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Antero Resources Corp — 2Q2026 Earnings+Call+Presentation 07.29.2026+vFF (company IR deck)
Antero Resources Corp (AR) · 22 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 EARNINGS CAL
SECOND QUARTER 2026 EARNINGS CAL PRESENTATION JULY 30, 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 strategy, future operating 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, future financial position, 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, risks asociated with the sucesful integration and future performance of acquired asets and operations, 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, changes in emision calculation methods, 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, including the conflicts in Ukraine, Venezuela and the Midle East, and world health events, cybersecurity risks, the state of markets for and availability of verified quality carbon ofsets and the other risks described 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 — Structural Margin Improvement at Antero
Structural Margin Improvement at Antero 3 Antero Resources (NYSE: AR) The Antero Advantage Liquids exposure provides margin upside & product diversification Cost reductions strengthen margins Disciplined hedging protects cash flow in low - price environments Structural improvements reduce volatility in future cash flow 2Q 2025 2Q 2026 Variance Henry Hub Setlement ($/MBtu) $3.4 $2.90 (16%) Production ( Bcfe /d) 3.4 4.1 +21% Cash Operating Expenses ($/Mcf) $2.67 $2.38 (1%) Adj. EBITDAX ($M) $379 $595 +57% Adj. EBITDAX Margin ($/Mcfe) $1.2 $1.58 +30% Note: Adjusted EBITDAX is a non - GAP metric. Se apendix for more details.
Slide 4 — Significant Reduction in Cash Costs
Significant Reduction in Cash Costs 4 Antero Resources (NYSE: AR) Cash Operating Costs (1) ($ per Mcfe) $2.70 $2.40 $2.0 $0.0 $0.50 $1.0 $1.50 $2.0 $2.50 $3.0 2025 2026E YE 2028 Target 10% liquids rich development and 10% of gas sold out of basin requiring procesing and firm transport Balance rich and dry gas development and optimize firm transportation and product sales to enhance operating margins Now Then 1) Cash cost includes LOE, Production and Ad Val Tax, GP&T, G&A, and Net Marketing expense.
Slide 5 — Margin Enhancement: Botom
Margin Enhancement: Botom - Line Improvement Antero Resources (NYSE: AR) 5 Target Adjusted EBITDAX Margin Enhancement ($ /Mcfe ) $90 $105 $105 $30 M ($0.20 / Mcfe) (1) Liquids Firm Transport Natural Gas Firm Transport + Dry Gas Development ORI + VP Total FT ~$210 M Target Margin Enhancement Breakdown ($M) $1.34 ($0.35) $0.70 $1.69 $0.0 $0.50 $1.0 $1.50 $2.0 2025A Price Realizations Cash Cost Improvement YE 2028 Target ©ēĖċťϙċŘĺıϙЊ¢ŘĺþŪ¦½Řϙ¢ŪŜēЋϙť Note: Adjusted EBITDAX is a Non - GAP measure. Se apendix for more details. 1) $0.35 / Mcfe margin enhancement includes ~$0.15 / Mcfe from HG Energy integration and ~$0.20 / Mcfe from other initiative s.
Slide 6 — New Propane Dock Capacity
6 Antero Resources (NYSE: AR) Source: EIA and S&P Global Energy. New Propane Dock Capacity U.S. Exports of Propane, Quarterly Average ( MBbl /d) 1.0 1.5 2.0 2.5 3.0 3.5 4.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2025 2026 2027 Dock Capacity Propane Exports Energy Transfer Dock Expansion Online Nov 2025 Enterprise Neches River Online 2Q 2026 Future Dock Expansions Forecast Record Propane Exports May 2026: 2.63 MBbl/d Future Record Export Potential
Slide 7 — China PDH Demand on the Rise
7 Antero Resources (NYSE: AR) Source: S&P Global Energy. Note: PDH is an abreviation for Propane Dehydrogenation. China PDH Demand on the Rise China PDH Demand ( Bbl /d) 30,0 450,0 60,0 750,0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 2026E China PDH demand has increased 40% from the lows in 2026
Slide 8 — Record Amount of New VLGC Ships to be Delivered in 2027
8 Antero Resources (NYSE: AR) Global VLGC Flet (VLGC Delivery & Scraping) Source: Poten . Note: VLGC is an abreviation for Very Large Gas Carier. Record Amount of New VLGC Ships to be Delivered in 2027 30 350 40 450 50 50 60 0 10 20 30 40 50 60 2024 2025 2026E 2027E 2028E 2029E VLGC Net Delivery & Scraping End-Year Flet (Right-Axis) Global VLGC flet wil grow 31% from curent levels, ading 138 ships from 2026 - 2029 on an aging ship flet Al - Time Low Al - Time High
Slide 9 — Strong Fundamental Outlok for Natural Gas
Strong Fundamental Outlok for Natural Gas 9 Key Drivers of Demand Growth (2025 - 2030) Source: 3 rd Party Disclosure and Antero Estimates. Note: 37% Total Demand Growth based on 2025 average demand of ~12 Bcf/d. = 37% Total Demand Growth Antero Resources (NYSE: AR) 15 34 2025 2026E 2027E 2028E 2029E 2030E 18 39 6 8 24 27 31 39 45 47 2025 2026E 2027E 2028E 2029E 2030E Data Center and Power Growth ( Bcf/d ) LNG and Mexico Export Growth ( Bcf/d ) Mexico Exports LNG Exports
Slide 10 — Increasing Regional Power Demand
Increasing Regional Power Demand 101010 Antero Resources (NYSE: AR) Source: 3rd Party Disclosure and Antero Estimates as of July 29, 2026. Includes combined cycle gas - fired power generation, data center, and coal conversion projects. 10 Miles to Data Center Aley Sup ly Growth & Throughput Volumes Gas and Water Infrastructure Buildout Apalachia Expected Power Generation Growth Publicly Disclosed Only Status Projects Gigawats Bcf /d In Service 2 1 0 FID + Under Construction 17 31 6 Waiting on FID 16 15 3 Total 35 47 9 Recent Anouncements in West Virginia