Investor Presentaiton

Antero Resources Adjusted EBITDAX Reconciliation Three Months Ended December 31, Year Ended December 31, 2021 2022 2021 2022 Reconciliation of net income (loss) to Adjusted EBITDAX: Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation $ 901,385 730,296 (186,899) 1,898,771 Net income and comprehensive income attributable to noncontrolling interests Unrealized commodity derivative (gains) losses Payments for derivative monetizations Amortization of deferred revenue, VPP 56,636 (1,025,870) 63,832 32,790 (618,134) 748,540 127,201 (295,229) 4,569 - (11,403) (9,478) (45,236) (37,603) Loss (gain) on sale of assets 595 (1,600) (2,232) 471 Interest expense, net 43,748 25,120 181,868 125,372 Loss on early extinguishment of debt 10,355 652 93,191 46,027 Loss on convertible note inducement and equitizations - 50,777 169 Income tax expense (benefit) 263,491 140,390 (74,077) 448,692 Depletion, depreciation, amortization and accretion 178,716 169,959 745,829 685,227 Impairment of property and equipment 20,905 69,982 90,523 149,731 Exploration expense Equity-based compensation expense 474 628 6,566 3,651 5,248 12,221 20,437 35,443 Adjusted EBITDAX Equity in earnings of unconsolidated affiliate Dividends from unconsolidated affiliate Contract termination, transaction expense and other Martica related adjustments (1) || Antero Resources (NYSE: AR) (19,464) (17,464) (77,085) (72,327) 31,284 31,284 136,609 125,138 193 5,031 7,600 25,288 456,293 602,719 1,733,770 3,266,022 (36,032) (38,012) (116,468) (163,081) $ 420,261 564,707 1,617,302 3,102,941 33

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