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Antero Resources Corp — AR+June+23rd+ +24th+Investor+Presentation 06.23.2026+vFFF (company IR deck)
Antero Resources Corp (AR) · 16 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 — June 23rd – 24th
June 23rd – 24th Investor Presentation JUNE 2026
Slide 2 — Legal Disclaimer
Legal Disclaimer 2 Antero Resources (NYSE: AR) 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 activities, events or developments AR expects, believes or anticipates will or may occur in the future, such as those regarding our financial strategy, future operating results, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, return of capital, expected results, our ability to integrate acquired assets 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 Middle East, and world health events, future commodity prices, future production targets, estimated realized natural gas, NGL and oil prices, including those related to certain levels of production, leverage targets and debt repayment, future capital spending plans, improved and/or increasing capital efficiency, expected drilling and development plans, projected well costs and cost savings initiatives, operations of Antero Midstream, future financial position, the participation level of our drilling partner and the financial and production results to be achieved as a result of the drilling partnership and the key assumptions underlying its projections, impact of recently enacted legislation and future marketing opportunities are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. All forward-looking statements speak only as of the date of this presentation. Although AR believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, AR expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements. AR cautions you that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond AR’s control. These risks include, but are not limited to, risks associated with the successful integration and future performance of acquired assets and operations, commodity price volatility, inflation, supply chain disruption, availability and cost of drilling, completion and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes or changes in law, changes in emission calculation methods, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and the Middle East, and world health events, cybersecurity risks, the state of markets for and availability of verified quality carbon offsets and the other risks described under the heading "Item 1A. Risk Factors" in AR’s Annual Report on Form 10-K for the year ended December 31, 2025. Any forward-looking statement speaks only as of the date on which such statement is made and AR undertakes no obligation to correct or update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by applicable law. This presentation also includes AR non-GAAP measures which are financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Please see “Antero Non-GAAP Measures” for definitions of these measures as well as certain additional information regarding these measures. Antero Resources Corporation is denoted as “AR” in the presentation and Antero Midstream Corporation is denoted as “AM”, which are their respective New York Stock Exchange ticker symbols.
Slide 3 — Entering a New Era
2026 + “Optimize it” Era 2015 – 2025 “Fill it” Era Entering a New Era 3 Antero Resources (NYSE: AR) 2010 – 2015 “Build it” Era • Acquired ~500,000 undeveloped acres in the Marcellus core • Committed to significant FT - >3 Bcf/d of Natural Gas - >100,000 Bbl/d of liquids • >$15.0 Bn of overall commitments including ~$1.8 Bn annually related to midstream and marketing agreements • Formed Antero Midstream to build out gathering, compression and water pipeline business • Drilled & completed ~1,500 wells • Grew net production to >4 Bcfe/d - 5th largest independent natural gas producer - 3rd largest NGL producer • Entered into ORRI, VPP, and joint ventures to meet commitments • Consolidate West Virginia Marcellus Shale core • Maintain “margin enhancing” liquids development • High grade FT while maintaining attractive exposure to LNG Fairway • Play meaningful role in structural increase in regional demand for natural gas • Material decrease in cash costs and increase in EBITDAX margins
Slide 4 — Antero Resources: The Rate of Change Story
Antero Resources: The Rate of Change Story 4 Antero Resources (NYSE: AR) Cash Cost Structure Declining • Targeting >$0.70/Mcfe cash cost reduction by YE 2028 (from 2025) to $2.00/Mcfe(1) EBITDAX Margins and Free Cash Flow Expanding • Targeting >$0.35/Mcfe EBITDAX margin expansion by YE 2028 (from 2025)(2) • EBITDAX and Free Cash Flow expanding by ~$300 million annually by YE 2028 (from 2025) Lower Cost Structure, Liquids, and Hedging Reducing Cash Flow Volatility • 27% of 2026 production exposed to natural gas pricing vs. 41% for peers Low-Cost Growth Optionality Positioning For Both LNG and Gas Demand Growth • Most efficient operator in Appalachia with 20+ years of drilling inventory and integrated midstream (29%) ownership in AM (~$3Bn) Note: Adjusted EBITDAX and Free Cash Flow are Non-GAAP measures. See appendix for more details. 1) Cash cost includes LOE, Production and Ad Val Tax, GP&T, G&A, and Net Marketing expense. 2) Assumes 2025 commodity prices of $3.43/MMBtu and $64.77/Bbl WTI.
Slide 5 — Cash Cost Structure Declining…
Cash Cost Structure Declining… 5 Antero Resources (NYSE: AR) Cash Operating Costs(1) ($ per Mcfe) $2.70 $2.40 $2.00 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2025 2026E YE 2028 Target 100% liquids rich development and 100% of gas sold out of basin requiring processing and firm transport Balance rich and dry gas development and optimize firm transportation and product sales to enhance operating margins Now Then 1) Cash cost includes LOE, Production and Ad Val Tax, GP&T, G&A, and Net Marketing expense.
Slide 6 — …Driven by Significant Annual Commitment Reduction
…Driven by Significant Annual Commitment Reduction 6 Antero Resources (NYSE: AR) Annual Commitments ($MM – Year End) $1,209 $1,204 $1,141 $786 $695 $570 $439 $378 $311 $251 $1,779 $1,643 $1,520 $1,097 $946 $0 $400 $800 $1,200 $1,600 $2,000 2026 2027 2028 2029 2030 Committed to >3 bcf/d of natural gas firm transport, 100 MBbls/d of NGL transportation, and >2 Bcf/d of processing Continuously optimize commitments and support low- cost growth into materializing regional demand Now Then (1) 1) Includes processing, gathering compression and water contract commitments as well as operating and financing leases. YE 2025 AR 10-K Firm Transportation Other Midstream Contracts
Slide 7 — Cash Cost Reductions: How Do We Get There?
Successfully integrate HG acquisition with lower cost structure Cash Cost Reductions: How Do We Get There? Antero Resources (NYSE: AR) 7 $2.70 $2.40 $2.00 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2025 Actuals HG Integration Firm Transport Optimization 2026 Guidance (2Q-4Q) Firm Transport Optimization Dry Gas + VPP Termination YE 2028 Target Cash Cost Reduction Waterfall Target(1) ($/Mcfe) 1 2 2 3 1 Note: Assumes 2025 commodity prices of $3.43/MMBtu and $64.77/Bbl WTI. 1) Cash cost includes LOE, Production and Ad Val Tax, GP&T, G&A, and Net Marketing expense. Optimize natural gas and liquids firm transport and commitments Increase dry gas development + VPP expiration 2 3 Liquids Natural Gas
Slide 8 — Margin Enhancement: Bottom-Line Improvement
Margin Enhancement: Bottom-Line Improvement Antero Resources (NYSE: AR) 8 Target EBITDAX Margin Enhancement ($/Mcfe) $90 $105 $105 $300 MM ($0.20 / Mcfe)(1) Liquids Firm Transport Natural Gas Firm Transport + Dry Gas Development ORRI + VPP Total FT ~$210 MM Target Margin Enhancement Breakdown ($MM) $1.34 ($0.35) $0.70 $1.69 $0.00 $0.50 $1.00 $1.50 $2.00 2025A Price Realizations Cash Cost Improvement YE 2028 Target Shift from “Producer Push” to “Demand Pull” Note: Adjusted EBITDAX is a Non-GAAP measure. See appendix for more details. 1) $0.35 / Mcfe margin enhancement includes ~$0.15 / Mcfe from HG Energy integration and ~$0.20 / Mcfe from other initiatives.
Slide 9 — Peer-leading Cost Reductions
12% 8% 0% (3%) (25%) (30%) (15%) 0% 15% Peer 1 Peer 2 Peer 3 Peer 4 Antero Peer-leading Cost Reductions 9 Antero Resources (NYSE: AR) Expected Change in Cash Costs (%) Note: Based on Wall Street Estimates and Antero analysis. Antero and Peer change in cash costs based on FY-2025 to FY-2028E and G&A includes non-cash expense. Peers include CNX, EQT, EXE, and RRC.
Slide 10 — Liquids and Hedges Provide for Cash Flow Stability
Liquids and Hedges Provide for Cash Flow Stability 10 Antero Resources (NYSE: AR) Liquids Production & Gas Hedge Benchmarking (%) Note: Based on Public Filings, Wall Street Estimates and Antero analysis. Peers include CNX, EQT, EXE, and RRC. 100% liquids development and unhedged production Optimized liquids development and balanced hedge program to reduce cyclicality of cash flows Now Then 61% 52% 0% 20% 40% 60% 80% 2026E AR Peer Average 31% 13% 0% 10% 20% 30% 40% 2026E AR Peer Average Percentage Liquids Production (%) Natural Gas Percent Hedged (%)
Slide 11 — Antero: The Rate of Change Story
Antero Resources (NYSE: AR) 11 Antero: The Rate of Change Story Balanced development between dr y and wet gas and FT optimization Targeting $300 MM annual improvement by 2028 L ower cost structure, liquids exposure, and attractive hedges support cash flow stability Targeting 25% or $0.70 / Mcfe driven by significant commitment reductions (1) Substantial Margin Improvement Sustained Free Cash Flow Enhancement Cash Flow Stability Structural Cash Cost Reductions Positioned for Long-Term Value 1) Cash cost includes LOE, Production and Ad Val Tax, GP&T, G&A, and Net Marketing expense.
Slide 12 — APPENDIX
APPENDIX
Slide 13 — 2026 Guidance
2026 Guidance 13 13 13 Antero Resources (NYSE: AR) 2026 Guidance Ranges Net Production (Bcfe/d) 4.1 Net Natural Gas Production (Bcf/d) 2.8 Net Liquids Production (MBbl/d) 213 Natural Gas Realized Price Differential to Nymex ($/Mcf) $0.10 – $0.20 C2 NGL Realized Price Differential to Mont Belvieu ($/Bbl) $2.00 – $3.00 C3+ NGL Realized Price Differential to Mont Belvieu ($/Bbl) ($0.50) – $0.50 Oil Realized Price – Differential to Nymex ($/Bbl) ($12.00) – ($16.00) Cash Production Expense ($/Mcfe) (1),(2) $2.25 – $2.35 Marketing Expense ($/Mcfe) (2) $0.02 – $0.04 G&A Expense ($/Mcfe) (before equity-based compensation) $0.11 – $0.13 D&C Capital Expenditures ($Bn) (3) $1.0 Land Capital Expenditures ($MM) $100 (1) Includes lease operating expense, gathering, compression, processing and transportation expense and production and ad valorem taxes. (2) Cash production expense and net marketing expense based on current forecast for utilization of AR’s firm transportation portfolio as a result of current strip pricing. Utilization of certain paths of firm transportation portfolio varies based on changes in basis pricing. (3) Guidance is based on accrual D&C capital.
Slide 14 — Antero Resources Non-GAAP Measures
Antero Resources Non-GAAP Measures 14 14 14 Antero Resources (NYSE: AR) 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 on derivative instruments included in derivative gains or losses other than proceeds from derivative monetizations, amortization of deferred revenue, VPP, income taxes, impairment of property and equipment, depletion, depreciation, amortization, and accretion, exploration expense, equity-based compensation expense, contract termination, loss contingency, transaction fees, gain or loss on sale of assets, loss on convertible note inducement, equity in earnings of and dividends from unconsolidated affiliates and Martica-related adjustments. The GAAP financial measure nearest to Adjusted EBITDAX is net income or loss including noncontrolling interest that will be reported in Antero’s condensed consolidated financial statements. While there are limitations associated with the use of Adjusted EBITDAX described below, management believes that this measure is useful to an investor in evaluating the Company’s financial performance because it: • is widely used by investors in the oil and natural gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially from company to company depending upon accounting methods and the book value of assets, capital structure, and the method by which assets were acquired, among other factors; • helps investors to more meaningfully evaluate and compare the results of Antero’s operations from period to period by removing the effect of its capital and legal structure from its consolidated operating structure; and • is used by management for various purposes, including as a measure of Antero’s operating performance, in presentations to the Company’s board of directors, and as a basis for strategic planning and forecasting. Adjusted EBITDAX is also used by the board of directors as a performance measure in determining executive compensation. There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that materially affect the Company’s net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies. In addition, Adjusted EBITDAX provides no information regarding a company’s capital structure, borrowings, interest costs, capital expenditures, and working capital movement or tax position. Adjusted Free Cash Flow: Adjusted Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow, or as a measure of liquidity. The Company defines Adjusted Free Cash Flow as Net Cash Provided by Operating Activities, less Net Cash Used in Investing Activities, which includes drilling and completion capital and leasehold capital, plus payments for derivative monetizations, less proceeds from asset sales and less distributions to non-controlling interests in Martica, plus transaction expenses. Adjusted Free Cash Flow is a useful indicator of the Company’s ability to internally fund its activities and to service or incur additional debt and estimate return of capital. There are significant limitations to using Adjusted Free Cash Flow as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company’s net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted Free Cash Flow reported by different companies. Adjusted Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations.
Slide 15 — Antero Resources Adjusted EBITDAX Reconciliation
Antero Resources Adjusted EBITDAX Reconciliation 15 15 15 Antero Resources (NYSE: AR) 1) Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above. Year Ended 12/31/2025 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 634,418 Net income and comprehensive income attributable to noncontrolling interests 40,149 Unrealized commodity derivative (gains) losses (128,117) Amortization of deferred revenue, VPP (25,264) Gain on sale of assets (266) Interest expense, net 83,682 Loss on early extinguishment of debt 3,628 Income tax expense 215,867 Depletion, depreciation, amortization and accretion 753,567 Impairment of property and equipment 29,358 Exploration expense 2,990 Equity-based compensation expense 60,812 Equity in earnings of unconsolidated affiliate (98,484) Dividends from unconsolidated affiliate 125,255 Contract termination, loss contingency and settlements 28,012 Transaction expense and other 6,540 1,732,147 Martica related adjustments (1) (62,870) Adjusted EBITDAX $ 1,669,227
Slide 16 — Antero Resources Adjusted Free Cash Flow Reconciliation
Antero Resources Adjusted Free Cash Flow Reconciliation 16 16 16 Antero Resources (NYSE: AR) 1) Working capital adjustments include changes in current assets and liabilities and changes in accounts payable and accrued liabilities for additions to property and equipment. Year Ended 12/31/2025 Net cash provided by operating activities $ 1,630,930 Less: Capital expenditures (820,122) Less: Distributions to non-controlling interests in Martica (70,210) Plus: Transaction expense 4,386 Adjusted Free Cash Flow $ 744,984 Changes in Working Capital 21,453 Adjusted Free Cash Flow before Changes in Working Capital $ 766,437