PitchSend

Investor Presentaiton

Power Burn Demand Growth Fundamental rise in power burn continues in 2023 with year to date power burn 12% above the five year average, or 3.2 Bcf/d, as coal retirements more than offset mild weather Natural Gas Power Burn (Bcf/d) 47 45 43 41 39 -2014 2015 -2016 -2017 -2018 -2019 -2020 2021 2022 2023 July 2022 Record 45 Bcf/d Assumes 2023 trends to 2022 despite 3.2 Bcf/d higher YTD 2022 21 19 17 29 25 33332~2~27 35 2023 31.0 31.2 31 29.7 29.5 Shoulder Floor Rising Every Year, Natural Gas Power Burn Has Climbed Higher Shoulder Months Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec | Antero Resources (NYSE: AR) Source: S&P Global Platts. 20 20

View entire presentation