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.
- 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.
- Marketing - Optimizes revenues by purchasing and selling third-party natural gas and NGLs and marketing excess firm transportation capacity.
- 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.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
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. | View Report → |
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. | |
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. | |
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. | |
Brenda R. Schroer Board | Director | None | Former CFO of Concho Resources and Aris Water Solutions, with extensive financial leadership experience in the energy sector. | |
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. | |
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. | |
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. | |
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. |
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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?
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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?
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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?
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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?
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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?
Research analysts who have asked questions during ANTERO RESOURCES earnings calls.
Arun Jayaram
JPMorgan Chase & Co.
4 questions for AR
Kevin MacCurdy
Pickering Energy Partners
4 questions for AR
Leo Mariani
ROTH MKM
4 questions for AR
David Deckelbaum
TD Cowen
3 questions for AR
John Freeman
Raymond James Financial
3 questions for AR
Bertrand Donnes
Truist Securities
2 questions for AR
Neil Mehta
Goldman Sachs
2 questions for AR
Paul Diamond
Citigroup
2 questions for AR
Roger Read
Wells Fargo & Company
2 questions for AR
Ati Modak
Goldman Sachs
1 question for AR
Betty Jiang
Barclays
1 question for AR
Betty John
Barclays
1 question for AR
Carlos de Alba
Morgan Stanley
1 question for AR
Doug Leggate
Wolfe Research
1 question for AR
Greta Drefke
Goldman Sachs
1 question for AR
John Abbott
Wolfe Research
1 question for AR
Joshua Silverstein
UBS Group AG
1 question for AR
Kaleinoheaokealaula Akamine
Bank of America
1 question for AR
Nitin Kumar
Mizuho Securities USA
1 question for AR
Phillip Jungwirth
BMO Capital Markets
1 question for AR
Wei Jiang
Barclays
1 question for AR
Recent press releases and 8-K filings for AR.
- Annual meeting held on June 4, 2025 where stockholders voted on key proposals including board director elections, auditor ratification, and executive compensation decisions.
- Class III board director nominees received detailed vote counts, with significant support evident in the votes cast for each nominee.
- KPMG LLP was ratified as the independent auditor for 2025 with over 270 million votes in favor, and the advisory vote on executive compensation also provided clear results.
- Financial & Production Performance: Q1 2025 net production averaged 3.4 Bcfe/d, generating $337 million in free cash flow, with net income of $208 million (adjusted $247 million) and over $200 million in debt reduction to $1.29 billion.
- Operational Highlights: Achieved improved efficiency with average completed feet per day at 2,452 and set a record of 18 completion stages on one pad in March.
- Hedging Strategy: Updated strategy for 2026 using natural gas collars with a floor of $3.07 and a ceiling of $5.96, executed via structured swap arrangements (320,000 MMBtu/d) to hedge about 9% of expected volumes.
- Liquids & NGL Fundamentals: Strengthened outlook with improved LPG premium guidance of $1.50 to $2.50 per barrel versus $1.41 in 2024, supported by robust export positioning.
- Production Pricing Breakdown: Realized a pre-hedge natural gas equivalent price of $4.55 per Mcfe and a C3+ NGL price of $45.65 per barrel from production comprising 2.2 Bcf/d natural gas and 206 MBbl/d liquids.
- Guidance & Share Buyback: Updated Q1 guidance targeting production of 3.35–3.45 Bcfe/d and repurchased 2.7 million shares for approximately $92 million, with further buybacks planned when market opportunities arise.
- Legal Disclaimer: Includes comprehensive legal disclaimer with forward-looking statements addressing commodity price volatility and operational uncertainties.