1. An EQT Corporation that also specializes in extracting valuable natural gas liquids from the Appalachian Basin.

2. An independent energy producer similar to EOG Resources, but with a primary focus on natural gas and natural gas liquids in Appalachia.

• Natural Gas: Antero Resources explores for, develops, and produces natural gas for sale.
• Natural Gas Liquids (NGLs): The company extracts and sells various natural gas liquids, including ethane, propane, and natural gasoline.
• Oil: Antero Resources is involved in the exploration, development, and production of oil.

Major Customers of Antero Resources (AR)

Antero Resources (AR) is an independent oil and natural gas company that sells its products primarily to other companies, not directly to individuals. While Antero's public filings typically do not disclose the names of individual major customers (e.g., those accounting for 10% or more of revenue) due to commercial confidentiality, one significant and publicly announced major customer for a portion of its natural gas production is:

• TotalEnergies (NYSE: TTE): TotalEnergies is a major global multi-energy company. Antero has entered into a significant long-term natural gas sales agreement with an affiliate of TotalEnergies, committing 0.3 Bcf/d of natural gas for a 10-year term beginning in 2025. This contract represents a substantial portion of Antero's future natural gas production intended for liquefaction and export, making TotalEnergies a major customer.

For the remainder of its natural gas, natural gas liquids (NGLs), and oil production, Antero typically sells to a diverse group of corporate customers that fall into the following categories:

• Natural Gas Marketers and Traders: These companies purchase natural gas from producers for resale to a wide range of end-users, including utilities, industrial facilities, and power generators. Specific names are rarely disclosed by Antero, even when they account for a significant portion of annual revenue (as noted in its 2021 10-K).
• Natural Gas Local Distribution Companies (LDCs) and Utilities: These entities are responsible for transporting and delivering natural gas to residential, commercial, and industrial consumers within specific geographic areas.
• Industrial End-Users and Petrochemical Companies: This category includes large industrial facilities that consume natural gas as fuel or feedstock, as well as petrochemical companies that utilize NGLs (such as ethane, propane, and butane) as raw materials for manufacturing plastics and other chemicals.

• Antero Midstream Corporation (AM)

Michael N. Kennedy, Chief Executive Officer and President

Michael N. Kennedy was appointed Chief Executive Officer and President of Antero Resources and Antero Midstream in August 2025. He previously served as Antero Resources' Chief Financial Officer since 2021 and Senior Vice President—Finance since 2016, and also held CFO roles for Antero Midstream. Before joining Antero in 2013, Mr. Kennedy spent 12 years at Forest Oil Corporation, including serving as Executive Vice President and Chief Financial Officer from 2009 to 2013. His career also includes experience as an auditor with Arthur Andersen, specializing in the Natural Resources Industry from 1996 to 2001.

Brendan E. Krueger, Chief Financial Officer, Senior Vice President—Finance and Treasurer

Brendan E. Krueger became Chief Financial Officer, Senior Vice President—Finance and Treasurer of Antero Resources in August 2025. He joined Antero in 2014 and has been instrumental in various capital markets activities and strategic transactions, including two initial public offerings. Prior to Antero, Mr. Krueger accumulated seven years of experience as an investment banker, focusing on equity and debt financing and M&A advisory with firms such as Robert W. Baird & Co., Wells Fargo Securities, and A.G. Edwards, Inc.

Paul M. Rady, Chairman Emeritus

Paul M. Rady co-founded Antero Resources in 2002 and served as its Chief Executive Officer and President until his transition to Chairman Emeritus in August 2025. Prior to Antero, he co-founded Pennaco Energy with Glen C. Warren, Jr., which they successfully sold to Marathon Oil for $1.1 billion in 2001. Antero Resources was initially backed by significant private equity investment, including from Warburg Pincus. Mr. Rady also led Antero's predecessor company from its founding in 2002 to its sale to XTO Energy Inc. in 2005 for over $1 billion. His experience also includes serving as President and CEO of Barrett Resources Corporation.

Glen C. Warren, Jr., Co-Founder (retired)

Glen C. Warren, Jr. co-founded Antero Resources with Paul M. Rady in June 2002. He served as President, Chief Financial Officer, and Secretary of Antero Resources from May 2004 until his retirement in April 2021. Before Antero, Mr. Warren was the Chief Financial Officer and Executive Vice President at Pennaco Energy, Inc. from 1998 until its sale in 2001. Antero was initially funded by an investor group that included Warburg Pincus, Yorktown Energy Partners, and Lehman Brothers Merchant Banking Group.

Sheri L. Pearce, Senior Vice President, Accounting and Chief Accounting Officer

Sheri L. Pearce serves as the Senior Vice President, Accounting and Chief Accounting Officer for Antero Resources and Antero Midstream.

1. Commodity Price Volatility: Antero Resources' financial performance is highly dependent on the prices of natural gas, natural gas liquids (NGLs), and oil. A substantial or prolonged period of low commodity prices could adversely affect its business, financial condition, results of operations, and ability to meet capital expenditure obligations and financial commitments. The company's unhedged strategy further exposes it to decreased free cash flow during periods of depressed pricing.
2. Regulatory Uncertainty and Environmental Risks: The oil and natural gas industry is subject to extensive governmental regulations and environmental laws. Changes in these laws or increased regulatory scrutiny, including those related to greenhouse gas emissions and permitting for infrastructure projects, can lead to higher compliance costs, operational restrictions, and long-term regulatory uncertainty.
3. Inflation, Supply Chain Disruptions, and Cost of Equipment and Services: Antero Resources faces risks related to inflation, disruptions in the supply chain, and the availability and cost of drilling, completion, and production equipment and services. These factors can increase operational expenses and impact the efficiency and profitability of its development activities.

Antero Resources' main products are natural gas, natural gas liquids (NGLs), and oil. The addressable markets for these products in the United States are substantial:

• Natural Gas: The U.S. natural gas market is projected to be valued at approximately US$473.4 billion in 2025 and is expected to reach US$601.8 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 3.5% during this period. The Appalachian Basin, where Antero Resources operates, was the largest natural gas-producing region in the U.S. in 2025, accounting for 36.6 billion cubic feet per day (Bcf/d), which represents about 31% of the total U.S. marketed production.
• Natural Gas Liquids (NGLs): The North American Natural Gas Liquids (NGL) market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033, with a CAGR of 5.57%. The United States is a dominant player in this market, holding a 92.8% share in North America in 2024. The overall natural gas liquids market size was estimated at USD 23.83 billion in 2025 and is expected to reach USD 32.18 billion by 2030 globally.
• Oil: While specific market sizing for oil alone can often be integrated into broader oil and gas reports, the U.S. oil and gas market combined is a significant addressable market. This market was valued at USD 1.55 trillion in 2024, grew to USD 1.61 trillion in 2025, and is projected to reach around USD 2.24 trillion by 2034, expanding at a CAGR of 3.75% between 2025 and 2034. The United States became the largest producer of crude oil globally in 2023.

Antero Resources (AR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Increased Production Volumes: Antero Resources projects a significant increase in its production of natural gas equivalent (Bcfe/d). The company's average production was 3.4 Bcfe/d in 2025 and is projected to rise to 4.1 Bcfe/d in 2026. Furthermore, 2027 guidance is set at 4.3 Bcfe/d, with an optional growth target of up to 4.5 Bcfe/d, depending on market conditions.
2. Strategic Acquisitions and Expanded Core Inventory: The recent acquisition of HG Energy plays a pivotal role in Antero's growth strategy. This transaction closed ahead of schedule, adding 385,000 net acres and over 400 drilling locations, which extends the company's core inventory life by five years and increases its exposure to dry gas markets. This expansion directly supports the projected increase in production volumes.
3. Growing Demand for Natural Gas: Antero Resources is strategically positioned to capitalize on the increasing demand for natural gas. The company anticipates significant opportunities from liquefied natural gas (LNG) exports in the Gulf Coast, as well as rising demand from data centers and natural gas-fired power plants regionally.
4. Favorable Natural Gas Liquids (NGL) Market and Export Capacity: As the largest publicly traded NGL exporter, Antero Resources is poised to benefit from favorable NGL market dynamics. Global NGL demand growth is forecast to be substantial in 2026, representing the largest annual increase since 2021. Additionally, significant expansions in LPG export capacity have alleviated bottlenecks, ensuring unconstrained U.S. export capacity through at least 2028, which should support NGL revenue. Analysts also anticipate a recovery in natural gas liquids pricing, particularly for propane.

Share Repurchases

• Antero Resources repurchased $136 million of stock in 2025.
• Year-to-date through September 30, 2025, the company purchased approximately 4.7 million shares for an aggregate of $163 million.
• Approximately $915 million of capacity remains on the previously approved share repurchase program.

Share Issuance

• No new equity was issued for recent transactions, including the HG Energy acquisition.
• Antero Resources' 2025 shares outstanding were 0.312 billion, a 0.34% decline from 2024.

Outbound Investments

• In early February 2026, Antero Resources closed the acquisition of HG Energy, which added 385,000 net acres and over 400 drilling locations, extending the core inventory life by five years.
• During 2025, Antero completed several bolt-on acquisitions in its core Marcellus footprint in West Virginia for approximately $260 million. These acquisitions included 75-100 MMcfe/d of net production and 10 net undeveloped locations.
• The company invested in land, adding approximately 7,000 net acres and 26 incremental drilling locations in Q4 2025 for $33 million, and 7,000 net acres and 32 incremental drilling locations in Q3 2025 for $42 million.

Capital Expenditures

• For 2026, the drilling and completion capital budget is $1 billion, comprising $900 million for maintenance capital and $100 million related to not entering into a drilling joint venture.
• Antero may invest up to an additional $200 million in discretionary growth capital in 2026, focusing on completing an additional two to three pads, based on commodity prices and in-basin demand needs.
• Full-year 2025 drilling and completion capital expenditures were decreased to $650 to $675 million due to continued capital efficiency gains. The full-year 2025 land capital budget was increased to $125 to $150 million for expanded leasing in the Marcellus Fairway.