽǁƚŚ IĂƐ .ŽŽƐƚĞĚ íĞƐƚ ëŝƌŐŝŶŝ West Virginia Production 4 ~10 Bcfe /d 1% of WV Production Antero Enters West Virginia In 2 08 Antero is the Largest Producer in West Virginia Rest of West Virginia Now the 5 th largest natural gas producing state in the U.S. #5 West Virginia Producer Ranking #13 ( B cfe /d) 4.5 Bcfe /d = ~45% of WV Production
Slide 5 — West Virginia Production
37% 45% -20% 0% 20% 40% 60% 80% 10% - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 Then Now 4.5 Bcfe /d 3.2 Bcfe /d !ŶƚĞƌŽ͛ Ɛ {ŚĂƌĞ ŽĨ West Virginia Energy Production H as Grown by 8% Since Last Conference West Virginia Production 5 ( B cf /d) Antero Is the Largest Producer in West Virginia 4.5 Bcfe /d = ~45% of WV Production Aded ~40,0 Acres and 1.3 Bcfe /d in 4 Years ~8 Bcfe /d ~10 Bcfe /d Source: West Virginia Department of Environmental Protection State Production Database
Slide 6 — Antero Is the #1 Producer in West Virginia
AR EXE EQT CNX Antero Is the #1 Producer in West Virginia •Antero: ~45% ĺċϙýŜťϙ…ĖŘČĖIJĖÎЍŜϙ±ĺťÎīϙ Production •Antero produces more natural gas equivalent than the next 4 West Virginia operators combined 213 4.5 Note: Estimates r epresent West Virginia production ONLY. Source: Natural gas and oil production via Gas & Oil Asociation of West Virginia. 6 Total Production ( Bcfe /d) Liquids Production ( MBbl /d) •Antero: ~51% ĺċϙýŜťϙ…ĖŘČĖIJ natural gas liquids production •Antero produces more natural gas liquids than al other West Virginia operators combined
Slide 7 — Doubling Down on West Virginia with
•850 Mcfe /d of net production •385,0 net acres •40+ remaining gros locations •5+ years of extended inventory 7 Transaction Highlights ACREAGE PIPELINES ANTERO HG GATHERING STONEWAL HG HG Gathering Stonewal HG Acquisition Map Smithburg Sherwod Doubling Down on West Virginia with Largest Acquisition EVER Antero is now a pure West Virginia operator with its recent $4 bilion acquisition and sale of its Ohio Utica asets •50 miles of gathering pipelines •90 Mcf /d of throughput •40+ incremental locations
Slide 8 — Impact in West Virginia Comunities Since Last Conference
Note: Figures represent Antero‘s impact on West Virginia since its inception in 2008. Impact in West Virginia Comunities Since Last Conference 8 $5.6 $9.7 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 2023 Curent Lease & Royalty Payments ($ Bn) West Virginia Taxes Paid ($ Bn) $1.2 $1.8 $0.0 $0.5 $1.0 $1.5 $2.0 2023 Curent Roads and Bridges ($ M) $175 $210 $150 $160 $170 $180 $190 $20 $210 $20 2023 Curent Antero Foundation & Giving ($ M) $3 $8 $0 $2 $4 $6 $8 $10 2023 Curent
Slide 9 — Partnering with West Virginia Property Owners
$9.7 Bilion Paid in Lease & Royalty Payments Partnering with West Virginia Property Owners Economic Benefits Since Inception 9 17,0+ WV Residents Benefited HG Acquisition
Slide 10 — $1.8 Bilion
Antero Paid $1.8 Bilion in Property & Severance Taxes Since Inception 40% 60% Antero Other Oil & Gas Operators Antero Paid $170 Milion in Property & Severance Taxes in 2025 Large Tax Revenue Generation 2025 Total WV State Tax Breakdown 10 Antero Is the Largest Taxpayer in West Virginia, Paying over $170 M in Taxes in 2025
Slide 11 — West Virginia Students Directly Benefited by Antero
$1,946 $16,591 $13,382 $27,101 $0 $5,0 $10,0 $15,0 $20,0 $25,0 $30,0 2010 - 201 2025 - 2026 State of West Virginia Counties Where Antero Operates West Virginia Students Directly Benefited by Antero Average Tax Expenditure per Student 1 Since 2010, C ounties Where Antero Operates Saw T ax Spend per Student Increase by Nearly Thre Times the State A verage High Schols Benefited by Antero Note: Counties where Antero operates include Dodridge, Tyler, and Wetzel County. Antero began large - scale operations in 2010. 12% Above State Average 63% Above State Average Schols Magnolia Blue Eagles Valey Lumberjacks Tyler Consolidated Knights Dodridge County Buldogs
Slide 12 — Antero Anual Economic Impact to West Virginia: $6.5 Bilion
$1.5 Bilion in Capital Investment $170 Milion in Taxes Paid $2+ Milion in Philanthropy $830 Milion in Royalties Paid 3,0+ Sustainable Jobs $6.5 Bilion Direct Anual Economic Impact Antero Resources 30+ Years Of Remaining Driling Inventory Antero Anual Economic Impact to West Virginia: $6.5 Bilion 12 $4 Bilion HG Acquisition
Slide 13 — WVU and Antero Partnership Expansion
WVU and Antero Partnership Expansion 2 Petroleum Enginering Graduate Level Degres: - Upstream - Midstream (First of its Kind) 13 Last Conference: Antero Anounced Funding for Graduate Degre Programs at WVU Today:
Slide 14 — Antero + WVU
Antero + WVU 14