Antero Resources (AR) Investor presentation summary

Strategic evolution and operational focus

• Transitioned from asset acquisition and infrastructure build-out (2010–2015) to production growth (2015–2025), now entering an optimization phase focused on margin enhancement and cost reduction.

• Consolidating core Marcellus Shale acreage and maintaining a balance between liquids and dry gas development to enhance margins.

• Targeting a material decrease in cash costs and a significant increase in EBITDAX margins by 2028.

Financial performance and cost structure

• Aims to reduce cash costs by over $0.70/Mcfe (more than 25%) by year-end 2028, reaching $2.00/Mcfe.

• Projecting EBITDAX and free cash flow expansion of approximately $300 million annually by 2028.

• Achieving cost reductions through integration of acquisitions, optimization of firm transport, and expiration of legacy commitments.

• Annual midstream and transportation commitments expected to decline by over $800 million from 2025 to 2030.

Margin enhancement and peer comparison

• Targeting EBITDAX margin improvement of $0.35/Mcfe by 2028, driven by cost reductions and improved price realizations.

• Expected to outperform peers with a 25% reduction in cash costs from 2025 to 2028, compared to flat or modest reductions by competitors.