Investor Presentaiton

Unparalleled Commitment to Debt Reduction Debt (Reduction) / Increase Since YE'19 ($Bn) +$2.3 +$1.7 +$0.9 ($0.5) ($1.6) ($2.4) RRC CNX EQT Net Debt at 03/31/23 ($MM) (2) ($Bn) $5,945 $3,932 $2,963 $2,200 $1,312 $1,606 RRC CNX CHK SWN EQT SWN CHK (1) Leverage - 03/31/23 and 12/31/23E (2) 12/31/2022 12/31/2023 2.3x 1.8x1.7x 1.7x 1.7x 1.0x Leverage 1.4x 1.3x 1.2x 0.5x0.7x 0.7x 0.8x CHK RRC SWN EQT CNX Source: Company public filings and press releases. FactSet for consensus data. Note: Debt balances as of 03/31/23 pro forma for all acquisitions announced to date. Net Debt and Leverage are Non-GAAP metrics. Please see appendix for additional disclosures and definitions. 1) Excludes $7.8 bn of debt cancelled as a result of Chapter 11 Bankruptcy filing. | Antero Resources (NYSE: AR) 2) Represents Net Debt to LTM EBITDA as of 03/31/23 pro forma for all acquisitions announced. Peers' 12/31/23E leverage based on Jan-23 JPM equity research note - assumes $3.00 gas price & $24/Bbl C2+ NGLS. AR represents forecasted 12/31/23 leverage using same commodity price assumptions. 6

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