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20 0 100+ Rigs 100 80 60 42 Rigs 38 Rigs 12 Rigs 40 Haynesville Rig Count $3.00/MMBtu NYMEX Feb-16 Aug-16 Feb-17 Aug-17 0 (20) (40) (30) (60) (65%) (71%) (80) (71) 01/31/12 02/28/15 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Rig Reduction When Front Month Natural Gas Breaks $3.00/MMBtu Peak-to-Trough Rig Drop % Change Feb-15 Aug-15 L 0% 37% Appalachia Haynesville 40% (20%) 27% 27% 30% (26) (40%) 20% (44%) (42) (60%) 10% (60%) Appalachia Haynesville 18% 21% 14% (80%) 0% 02/28/19 Average Year 1 Year 2 Year 3 | Antero Resources (NYSE: AR) Source: Baker Hughes, RigData and Platts data for decline rates. Decline rates based on most recent state data as of 9/30/2022. Balance 2023E represents potential reduction in Haynesville rig count due to price levels. 17 Historical Activity Suggests Further Decline in Haynesville Rig Count Haynesville Rigs vs. NYMEX Henry Hub Front Month ($/MMBtu) NYMEX Henry Hub $3.00/MMBtu 58 Rigs 32 Rigs $3.00/MMBtu NYMEX Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Annual Decline Rates - Basin Decline $10.00 73 Rigs Current: $8.00 59 Rigs $6.00 $4.00 $2.00 Feb-23 Bal' 23E + $0.00

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