Antero Resources : Hedge and Guidance Presentation

2024 Guidance & Hedge Position

Legal Disclaimer

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 expected results, future commodity prices, future production targets, completion of natural gas or natural gas liquids transportation projects, future earnings, future capital spending plans, improved and/or increasing capital efficiency, continued utilization of existing infrastructure, gas marketability, estimated realized natural gas, natural gas liquids and oil prices, acreage quality, access to multiple gas markets, expected drilling and development plans (including the number, type, lateral length and location of wells to be drilled, the number and type of drilling rigs and the number of wells per pad), projected well costs and cost savings initiatives, future financial position, future technical improvements, future marketing and asset monetization opportunities, the amount and timing of any contingent payments, the participation level of our drilling partner and the financial and operational results to be achieved as a result of the drilling partnership, estimated Free Cash Flow and the key assumptions underlying its projection and AR's environmental goals 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. 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 incident to the exploration for and the development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond AR's control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic and the other risks described under the heading "Item 1A. Risk Factors" in AR's Annual Report on Form 10-K for the quarter ended December 31, 2023.

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.

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.

Antero Resources (NYSE: AR)

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Guidance

	2024 Guidance Ranges
Net Production (Bcfe/d)	3.30	- 3.40
Net Natural Gas Production (Bcf/d)	2.155	- 2.165
Net Liquids Production (Bbl/d)	192,000 - 204,000
Net Daily C3+ NGL Production (Bbl/d)	112,000	- 117,000
Net Daily Ethane Production (Bbl/d)	70,000	- 75,000
Net Daily Oil Production (Bbl/d)	10,000	- 12,000
Natural Gas Realized Price Expected Premium to NYMEX ($/Mcf)	$0.00 to $0.10
C2 Ethane Realized Price - Expected (Discount) / Premium to Mont Belvieu ($/Bbl)	($1.00) - $1.00
C3+ NGL Realized Price - Expected Premium to Mont Belvieu ($/Bbl) (1)	($1.00) - $1.00
Oil Realized Price Expected Differential to WTI ($/Bbl)	($10.00)	- ($14.00)
Cash Production Expense ($/Mcfe) (2)	$2.45	- $2.55
Net Marketing Expense ($/Mcfe)	$0.04	- $0.06
G&A Expense ($/Mcfe)	$0.12	- $0.14
(before equity-based compensation)
D&C Capital Expenditures ($MM)	$650 - $700
Land Capital Expenditures ($MM)	$75 - $100
Average Operated Rigs, Average Completion Crews	Rigs: 2 | Completion Crews: 1 to 2
Operated Wells Completed (Net)	Wells Completed: 45 - 50
Operated Wells Drilled (Net)	Wells Drilled: 40 - 45
Average Lateral Lengths, Completed	Completed: 15,500
Average Lateral Lengths, Drilled	Drilled: 14,700

Antero Resources (NYSE: AR) 1) Based on Antero C3+ NGL component barrel which consists of 56% C3 (propane), 10% isobutane (Ic4), 17% normal butane (Nc4) and 17% natural gasoline (C5+). 3

1. Includes lease operating expenses, gathering, compression, processing and transportation expenses ("GP&T") and production and ad valorem taxes.

Antero Natural Gas Hedge Position

Natural Gas	Weighted Average Index
(MMBtu/d)	Price ($/MMBtu)

2024 Volumetric Production Payment Swaps (VPP) (1)	52,000	$2.53
2025 Volumetric Production Payment Swaps (VPP) (1)	44,000	$2.61
2026 Volumetric Production Payment Swaps (VPP) (1)	32,000	$2.68

Note: Represents hedges related to the Overriding Royalty Interest (ORRI) transaction that was completed in the second quarter of 2020. The hedge gains/(losses) are recorded on Antero's financials, but are fully attributable to the noncontrolling interest in Martica and are netted out of the distributions paid to the noncontrolling interest owner.

2024 Overriding Royalty Interest Swaps (ORRI)	23,885	$2.33
January-March 2025 Overriding Royalty Interest Swaps (ORRI)	18,021	$2.53

1. Represents hedges related to the Volumetric Production Payment transaction that was completed in the third quarter of 2020.

Antero Resources (NYSE: AR)

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Antero Liquids Hedge Position

Note: Represents hedges related to the Overriding Royalty Interest (ORRI) transaction that was completed in the second quarter of 2020. The hedge gains/(losses) are recorded on Antero's financials, but are fully attributable to the noncontrolling interest in Martica and are netted out of the distributions paid to the noncontrolling interest owner.

WTI Oil		Weighted Average Index
(Bbl/d)		Price ($/Bbl)
2024 Overriding Royalty Interest Crude Oil Swaps (ORRI)	43	$44.02
January-March 2025 Overriding Royalty Interest Crude Oil Swaps (ORRI)	39	$45.06

Antero Resources (NYSE: AR)

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