Antero Resources — Oct 29, 2025 release

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 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