Antero Midstream Corp and Antero Resources Corp Corporate Update Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kevin MacCurdy - Pickering Energy Partners - Analyst : Hey, good morning. And congratulations on the deal. I guess I wanted to start off maybe on slide 6. You present an option for a growth plan. And I wonder if maybe you can just talk about that, the puts and takes on that decision and what would make you kind of pursue growth into 2027?

Question: Kevin MacCurdy - Pickering Energy Partners - Analyst : Great. Appreciate that. And maybe can you talk a little bit about the development plan on this asset? You mentioned $200 million of capital in 2026. Are we right to think that's probably like 15 to 20 wells? And will you be immediately shifting the focus to the wet gas? Or does that require some prep work?

Question: Kevin MacCurdy - Pickering Energy Partners - Analyst : Appreciate it. Thank you.

Question: Leo Mariani - Roth Capital Partners LLC - Analyst : Yeah, good morning. I wanted to ask a bit more about the synergies here. I see you guys have kind of put that in here on sort of a PV basis, not sure how you're kind of discounting that. But could you give us kind of an annual number? And I know you guys are saying that the deal should close around April 1. Just anything on kind of the timeline of the synergies you expect those to start to be relatively immediate post-closing. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 2:00PM, AM.N - Antero Midstream Corp and Antero Resources Corp Corporate Update

Question: Leo Mariani - Roth Capital Partners LLC - Analyst : No, that was great color, for sure. And I just wanted to also ask about the buyback. You referenced this in your prepared comments that you guys would continue to be opportunistic. It certainly makes sense. But as also you've noted, the leverage is going up some in the near term, but a lot of that's going to be hedged free cash flow and pay off debt. So is there any shift at all in thinking on the buyback where you might be a little bit more conservative as you're paying off debt in the next couple of years? Can you just provide a little bit more color around your thinking around that? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 2:00PM, AM.N - Antero Midstream Corp and Antero Resources Corp Corporate Update

Question: Leo Mariani - Roth Capital Partners LLC - Analyst : Great. Thank you.

Question: Jacob Roberts - TPH&Co - Analyst : Good morning, guys. I was wondering if you could speak to the base decline assumptions on the acquired assets. I'm not sure if I missed it, if you could break down the hydrocarbon mix of that asset and where you see that mix corporately in 2026, please?

Question: Jacob Roberts - TPH&Co - Analyst : Great. Thank you. And maybe pulling on that thread a little bit. Looking at slide 17 on the GP&T cost reductions. Is that predicated on a certain dry gas percentage? And to your point, if you shift more liquids weighted in maybe a 2027-plus time frame, is that number moving higher?

Question: Jacob Roberts - TPH&Co - Analyst : Perfect. Appreciate the time, guys. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 2:00PM, AM.N - Antero Midstream Corp and Antero Resources Corp Corporate Update

Question: Josh Silverstein - UBS AG - Analyst : Thanks and good morning, guys. Can you just talk about how the added production may help you in potential power or some sort of industrial supply discussions you may be having within the basin?

Question: Josh Silverstein - UBS AG - Analyst : Got it. And then I was just curious on the $0.15 to $0.20 margin reduction. This is mostly on the GP&T side. Can you just talk about how much of this is HG selling in basin versus having capacity charges? And I know you mentioned there was maybe some shift towards more dry gas drilling, which reduces some of the, I guess, processing fees there.

Question: Josh Silverstein - UBS AG - Analyst : Got it. Thanks, guys.

Question: Kalei Akamine - Bank of America Securities - Analyst : Hey, good morning, guys. My question is on acreage delineation. And kind of looking at the well results, HG's activity has been concentrated into one pocket of a large 385 net acre position that you guys call out. What is the exploration risk that you associate with the 400 drilling locations here? And is the acreage all held? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 2:00PM, AM.N - Antero Midstream Corp and Antero Resources Corp Corporate Update

Question: Kalei Akamine - Bank of America Securities - Analyst : Thank you, Mike. For my follow-up, can you simply talk about their working interest and whether that changes throughout the position and what the royalty rates are?

Question: Kalei Akamine - Bank of America Securities - Analyst : That's great. Thank you.

Question: Neil Mehta - Goldman Sachs Group Inc - Analyst : Yeah, thank you. As part of this, Mike and team, you guys announced the divesting of some non-core Utica. And can you just talk about are there other opportunities for non-core portfolio monetization as we think about you continuing to move south in the portfolio?

Question: Neil Mehta - Goldman Sachs Group Inc - Analyst : Thank you. Then can you just spend some time on slide 7. It does seem effectively, you're doubling your lateral length here in the pro forma development profile. So just if you can unpack that for us and what it means for the business? And any risk associated with the approaching the pads this way too? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 2:00PM, AM.N - Antero Midstream Corp and Antero Resources Corp Corporate Update

Question: Neil Mehta - Goldman Sachs Group Inc - Analyst : Perfect. Thank you.

Question: Subash Chandra - StoneX Group Inc - Analyst : Yeah. Hi, guys. Does this acquisition change your C3+ production profile at all?

Question: Subash Chandra - StoneX Group Inc - Analyst : Okay. Yeah. So yeah. And I guess the BTU levels of the HG acreage are comparable?

Question: Subash Chandra - StoneX Group Inc - Analyst : Okay. Got it. And just to clarify on the OpEx number. We will see a $0.15 to $0.20 benefit to cash costs in the income statement.

Question: Subash Chandra - StoneX Group Inc - Analyst : Okay. Yeah, I see it now. Okay. Yeah. Thanks for that. And I guess, one last one. So the -- I don't know if you want to comment on this, but what do you attribute to that variance in the multiple on the asset you sold especially?

Question: Subash Chandra - StoneX Group Inc - Analyst : Okay. Got it, great. Congrats, guys.

Question: Betty Jiang - Barclays Services Corp - Analyst : Good morning. I have a broader question. Sorry about that. Maybe just on the M&A strategy in general. It's a -- with this deal, it's one of the largest in recent memory for Antero. And before that is the PDP acquisition, which I understand is different. But certainly, the company is getting more active on the M&A side. So do we see this as a strategy to lean more into M&A and seeing AR as a consolidator going forward? And where do you see opportunities around your acreage from here?

Question: Betty Jiang - Barclays Services Corp - Analyst : Got it. Thanks. And then a question on Drillco or drilling JV decision into next year. I'm surprised you have not made that decision yet, just given the higher gas price and it seems strategic to forgo that JV at this point. Just what's your rationale and the decision point around that? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 2:00PM, AM.N - Antero Midstream Corp and Antero Resources Corp Corporate Update

Question: Betty Jiang - Barclays Services Corp - Analyst : Got it. That makes sense. Thanks.

Question: Ned Baramov - Wells Fargo Securities LLC - Analyst : Hi, good morning, guys and thanks for taking my questions. I guess, could you talk about how the gathering and compression fees for the HG acreage compared to those fees on the legacy acreage and whether there is a potential optimization angle for AR in its future development plans, if there is a gathering and compression fee advantage in developing one acreage versus the other?

Question: Ned Baramov - Wells Fargo Securities LLC - Analyst : Got it. And then maybe can you share a bit more on the key sources of midstream annual synergies similar to how you laid out the upstream synergies in response to an earlier question?

Question: Ned Baramov - Wells Fargo Securities LLC - Analyst : Understood. Thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 2:00PM, AM.N - Antero Midstream Corp and Antero Resources Corp Corporate Update

Question: David Deckelbaum - Cowen and Company LLC - Analyst : Thanks for taking my question. Congrats on the deal, guys. Mike, I'm curious, I know I'm hopping on a little late. I'm curious how this deal sort of impacts your outlook for land spend over the next several years. If we should be at the same sort of absolute level or if you anticipate that there's going to be a lot more kind of leasing opportunities your way now with a substantially larger --

Question: David Deckelbaum - Cowen and Company LLC - Analyst : I appreciate that. And then maybe just on the marketing synergies. I know you all identified $140 million of 10-year savings related to marketing. I guess is that included in there? Should we think about that as reallocating some of the acquired volumes from in-basin end markets looks like they're at M2 and Dom South, like to some of the firm transportation portfolio that you have. Is that sort of the calculated ARB that you have now? Unidentified Company Representative Yeah, there's a bit of that. So we had some just due to how we had structured our firm transport portfolio over the years. We had portions of our capacity that was unmatched essentially is what we call it. And so by integrating some of the production from HG that was just being sold locally, we can move it into that unutilized portion. And so number one, you don't have that unutilized portion, but you'll also get a pickup in price relative to what HG was selling at before. So that's essentially what it is, David.