Antero Resources — Apr 30, 2025 release

This contracted pricing is expected to deliver an approximate $2.00 per barrel premium to Mont Belvieu in 2025.”   Michael Kennedy, CFO of Antero Resources said, “Our ability to capture premium prices along with our best-in-class capital efficiency results in an attractive Free Cash Flow outlook. This outlook combined with our low debt levels allowed us to be opportunistic in our share repurchase program, starting it earlier than our previous forecast.”   Mr. Kennedy continued, “In addition, we reduced debt by over $200 million during the quarter. Looking ahead, we plan to actively manage our share repurchase program, accelerating buybacks when there are market opportunities. This plan also maintains our focus on further debt reduction as we are targeting an undrawn credit facility.”   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     Free Cash Flow   During the first quarter of 2025, Free Cash Flow was $337 million.       Three Months Ended March 31,       2024     2025   Net cash provided by operating activities   $ 261,610       457,739   Less: Capital expenditures     (222,449 )     (206,145 ) Less: Distributions to non-controlling interests in Martica     (23,617 )     (15,969 ) Free Cash Flow   $ 15,544       235,625   Changes in Working Capital (1)     (11,086 )     101,019   Free Cash Flow before Changes in Working Capital   $ 4,458       336,644     (1) Working capital adjustments in the first quarter of 2024 includes $14 million in net increases in current assets and liabilities and $3 million in net decreases in accounts payable and accrued liabilities for additions to property and equipment. Working capi