# Dear Fellow Shareholders

_Source: `DeepSeekOCR_Ardian_pruned_1k/energy-oil-gas-e-p/NYSE_AR_2022/NYSE_AR_2022.mmd` · pages 1-7_

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Dear Fellow Shareholders

Our strategy is to connect our over twenty years of premium natural gas and natural gas liquids drilling inventory in Appalachia with growing demand across the world for clean and reliable energy. In 2022, we delivered on this strategy in what was a transformational year both operationally and financially for Antero Resources.

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Our differentiated business model includes access to premium-priced markets through our firm transportation portfolio and a focus on liquids-rich development. This strategy delivered significant Free Cash Flow in 2022. We used our Free Cash Flow to reduce absolute debt to the lowest level in company history and return cash to our shareholders. This operational and financial momentum allowed us to enter 2023 in the strongest and most resilient position we have ever been in.

## CONSISTANT AND RELIABLE
EXECUTION

During 2022 we produced 3.2 Bcfe per day, including approximately 170,000 barrels per day of liquids, consistent with our maintenance capital targets. This resulted in substantial Free Cash Flow that was used to reduce debt by \(1 billion and return \)1 billion of capital to our shareholders, or approximately 8% of outstanding shares. The debt reduction reduced our leverage down to 0.4x.

Antero is uniquely positioned with scale, a diverse product mix, and the ability to sell 100% of our natural gas out of the basin, including 75% of our natural gas being delivered to the LNG fairway where we realize premium prices. In addition, our integration with Antero Midstream provides long-term development reliability and visibility.

## LARGEST LOW COST
INVENTORY IN APPALACHIA

With more than 1,500 premium core locations, we have over 20 years of drilling inventory in Appalachia. Through our organic leasing efforts, we continued to high-grade our inventory by adding the equivalent of 80 drilling locations in 2022, more than offsetting Antero's maintenance capital plan that assumes an average of 60 to 65 wells per year. At an average cost of less than $1 million per location, we believe this organic leasing program is the most cost-efficient approach to lengthening our core inventory position.

## LEADERS IN SAFETY AND ESG

In 2022, we achieved a total recordable incident rate of 0.434, marking the safest year in Company history. We continued to invest in the communities in which we operate, boosted local economies, and donated over $828,000 to local charities.

We made considerable progress on our 2025 environmental goals, which included a significant reduction in our methane leak loss rate and our GHG intensity. We also made important progress toward our Net Zero Scope 1 and Scope 2 carbon emissions goals.

As we look to the future, natural gas will be the key to the energy transition over the coming decades. Natural gas complements renewable energy growth

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and powers the improvement in living standards across the globe.

## READY FOR THE FUTURE

Following consecutive years of generating substantial Free Cash Flow, Antero will continue to execute a maintenance capital program that maximizes Free Cash Flow and returns capital to our shareholders. The combination of our large-scale diversified product pricing exposure, increased capital efficiency, and low leverage provides Antero with a differentiated strategy built to succeed through any commodity price cycle. We appreciate the guidance and support of our Board of Directors.

We thank you, our shareholders, for investing in our company and look forward to continued success in 2023 and for many years to come.

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Paul M. Rady
Founder, Chairman, CEO
and President

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$1B

of Debt
Reduction

0.4X

Leverage

$1B

of Share
Purchases

20

Years of Premium
Drilling Inventory

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