Table of Contents Title of each class Trading S ( ) Name of each exchange on which i Common Stock, par value $0.01 AR New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission fi ...

Antero Resources Corporation (NYSE:AR) Q4 2022 Results Conference Call February 16, 2023 11:00 AM ET Company Participants Brendan Krueger - Vice President, Finance Paul Rady - Chairman, Chief Executive Officer & President David Cannelongo - Senior Vice President, Liquids Marketing & Transportation Michael Kennedy - Chief Financial Officer Conference Call Participants Neal Dingmann - Truist Securities Subhash Chandra - The Benchmark Company Umang Choudhary - Goldman Sachs David Deckelbaum - Cowen and Company ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 AR New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-36120 ANTERO RESOURCES COR ...

Financial Data and Key Metrics Changes - Antero Resources generated approximately $800 million in free cash flow during Q3 2022, which was utilized to reduce debt by over $400 million and repurchase $380 million of stock [23] - Year-to-date debt reduction totaled nearly $1 billion, with a total reduction of $2.6 billion since the debt reduction program began in Q4 2019, bringing total debt down to less than $1.2 billion [8][24] - The company announced a $1 billion increase in its share repurchase program, raising the total to $2 billion, reflecting confidence in business predictability [8] Business Line Data and Key Metrics Changes - Antero's firm transportation portfolio allowed the company to achieve a $0.49 per Mcf premium to NYMEX Henry Hub in Q3 2022, despite industry-wide basis differentials [12] - The company spent $46 million on land acquisitions in Q3, adding 25 additional drilling locations at less than $1 million per location, contributing to a total of approximately 60 new drilling locations added year-to-date [11] Market Data and Key Metrics Changes - U.S. NGL production is expected to grow by 8% year-over-year from 2022 to 2023, while production in the rest of the world is anticipated to decline by 2% [18] - Propane inventories are now in line with five-year average levels, but days of supply remain 13% below the five-year average [17] Company Strategy and Development Direction - Antero Resources focuses on maintaining a strong balance sheet while returning significant cash to shareholders, with a commitment to a maintenance capital level rather than accelerating production [9][31] - The company emphasizes organic land acquisitions over larger transactions to avoid diluting equity and maintain a strong inventory position [10] Management's Comments on Operating Environment and Future Outlook - Management expects regional basis differentials to remain wide in 2023 due to pipeline capacity constraints, but Antero's firm transportation capacity will help mitigate price volatility [13][15] - The company anticipates no cash taxes in 2023, with the first cash taxes expected in 2024, allowing for continued capital returns to shareholders [24] Other Important Information - Antero has reduced its methane leak loss rate by 65% and is on track to achieve net zero on Scope 1 and Scope 2 GHG emissions by 2025 [24][25] - The company is ranked 1 for the lowest GHG intensity among its peers, highlighting its commitment to ESG initiatives [25] Q&A Session Summary Question: Expectations for higher differentials in 2023 - Management expects higher differentials for the industry but anticipates similar performance to 2022 for Antero [26][27] Question: Thoughts on accelerating production in 2023 - Management is committed to maintenance capital levels and does not plan to accelerate production despite having impressive inventory [31] Question: Free cash flow outlook and CapEx - Management expects around 10% inflation for CapEx in 2023 and plans to maintain a similar level of free cash flow usage for debt repayment and share buybacks [34][36] Question: Production expectations for 2023 - Production is expected to be similar to 2022 levels, with a slight increase due to accelerated activity in Q4 2022 [52] Question: Liquidity limitations on buybacks - There are no liquidity constraints on share buybacks, and the majority of free cash flow will be directed towards this [54] Question: Incremental ethane barrels expected in Q4 - Management expects ethane production to increase from 55,000 barrels in Q3 to approximately 75,000 barrels in Q4 [56]