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Antero Resources Corp — NGL Fundamentals (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 — FUNDAMENTALS
NATURAL GAS LIQUIDS FUNDAMENTALS JUNE 2026
Slide 2 — Legal Disclaimer
Legal Disclaimer 2 Antero Resources (NYSE: AR) 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, projected costs, prospects, plans and objectives of management, return of capital, expected results, our ability to integrate acquired asets and achieve the intended operational, financial and strategic benefits from any such transactions, impacts of geopolitical, including the conflicts in Ukraine 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, 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 ŵĂŶĂŐĞŵĞŶƚ͛ Ɛ 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 sucesful integration and future performance of 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 , 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 ;͞ D!!t͟ Ϳ . Please se͞ !ŶƚĞƌ 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 ƚ !a͕͟ ǁŚŝĐŚ ĂƌĞ ƚŚĞŝƌ ƌĞƐƉĞĐƚŝǀĞ bĞǁ òŽƌŬ {
Slide 3 — Liquids Market Update
Liquids Market Update 3 Antero Resources (NYSE: AR) 2026 2027+ •New Propane Dock Expansions Increase Export Capacity by ~30% in 2026 •May Propane Exports Averaged 2.2 MBbl /d, up Nearly 30 MBbl /d Year - over - Year, Including a Wekly Export Record of >2.6 MBbl /d •Propane Inventories Expected to Normalize by 2H26, Seting Up the Potential for Suply Risks by Winter •Global Suply Outages Suport Higher Demand for U.S. LPG •A Risk Premium Likely to be Placed on U.S. LPG as Countries Lok for Diversification of Regional Suply and Pricing •The U.S. Remains the Only Incremental LPG and Ethane Global Suplier
Slide 4 — Propane Inventory Scenarios
4 Antero Resources (NYSE: AR) Propane Storage (MBbl) Source: EIA and S&P Global Energy. Propane Inventory Scenarios 20 40 60 80 10 120 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Al - Time Record Exports of 2.6 MBbl /d 2026 5 - Year Range 5 - Year Average 2026 Base Case (Asumes +10 MBbl/d Aditional Exports) 2026 Third Party Forecast 2026 Max Export Case (90% Export Dock Utilization, in - line with historical average) CAUTION! Propane Stocks Have Recently Flatlined Increasing Exports Due to Global Suply Loses Expansions at Gulf Coast Terminals 1 2
Slide 5 — New Propane Dock Capacity Online
5 Antero Resources (NYSE: AR) U.S. Exports of Propane, Quarterly Average ( MBbl ) Source: EIA and S&P Global Energy. New Propane Dock Capacity Online 1.0 1.5 2.0 2.5 3.0 3.5 4.0 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2025 2026 2026 Base Forecast: 2.02 MBbl/d