Antero Resources — Jul 30, 2025 release

Going forward, we plan to actively manage our return of capital strategy, continuing to use buybacks opportunistically, while maintaining our focus on further debt reduction.”   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 Update   Antero is increasing its full year 2025 production guidance to 3.4 to 3.45 Bcfe/d. The higher than expected volumes are driven by stronger well performance. Antero is decreasing its full year 2025 drilling and completion capital budget to $650 to $675 million. The lower expected spend is a result of continued capital efficiency gains.   Antero is updating its full year C3+ NGL realized price guidance to a premium of $1.00 to $2.00 per barrel to reflect second quarter 2025 actuals. Antero still expects the company’s C3+ NGL pricing premium to average $1.50 to $2.50 per barrel during the second half of 2025.       Full Year 2025       Revised   Full Year 2025 Guidance   Low     High   Net Daily Natural Gas Equivalent Production (Bcfe/d)     3.4       3.45   Drilling and Completion Capital Budget ($MM)   $ 650     $ 675   C3+ NGL Realized Price Premium vs Mont Belvieu ($/Bbl)   $ 1.00     $ 2.00     Note: Any 2025 guidance items not discussed in this release are unchanged from previously stated guidance.   Free Cash Flow   During the second quarter of 2025, Free Cash Flow was $262 million.       Three Months Ended June 30,       2024     2025   Net cash provided by operating activities   $ 143,499       492,358   Less: Capital expenditures     (192,385 )     (208,409 ) Less: Distributions to non-controlling interests in Mar