EXHIBIT 99.1 Exhibit 99.1 Antero Resources Announces Fourth Quarter 2024 Results, Year End Reserves and 2025 Guidance Denver, Colorado, February 12, 2025—Antero Resources Corporation (NYSE: AR) (“Antero Resources,” “Antero,” or the “Company”) today announced its fourth quarter 2024 financial and operating results, year end 2024 estimated proved reserves and 2025 guidance. The relevant consolidated financial statements are included in Antero Resources’ Annual Report on Form 10-K for the year ended December 31, 2024. Fourth Quarter 2024 Highlights: · Net production averaged 3.4 Bcfe/d o Natural gas production averaged 2.1 Bcf/d, a 7% decrease from the year ago period o Liquids production averaged 217 MBbl/d, a 14% increase from the year ago period · Realized a pre-hedge natural gas equivalent price of $3.64 per Mcfe, an $0.85 per Mcfe premium to NYMEX · Realized a pre-hedge C3+ NGL price of $44.29 per barrel, a $3.09 per barrel premium to Mont Belvieu · Net income was $150 million and Adjusted Net Income was $181 million (Non-GAAP) · Adjusted EBITDAX was $332 million (Non-GAAP); net cash provided by operating activities was $278 million · Drilling and completion capital was $120 million, 27% below the prior year period · Free Cash Flow was $159 million (Non-GAAP) · Averaged a quarterly company record of 13.2 completion stages per day Full Year 2024 Highlights: · Net Production averaged 3.4 Bcfe/d, an increase of 1% from the prior year o Natural gas production averaged 2.2 Bcf/d, a decrease of 3% from the prior year o Liquids production averaged 209 MBbl/d, an increase of 8% from the prior year · Drilling and completion capital was $620 million, a 32% decline from the prior year · Completion stages per day averaged 12.2 stages per day, a 14% increase compared to 2023 · Estimated proved reserves were 17.9 Tcfe at year end 2024 and proved developed reserves were 13.7 Tcfe (77% proved developed) · Estimated future development cost for 4.2 Tcfe of proved undeveloped reserves is $0.44 per Mcfe 2025 Guidance Highlights: · Raised previously communicated maintenance production targets by 50 MMcfe/d to 3.35 to 3.45 Bcfe/d, driven by growth in liquids production · Realized natural gas price is expected to average a premium of $0.10 to $0.20 per Mcf to NYMEX · Realized C3+ NGL price is expected to average a premium of $1.50 to $2.50 per barrel to Mont Belvieu · Reduced previously communicated drilling and completion capital budget, by $25 million at the midpoint to $650 million to $700 million Paul Rady, Chairman, CEO and President of Antero Resources commented, “Our 2024 development program delivered production that was 2% above the midpoint of the initial guidance range and capital that was 8% below the midpoint of the initial guidance range. This exceptional performance highlights the strength of our asset base and the significant capital efficiency gains we made throughout the year. Our 2025 budget reflects an increase to our maintenance production targets driven by our liquids. This development program positions us to capture a significant increase in Free Cash Flow year-over-year with the greatest exposure to higher natural gas prices.” Michael Kennedy, CFO of Antero Resources said, “Antero’s 2024 financial results reflect the company’s peer-leading Free Cash Flow breakeven level driven by our significant liquids production and firm transportation portfolio. These attributes enabled us to generate Free Cash Flow of $73 million in 2024 despite being unhedged with Henry Hub averaging $2.27 per Mcf. Looking ahead to 2025, our firm transportation portfolio delivers 75% of our natural gas to the LNG corridor along the Gulf Coast, and is expected to result in higher premium price realizations to NYMEX following the recent start-up of two large LNG export terminals in the Gulf.” For a discussion of the non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDAX, Free Cash Flow and Net Debt please see “Non-GAAP Financial Measures.” 1 2025 Guidance Antero’s 2025 drilling and completion capital budget is $650 to $700 million. Net production is expected to average between 3.35 and 3.45 Bcfe/d during 2025. The Company’s land capital guidance is $75 million to $100 million. The following is a summary of Antero Resources’ 2025 capital budget. Capital Budget ($ in Millions) Low High Drilling & Completion $ 650 $ 700 Land $ 75 $ 100 Total E&P Capital $ 725 $ 800 # of Wells Net Wells Average Lateral Length (Feet) Drilled Wells (Net) 50 to 55 13,100 Completed Wells (Net) 60 to 65 13,700 The following is a summary of Antero Resources’ 2025 production, pricing and cash expense guidance: Production Guidance Low High Net Daily Natural Gas Equivalent Production (Bcfe/d) 3.35 3.45 Net Daily Natural Gas Production (Bcf/d) 2.16 2.2 Total Net Daily Liquids Production (MBbl/d): 198 208 Net Daily C3+ NGL Production (MBbl/d) 113 117 Net Daily Ethane Production (MBbl/d) 76 80 Net Daily Oil Production (MBbl/d) 9 11 Realized Pricing Guidance (Before Hedges) Low High Natural Gas Realized Price Premium vs. NYMEX Henry Hub ($/Mcf) $ 0.10 $ 0.20 C3+ NGL Realized Price Premium vs. Mont Belvieu ($/Bbl) $ 1.50 $ 2.50 Ethane Realized Price Premium vs. Mont Belvieu ($/Bbl) $ 1.00 $ 2.00 Oil Realized Price Differential vs. WTI Oil ($/Bbl) $ (12.00 ) $ (16.00 ) Cash Expense Guidance Low High Cash Production Expense ($/Mcfe) (1) $ 2.45 $ 2.55 Marketing Expense, Net of Marketing Revenue ($/Mcfe) $ 0.04 $ 0.06 G&A Expense ($/Mcfe) (2) $ 0.12 $ 0.14 (1) Includes lease operating, gathering, compression, processing and transportation expenses (“GP&T”) and production and ad valorem taxes. (2) Excludes equity-based compensation. Commodity Derivative Positions Antero added new natural gas hedges for 2025 and 2026 with amounts tied to the completion of two lean (approximately 1200 BTU gas) drilled but uncompleted (“DUC”) pads that were deferred in 2024. Antero’s portfolio includes lean gas development in its capital budget for high gas productivity and midstream infrastructure availability. The hedges were added to lock in attractive rates of returns on the two deferred pads. Antero expects to turn-to-sales the first DUC pad during the first quarter of 2025 and the second DUC pad in the third quarter of 2025. Antero did not enter into any new liquids hedges during the fourth quarter of 2024. For more detail please see the presentation titled “Hedge and Guidance Presentation” on Antero’s website. 2 Natural Gas MMBtu/d Weighted Average Index Price ($/MMBtu) % of Estimated Natural Gas Production (1) 2025 NYMEX Henry Hub Swap 100,000 $ 3.12 4 % Weighted Average Index Natural Gas MMBtu/d Ceiling Price ($/MMBtu) Floor Price ($/MMBtu) % of Estimated Natural Gas Production (1) 2026 NYMEX Henry Hub Collars 30,000 $ 4.27 $ 3.25 1 % (1) Based on the midpoint of 2025 natural gas guidance (including BTU upgrade) Fourth Quarter 2024 Financial Results Net daily natural gas equivalent production in the fourth quarter averaged 3.4 Bcfe/d, including 217 MBbl/d of liquids. Antero’s average realized natural gas price before hedges was $2.77 per Mcf, a $0.02 per Mcf discount to the benchmark index price. Antero’s average realized C3+ NGL price before hedges was $44.29 per barrel, a $3.09 per barrel premium to the benchmark index price. The following table details average net production and average realized prices for the three months ended December 31, 2024: Three Months Ended December 31, 2024 Natural Gas Oil C3+ NGLs Ethane Combined Natural Gas Equivalent (MMcf/d) (Bbl/d) (Bbl/d) (Bbl/d) (MMcfe/d) Average Net Production 2,131 9,239 114,815 92,587 3,431 Three Months Ended December 31, 2024 Natural Gas Oil C3+ NGLs Ethane Combined Natural Gas Equivalent Average Realized Prices ($/Mcf) ($/Bbl) ($/Bbl) ($/Bbl) ($/Mcfe) Average realized prices before settled derivatives $ 2.77 57.80 44.29 10.31 3.64 Index price $ 2.79 70.27 41.20 9.24 2.79 Premium / (Discount) to Index price $ (0.02 ) (12.47 ) 3.09 1.07 0.85 Settled commodity derivatives $ (0.01 ) (0.11 ) 0.14 — (0.01 ) Average realized prices after settled derivatives $ 2.76 57.69 44.43 10.31 3.63 Premium / (Discount) to Index price $ (0.03 ) (12.58 ) 3.23 1.07 0.84 All-in cash expense, which includes lease operating, gathering, compression, processing and transportation and production and ad valorem taxes was $2.45 per Mcfe in the fourth quarter, as compared to $2.32 per Mcfe during the fourth quarter of 2023. The increase was due primarily to higher gathering, compression and processing costs related to CPI-based adjustments in 2024 and an increase in ad valorem taxes that is based on higher commodity prices in 2022. Net marketing expense was $0.06 per Mcfe in the fourth quarter, compared to $0.05 per Mcfe during the fourth quarter of 2023. 3 Free Cash Flow During the fourth quarter of 2024, Free Cash Flow was $159 million. Three Months Ended December 31, 2023 2024 Net cash provided by operating activities $ 312,175 278,002 Less: Capital expenditures (1) (219,817 ) (128,315 ) Less: Distributions to non-controlling interests in Martica (24,578 ) (15,651 ) Free Cash Flow $ 67,780 134,036 Changes in Working Capital (2) 29,203 24,845 Free Cash Flow before Changes in Working Capital $ 96,983 158,881 (1) Capital expenditures includes additions to unproved properties, drilling and completion costs and additions to other property and equipment. (2) Working capital adjustments include changes in current assets and liabilities and changes in accounts payable and accrued liabilities for additions to property and equipment. Fourth Quarter 2024 Operating Results · Antero placed 5 horizontal Marcellus wells to sales during the fourth quarter with an average lateral length of 17,950 feet · These wells have been on line for approximately 60 days with an average rate per well of 34 MMcfe/d, including 1,650 Bbl/d of liquids per well assuming 25% ethane recovery Fourth Quarter 2024 Capital Investment Antero’s drilling and completion capital expenditures for the three months ended December 31, 2024, were $120 million. In addition to capital invested in drilling and completion activities, the Company invested $22 million in land during the fourth quarter. During the quarter, Antero added approximately 4,200 net acres, representing 15 incremental drilling locations at an average cost of approximately $950,000 per location. During 2024, Antero added 59 locations at an average cost of approximately $900,000 per location. These additions more than offset the wells Antero turned-to-sales during the year. Year End Proved Reserves At December 31, 2024, Antero’s estimated proved reserves were 17.9 Tcfe, flat from the prior year before sales of reserves in place. Estimated proved reserves were comprised of 59% natural gas, 40% NGLs and 1% oil. Estimated proved developed reserves were 13.7 Tcfe, flat from the prior year. The percentage of estimated proved reserves classified as proved developed increased to 77% at year end 2024. At year end 2024, Antero’s five year development plan included 289 gross PUD locations. Antero's proved undeveloped locations have an average estimated BTU of 1259, with an average lateral length of 13,800 feet. Antero's 4.2 Tcfe of estimated proved undeveloped reserves will require an estimated $1.8 billion of future development capital over the next five years, resulting in an estimated average future development cost for proved undeveloped reserves of $0.44 per Mcfe. The following table presents a summary of changes in estimated proved reserves (in Tcfe). Proved reserves, December 31, 2023 18.1 Extensions, discoveries and other additions 0.8 Revisions of previous estimates 0.3 Revisions to five-year development plan 0.2 Price revisions (0.1 ) Sales of reserves in place (0.2 ) Production (1.2 ) Proved reserves, December 31, 2024 17.9 Conference Call A conference call is scheduled on Thursday, February 13, 2025 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference “Antero Resources.” A telephone replay of the call will be available until Thursday, February 20, 2025 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13750392. To access the live webcast and view the related earnings conference call presentation, visit Antero's website at www.anteroresources.com. The webcast will be archived for replay until Thursday, February 20, 2025 at 9:00 am MT. 4 Presentation An updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteroresources.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release. Non-GAAP Financial Measures Adjusted Net Income (Loss) Adjusted Net Income as set forth in this release represents net income, adjusted for certain items. Antero believes that Adjusted Net Income is useful to investors in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Adjusted Net Income is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for net income (loss) as an indicator of financial performance. The GAAP measure most directly comparable to Adjusted Net Income is net income. The following table reconciles net income to Adjusted Net Income (in thousands): Three Months Ended December 31, 2023 2024 Net income and comprehensive income attributable to Antero Resources Corporation $ 81,839 149,649 Net income and comprehensive income attributable to noncontrolling interests 21,169 9,164 Unrealized commodity derivative (gains) losses (37,272 ) 20,122 Amortization of deferred revenue, VPP (7,700 ) (6,812 ) Loss on sale of assets — 1,989 Impairment of property and equipment 6,556 28,475 Equity-based compensation 14,531 17,169 Loss on convertible note inducement 288 — Equity in earnings of unconsolidated affiliate (23,966 ) (23,925 ) Contract termination, loss contingency and settlements 4,956 937 Tax effect of reconciling items (1) 9,538 (8,257 ) 69,939 188,511 Martica adjustments (2) (11,473 ) (7,858 ) Adjusted Net Income $ 58,466 180,653 Diluted Weighted Average Common Shares Outstanding (3) 311,956 314,165 (1) Deferred taxes were approximately 22% for 2023 and 2024, respectively. (2) Adjustments reflect noncontrolling interest in Martica not otherwise adjusted in amounts above. (3) Diluted weighted average shares outstanding does not include securities that would have had an anti-dilutive effect on the computation of diluted earnings per share. Anti-dilutive weighted average shares outstanding for the three months ended December 31, 2023 and 2024 were 0.7 million and 0.3 million, respectively. Net Debt Net Debt is calculated as total long-term debt less cash and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its debt obligations. The following table reconciles consolidated total long-term debt to Net Debt as used in this release (in thousands): December 31, December 31, 2023 2024 Credit Facility $ 417,200 393,200 8.375% senior notes due 2026 96,870 96,870 7.625% senior notes due 2029 407,115 407,115 5.375% senior notes due 2030 600,000 600,000 4.250% convertible senior notes due 2026 26,386 — Unamortized debt issuance costs (9,975 ) (7,955 ) Total long-term debt $ 1,537,596 1,489,230 Less: Cash and cash equivalents — — Net Debt $ 1,537,596 1,489,230 5 Free Cash Flow Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow or as a measure of liquidity. The Company defines Free Cash Flow as net cash provided by operating activities, less capital expenditures, which includes additions to unproved properties, drilling and completion costs and additions to other property and equipment, less net derivative monetizations and distributions to non-controlling interests in Martica. The Company has not provided projected net cash provided by operating activities or a reconciliation of Free Cash Flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts. Free Cash Flow is a useful indicator of the Company’s ability to internally fund its activities, service or incur additional debt and estimate our ability to return capital to shareholders. There are significant limitations to using Free Cash Flow as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company’s net income, the lack of comparability of results of operations of different companies and the different methods of calculating Free Cash Flow reported by different companies. Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations. Adjusted EBITDAX Adjusted EBITDAX is a non-GAAP financial measure that we define as net income, adjusted for certain items detailed below. Adjusted EBITDAX as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. Adjusted EBITDAX should not be considered in isolation or as a substitute for operating income or loss, net income or loss, cash flows provided by operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. Adjusted EBITDAX provides no information regarding our capital structure, borrowings, interest costs, capital expenditures, working capital movement, or tax position. Adjusted EBITDAX does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations. However, our management team believes Adjusted EBITDAX is useful to an investor in evaluating our financial performance because this measure: · is widely used by investors in the oil and natural gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially from company to company depending upon accounting methods and the book value of assets, capital structure and the method by which assets were acquired, among other factors; · helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital and legal structure from our operating structure; · is used by our management team for various purposes, including as a measure of our operating performance, in presentations to our Board of Directors, and as a basis for strategic planning and forecasting: and · is used by our Board of Directors as a performance measure in determining executive compensation. There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies. The GAAP measures most directly comparable to Adjusted EBITDAX are net income and net cash provided by operating activities. The following table represents a reconciliation of Antero’s net income, including noncontrolling interest, to Adjusted EBITDAX and a reconciliation of Antero’s Adjusted EBITDAX to net cash provided by operating activities per our condensed consolidated statements of cash flows, in each case, for the three months and years ended December 31, 2023 and 2024 (in thousands). Adjusted EBITDAX also excludes the noncontrolling interests in Martica, and these adjustments are disclosed in the table below as Martica related adjustments. 6 Three Months Ended Year Ended December 31, December 31, 2023 2024 2023 2024 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 81,839 149,649 198,404 57,226 Net income and comprehensive income attributable to noncontrolling interests 21,169 9,164 98,925 36,471 Unrealized commodity derivative (gains) losses (37,272 ) 20,122 (394,046 ) 9,423 Payments for derivative monetizations — — 202,339 — Amortization of deferred revenue, VPP (7,700 ) (6,812 ) (30,552 ) (27,101 ) Gain (loss) on sale of assets — 1,989 (447 ) 862 Interest expense, net 32,608 27,061 117,870 118,207 Loss on early extinguishment of debt — — — 528 Loss on convertible note inducements 288 — 374 — Income tax expense (benefit) 26,390 (104,170 ) 63,626 (118,185 ) Depletion, depreciation, amortization and accretion 191,508 194,899 750,093 765,827 Impairment of property and equipment 6,556 28,475 51,302 47,433 Exploration expense 603 702 2,691 2,618 Equity-based compensation expense 14,531 17,169 59,519 66,462 Equity in earnings of unconsolidated affiliate (23,966 ) (23,925 ) (82,952 ) (93,787 ) Dividends from unconsolidated affiliate 31,284 31,314 125,138 125,197 Contract termination, loss contingency, transaction expense and other 4,981 1,404 55,491 4,933 342,819 347,041 1,217,775 996,114 Martica related adjustments (1) (20,373 ) (15,105 ) (97,257 ) (63,789 ) Adjusted EBITDAX $ 322,446 331,936 1,120,518 932,325 Reconciliation of our Adjusted EBITDAX to net cash provided by operating activities: Adjusted EBITDAX $ 322,446 331,936 1,120,518 932,325 Martica related adjustments (1) 20,373 15,105 97,257 63,789 Interest expense, net (32,608 ) (27,061 ) (117,870 ) (118,207 ) Amortization of debt issuance costs and other (337 ) 520 2,264 2,420 Exploration expense (603 ) (702 ) (2,691 ) (2,618 ) Changes in current assets and liabilities 9,259 (39,944 ) 143,278 (24,806 ) Contract termination, loss contingency, settlements, transaction expense and other (4,782 ) (1,203 ) (43,391 ) 411 Payments for derivative monetizations — — (202,339 ) — Other items (1,573 ) (649 ) (2,305 ) (4,026 ) Net cash provided by operating activities $ 312,175 278,002 994,721 849,288 (1) Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above. Drilling and Completion Capital Expenditures For a reconciliation between cash paid for drilling and completion capital expenditures and drilling and completion accrued capital expenditures during the period, please see the capital expenditures section below (in thousands): Three Months Ended December 31, 2023 2024 Drilling and completion costs (cash basis) $ 204,494 105,552 Change in accrued capital costs (40,265 ) 14,912 Adjusted drilling and completion costs (accrual basis) $ 164,229 120,464 7 Notwithstanding their use for comparative purposes, the Company’s non-GAAP financial measures may not be comparable to similarly titled measures employed by other companies. Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia and Ohio. In conjunction with its affiliate, Antero Midstream Corporation (NYSE: AM), Antero is one of the most integrated natural gas producers in the U.S. The Company’s website is located at www.anteroresources.com . This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources’ control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, estimated realized natural gas, NGL and oil prices, anticipated reductions in letters of credit and interest expense, prospects, plans and objectives of management, return of capital, expected results, impacts of geopolitical and world health events, future commodity prices, future production targets, including those related to certain levels of production, future earnings, leverage targets and debt repayment, future capital spending plans, improved and/or increasing capital efficiency, expected drilling and development plans, projected well costs and cost savings initiatives, operations of Antero Midstream, future financial position, the participation level of our drilling partner and the financial and production results to be achieved as a result of that drilling partnership, the other key assumptions underlying our projections, and future marketing opportunities, 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 release. Although Antero Resources 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, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements. Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond the Antero Resources’ control. These risks include, but are not limited to, commodity price volatility, inflation, supply chain or other disruption, availability and cost of drilling, completion and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes or changes in law, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical and world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading " Risk Factors" in Antero Resources’ Annual Report on Form 10-K for the year ended December 31, 2024. For more information, contact Daniel Katzenberg, Director - Finance and Investor Relations of Antero Resources at (303) 357-7219 or dkatzenberg@anteroresources.com. 8 ANTERO RESOURCES CORPORATION Consolidated Balance Sheets (In thousands, except per share amounts) December 31, 2023 2024 Assets Current assets: Accounts receivable $ 42,619 34,413 Accrued revenue 400,805 453,613 Derivative instruments 5,175 1,050 Prepaid expenses 12,901 12,423 Other current assets 14,192 6,047 Total current assets 475,692 507,546 Property and equipment: Oil and gas properties, at cost (successful efforts method): Unproved properties 974,642 879,483 Proved properties 13,908,804 14,395,680 Gathering systems and facilities 5,802 5,802 Other property and equipment 98,668 105,871 14,987,916 15,386,836 Less accumulated depletion, depreciation and amortization (5,165,449 ) (5,699,286 ) Property and equipment, net 9,822,467 9,687,550 Operating leases right-of-use assets 2,965,880 2,549,398 Derivative instruments 5,570 1,296 Investment in unconsolidated affiliate 222,255 231,048 Other assets 25,375 33,212 Total assets $ 13,517,239 13,010,050 Liabilities and Equity Current liabilities: Accounts payable $ 38,993 62,213 Accounts payable, related parties 86,284 111,066 Accrued liabilities 381,340 402,591 Revenue distributions payable 361,782 315,932 Derivative instruments 15,236 31,792 Short-term lease liabilities 540,060 493,894 Deferred revenue, VPP 27,101 25,264 Other current liabilities 1,295 3,175 Total current liabilities 1,452,091 1,445,927 Long-term liabilities: Long-term debt 1,537,596 1,489,230 Deferred income tax liability, net 811,981 693,341 Derivative instruments 32,764 17,233 Long-term lease liabilities 2,428,450 2,050,337 Deferred revenue, VPP 60,712 35,448 Other liabilities 59,431 62,001 Total liabilities 6,383,025 5,793,517 Commitments and contingencies Equity: Stockholders' equity: Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued — — Common stock, $0.01 par value; authorized - 1,000,000 shares; 303,544 and 311,165 shares issued and outstanding as of December 31, 2023 and December 31, 2024, respectively 3,035 3,111 Additional paid-in capital 5,846,541 5,909,373 Retained earnings 1,051,940 1,109,166 Total stockholders' equity 6,901,516 7,021,650 Noncontrolling interests 232,698 194,883 Total equity 7,134,214 7,216,533 Total liabilities and equity $ 13,517,239 13,010,050 9 ANTERO RESOURCES CORPORATION Condensed Consolidated Statements of Operations and Comprehensive Income (In thousands, except per share amounts) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2023 2024 2023 2024 Revenue and other: Natural gas sales $ 570,690 543,794 2,192,349 1,818,297 Natural gas liquids sales 461,212 555,722 1,836,950 2,066,975 Oil sales 74,744 49,128 247,146 230,027 Commodity derivative fair value gains (losses) 28,400 (21,498 ) 166,324 731 Marketing 50,732 33,971 206,122 179,069 Amortization of deferred revenue, VPP 7,700 6,812 30,552 27,101 Other revenue and income 665 822 2,529 3,396 Total revenue 1,194,143 1,168,751 4,681,972 4,325,596 Operating expenses: Lease operating 26,888 30,216 118,441 118,693 Gathering, compression, processing and transportation 661,325 682,024 2,642,358 2,702,930 Production and ad valorem taxes 41,163 60,147 158,855 207,671 Marketing 67,887 52,142 284,965 244,906 Exploration and mine expenses 603 702 2,700 2,618 General and administrative (including equity-based compensation expense) 54,929 59,421 224,516 229,338 Depletion, depreciation and amortization 191,235 193,694 746,849 762,068 Impairment of property and equipment 6,556 28,475 51,302 47,433 Accretion of asset retirement obligations 273 1,205 3,244 3,759 Contract termination, loss contingency and settlements 4,956 937 52,606 4,468 Loss (gain) on sale of assets — 1,989 (447 ) 862 Other operating expense — 20 336 390 Total operating expenses 1,055,815 1,110,972 4,285,725 4,325,136 Operating income 138,328 57,779 396,247 460 Other income (expense): Interest expense, net (32,608 ) (27,061 ) (117,870 ) (118,207 ) Equity in earnings of unconsolidated affiliate 23,966 23,925 82,952 93,787 Loss on early extinguishment of debt — — — (528 ) Loss on convertible note inducements (288 ) — (374 ) — Total other expense (8,930 ) (3,136 ) (35,292 ) (24,948 ) Income before income taxes 129,398 54,643 360,955 (24,488 ) Income tax benefit (expense) (26,390 ) 104,170 (63,626 ) 118,185 Net income and comprehensive income including noncontrolling interests 103,008 158,813 297,329 93,697 Less: net income and comprehensive income attributable to noncontrolling interests 21,169 9,164 98,925 36,471 Net income and comprehensive income attributable to Antero Resources Corporation $ 81,839 149,649 198,404 57,226 Net income per common share—basic $ 0.27 0.48 0.66 0.18 Net income per common share—diluted $ 0.26 0.48 0.64 0.18 Weighted average number of common shares outstanding: Basic 301,825 311,145 299,793 309,489 Diluted 311,956 314,165 311,597 313,414 10 ANTERO RESOURCES CORPORATION Consolidated Statements of Cash Flows (In thousands) Year Ended December 31, 2022 2023 2024 Cash flows provided by (used in) operating activities: Net income including noncontrolling interests $ 1,998,837 297,329 93,697 Adjustments to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization and accretion 719,790 750,093 765,827 Impairments 149,731 51,302 47,433 Commodity derivative fair value losses (gains) 1,615,836 (166,324 ) (731 ) Settled commodity derivative gains (losses) (1,911,065 ) (25,383 ) 10,154 Payments for derivative monetizations — (202,339 ) — Deferred income tax expense (benefit) 440,417 62,039 (118,640 ) Equity-based compensation expense 35,443 59,519 66,462 Equity in earnings of unconsolidated affiliate (72,327 ) (82,952 ) (93,787 ) Dividends of earnings from unconsolidated affiliate 125,138 125,138 125,197 Amortization of deferred revenue (37,603 ) (30,552 ) (27,101 ) Amortization of debt issuance costs and other 4,336 2,264 2,420 Settlement of asset retirement obligations (1,050 ) (718 ) (3,571 ) Contract termination, loss contingency and settlements — 12,100 5,344 Loss (gain) on sale of assets 471 (447 ) 862 Loss on early extinguishment of debt 46,027 — 528 Loss on convertible note inducements 169 374 — Changes in current assets and liabilities: Accounts receivable 43,510 7,550 25,410 Accrued revenue (116,243 ) 306,880 (52,808 ) Prepaid expenses and other current assets (27,530 ) 14,890 8,680 Accounts payable including related parties 32,374 (16,837 ) 35,301 Accrued liabilities (5,620 ) (62,419 ) 1,280 Revenue distributions payable 23,337 (106,429 ) (45,849 ) Other current liabilities (12,636 ) (357 ) 3,180 Net cash provided by operating activities 3,051,342 994,721 849,288 Cash flows provided by (used in) investing activities: Additions to unproved properties (149,009 ) (151,135 ) (90,995 ) Drilling and completion costs (780,649 ) (964,346 ) (614,855 ) Additions to other property and equipment (14,313 ) (16,382 ) (10,929 ) Proceeds from asset sales 2,747 447 9,499 Change in other assets (2,388 ) (9,351 ) (6,873 ) Net cash used in investing activities (943,612 ) (1,140,767 ) (714,153 ) Cash flows provided by (used in) financing activities: Repurchases of common stock (873,744 ) (75,355 ) — Repayment of senior notes (1,027,559 ) — — Borrowings on Credit Facility 6,308,900 4,501,400 4,130,900 Repayments on Credit Facility (6,274,100 ) (4,119,000 ) (4,154,900 ) Payment of debt issuance costs (814 ) (605 ) (6,138 ) Distributions to noncontrolling interests (173,537 ) (128,823 ) (74,286 ) Employee tax withholding for settlement of equity-based compensation awards (66,132 ) (30,367 ) (29,605 ) Convertible note inducements (169 ) (374 ) — Other (575 ) (830 ) (1,106 ) Net cash provided by (used in) financing activities (2,107,730 ) 146,046 (135,135 ) Net increase in cash and cash equivalents — — — Cash and cash equivalents, beginning of period — — — Cash and cash equivalents, end of period $ — — — Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 155,006 113,910 120,058 Increase (decrease) in accounts payable and accrued liabilities for additions to property and equipment $ 38,035 (60,762 ) 10,525 11 The following table sets forth selected financial data for the three months ended December 31, 2023 and 2024: (Unaudited) Three Months Ended Amount of December 31, Increase Percent 2023 2024 (Decrease) Change Revenue: Natural gas sales $ 570,690 543,794 (26,896 ) (5 )% Natural gas liquids sales 461,212 555,722 94,510 20 % Oil sales 74,744 49,128 (25,616 ) (34 )% Commodity derivative fair value gains (losses) 28,400 (21,498 ) (49,898 ) * Marketing 50,732 33,971 (16,761 ) (33 )% Amortization of deferred revenue, VPP 7,700 6,812 (888 ) (12 )% Other revenue and income 665 822 157 24 % Total revenue 1,194,143 1,168,751 (25,392 ) (2 )% Operating expenses: Lease operating 26,888 30,216 3,328 12 % Gathering and compression 217,732 225,267 7,535 3 % Processing 249,880 267,538 17,658 7 % Transportation 193,713 189,219 (4,494 ) (2 )% Production and ad valorem taxes 41,163 60,147 18,984 46 % Marketing 67,887 52,142 (15,745 ) (23 )% Exploration 603 702 99 16 % General and administrative (excluding equity-based compensation) 40,398 42,252 1,854 5 % Equity-based compensation 14,531 17,169 2,638 18 % Depletion, depreciation and amortization 191,235 193,694 2,459 1 % Impairment of property and equipment 6,556 28,475 21,919 334 % Accretion of asset retirement obligations 273 1,205 932 341 % Contract termination and loss contingency 4,956 937 (4,019 ) (81 )% Loss on sale of assets — 1,989 1,989 * Other operating expense — 20 20 * Total operating expenses 1,055,815 1,110,972 55,157 5 % Operating income 138,328 57,779 (80,549 ) (58 )% Other earnings (expenses): Interest expense, net (32,608 ) (27,061 ) 5,547 (17 )% Equity in earnings of unconsolidated affiliate 23,966 23,925 (41 ) * Loss on convertible note inducement (288 ) — 288 * Total other expense (8,930 ) (3,136 ) 5,794 (65 )% Income before income taxes 129,398 54,643 (74,755 ) (58 )% Income tax (expense) benefit (26,390 ) 104,170 130,560 * Net income and comprehensive income including noncontrolling interests 103,008 158,813 55,805 54 % Less: net income and comprehensive income attributable to noncontrolling interests 21,169 9,164 (12,005 ) (57 )% Net income and comprehensive income attributable to Antero Resources Corporation $ 81,839 149,649 67,810 83 % Adjusted EBITDAX $ 322,446 331,936 9,490 3 % * Not meaningful 12 The following table sets forth selected financial data for the three months ended December 31, 2023 and 2024: (Unaudited) Three Months Ended Amount of December 31, Increase Percent 2023 2024 (Decrease) Change Production data (1) (2) : Natural gas (Bcf) 210 196 (14 ) (7 )% C2 Ethane (MBbl) 5,406 8,518 3,112 58 % C3+ NGLs (MBbl) 10,918 10,563 (355 ) (3 )% Oil (MBbl) 1,154 850 (304 ) (26 )% Combined (Bcfe) 315 316 1 * Daily combined production (MMcfe/d) 3,420 3,431 11 * Average prices before effects of derivative settlements (3) : Natural gas (per Mcf) $ 2.72 2.77 0.05 2 % C2 Ethane (per Bbl) (4) $ 9.13 10.31 1.18 13 % C3+ NGLs (per Bbl) $ 37.72 44.29 6.57 17 % Oil (per Bbl) $ 64.77 57.80 (6.97 ) (11 )% Weighted Average Combined (per Mcfe) $ 3.52 3.64 0.12 3 % Average realized prices after effects of derivative settlements (3) : Natural gas (per Mcf) $ 2.68 2.76 0.08 3 % C2 Ethane (per Bbl) (4) $ 9.13 10.31 1.18 13 % C3+ NGLs (per Bbl) $ 37.68 44.43 6.75 18 % Oil (per Bbl) $ 64.58 57.69 (6.89 ) (11 )% Weighted Average Combined (per Mcfe) $ 3.49 3.63 0.14 4 % Average costs (per Mcfe): Lease operating $ 0.09 0.10 0.01 11 % Gathering and compression $ 0.69 0.71 0.02 3 % Processing $ 0.79 0.85 0.06 8 % Transportation $ 0.62 0.60 (0.02 ) (3 )% Production and ad valorem taxes $ 0.13 0.19 0.06 46 % Marketing expense, net $ 0.05 0.06 0.01 20 % General and administrative (excluding equity-based compensation) $ 0.13 0.13 — * Depletion, depreciation, amortization and accretion $ 0.61 0.62 0.01 2 % * Not meaningful (1) Production data excludes volumes related to VPP transaction. (2) Oil and NGLs production was converted at 6 Mcf per Bbl to calculate total Bcfe production and per Mcfe amounts. This ratio is an estimate of the equivalent energy content of the products and may not reflect their relative economic value. (3) Average sales prices shown in the table reflect both the before and after effects of the Company’s settled commodity derivatives. The calculation of such after effects includes gains on settlements of commodity derivatives, which do not qualify for hedge accounting because the Company does not designate or document them as hedges for accounting purposes. Oil and NGLs production was converted at 6 Mcf per Bbl to calculate total Bcfe production and per Mcfe amounts. This ratio is an estimate of the equivalent energy content of the products and does not necessarily reflect their relative economic value. (4) The average realized price for the three months ended December 31, 2023 includes $2 million of proceeds related to a take-or-pay contract. Excluding the effect of these proceeds, the average realized price for ethane before the effects of derivatives for the three months ended December 31, 2023 would have been $8.78 per Bbl. 13

the item shown at left

other guidance in this release

Text is the filed exhibit, verbatim.