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    Antero Resources Corp (AR)

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    Business Description

    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.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Paul M. RadyChairman of the Board, Chief Executive Officer, and PresidentMay 2004Co-Founder of Antero Resources. Became President of Antero Midstream on April 30, 2021, and has held CEO and Chairman roles at Antero Midstream since March 2019. Previously held leadership roles at Pennaco Energy, Barrett Resources, and Amoco.
    Michael N. KennedyChief Financial Officer and Senior Vice President—FinanceApril 30, 2021Joined AR as CFO in April 2021 and has been Senior Vice President—Finance since January 2016. Previously served as Vice President of Finance (August 2013) and CFO at Antero Midstream (March 2019–April 2021). Earlier roles include EVP and CFO at Forest Oil Corporation (2009–2013) and auditor at Arthur Andersen (1996–2001).
    Yvette K. SchultzChief Compliance Officer, Senior Vice President—Legal, General Counsel, and Corporate SecretaryJanuary 2022Joined AR as Chief Compliance Officer and Senior Vice President—Legal in January 2022. Has been General Counsel since January 2017 and Corporate Secretary since April 2021. Previously worked at Vinson & Elkins L.L.P. and Latham & Watkins LLP. Holds degrees in Computer Science, MBA, J.D., and B.C.L..

    Questions to Ask Management

    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?

    Share Repurchase Program

    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.