Investor Presentaiton
Antero Resources Free Cash Flow Reconciliation
Net cash provided by operating activities
Less: Net cash used in investing activities
Plus: Payments for derivative monetizations
Plus: Contract termination
Less: Proceeds from sale of assets, net
Less: Distributions to non-controlling interests in Martica
Free Cash Flow
Changes in Working Capital (1)
Free Cash Flow before Changes in Working Capital
Three Months Ended
March 31,
2022
$ 565,673
2023
(215,117)
343,902
(350,804)
202,339
8
29,550
(195)
(91)
(35,757)
$ 314,612
(51,339)
173,557
150,474
(149,765)
$ 465,086
23,792
1)
Working capital adjustments in the first quarter of 2022 include a $136.0 million net decrease in current assets and current liabilities and a $14.5 million decrease in accounts payable and accrued liabilities for
additions to property and equipment. Working capital adjustments in the first quarter of 2023 include a $159.7 million net increase in current assets and liabilities and a $9.9 million decrease in accounts payable
and accrued liabilities for additions to property and equipment.
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