AR - Quick Thoughts on Updated Slide Deck

研报英文原文证据摘录

AR - Quick Thoughts on Updated Slide Deck

Truist Securities

Equity Research Report June 29, 2026

ENERGY: Exploration & Production Antero Resources Corporation (AR)

AR - Quick Thoughts on Updated Slide Deck Gabe Daoud

212-303-4193

Gabe.Daoud@truist.com

Last week AR posted an updated investor presentation to its website highlighting a 'new

era' for the company. The punchline - AR targets a >70c/Mcfe cash cost reduction to

Frankie DiGiovanna $2.00/Mcfe by YE28 (v Street's $2.46/Mcfe and our $2.44/Mcfe) from $2.70/Mcfe at YE25 212-326-3158

Francis.DiGiovanna@truist.com alongside a >35c/Mcfe margin expansion that translates to an incremental ~$300MM in FCF.

This new "optimize it" era underpinned by an ~$800MM structural decline in annual

midstream commitments and a consolidated WV position driving high-graded liquids Eric Look development alongside increasing dry gas is underappreciated, in our view, as AR 212-303-4174

Eric.Look@truist.com pivots from capital intensive "build it" and "fill it" eras. This also represents a key

theme within Midstream as higher-priced legacy commitments signed in the producer

push era expire into more favorable environments for E&Ps. Reiterate Buy on AR.

Current Price (Jun. 26, $35.17 How do they get there? The reduction to the $2.00/Mcfe target from $2.70/Mcfe and margin 2026) enhancement is driven by the following structural catalysts:

Stock Rating BUY 1. HG Energy Integration (~15c/Mcfe): Successful integration of the HG acquisition, which

Unchanged carries a lower inherent cost structure

2. FT & Marketing Optimization (~20c/Mcfe): High-grading its FT portfolio and optimizing

Price Target $56.00 natural gas and liquids commitments.

Unchanged 3. Dry Gas Development & VPP Expiration (35c/Mcfe): A balanced shift toward dry gas