Antero Resources — Oct 29, 2025 release

  Swaps   Natural Gas MMBtu/d     Weighted Average Index Price ($/MMBtu)     % of Estimated Natural Gas Production (1)   4Q 2025 NYMEX Henry Hub Swap     646,087     $ 3.70       26 %                           2026 NYMEX Henry Hub Swap     600,000     $ 3.82       24 % 2027 NYMEX Henry Hub Swap     100,000     $ 3.93       4 %             Weighted Average Index         Collars   Natural Gas (MMBtu/d)     Floor Price ($/MMBtu)     Ceiling Price ($/MMBtu)     % of Estimated Natural Gas Production (1)   2026 NYMEX Henry Hub Costless Collars     500,000     $ 3.22     $ 5.83       20 %   (1) Based on the midpoint of Fourth Quarter 2025 production guidance (including BTU upgrade)   2     Fourth Quarter and Full Year 2025 Guidance Update   Antero expects fourth quarter 2025 production to increase to a range of 3.5 to 3.525 Bcfe/d, with the increase reflecting the acquisitions. Full year 2025 production is now expected to be at the high end of the 3.4 to 3.45 Bcfe/d range. The company is targeting this updated range as the new maintenance production level. Antero is increasing its full year 2025 land capital budget to $125 to $150 million to reflect expanded leasing in its core liquids rich Marcellus Fairway, with the fourth quarter 2025 expected to be in the range of $25 to $50 million. Antero is also revising its full year 2025 C3+ NGL realized price premium to Mont Belvieu to $0.75 to $1.00 per barrel. This premium during the fourth quarter of 2025 is expected at a range of $1.25 to $1.75 per barrel.       4Q25   Fourth Quarter 2025 Guidance     Low       High   Net Daily Natural Gas Equivalent Production (Bcfe/d)     3.5       3.525   C3+ NGL Realized Price Premium vs. Mont Belvieu ($/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 Pr