Antero Resources — Feb 12, 2025 release

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)