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Investor Presentaiton

Guidance Net Production (Bcfe/d) Net Natural Gas Production (Bcf/d) Net Liquids Production (Bbl/d) Net Daily C3+ NGL Production (Bbl/d) Net Daily Ethane Production (Bbl/d) Net Daily Oil Production (Bbl/d) Natural Gas Realized Price Expected Premium to NYMEX ($/Mcf) C2 Ethane Realized Price - Expected (Discount) / Premium to Mont Belvieu ($/Bbl) C3+ NGL Realized Price - Expected Premium to Mont Belvieu ($/Bbl) (1) Oil Realized Price Expected Differential to WTI ($/Bbl) Cash Production Expense ($/Mcfe) (2) Net Marketing Expense ($/Mcfe) G&A Expense ($/Mcfe) (before equity-based compensation) D&C Capital Expenditures ($MM) Land Capital Expenditures ($MM) Average Operated Rigs, Average Completion Crews Operated Wells Completed (Net) Operated Wells Drilled (Net) Operated Wells Completed (Gross) Operated Wells Drilled (Gross) Average Lateral Lengths, Completed Average Lateral Lengths, Drilled | Antero Resources (NYSE: AR) 2) 1) 2023 Guidance Ranges 3.25 3.30 - 2.10 -2.15 184,000 - 195,000 105,000 110,000 70,000 - 75,000 9,000-10,000 $0.05 to $0.15 ($1.00) - $1.00 ($1.00) - $1.00 ($10.00) ($14.00) $2.40 - $2.50 $0.07 $0.09 $0.12 - $0.14 $875 - $925 $150 Rigs: 3 | Completion Crews: 2 Wells Completed: 60 - 65 Wells Drilled: 65 - 70 Wells Completed: 70 - 75 Wells Drilled: 75 - 80 Completed: 13,500 Drilled: 14,500 Based on Antero C3+ NGL component barrel which consists of 56% C3 (propane), 10% isobutane (Ic4), 17% normal butane (Nc4) and 17% natural gasoline (C5+). Includes lease operating expenses, gathering, compression, processing and transportation expenses ("GP&T") and production and ad valorem taxes. 31
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