ANTERO RESOURCES CorpAR · NYSE

Why the market may be pricing it low

• The company owes fixed minimum-volume fees to its gathering service providers under long-term contracts regardless of actual throughput.

  We are required to pay fees to our service providers based on minimum volumes under long-term contracts regardless of actual volume throughput.Risk factors

• Prolonged or volatile low prices for natural gas, NGLs and oil are listed as the top risk to the business and financial condition.

  Natural gas, NGLs and oil price volatility, or a substantial or prolonged period of low natural gas, NGLs and oil prices, may adversely affect our business, financial condition or results of operationsRisk factors

• The company acknowledges that FERC or courts could reclassify its gathering pipelines as regulated at any time, changing the cost structure.

  the classification and regulation of our gathering facilities may be subject to change based on future determinations by FERC, the courts or CongressBusiness

What could close the gap

• Completion of the Utica Shale Divestiture as planned would signal a sharper focus on the core Appalachian business.

  We may not complete the Utica Shale Divestiture within the anticipated timeframe or at all.Risk factors

• If the HG Acquisition delivers its intended benefits, the market could re-rate it as growth rather than a burden.

  We may not achieve the intended benefits of the HG Acquisition, and the HG Acquisition may disrupt our existing plans or operationsRisk factors

• The February 3, 2026 8-K disclosed acquisition, disposition and financing items together, marking a concrete shift in capital structure.

  2026-02-03 Item 1.01,2.01,2.03,8.01,9.018-K filings

How a buyer could still lose (value trap)

• A flag notes recent operating income is more than double the 3-year average, coinciding with realized gas prices jumping from $3.29 to $3.99, suggesting a possibly temporary boost.

  Based on the figures below

• With only $4.5 million cash against $2.6 billion of debt, a return to 2024-level gas prices ($2.29) would make the debt burden stand out.

  Based on the figures below

Financial quality (Piotroski F-score)

• ✓Profitable (ROA > 0)
• ✓Positive operating cash flow
• ✓ROA up on last year
• ✓Cash flow exceeds net profit
• ✗Leverage down on last year
• ✓Current ratio up on last year
• ✓No new shares issued
• –Gross margin up on last yearno data
• ✓Asset turnover up on last year

Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.

Figures

Sales

$6.1bn

Operating profit

$1.5bn

Net profit

$1.2bn

Operating cash flow

$2.0bn

Cash

$5m

Debt

$2.6bn

Equity

$8.3bn

Latest twelve months to 2026-06-30; F-score for the fiscal year to 2014-12-31