Financial Data and Key Metrics Changes - Antero Resources reported a 9% total production growth in Q3 2023 compared to the same period last year, driven by an 18% increase in liquids and a 4% increase in natural gas volumes [7][8] - The company expects production to increase by 225 million cubic feet equivalent per day, or 7%, from the exit rate in 2022 to the exit rate in 2023 [7][8] - Capital efficiency gains are expected to lead to materially lower drilling and completion (D&C) capital in 2024 [7][8] Business Line Data and Key Metrics Changes - Completion pumping hours per day increased to over 17 hours, up nearly 50% from a year ago, contributing to higher completion stages per day [5][6] - Year-to-date completion stages per day averaged 11 stages, a 35% improvement compared to 2022 and nearly a 90% increase from 2019 levels [5][6] Market Data and Key Metrics Changes - Propane export demand has averaged 1.6 million barrels per day year-to-date, about 250,000 barrels per day or 19% above the 2022 full year average [10][11] - The U.S. recently set a new weekly record high for propane exports, with two consecutive weeks above two million barrels per day [10][11] Company Strategy and Development Direction - Antero Resources maintains a focus on organic leasing efforts, having invested approximately $340 million to acquire targeted drilling locations, contrasting with peers who spent $17 billion on acquisitions [8][9] - The company believes that its low-cost inventory position and operational efficiencies will drive shareholder value without the need for M&A [9][75] Management's Comments on Operating Environment and Future Outlook - Management noted that the decline in rig counts, particularly in the Haynesville Basin, will curb production growth in 2024, helping to balance the U.S. natural gas market [15][16] - The company anticipates that storage levels will balance with the five-year average in 2024, providing support to natural gas prices [20][21] Other Important Information - Antero has the largest low-cost inventory with 22 years of sub $2.75 per Mcfe drilling inventory, emphasizing its competitive advantage [8][9] - The company expects to maintain a capital budget approximately 10% lower than 2023 levels while still achieving production targets [27][24] Q&A Session Summary Question: What spurred the change in capital messaging? - Management indicated that production is ahead of expectations, leading to raised guidance and improved capital efficiency [27] Question: Will Antero's operations plan change in a favorable market? - Management stated they would maintain a stable operations plan focused on achieving maintenance capital [29] Question: What are the risks to propane prices heading into next year? - Management highlighted risks related to Gulf Coast pricing and potential maintenance at export facilities impacting export numbers [32][33] Question: What is the outlook for production costs next year? - Management expects flat production costs with a slight increase in taxes due to higher commodity prices [44][45] Question: How does Antero view M&A in the current environment? - Management emphasized a focus on operational efficiencies and organic growth rather than pursuing M&A [75][76]

Production and Efficiency - Antero Resources increased its 2023 production guidance due to drilling and completion efficiencies combined with strong well performance[8] - The company achieved record pumping hours per day, increasing from 11.7 in 2019 to 17.1 YTD 2023, and further to 22.2 in June 2023[6] - Completion stages per day increased from 5.8 in 2019 to 10.8 YTD 2023, with a company record of 16.0 stages in March 2023[6] - Cycle time, representing days from surface spud date to first production date, decreased from 427 days in 2019 to a company record of 129 days in June 2023[6] Inventory and Market Access - Antero Resources claims to have the largest low-cost Appalachia inventory with locations based on 3rd party data, costing below $2.75/Mcfe[12] - 75% of Antero's natural gas is delivered to LNG fairways[27] - Antero is currently selling approximately 1.0 Bcf/d directly to LNG facilities[27] Propane Market - U S propane inventories are above the 5-year historical average, with a current surplus of +16 MMBbls (+18%) above the 5-year average[19] - Despite high propane stocks, days of supply remain within the 5-year range, with 2023 showing +1 day above the 5-year average[19] - China has added 120 MBbl/d of China PDH demand capacity in 2023, with an additional 340 MBbl/d expected by the end of 2024[21] Financial Performance - Antero Resources' Adjusted EBITDAX for the three months ended September 30, 2023, was $271.203 million[42] - Antero Resources' Adjusted EBITDAX for the twelve months ended September 30, 2023, was $1.36278 billion[44] - Antero Resources' net debt increased from $1.183476 billion at the end of 2022 to $1.606895 billion as of September 30, 2023[46]

Table of Contents 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 September 30, 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 file number: 001-36120 ANTERO RESOURCES CORPORATION (Exact name of registrant as specified in its charter) Delaware 80-016 ...

Second Quarter 2023 Earnings Call Presentation 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 our strategy, future operations, financial ...

Antero Resources Corporation (NYSE:AR) Q2 2023 Earnings Conference Call July 27, 2023 11:00 AM ET Company Participants Brendan Krueger - Vice President-Finance Paul Rady - Chairman, Chief Executive Officer and President Michael Kennedy - Chief Financial Officer Dave Cannelongo - Senior Vice President, Liquids Marketing & Transportation Justin Fowler - Senior Vice President, Natural Gas Marketing Conference Call Participants Arun Jayaram - JPMorgan David Deckelbaum - TD Cowen Subhasish Chandra - The Benchma ...

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 June 30, 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 fil ...

Antero Resources Corporation (NYSE:AR) Q1 2023 Results Conference Call April 27, 2023 11:00 AM ET Company Participants Brendan Krueger - Vice President, Finance Paul Rady - Chairman, Chief Executive Officer & President Michael Kennedy - Chief Financial Officer Dave Cannelongo - Senior Vice President, Liquids Marketing & Transportation Conference Call Participants Subhash Chandra - The Benchmark Company Bertrand Donnes - Truist Securities Umang Choudhary - Goldman Sachs Arun Jayaram - JPMorgan David Deckelba ...

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 ...