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    Antero Resources Corp (AR)

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    Antero Resources Corporation (AR) is an independent oil and natural gas company engaged in the development, production, exploration, and acquisition of natural gas, natural gas liquids (NGLs), and oil properties. The company operates primarily in the Appalachian Basin, focusing on unconventional reservoirs using advanced drilling and fracture stimulation technologies. Antero Resources sells natural gas, NGLs, and oil, and also provides midstream services through its investment in Antero Midstream.

    1. Exploration and Production (E&P) - Develops and produces natural gas, NGLs, and oil properties in the Appalachian Basin, targeting large, repeatable resource plays with low geologic risk and high operational repeatability.
    2. Marketing - Optimizes revenues by purchasing and selling third-party natural gas and NGLs and marketing excess firm transportation capacity.
    3. Midstream Services - Provides gathering, compression, processing, and water handling services through its equity method investment in Antero Midstream, supporting production and completion activities in the Appalachian Basin.
    NamePositionExternal RolesShort BioStart Date

    Paul M. Rady

    ExecutiveBoard

    Chairman, CEO, and President

    Board Member at Antero Midstream

    Co-founder of AR (2002), led significant growth and strategic transactions, extensive oil and gas leadership experience.

    May 2004

    Michael N. Kennedy

    Executive

    CFO and Senior VP – Finance

    None

    Joined AR in 2013, became CFO in 2021, previously held financial leadership roles at Forest Oil Corporation and Arthur Andersen.

    April 2021

    Yvette K. Schultz

    Executive

    Chief Compliance Officer, SVP Legal, General Counsel, and Corporate Secretary

    None

    Joined AR in 2015, became General Counsel in 2017, Corporate Secretary in 2021, and SVP Legal in 2022. Previously worked at Vinson & Elkins and Latham & Watkins.

    January 2022

    Benjamin A. Hardesty

    Board

    Lead Director

    Owner of Alta Energy LLC; Trustee and Past Chairman of Nature Conservancy WV

    Extensive oil and gas experience, including leadership roles at Dominion E&P and Stonewall Gas Company.

    2013

    Brenda R. Schroer

    Board

    Director

    None

    Former CFO of Concho Resources and Aris Water Solutions, with extensive financial leadership experience in the energy sector.

    2021

    Jacqueline C. Mutschler

    Board

    Director

    Board Member at Weatherford International plc

    Former Senior VP of Upstream Technology at BP, with over 30 years of oil and gas industry experience.

    2020

    Robert J. Clark

    Board

    Director

    Member of Boys & Girls Club of Metro Denver and Judi’s House Boards

    Founder of multiple energy companies, including 3 Bear Energy, Bear Tracker Energy, and Bear Paw Energy, with extensive midstream energy expertise.

    2013

    Vasiliki (Vicky) Sutil

    Board

    Director

    Independent Director at Delek US Holdings, Inc.

    Over 20 years of experience in energy, including roles at SK E&P, Occidental Petroleum, and Mobil Oil.

    2019

    W. Howard Keenan, Jr.

    Board

    Director

    Member of Yorktown Partners LLC; Board Member at Aris Water Solutions, Solaris Oilfield Infrastructure

    Over 45 years of energy investment experience, including board roles at multiple energy companies.

    2004

    1. Given that you have deferred the completion of two pads with 12 wells into 2025 due to current natural gas prices, how will this impact your production levels and cash flows in the near term, and what price signals are you waiting for to resume these completions?

    2. You mentioned that maintenance capital for sustaining production at 3.3 to 3.4 Bcfe/day in 2025 is around $700 million, incorporating efficiency gains and slightly shorter lateral lengths; can you elaborate on the risks to maintaining these efficiencies and the potential impact if they do not materialize as assumed?

    3. Despite the current contango in the natural gas futures curve, you remain largely unhedged; what thresholds are you looking for to begin hedging future production, and how might continued volatility in gas prices affect your hedging strategy and financial performance?

    4. With the first $600 million of free cash flow allocated to debt reduction following your investment-grade achievement, how do you balance debt repayment with potential opportunities for shareholder returns through buybacks, especially in light of anticipated stronger free cash flow in 2025?

    5. Considering the ongoing constraints in U.S. LPG export capacity and your reliance on Northeast export advantages, how do you plan to mitigate the risks of potential market shifts when new Gulf Coast capacity comes online in mid-2025 and 2026, and what is your outlook on sustaining current premium pricing for your LPG exports?

    Program DetailsProgram 1
    Approval DateN/A
    End Date/DurationN/A
    Total Additional AmountN/A
    Remaining Authorization$1,050,901,000 (as of 2025-01-28)
    DetailsThe program is part of the company's strategy to return capital to shareholders, using free cash flow for share repurchases. A total of 28 million shares have been repurchased at a cost of $949 million through December 31, 2023.