Antero Resources — Apr 30, 2025 release

Working capital adjustments in the first quarter of 2025 includes $82 million in net decreases in current assets and liabilities and $19 million in net decreases in accounts payable and accrued liabilities for additions to property and equipment.   Share Repurchase Program   From January 1 st , 2025 to April 30 th , 2025 Antero purchased 2.7 million shares at an average weighted price of $34.18 per share, or an aggregate $92 million. Antero has approximately $1 billion of capacity remaining on its current share repurchase program.   Debt Reduction   As of March 31, 2025 Antero’s total debt was $1.29 billion. Net Debt to trailing twelve month Adjusted EBITDAX was 1.1x. During the quarter, Antero reduced total debt by $204 million.   LPG Firm Sales Contracts   Antero entered into sales agreements for approximately 90% of its LPG export volumes for 2025 at a double-digit per cent per gallon premium to Mont Belvieu pricing. These locked-in firm sales do not have cancellation rights. As a result of these firm sales, the Company continues to expect full year 2025 C3+ NGL prices to average a premium to Mont Belvieu pricing in the range of $1.50 to $2.50 per barrel.   Lean Gas Hedge Program   Antero added new natural gas collars for 2026 with the amounts tied to the expected volumes from its lean gas (approximately 1200 BTU or less) pads planned through the end of 2026. Antero’s portfolio includes lean gas development in its capital budget for high gas deliverability and midstream infrastructure availability. These wide collars lock in attractive rates of returns with a floor price of $3.07 per MMBtu with a ceiling of