Antero Resources — Oct 29, 2025 release

      4Q25   Fourth Quarter 2025 Guidance     Low       High   Net Daily Natural Gas Equivalent Production (Bcfe/d)     3.5       3.525   C3+ NGL Realized Price Premium vs. Mont Belvieu ($/Bbl)   $ 1.25     $ 1.75   Land Capital Expenditures ($MM)   $ 25     $ 50           Full Year 2025       Revised   Full Year 2025 Guidance Updates   Low     High   Land Capital Budget ($MM)   $ 125     $ 150   C3+ NGL Realized Price Premium vs. Mont Belvieu ($/Bbl)   $ 0.75     $ 1.00     Note: Any 2025 guidance items not discussed in this release are unchanged from previously stated guidance.   Free Cash Flow   During the third quarter of 2025, Free Cash Flow was $91 million.       Three Months Ended September 30,       2024     2025   Net cash provided by operating activities   $ 166,177       310,090   Less: Capital expenditures     (173,630 )     (202,659 ) Less: Distributions to non-controlling interests in Martica     (15,736 )     (16,525 ) Free Cash Flow   $ (23,189 )     90,906   Changes in Working Capital (1)     12,222       (21,311 ) Free Cash Flow before Changes in Working Capital   $ (10,967 )     69,595     (1) Working capital adjustments in the third quarter of 2024 includes $11 million in net decreases in current assets and liabilities and $1 million in net decreases in accounts pay