Antero Resources Announces First Quarter 2026 Financial and Operating Results

Antero Resources Announces First Quarter 2026 Financial and Operating Results Denver, Colorado, April 29, 2026—Antero Resources Corporation (NYSE: AR) (“Antero Resources,” “Antero,” or the “Company”) today announced its first quarter 2026 financial and operating results. The relevant consolidated financial statements are included in Antero Resources’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Highlights: · Net production averaged a company record 3.9 Bcfe/d, an increase of 13% from the year ago period o Natural gas production averaged 2.6 Bcf/d, an increase of 21% from the year ago period o Liquids production averaged 206 MBbl/d, in line with the year ago period · Realized a pre-hedge natural gas price of $5.57 per Mcf, a $0.53 per Mcf premium to NYMEX · Realized a pre-hedge C3+ NGL price of $37.83 per barrel, a $0.94 per barrel premium to the benchmark · Net income was $535 million and Adjusted Net Income was $357 million (Non-GAAP) · Adjusted EBITDAX was $723 million (Non-GAAP) and net cash provided by operating activities was $859 million, increases of 32% and 88% compared to the prior year period, respectively · Adjusted Free Cash Flow was $657 million (Non-GAAP) · Closed HG acquisition in early February and completed the Ohio Utica Shale divestiture in late February · Full HG quarter impact during the second quarter of 2026 is expected to result in 6% production growth and 15% lower cash costs per Mcfe from the first quarter of 2026 Michael Kennedy, CEO and President of Antero Resources commented, “During the first quarter we achieved record production, which was 13% above the year ago period. This production growth drove one of the highest quarterly EBITDAX and Free Cash Flow results in company history. These results reflect a tremendous performance from our operations team which navigated the harsh conditions of Winter Storm Fern without having to shut-in any volumes. This enabled Antero to deliver critical natural gas to the various regions that needed it most, a truly remarkable achievement by our people in the field.” Mr. Kennedy continued, “Looking ahead, the recent geopolitical events have highlighted the advantages of Antero’s corporate strategy. We are the largest producer exporter of NGLs in the U.S., selling the majority of our NGL barrels into international markets. We expect recent global supply outages and disruptions to lead to increasing risk premiums for U.S. NGL barrels both in the near term and in the years ahead. At the same time, we have the highest LNG exposure among Appalachian producers, selling 2.3 Bcf/d of production to sales points along the LNG fairway. We are seeing growing interest from global NGL and LNG buyers that are looking to increase exposure to U.S. supply. This prioritization toward U.S. supply supports higher export utilization and more attractive price premiums at our sales points along the coasts. These attributes uniquely position us to benefit from today’s rising global demand for U.S. energy.” Brendan Krueger, CFO of Antero Resources said, “During the first quarter we closed on the HG acquisition and began integration of the new asset. The impressive operational and financial achievements mentioned above led to realizations for natural gas, NGLs and ethane all coming in ahead of expectations during the quarter. This allowed us to reduce debt related to the HG acquisition ahead of our previously communicated targets. Importantly, as a result of the transactions, we expect our net production to increase by approximately 700 MMcfe/d on an annual basis. Additionally, the HG acquisition added 385,000 net acres and 400 drilling locations, while only increasing our Net Debt by $1.5 billion from the year-end 2025 level.” For a discussion of the non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDAX, Adjusted Free Cash Flow and Net Debt please see “Non-GAAP Financial Measures.” 1 Cash Cost Reduction Antero expects cash production expense for the remainder of 2026 to be $2.20 to $2.30 per Mcfe. This reduced range reflects a $0.25 per Mcfe, or 10% reduction from the full-year average in 2025 and a $0.39 per Mcfe, or 15% reduction from the first quarter of 2026. Inclusive of G&A and net marketing expense the total cost reduction is expected to be $0.30 per Mcfe. The production and development of the HG assets are expected to result in cash production expenses remaining in that range going forward, assuming current natural gas strip pricing. Second Quarter and Full-Year 2026 Guidance Update Antero expects second quarter production to average 4.1 Bcfe/d, a 6% increase from the first quarter of 2026, driven by a full quarter of production from the HG acquisition. The second half of 2026 is expected to average approximately 4.2 Bcfe/d. This results in a full year average of approximately 4.1 Bcfe/d, unchanged from prior guidance. This annual guidance reflects approximately 20% growth year-over-year. The Company is increasing its ethane realized price premium to Mont Belvieu to $2.00 to $3.00 per barrel, reflecting a $1.00 per barrel increase at the midpoint from the prior guidance range. The Company is reducing its cash production expense guidance to a range of $2.25 to $2.35 per Mcfe, a $0.10 per Mcfe reduction at the midpoint. The lower cash production expense is due primarily to the impact of the integration of the lower production costs associated with the HG assets. 2026 Initial 2026 Revised Full Year 2026 Guidance Updates Low High Low High Ethane Realized Price Premium vs. Mont Belvieu ($/Bbl) $ 1.00 $ 2.00 $ 2.00 $ 3.00 Cash Production Expense ($/Mcfe) (1) $ 2.35 $ 2.45 $ 2.25 $ 2.35 (1) Includes lease operating, gathering, compression, processing and transportation expenses (“GP&T”) and production and ad valorem taxes. Note: Any 2026 guidance items not discussed in this release are unchanged from previously stated guidance. Natural Gas Hedge Program The following tables detail Antero’s swap and collar hedge position as of the publication of April 24, 2026. For more information on Antero’s hedge portfolio, including basis hedges, please see the presentation titled “Hedges and Guidance Presentation” on the Company’s website. Swaps Natural Gas (MMBtu/d) Weighted Average Index Price ($/MMBtu) April – December 2026 NYMEX Henry Hub Swap 1,300,000 $ 3.91 2027 NYMEX Henry Hub Swap 935,000 $ 3.86 Weighted Average Index Collars Natural Gas (MMBtu/d) Floor Price ($/MMBtu) Ceiling Price ($/MMBtu) April – December 2026 NYMEX Henry Hub Costless Collars 575,000 $ 3.25 $ 5.66 2027 NYMEX Henry Hub Costless Collars 80,000 $ 3.52 $ 4.64 Adjusted Free Cash Flow During the first quarter of 2026, Adjusted Free Cash Flow was $657 million. Three Months Ended March 31, 2025 2026 Net cash provided by operating activities $ 457,739 859,058 Less: Capital expenditures (206,145 ) (206,101 ) Less: Distributions to non-controlling interests in Martica (15,969 ) (17,650 ) Plus: Transaction expense — 22,144 Adjusted Free Cash Flow $ 235,625 657,451 Changes in Working Capital 101,019 (224,134 ) Adjusted Free Cash Flow before Changes in Working Capital $ 336,644 433,317 2 First Quarter 2026 Financial Results Net daily natural gas equivalent production in the first quarter averaged 3.9 Bcfe/d, including 206 MBbl/d of liquids. Antero’s average realized natural gas price before hedges was $5.57 per Mcf, a $0.53 per Mcf premium to the benchmark Henry Hub index price. Antero’s average realized C3+ NGL price before hedges was $37.83 per barrel, representing a $0.94 per barrel premium to the benchmark index price. The following table details average net production and average realized prices for the three months ended March 31, 2026: Three Months Ended March 31, 2026 Natural Gas (MMcf/d) Oil (Bbl/d) C3+ NGLs (Bbl/d) Ethane (Bbl/d) Combined Natural Gas Equivalent (MMcfe/d) Average Net Production 2,617 9,067 120,800 75,956 3,852 Three Months Ended March 31, 2026 Combined Natural Natural Gas Gas Oil C3+ NGLs Ethane Equivalent Average Realized Prices ($/Mcf) ($/Bbl) ($/Bbl) ($/Bbl) ($/Mcfe) Average realized prices before settled derivatives $ 5.57 57.22 37.83 13.51 5.37 Index price (1) $ 5.04 71.93 36.89 9.87 5.04 Premium / (Discount) to Index price $ 0.53 (14.71 ) 0.94 3.64 0.33 Settled commodity derivatives $ (0.71 ) — 0.07 — (0.48 ) Average realized prices after settled derivatives $ 4.86 57.22 37.90 13.51 4.89 Premium / (Discount) to Index price $ (0.18 ) (14.71 ) 1.01 3.64 (0.15 ) (1) Please see Antero’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, for more information on these index and average realized prices. All-in cash expense, which includes lease operating, gathering, compression, processing and transportation and production and ad valorem taxes was $2.64 per Mcfe in the first quarter, as compared to $2.56 per Mcfe during the first quarter of 2025. The increase compared to the prior year was due to higher fuel costs related to higher natural gas prices during the quarter. Net marketing expense was $0.06 per Mcfe during the first quarter of 2026, unchanged from the first quarter of 2025. Operating Results Antero placed 20 Marcellus wells to sales during the first quarter with an average lateral length of 11,652 feet. Thirteen of these wells have been on line for approximately 60 days with an average rate per well of 25 MMcfe/d, including 1,457 Bbl/d of liquids per well assuming 25% ethane recovery. In addition, Antero had a number of notable company operating achievements, including: · Averaged 13.8 stages per day during the quarter, an increase from 13.4 completion stages per day average in 2025 · Established a company record for drilling days per well of just under 9 days, a 9% improvement from the average in 2025 · Turned-in-line first HG pad in late April, a 6-well pad located in the liquids-rich window with total lateral length drilled of 110,000 feet First Quarter 2026 Capital Investment Antero’s drilling and completion capital expenditures for the three months ended March 31, 2026 were $223 million. In addition to capital invested in drilling and completion activities, the Company invested $25 million in land during the first quarter. Through this investment, Antero added approximately 5,400 net acres, representing 24 incremental drilling locations at an average cost of approximately $900,000 per location. 3 Conference Call A conference call is scheduled on Thursday, April 30, 2026 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference “Antero Resources.” A telephone replay of the call will be available until Thursday, May 7, 2026 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758944. To access the live webcast and view the related earnings conference call presentation, visit Antero's website at www.anteroresources.com. The webcast will be archived for replay until Thursday, May 7, 2026 at 9:00 am MT. Presentation An updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteroresources.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release. Non-GAAP Financial Measures Adjusted Net Income Adjusted Net Income as set forth in this release represents net income, adjusted for certain items. Antero believes that Adjusted Net Income is useful to investors in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Adjusted Net Income is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for net income as an indicator of financial performance. The GAAP measure most directly comparable to Adjusted Net Income is net income. The following table reconciles net income to Adjusted Net Income (in thousands): Three Months Ended March 31, 2025 2026 Net income and comprehensive income attributable to Antero Resources Corporation $ 207,971 535,216 Net income and comprehensive income attributable to noncontrolling interests 11,495 12,997 Unrealized commodity derivative (gains) losses 60,654 (200,158 ) Amortization of deferred revenue, VPP (6,230 ) (5,795 ) Gain on sale of assets (575 ) (45,950 ) Impairment of property and equipment 5,618 948 Equity-based compensation 15,145 11,733 Loss on early extinguishment of debt 2,899 6,742 Equity in earnings of unconsolidated affiliate (28,661 ) (30,118 ) Contract termination and loss contingency (1,308 ) 12,035 Transaction expense — 22,144 Tax effect of reconciling items (1) (10,387 ) 50,240 256,621 370,034 Martica adjustments (2) (9,963 ) (12,997 ) Adjusted Net Income $ 246,658 357,037 Diluted Weighted Average Common Shares Outstanding (3) 314,798 311,426 (1) Deferred taxes were approximately 22% for 2025 and 2026. (2) Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above (3) Diluted weighted average shares outstanding does not include securities that would have had an anti-dilutive effect on the computation of diluted earnings per share. Anti-dilutive weighted average shares outstanding for the three months ended March 31, 2025 were 0.3 million. 4 Net Debt Net Debt is calculated as total long-term debt less cash and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its debt obligations. The following table reconciles consolidated total long-term debt to Net Debt as used in this release (in thousands): December 31, March 31, 2025 2026 Credit Facility $ 438,600 72,500 Term Loan — 1,264,000 7.625% senior notes due 2029 365,353 — 5.375% senior notes due 2030 600,000 600,000 5.400% senior notes due 2036 — 750,000 Unamortized debt issuance costs (5,977 ) (21,703 ) Total long-term debt $ 1,397,976 2,664,797 Less: Cash, cash equivalents and restricted cash (210,000 ) — Net Debt $ 1,187,976 2,664,797 Adjusted Free Cash Flow Adjusted Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow or as a measure of liquidity. The Company defines Adjusted Free Cash Flow as net cash provided by operating activities, less capital expenditures, which includes additions to unproved properties, drilling and completion costs and additions to other property and equipment, less distributions to non-controlling interests in Martica, plus transaction expenses. The Company has not provided projected net cash provided by operating activities or a reconciliation of Adjusted Free Cash Flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts. Adjusted Free Cash Flow is a useful indicator of the Company’s ability to internally fund its activities, service or incur additional debt and estimate our ability to return capital to shareholders. There are significant limitations to using Adjusted Free Cash Flow as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company’s net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted Free Cash Flow reported by different companies. Adjusted Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations. Adjusted EBITDAX Adjusted EBITDAX is a non-GAAP financial measure that we define as net income, adjusted for certain items detailed below. Adjusted EBITDAX as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. Adjusted EBITDAX should not be considered in isolation or as a substitute for operating income or loss, net income or loss, cash flows provided by operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. Adjusted EBITDAX provides no information regarding our capital structure, borrowings, interest costs, capital expenditures, working capital movement, or tax position. Adjusted EBITDAX does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations. However, our management team believes Adjusted EBITDAX is useful to an investor in evaluating our financial performance because this measure: · is widely used by investors in the oil and natural gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially from company to company depending upon accounting methods and the book value of assets, capital structure and the method by which assets were acquired, among other factors; · helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital and legal structure from our operating structure; · is used by our management team for various purposes, including as a measure of our operating performance, in presentations to our Board of Directors, and as a basis for strategic planning and forecasting; and · is used by our Board of Directors as a performance measure in determining executive compensation. 5 There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies. The GAAP measures most directly comparable to Adjusted EBITDAX are net income and net cash provided by operating activities. The following table represents a reconciliation of Antero’s net income, including noncontrolling interest, to Adjusted EBITDAX and a reconciliation of Antero’s Adjusted EBITDAX to net cash provided by operating activities per our condensed consolidated statements of cash flows, in each case, for the three months ended March 31, 2025 and 2026 (in thousands). Adjusted EBITDAX also excludes the noncontrolling interests in Martica, and these adjustments are disclosed in the table below as Martica related adjustments. Three Months Ended March 31, 2025 2026 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 207,971 535,216 Net income and comprehensive income attributable to noncontrolling interests 11,495 12,997 Unrealized commodity derivative (gains) losses 60,654 (200,158 ) Amortization of deferred revenue, VPP (6,230 ) (5,795 ) Gain on sale of assets (575 ) (45,950 ) Interest expense, net 23,368 36,963 Loss on early extinguishment of debt 2,899 6,742 Income tax expense 54,400 145,508 Depletion, depreciation, amortization and accretion 187,291 207,302 Impairment of property and equipment 5,618 948 Exploration expense 668 792 Equity-based compensation expense 15,145 11,733 Equity in earnings of unconsolidated affiliate (28,661 ) (30,118 ) Dividends from unconsolidated affiliate 31,314 31,314 Contract termination, loss contingency and settlements (1,308 ) 12,035 Transaction expense and other 1,771 22,179 565,820 741,708 Martica related adjustments (1) (16,392 ) (18,290 ) Adjusted EBITDAX $ 549,428 723,418 Reconciliation of our Adjusted EBITDAX to net cash provided by operating activities: Adjusted EBITDAX $ 549,428 723,418 Martica related adjustments (1) 16,392 18,290 Interest expense, net (23,368 ) (36,963 ) Amortization of debt issuance costs and other 466 420 Exploration expense (668 ) (792 ) Changes in current assets and liabilities (81,748 ) 179,857 Contract termination, loss contingency and settlements — (1,198 ) Transaction expense and other (2,763 ) (23,974 ) Net cash provided by operating activities $ 457,739 859,058 (1) Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above. 6 Twelve Months Ended March 31, 2026 Reconciliation of net income to Adjusted EBITDAX: Net income and comprehensive income attributable to Antero Resources Corporation $ 961,663 Net income and comprehensive income attributable to noncontrolling interests 41,651 Unrealized commodity derivative gains (388,929 ) Amortization of deferred revenue, VPP (24,829 ) Gain on sale of assets (45,641 ) Interest expense, net 97,277 Loss on early extinguishment of debt 7,471 Income tax expense 306,975 Depletion, depreciation, amortization, and accretion 773,578 Impairment of property and equipment 24,688 Exploration 3,114 Equity-based compensation expense 57,400 Equity in earnings of unconsolidated affiliate (99,941 ) Dividends from unconsolidated affiliate 125,255 Contract termination, loss contingency and settlements 41,355 Transaction expense and other 26,948 1,908,035 Martica related adjustments (1) (64,768 ) Adjusted EBITDAX $ 1,843,267 (1) Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above. Drilling and Completion Capital Expenditures For a reconciliation between cash paid for drilling and completion capital expenditures and drilling and completion accrued capital expenditures during the period, please see the capital expenditures section below (in thousands): Three Months Ended March 31, 2025 2026 Drilling and completion costs (cash basis) $ 175,134 184,551 Change in accrued capital costs (17,982 ) 37,073 Adjusted drilling and completion costs (accrual basis) $ 157,152 221,624 Notwithstanding their use for comparative purposes, the Company’s non-GAAP financial measures may not be comparable to similarly titled measures employed by other companies. 7 This release includes "forward-looking statements." Words such as “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” “goal,” “target,” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources’ control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding our financial strategy, future operating results, financial position, estimated revenues and losses, our ability to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, estimated realized natural gas, NGL and oil prices, prospects, plans and objectives of management, return of capital program, expected results, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and in the Middle East, and world health events, future commodity prices, future production targets, including those related to certain levels of production, future earnings, leverage targets and debt repayment, future capital spending plans, improved and/or increasing capital efficiency, expected drilling and development plans, projected well costs and cost savings initiatives, operations of Antero Midstream, future financial position, the participation level of our drilling partner and the financial and production results to be achieved as a result of that drilling partnership, the other key assumptions underlying our projections, the impact of recently enacted legislation, and future marketing opportunities, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements. Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incidental to our business, most of which are difficult to predict and many of which are beyond the Antero Resources’ control. These risks include, but are not limited to, risks associated with the successful integration and future performance of acquired assets and operations, commodity price volatility, inflation, supply chain or other disruption, availability and cost of drilling, completion and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes or changes in law, changes in emission calculation methods, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical, including the conflicts in Ukraine and the Middle East, and world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading “Risk Factors” in Antero Resources’ Annual Report on Form 10-K for the year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. For more information, contact Daniel Katzenberg, Vice President - Investor Relations of Antero Resources at (303) 357-7219 or dkatzenberg@anteroresources.com. 8 ANTERO RESOURCES CORPORATION Condensed Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited) December 31, March 31, 2025 2026 Assets Current assets: Restricted cash $ 210,000 — Accounts receivable 33,773 32,449 Accrued revenue 473,453 454,199 Derivative instruments 68,913 163,386 Prepaid expenses 14,554 13,621 Current assets held for sale 20,269 — Other current assets 10,818 14,273 Total current assets 831,780 677,928 Property and equipment: Oil and gas properties, at cost (successful efforts method): Unproved properties 796,705 1,110,301 Proved properties 14,049,003 16,936,783 Other property and equipment 113,020 118,728 14,958,728 18,165,812 Less accumulated depletion, depreciation and amortization (5,753,416 ) (5,956,634 ) Property and equipment, net 9,205,312 12,209,178 Operating leases right-of-use assets 2,132,509 2,090,310 Derivative instruments 12,524 50,812 Investment in unconsolidated affiliate 245,653 253,164 Assets held for sale 754,737 — Other assets 62,892 68,054 Total assets $ 13,245,407 15,349,446 Liabilities and Equity Current liabilities: Accounts payable $ 49,514 77,965 Accounts payable, related parties 101,454 138,084 Accrued liabilities 338,847 372,850 Revenue distributions payable 384,777 521,927 Derivative instruments — 5,143 Short-term lease liabilities 516,256 536,304 Deferred revenue, VPP 23,502 23,647 Current liabilities held for sale 62,310 — Other current liabilities 26,653 17,262 Total current liabilities 1,503,313 1,693,182 Long-term liabilities: Long-term debt 1,397,976 2,664,797 Deferred income tax liability, net 907,306 1,141,934 Derivative instruments — 7,380 Long-term lease liabilities 1,612,288 1,549,564 Deferred revenue, VPP 11,946 6,006 Liabilities held for sale 39,789 — Other liabilities 57,140 63,370 Total liabilities 5,529,758 7,126,233 Commitments and contingencies Equity: Stockholders' equity: Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued — — Common stock, $0.01 par value; authorized - 1,000,000 shares; 308,510 and 309,825 shares issued and outstanding as of December 31, 2025 and March 31, 2026, respectively 3,085 3,098 Additional paid-in capital 5,865,447 5,842,435 Retained earnings 1,682,295 2,217,511 Total stockholders' equity 7,550,827 8,063,044 Noncontrolling interests 164,822 160,169 Total equity 7,715,649 8,223,213 Total liabilities and equity $ 13,245,407 15,349,446 9 ANTERO RESOURCES CORPORATION Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In thousands, except per share amounts) Three Months Ended March 31, 2025 2026 Revenue and other: Natural gas sales $ 780,005 1,311,476 Natural gas liquids sales 561,432 503,649 Oil sales 50,335 46,695 Commodity derivative fair value gains (losses) (71,671 ) 35,023 Marketing 25,558 41,661 Amortization of deferred revenue, VPP 6,230 5,795 Other revenue and income 818 827 Total revenue 1,352,707 1,945,126 Operating expenses: Lease operating 33,986 44,529 Gathering, compression, processing and transportation 695,017 789,106 Production and ad valorem taxes 55,299 80,997 Marketing 42,770 62,553 Exploration 668 792 General and administrative (including equity-based compensation expense of $15,145 and $11,733 in 2025 and 2026, respectively) 62,445 63,340 Depletion, depreciation and amortization 186,352 206,239 Impairment of property and equipment 5,618 948 Accretion of asset retirement obligations 939 1,063 Contract termination, loss contingency and settlements (1,308 ) 12,035 Gain on sale of assets (575 ) (45,950 ) Other operating expense 24 22 Total operating expenses 1,081,235 1,215,674 Operating income 271,472 729,452 Other income (expense): Interest expense, net (23,368 ) (36,963 ) Equity in earnings of unconsolidated affiliate 28,661 30,118 Loss on early extinguishment of debt (2,899 ) (6,742 ) Transaction expense — (22,144 ) Total other income (expense) 2,394 (35,731 ) Income before income taxes 273,866 693,721 Income tax expense (54,400 ) (145,508 ) Net income and comprehensive income including noncontrolling interests 219,466 548,213 Less: net income and comprehensive income attributable to noncontrolling interests 11,495 12,997 Net income and comprehensive income attributable to Antero Resources Corporation $ 207,971 535,216 Net income per common share—basic $ 0.67 1.73 Net income per common share—diluted $ 0.66 1.72 Weighted average number of common shares outstanding: Basic 311,328 308,933 Diluted 314,798 311,426 10 ANTERO RESOURCES CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Three Months Ended March 31, 2025 2026 Cash flows provided by (used in) operating activities: Net income including noncontrolling interests $ 219,466 548,213 Adjustments to reconcile net income to net cash provided by operating activities: Depletion, depreciation, amortization and accretion 187,291 207,302 Impairment of property and equipment 5,618 948 Commodity derivative fair value losses (gains) 71,671 (35,023 ) Losses on settled commodity derivatives (11,017 ) (165,135 ) Deferred income tax expense 53,462 143,820 Equity-based compensation expense 15,145 11,733 Equity in earnings of unconsolidated affiliate (28,661 ) (30,118 ) Dividends of earnings from unconsolidated affiliate 31,314 31,314 Amortization of deferred revenue (6,230 ) (5,795 ) Amortization of debt issuance costs and other 466 420 Settlement of asset retirement obligations (54 ) (107 ) Contract termination, loss contingency and settlements (1,308 ) 10,837 Gain on sale of assets (575 ) (45,950 ) Loss on early extinguishment of debt 2,899 6,742 Changes in current assets and liabilities: Accounts receivable (5,972 ) 1,302 Accrued revenue (59,769 ) 49,149 Prepaid expenses and other current assets (2,190 ) 4,596 Accounts payable including related parties 11,995 60,720 Accrued liabilities (86,552 ) (46,571 ) Revenue distributions payable 48,286 120,021 Other current liabilities 12,454 (9,360 ) Net cash provided by operating activities 457,739 859,058 Cash flows provided by (used in) investing activities: Additions to unproved properties (30,407 ) (16,922 ) Drilling and completion costs (175,134 ) (184,551 ) Additions to other property and equipment (604 ) (4,628 ) Acquisition of HG Production — (2,794,308 ) Acquisitions of oil and gas properties — (7,631 ) Proceeds from asset sales 575 737,123 Change in other assets (2,321 ) (12,569 ) Net cash used in investing activities (207,891 ) (2,283,486 ) Cash flows provided by (used in) financing activities: Issuance of senior notes — 750,000 Repayment of senior notes (118,046 ) (369,997 ) Borrowings on Term Loan — 1,500,000 Repayments on Term Loan — (236,000 ) Borrowings on Credit Facility 1,308,400 2,079,800 Repayments on Credit Facility (1,397,500 ) (2,445,900 ) Repurchases of common stock (10,094 ) — Payment of debt issuance costs — (10,838 ) Distributions to noncontrolling interests in Martica Holdings LLC (15,969 ) (17,650 ) Employee tax withholding for settlement of equity-based compensation awards (16,298 ) (34,732 ) Other (341 ) (255 ) Net cash provided by (used in) financing activities (249,848 ) 1,214,428 Net decrease in cash, cash equivalents and restricted cash — (210,000 ) Cash, cash equivalents and restricted cash, beginning of period — 210,000 Cash, cash equivalents and restricted cash, end of period $ — — Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 43,078 50,616 Increase (decrease) in accounts payable, accrued liabilities and other current liabilities for additions to property and equipment $ (19,271 ) 44,277 Increase in accounts payable, related parties for acquisition of HG Production $ — 10,809 11 The following table sets forth selected financial data for the three months ended March 31, 2025 and 2026 (in thousands): Three Months Ended Amount of March 31, Increase Percent 2025 2026 (Decrease) Change Operating revenues and other: Natural gas sales $ 780,005 1,311,476 531,471 68 % Natural gas liquids sales 561,432 503,649 (57,783 ) (10 )% Oil sales 50,335 46,695 (3,640 ) (7 )% Commodity derivative fair value gains (losses) (71,671 ) 35,023 106,694 * Marketing 25,558 41,661 16,103 63 % Amortization of deferred revenue, VPP 6,230 5,795 (435 ) (7 )% Other revenue and income 818 827 9 1 % Total revenue 1,352,707 1,945,126 592,419 44 % Operating expenses: Lease operating 33,986 44,529 10,543 31 % Gathering and compression 236,134 269,113 32,979 14 % Processing 261,155 287,768 26,613 10 % Transportation 197,728 232,225 34,497 17 % Production and ad valorem taxes 55,299 80,997 25,698 46 % Marketing 42,770 62,553 19,783 46 % Exploration 668 792 124 19 % General and administrative (excluding equity-based compensation) 47,300 51,607 4,307 9 % Equity-based compensation 15,145 11,733 (3,412 ) (23 )% Depletion, depreciation and amortization 186,352 206,239 19,887 11 % Impairment of property and equipment 5,618 948 (4,670 ) (83 )% Accretion of asset retirement obligations 939 1,063 124 13 % Contract termination, loss contingency and settlements (1,308 ) 12,035 13,343 * Gain on sale of assets (575 ) (45,950 ) (45,375 ) 7,891 % Other expense 24 22 (2 ) (8 )% Total operating expenses 1,081,235 1,215,674 134,439 12 % Operating income 271,472 729,452 457,980 169 % Other income (expense): Interest expense, net (23,368 ) (36,963 ) (13,595 ) 58 % Equity in earnings of unconsolidated affiliate 28,661 30,118 1,457 5 % Loss on early extinguishment of debt (2,899 ) (6,742 ) (3,843 ) 133 % Transaction expenses — (22,144 ) (22,144 ) * Total other income (expense) 2,394 (35,731 ) (38,125 ) * Income before income taxes 273,866 693,721 419,855 153 % Income tax expense (54,400 ) (145,508 ) (91,108 ) 167 % Net income and comprehensive income including noncontrolling interests 219,466 548,213 328,747 150 % Less: net income and comprehensive income attributable to noncontrolling interests 11,495 12,997 1,502 13 % Net income and comprehensive income attributable to Antero Resources Corporation 207,971 535,216 327,245 157 % Adjusted EBITDAX $ 549,428 723,418 173,990 32 % * Not meaningful 12 The following table sets forth selected financial data for the three months ended March 31, 2025 and 2026: Three Months Ended Amount of March 31, Increase Percent 2025 2026 (Decrease) Change Production data (1) (2) : Natural gas (Bcf) 195 236 41 21 % C2 Ethane (MBbl) 7,442 6,836 (606 ) (8 )% C3+ NGLs (MBbl) 10,229 10,872 643 6 % Oil (MBbl) 852 816 (36 ) (4 )% Combined (Bcfe) 306 347 41 13 % Daily combined production (MMcfe/d) 3,397 3,852 455 13 % Average prices before effects of derivative settlements (3) : Natural gas (per Mcf) $ 4.01 5.57 1.56 39 % C2 Ethane (per Bbl) $ 12.70 13.51 0.81 6 % C3+ NGLs (per Bbl) $ 45.65 37.83 (7.82 ) (17 )% Oil (per Bbl) $ 59.08 57.22 (1.86 ) (3 )% Weighted Average Combined (per Mcfe) $ 4.55 5.37 0.82 18 % Average realized prices after effects of derivative settlements (3) : Natural gas (per Mcf) $ 3.95 4.86 0.91 23 % C2 Ethane (per Bbl) $ 12.70 13.51 0.81 6 % C3+ NGLs (per Bbl) $ 45.65 37.90 (7.75 ) (17 )% Oil (per Bbl) $ 58.97 57.22 (1.75 ) (3 )% Weighted Average Combined (per Mcfe) $ 4.52 4.89 0.37 8 % Average costs (per Mcfe): Lease operating $ 0.11 0.13 0.02 18 % Gathering and compression $ 0.77 0.78 0.01 1 % Processing $ 0.85 0.83 (0.02 ) (2 )% Transportation $ 0.65 0.67 0.02 3 % Production and ad valorem taxes $ 0.18 0.23 0.05 28 % Marketing expense, net $ 0.06 0.06 — * General and administrative (excluding equity-based compensation) $ 0.15 0.15 — * Depletion, depreciation, amortization and accretion $ 0.61 0.60 (0.01 ) (2 )% * Not meaningful (1) Production data excludes volumes related to VPP transaction. (2) Oil and NGLs production was converted at 6 Mcf per Bbl to calculate total Bcfe production and per Mcfe amounts. This ratio is an estimate of the equivalent energy content of the products and may not reflect their relative economic value. (3) Average prices reflect the before and after effects of our settled commodity derivatives. Our calculation of such after effects includes gains (losses) on settlements of commodity derivatives, which do not qualify for hedge accounting because we do not designate or document them as hedges for accounting purposes. 13