Antero Resources Reports Third Quarter 2022 Results and Increases Share Repurchase Program by $1 Billion

Antero Resources Corporation (NYSE: AR) (“Antero Resources,” “Antero,” or the “Company”) announced its third quarter 2022 financial and operating results. The relevant consolidated financial statements are included in Antero Resources’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.

Third Quarter 2022 Highlights Include:

• Net production averaged 3.2 Bcfe/d, including 171 MBbl/d of liquids  
• Realized pre-hedge natural gas price of $8.69 per Mcf, a $0.49 per Mcf premium to NYMEX pricing
• Realized C3+ NGL price of $50.61 per barrel, or 55% of WTI
• Net income was $560 million, Adjusted Net Income was $531 million (Non-GAAP)
• Adjusted EBITDAX was $878 million (Non-GAAP); net cash provided by operating activities was $1.1 billion
• Free Cash Flow was $797 million (Non-GAAP)
• Reduced total debt by $404 million during the quarter
• Purchased $382 million of shares during the quarter
• Net Debt at quarter end was $1.17 billion (Non-GAAP)
• Net Debt to trailing last twelve month Adjusted EBITDAX declined to 0.4x (Non-GAAP)

Paul Rady, Chairman, Chief Executive Officer and President of Antero Resources commented, “Antero’s third quarter results reflect the Company’s core strengths that include access to premium priced markets through our firm transportation portfolio and low absolute debt. At a time when basis differentials are widening across the U.S., Antero’s differentiated strategy delivered a $0.49 per Mcf premium to NYMEX. Through our direct sales contracts along the LNG corridor, we anticipate our premium in basis pricing relative to NYMEX Henry Hub to increase further as additional LNG facilities are placed in service. Today’s balance sheet strength and a strong Free Cash Flow outlook will allow us to deliver significant capital returns to our shareholders in the quarters ahead.”

Mr. Rady continued, “We remain committed to maintaining our leadership position in ESG. Our 2021 ESG achievements highlight our continued focus on the communities where we live and operate, while keeping our workforce safe. We have made tremendous progress on our commitment to achieve Net Zero Scope 1 and 2 GHG emissions by 2025, already reducing our peer-leading GHG emissions by 36% since 2019. Our ability to provide lower carbon energy to both our communities at home and abroad, directly improves the health, safety and livelihood for people living in energy poverty.”

Michael Kennedy, Chief Financial Officer of Antero Resources said, “The $1 billion increase in our share repurchase authorization highlights the confidence we have in our business strategy and the significant Free Cash Flow that it generates.”

Mr. Kennedy added, “Since the start of our debt reduction program in the fourth quarter of 2019, we have reduced debt by $2.6 billion, including $400 million during the third quarter and almost $1 billion year to date. Because of this aggressive focus on debt reduction, we are now poised to return the majority of our Free Cash Flow to our shareholders.”