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Antero Resources Corp — Natural Gas Fundamentals (company IR deck)
Antero Resources Corp (AR) · 12 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 — 2026 Natural Gas
2026 Natural Gas Fundamentals Outlook JUNE 2026
Slide 2 — Supportive Natural Gas Backdrop
• 2026 End of Season Storage At or Below 5-Year Average • Super El Niño is Priced in; Should it be? • Massive Demand Growth Highly Visible through 2030 Supportive Natural Gas Backdrop Antero Resources (NYSE: AR) 2
Slide 3 — Natural Gas: Positive U.S. Storage Outlook
Natural Gas: Positive U.S. Storage Outlook 3 Antero Resources (NYSE: AR) 2026E Natural Gas Storage (Bcf) Source: 3rd Party Research and Antero analysis. Note: Imports & Exports, Power Burn, Industrial, ResComm, Other, and Production not shown to scale. (1) Includes Pipeline FL&U. ~2,620 ~(22 Bcf/d) ~(41 Bcf/d) ~(42 Bcf/d) ~111 Bcf/d ~3,800 0 1,000 2,000 3,000 4,000 June 2026 Imports & Exports Power Burn Industrial, ResComm, Other Production 2026E End of Season Macro Backdrop Record LNG Export Utilization Record Mexico Exports Historically low Canadian Imports Record Electricity Demand Continued Coal Decommissioning Record Renewables Generation In line with 5-Year average Subdued Production 1H 2026 Permian Basin Growth Expected 2H 2026 (+4.6 Bcf/d Takeaway Capacity) Peak Storage at or below 2025 and 5- Year Average levels 5-Year Average: 3,808 (1)
Slide 4 — U.S. Setting All-Time Natural Gas Net Export Records
U.S. Setting All-Time Natural Gas Net Export Records 4 Antero Resources (NYSE: AR) U.S. Natural Gas Exported vs. Production (Left Axis: Production Bcf/d / Right Axis: Net Export % of Production) Source: EIA and S&P Global Platts. U.S. Natural Gas Exported vs. Production (Production Bcf/d) 72 74 83 92 91 94 98 103 102 107 108 -2% 1% 3% 7% 9% 12% 12% 14% 13% 16% 19% -5% 0% 5% 10% 15% 20% 25% 0 20 40 60 80 100 120 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Production Bcf/d Net Exports as % of Production (30.0) (25.0) (20.0) (15.0) (10.0) (5.0) 0.0 5.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Mexico LNG Canada Net Export Mexico Exports: (6.8) Bcf/d LNG Exports: (19.2) Bcf/d Net Exports: (20.9) Bcf/d U.S. Natural Gas Net Exports are Currently at ~19% of Production, an All-time High
Slide 5 — Electricity Demand at All-time Highs
Wind and Solar Offset Coal Declines; Natural Gas Fills Electricity Demand Growth Electricity Demand at All-time Highs 5 Antero Resources (NYSE: AR) US Electric Demand (Avg. Daily GWh) Year-to-Date Through June for Each Period Source: S&P Global, EIA, Antero analysis. . Historical Displacement: Coal, Wind & Solar (Bcf/d) Year-to-Date Through June for Each Period 76.1 Bcf/d 79.2 Bcf/d 76.5 Bcf/d 78.9 Bcf/d 81.7 Bcf/d 83.2 Bcf/d 10,506 10,924 10,552 10,890 11,279 11,481 10,000 10,500 11,000 11,500 12,000 2021 2022 2023 2024 2025 2026 YTD 28 29.8 24.9 26.7 30.5 30.6 0 10 20 30 40 2021 2022 2023 2024 2025 2026 YTD Solar Displacing Natural Gas Wind Displacing Natural Gas Coal Displacing Natural Gas Record Wind and Solar +1.5 Bcf/d vs/ 2025 Lower Coal Displacement (1.4) Bcf/d vs. 2025 Solar, Wind, and Coal contribution flat vs. 2022 All-time Record Electricity Demand (+1.5 Bcf/d y-o-y)
Slide 6 — Permian Takeaway is Expanding, but Staying in Texas
Permian Takeaway is Expanding, but Staying in Texas 6 Antero Resources (NYSE: AR) Source: 3rd Party Research and Antero analysis. 0 0 0.6 4.6 0 1 2 3 4 5 1Q 26 2Q 26 3Q 26 4Q 26 New Permian Takeaway Capacity (Bcf/d) Permian Basin takeaway capacity is expanding by ~4.6 Bcf/d primarily to Agua Dulce (Texas LNG and Mexico Export Markets) New takeaway capacity does not alleviate access constraints to LNG Fairway and East Coast markets Henry Hub and East Coast markets expected to maintain premium pricing Gulf Coast Express Hugh Brinson Blackcomb
Slide 7 — Antero Estimates End of Season Storage at ~3,800 Bcf
7 Antero Resources (NYSE: AR) Antero Estimates End of Season Storage at ~3,800 Bcf Source: EIA historical data, Antero analysis. U.S. Natural Gas Storage Levels (Bcf, 2026 & 5-Year Average) 0 1,000 2,000 3,000 4,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 5 Yr Range 5 Year Average 2025 Forecast 2026 Current storage levels are ~136 Bcf above 5-Year average Antero estimates storage will peak at ~3,800 Bcf, below 5-Year average Fundamentals Support End of Season Storage At or Below 5-Year Average
Slide 8 — El Niño is Priced In; Should it be?
35% 35% 38% 40% 39% 37% 0% 10% 20% 30% 40% 50% 2020 - 2021 2021 - 2022 2022 - 2023 2023 - 2024 2024 - 2025 2025 - 2026 El Niño is Priced In; Should it be? 8 Antero Resources (NYSE: AR) Monthly Average Natural Gas Generation (%) October to March Last El Niño, natural gas achieved highest share of generation mix over past 6 years Implies 2026 ~1.5 Bcf/d above 2025 natural gas generation(1) Last El Niño, Residential / Commercial demand down up to ~2.5 Bcf/d Today, renewables make up larger share of generation capacity which may increase reliance on natural gas Non El Niño Avg: 37% El Niño Source: Antero analysis. (1) Adjusted for 2026 power generation growth.
Slide 9 — Strong Fundamental Outlook for Natural Gas
Strong Fundamental Outlook for Natural Gas 9 Key Drivers of Demand Growth (2025 - 2030) +19 Bcf/d Data Center and Power Growth +23 Bcf/d LNG and Mexico Export Growth Source: 3rd Party Disclosure and Antero Estimates. Note: 37% Total Demand Growth based on 2025 average demand of ~112 Bcf/d. = 37% Total Demand Growth Antero Resources (NYSE: AR)
Slide 10 — Appendix
Appendix
Slide 11 — Visible U.S. LNG Exports Will Feed Global Demand Growth
Visible U.S. LNG Exports Will Feed Global Demand Growth 11 11 11 Antero Resources (NYSE: AR) Source: 3rd Party Disclosure and Antero Estimates. U.S. LNG Export Capacity Through 2030 (Bcf/d) +21
Slide 12 — Regional Gas Demand Beginning to Materialize
Regional Gas Demand Beginning to Materialize 12 12 12 Source: 3rd Party Disclosure and Antero Estimates as of June 19, 2026. Includes combined cycle gas-fired power generation, data center, and coal conversion projects. Supply Growth & Throughput Volumes Gas and Water Infrastructure Buildout Appalachia Expected Power Generation Growth Projects Gigawatts Bcf/d 34 47 9 Recent Announcements in West Virginia 100 Miles to Data Center Alley Antero Resources (NYSE: AR)