Antero Resources — Feb 12, 2025 release

  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 att