Antero Resources (AR) Corporate presentation summary

Benchmark NGL and natural gas pricing

• Weekly benchmark pricing estimates for C3+ NGL barrels are provided, with 2026 guidance volumes at 125,000 bbl/d and a global weighted average price of $41.34/Bbl for international sales and $53.49/Bbl for domestic sales.

• Historical C3+ NGL prices show significant volatility, with 2026 estimated at $40.87/Bbl and recent quarters ranging from $34.16/Bbl to $48.32/Bbl.

• Price sensitivity analysis indicates a $5/Bbl change in C3+ NGL price could impact annual revenue by $228 million, based on 125,000 bbl/d.

• Natural gas pricing for 2026 is indexed to FOM futures, with realized prices varying by region and quarter, and a 2026 guidance premium to NYMEX of $0.10–$0.20/MMBtu.

• International NGL sales are split evenly between Europe (ARA) and Asia (FEI), with shipping rates and pricing assumptions detailed in the appendix.

Key pricing assumptions and definitions

• Benchmark prices are based on ICE futures and regional indices, with shipping costs estimated using the Baltic LPG Index and broker data.

• Definitions for key terms such as ARA, FEI, CIF, CFR, and FOM are provided to clarify pricing benchmarks and shipping methodologies.

• Propane and butane conversions are specified for accurate volume and pricing calculations.

• Actual realized prices may differ from benchmarks due to timing, allocation, and operational factors.

• Legal disclaimers highlight risks related to commodity price volatility, supply chain, regulation, and geopolitical events.