ANTERO RESOURCES Business Summary

Antero Resources Corporation (AR) is a leading independent oil and natural gas company primarily engaged in the exploration, development, and production of unconventional properties within the Appalachian Basin. The company generates revenue through two principal segments: Exploration and Production, which focuses on the extraction of natural gas, natural gas liquids (NGLs), and oil, and Marketing, which manages the sale of these commodities to diverse end-markets via firm transportation agreements. As of February 2026, Antero has strategically consolidated its operations toward core West Virginia Marcellus Shale assets, highlighted by the $2.8 billion acquisition of HG Energy II Production Holdings and the $800 million divestiture of its Ohio Utica Shale properties. This shift solidifies its position as a top-tier U.S. natural gas and NGL producer, competing directly with peers such as EQT Corporation, Coterra Energy, Range Resources, and CNX Resources, where it maintains a competitive edge through high capital efficiency and robust midstream integration via its affiliate, Antero Midstream. The company was co-founded in 2002 by industry veterans Paul M. Rady and Glen C. Warren Jr., who previously led Pennaco Energy and Barrett Resources. In August 2025, the leadership team underwent a significant transition as Michael N. Kennedy, formerly the company’s CFO since 2021, was appointed Chief Executive Officer and President, succeeding Rady who now serves as Chairman Emeritus. Kennedy brings extensive sector expertise from his tenure at Forest Oil and Arthur Andersen. Supporting him is Brendan E. Krueger, who was promoted to Chief Financial Officer and Senior Vice President of Finance in 2025 after a decade-long career at Antero focused on capital markets and strategic transactions. The Board of Directors is currently chaired by Benjamin A. Hardesty, while the company’s institutional backing remains strong, with major shareholders including Victory Capital Management, Vanguard Group, and State Street Corporation.