Antero Resources — Feb 11, 2026 release

  Fourth Quarter 2025 Highlights: · Net production averaged 3.5 Bcfe/d, 2% increase from the year ago period · Realized a pre-hedge natural gas equivalent price of $3.97 per Mcfe, a $0.42 per Mcfe premium to NYMEX · Realized a pre-hedge C3+ NGL price of $35.41 per barrel, a $1.52 per barrel premium to Mont Belvieu · Net income was $194 million and Adjusted Net Income was $133 million (Non-GAAP) · Adjusted EBITDAX was $422 million (Non-GAAP); net cash provided by operating activities was $371 million · Adjusted Free Cash Flow before changes in working capital was $204 million (Non-GAAP) · Achieved a company record averaging 16.1 stages per day over an entire pad   2026 Guidance Highlights: · Closed previously announced HG acquisition in early February · Production expected to average 4.1 Bcfe/d on $1 billion of D&C capital, including $900 million of maintenance capital and $100 million associated with not entering into a drilling joint venture in 2026 o The $100 million of incremental capital is expected to increase 2027 production to 4.3 Bcfe/d · In addition to the $1.0 billion, depending on commodity prices, Antero could invest up to $200 million of discretionary growth capital, which could increase production up to 4.5 Bcfe/d in 2027   Michael Kennedy, CEO and President of Antero Resources commented, “2025 was a pivotal year for Antero as we took significant steps in increasing our production and drilling inventory. During the year we completed a transaction to acquire higher working interest in our wells, followed by the largest acquisition in our company’s history, acquiring our West Virginia peer, HG Energy. The recent closing of the HG Energy acquisition was ahead of schedule and will increase our scale and dry gas exposure. This larger production base and inventory positions Antero to capture the significant demand opportunities that are expected from LNG exports, data centers and natural gas fired power plants.”   Mr. Kennedy continued, “Our 2026 budget highlights these transformational changes as our production base increases from 3.4 Bcfe/d in 2025 to more than 4.2 Bcfe/d by year end 2026. We intend to run 3 drilling rigs and 2 completion crews, which provides us with the optionality to grow ou