Antero Resources : Presentation August 2022

Company Presentation August 2022

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 geopolitical events and world health events, including the COVID-19 pandemic, cybersecurity risks, our ability to achieve our greenhouse gas reduction targets and costs associated therewith, the state of markets for and availability of verified carbon offsets and the other risks described under the heading "Item 1A. Risk Factors" in AR's Annual Report on Form 10-K for the year ended December 31, 2021. 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.

This presentation also includes the following AR non-GAAP measures (i) Free Cash Flow, (ii) Adjusted EBITDAX Margin, (iii) Net Debt and (iv) leverage which are a financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). Please see "Antero Non-GAAP Measures" for definitions of these measures as well as certain additional information regarding these measures.

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.

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Premier Pure-Play Appalachian E&P

$14.6 Bn

ENTERPRISE VALUE (1)

5th Largest

U.S. GAS PRODUCER (2)

2nd Largest

U.S. NGL PRODUCER (2)

20+ Years

OF PREMIUM DRILLING

INVENTORY (3)

$10.0 Bn+

FORECAST FREE CASH FLOW

2022-2026(4)

Ohio
			West Virginia
Utica Shale				Marcellus Shale

Headquarters:

Denver, CO

$1.5 Bn	Top LNG Supplier	Top NGL Exporter
AM VALUE HELD BY AR's 29%	~2.3 BCF/d OF NATURAL GAS PRODUCTION	+50% OF NGLs SUPPLIED TO EUROPE AND
OWNERSHIP (1)	TO THE GULF COAST AND LNG FAIRWAY	FAR EAST VIA MARCUS HOOK

1. Indebtedness as of 6/30/2022 pro forma for results of August 2022 tender offer for senior notes due 2026 and 2029 and July 2022 open market repurchases of 2026s. Market cap as of 8/19/2022.
2. Natural gas and NGL rankings based on 2021 reported production.

3)	Based on undeveloped premium locations as of 12/31/2021, assuming 2022 drilled wells held flat. See appendix for 2022 program guidance.	3
4)	Free Cash Flow is a Non-GAAP metric. Please see appendix for additional disclosures, definitions, and assumptions.

Antero Family at a Glance

				50/50 JV
Exploration &	Gathering &	Natural Gas	C3+ NGL
Production	Compression	Processing	Fractionation

Water Delivery

& Blending

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Antero Strategy Evolution

Antero's business strategy has evolved to match the U.S. shale industry life cycle

AR Net Production (Right Axis) & Capital Investment (Left Axis)

($MMs)				Production (MMcfe/d)	Capital Spend	(1)	We are	(MMcfe/d)
$3,500					here	4,000
$3,000											3,500
$2,500											3,000
$2,000											2,500
										2,000
$1,500
										1,500
$1,000											1,000
$500											500
$0											-
2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022E
Shale 1.0				Shale 2.0				Shale 3.0

• Acquire acreage
• Support infrastructure through long-term commitments
• Delineate resource

• Grow production
• Aggressively hedge
• Consolidate acreage
• Innovate through drilling and completion techniques
• Access low cost capital

• Maintain production
• Generate Free Cash Flow
• Reduce debt & commitments
• Maintain commodity exposure
• Optimize FT
• Return capital
• Prioritize ESG

1)

Represents drilling and completion + leasehold capital expenditures.

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