Antero Resources — Feb 12, 2025 release

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 th