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Antero Resources Corp — Strategic+Transactions+12.08.2025+vF (company IR deck)
Antero Resources Corp (AR) · 19 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 — Strategic Transactions
Antero Resources (NYSE: AR) Strategic Transactions December 2025
Slide 2 — Legal Disclaimer
Antero Resources (NYSE: AR) Legal Disclaimer This presentation includes͞ ĨŽƌǁĂƌĚ - loking statements .͟ Such forward - loking statements are subject to a number of risks and uncertainties, many of which are not under !w͛ Ɛ 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, potential or pending acquisitions, dispositions or other strategic transactions of AR and Antero Midstream, including the proposed acquisition of HG Energy and the proposed disposition of asets in the Utica Basin, the timing and financing thereof and AR and Antero Midstream's respective ability to achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, prospects, plans and objectives of management, return of capital, expected results, impacts of geopolitical 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, 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 key asumptions underlying its projections, 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 ŵĂŶĂŐĞŵĞ 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 !w͛ Ɛ control . These risks include, but are not limited to, risks asociated with the acquisition of HG Energy and the disposition of asets in the Utica Basin, including the risk that the acquisition or disposition is not consumated on the terms expected or on the anticipated schedule, or at al, and risks asociated with the sucesful integration and future performance of the acquired asets and operations, comodity price volatility, inflation, suply chain disruption, 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 flow and aces to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical events, including the conflicts in Ukraine 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 !w͛ Ɛ Anual Report on Form 10 - K for the year ended December 31 , 2024 . 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 ;͞ D!!t͟ Ϳ . Please se͞ !ŶƚĞƌŽ Non - GAP aĞĂƐƵƌĞƐ͟ for definitions of these measures as wel as certain aditional information regarding these measures . !ŶƚĞƌŽ wĞƐŽƵƌĐĞƐ /ŽƌƉŽƌĂƚŝŽŶ ŝƐ ĚĞŶŽƚĞĚ ĂƐ ͞ !w͟ ŝŶ ĂƐ ͞ !a͕͟ ǁŚŝĐŚ ĂƌĞ ƚŚĞŝƌ ƌĞƐƉĞĐƚŝǀĞ bĞǁ òŽ 2
Slide 3 — Strategic Transactions Strengthen AR and AM
Antero Resources (NYSE: AR) Strategic Transactions Strengthen AR and AM Anouncement Details 1) Based on curent strip pricing. ÇŽĚĂLJ͛ Ɛ ƚƌĂŶƐĂĐƚŝŽŶƐ ďŽůƐƚĞƌ !ŶƚĞ 2026E Metric HG Acquisition Implied Multiple / Yield (1) Utica Divestiture Implied Multiple / Yield (1) Production ( Mcfe /d) ~850 ~$3,450 ($/ Mcfe /d) ~150 $5,30 ($/ Mcfe /d) EBITDAX ($M) ~$80 (1) 3.7x ~$10 (1) ~8x Fre Cash Flow ($M) ~$50 (1) 18%+ ~$5 (1) ~7% ACREAGE PIPELINES ANTERO HG GATHERING STONEWAL MVP HG MVP HG Gathering Stonewal 3 HG Acquisition Map and Metrics + - Acquiring HG Energy in the Core Marcelus Shale (WV) •AR acquiring upstream busines for $2.8 bilion + hedge bok •AM acquiring midstream busines for $1.1 bilion Divesting Non - Core Utica Asets (OH) •AR divesting upstream asets for $80 milion •AM divesting midstream asets for $40 milion Smithburg Sherwod
Slide 4 — Antero Resources (NYSE: AR)
Antero Resources (NYSE: AR) Acquisition Rationale 4 Ads Material Inventory in Marcelus Shale Core ( WV) 40+ aditional locations that imediately compete for capital (75% liquids) Reduces Breakevens & Increases Margin Reduces cost structure by ~$0.25/ Mcfe and increases margins by $0.15 to $0.20 per Mcfe Verticaly Integrated Provides operational control of first mile infrastructure with complementary AM structure $950 M in Identified Synergies Tangible synergies acros development planing, driling and completions capital and marketing Hand - in - ŐůŽǀĞ ĂĐƋƵŝƐŝƚŝŽŶ ĞdžƉĂŶĚƐ !w͛ Ɛ dry gas optionality for future demand from power generation and data centers Acretive to Key Metrics and Valuations 30%+ acretive to operating cash flow, fre cash flow and NAV per share metrics V V V V V
Slide 5 — Antero Resources (NYSE: AR)
Antero Resources (NYSE: AR) Fuly Financed Acquisition HG Acquisition Funding Timeline ($M) AR expects the acquisition to be paid of by 2028 through a combination of AR Fre Cash Flow, proceds from the Utica divestiture and hedged Fre Cash Flow of the acquired asets Note: Asumes April 1, 2026 Closing and curent strip pricing. Fre Cash Flow is a non - GAP measure. Se apendix for more det ails. 5 ~( $50 ) ( $80 ) $2,80 $1,50 ~ $1,50 $0 $50 $1,0 $1,50 $2,0 $2,50 $3,0 Acquisition Cost Interim Antero FCF (Dec 2025 - Mar 2026E) Utica Proceds Term Loan A (3-Year) FCF of Acquired Asets (2026E - 2028E) Term Loan A paid down by hedged Fre Cash Flow of acquired asets Expected to close by 4/1/2026 Suported by strong winter pricing P Fuly Funded
Slide 6 — Pro Forma Production and Capital Outlok
Antero Resources (NYSE: AR) Pro Forma Production and Capital Outlok 6 Pro Forma Production Outlok ( Mcfe / d) Pro Forma Capex Outlok ($M) $25 ($25) $20 $10 $70 $90 $10 - $20 $1,10 - $1,20 $0 $30 $60 $90 $1,20 Targeted Maintenance Capital 3Q25 Acquisitions Utica Divestiture HG Acquisition 2026 Maintenance Case No Driling JV Growth Optionality 2026 Growth Case 75 - 10 (150) 850 10 10 ʹ20 3,40 4,20 4,40 ʹ4,50 3,0 3,250 3,50 3,750 4,0 4,250 4,50 2025 Maintenance 3Q25 Acquisitions Utica Divestiture HG Acquisition 2Q-4Q 2026 Maintenance No Driling JV Growth Optionality 2027 Growth Forecast (1) 1) Asumes transaction is closed on 4/1/2026 (2Q26 to 4Q26 maintenance production).
Slide 7 — 2026 Pad and Land Optimization Ilustrative Example
Antero Resources (NYSE: AR) 2026 Pad and Land Optimization Ilustrative Example Pre - Acquisition ʹPad Development Pro Forma Development Key Stats Laterals / Pads 10 / 2 Average Lateral Length 9,570 fet PV - 10 ($M) ~$90 IR (%) 47% Key Stats Laterals / Pads 5 / 1 Average Lateral Length 19,140 fet PV - 10 ($M) ~$120 IR (%) 81% Overlaping acreage position provides clear, obtainable synergies Note: PV - 10 is a non - GAP measure. Se apendix for more detail. Source: Poling aplications filed with West Virginia Oil and Gas Comision in 2025. 7
Slide 8 — Significant Identified Synergies
Antero Resources (NYSE: AR) $290 $950 $250 $140 $85 $185 $0 $30 $60 $90 $1,20 D&C Savings Development Optimization Marketing Water Handling Tax/Other Total Significant Identified Synergies Cumulative 10 - Year Savings (PV - 10) ($M) Identified Synergies Marketing: Firm transport optimization with ability to improve pricing netbacks and reduce unutilized FT expense Water Handling Ability to fil completion gaps and reduce water handling expense via conecting to HG water system Development Optimization: Overlaping leasehold drives longer laterals, pad and road capital savings and eficient leasehold development D&C Savings: Implementing AR Development Pace and gaining economies of scale on tangible costs (i.e. sand, fuel, chemicals) EBITDAX / Income Synergy Capital Synergy PV - 10 of synergies >30% of total transaction value 8 Note: PV - 10 is a non - GAP measure. Se apendix for more detail.
Slide 9 — Antero Resources (NYSE: AR)
Antero Resources (NYSE: AR) Conservative Underwriting With Compeling Valuation Atractive Valuation and Imediate Acretion 30%+ acretive to operating cash flow, fre cash flow and NAV per share metrics Acquired for PDP + WIP value = significant upside in undeveloped and potential for synergies Ads highly economic inventory at no incremental cost to AR Meaningful Fre Cash Flow locked in with hedges Overlaping acreage drives material eficiencies, alowing for longer laterals and avoiding significant civil costs Conservative Underwriting (PV - 10) ($M) P P P P P (1) 9 $0 $1,0 $2,0 $3,0 $4,0 $5,0 PDP WIP Synergies Undeveloped $2.8 Bn Purchase Price Underwriting Group % of Purchase Price PDP 80% PDP + WIP 10% PDP + WIP + Synergies 145% Note: Based on curent strip pricing. PV - 10 is a non - GAP measure, se apendix for more details. 1) Upstream synergies only.
Slide 10 — Antero Resources (NYSE: AR)
Antero Resources (NYSE: AR) Investment Grade Balance Shet Balance Shet Philosophy Expect Reafirmed IG Credit Ratings Driven by Strong Balance Shet Ba1 12/05/2025 B - 12/05/2025 B - 12/05/2025 Antero expects to maintain a strong balance shet moving forward through debt pay down and hedging Expected Sources ($M) 3 - Year Term Loan A $1,50 Fre Cash Flow / Credit Facility $50 Utica Divestiture Proceds $80 Total Sources $2,80 Expected Uses ($M) Acquire HG Upstream $2,80 Total Uses $2,80 Preserving conservative capital structure is part of !ŶƚĞƌŽ͛ Ɛ ĐŽƌĞ ƉŚŝůŽƐŽƉŚLJ Expect leverage below 1.0x in 2026 $1.5 Bn prepayable 3 - Year Term Loan A expected to be paid down by hedged fre cash flow Cash flow protected through hedging 90%+ of expected HG production over next two years Expect to maintain investment grade credit ratings V V V V V 10 Note: Asumes curent strip pricing. Expected uses excludes transaction fes and expenses.
Slide 11 — Strategic Acquisition and Non
Antero Midstream (NYSE: AM) Strategic Acquisition and Non - Core Divestiture 1 HG Acquisition Details AM Pro Forma Aset Map Utica • ~50 miles of bi - directional dry and rich gas gathering pipelines and water asets - ~90 Mcf /d of throughput - >40 incremental driling locations - Integrated water pipelines, storage and withdrawals • 10% fixed - fes with Antero Resources • Plan to invest ~$25 M to integrate with !a͛ Ɛ ůĞŐĂĐLJ ŐĂƚŚĞƌŝŶŐ ĂŶĚ ǁĂƚĞƌ ƐLJƐƚĞŵ - Water busines contribution in 2027+ Cumulative 10 - Year Savings (PV - 10) ($M) $50 $10 $150 $0 $50 $10 $150 $20 Capital Avoidance Cash Taxes Total Savings $M HG Midstream Acquisition Utica Midstream Divestiture Combined Transaction Price $1,10 $(40) $70 2026 - 2028 Avg. EBITDA ~$145 ~$(35) ~$10 Implied EBITDA Multiple ~7.5x ~1.5x ~6.5x 2026 - 2028 Avg. Capital ~$25 $0 $25 Fre Cash Flow ~$10 $(35) $85 Implied FCF Yield ~1% ~9% ~12% ~30 miles of gathering pipeline and ~20 miles of water pipeline S tep - up in basis defers cash taxes AR Acreage HG Acreage AM Pipelines HG Pipeline Stonewal Pipeline Note: EBITDAX, Fre Cash Flow, Fre Cash Flow Yield and PV - 10 are non - GAP measures. Se apendix for more details.
Slide 12 — Transactions Strengthen Outlok at AM
Antero Midstream (NYSE: AM) Transactions Strengthen Outlok at AM Enhances Multi - Decade Dedicated Inventory Acquisition ads >4 0 dedicated locations (75% liquids) Maintains Strong Balance Shet and Credit Ratings Leverage declines below 3.0x target in 2026 Continues Just - in - time Investment Philosophy Non - speculative capital suported by investment grade customer Suplements Organic Growth Strategy Consistent & repeatable Fre Cash Flow generation Generates Per Leading Returns on Invested Capital Low maintenance capital and minimal integration costs Note: Leverage and Fre Cash Flow are Non - GAP metrics t please se apendix for aditional disclosures, definitions, and asump tions. 12