Antero Resources Corporation
- Open
- 39.59
- Day high
- 40.16
- Day low
- 39.48
- Prev close
- 39.81
- Volume
- 3.1M
- Mkt cap
- $12.2B
- P/E (TTM)
- 11.3
- EPS (TTM)
- $3.51
- P/B
- 1.5
- P/S
- 2.2
- Yield
- —
- Per share
- —
Antero Resources Corporation (AR) is a Energy company listed on NYSE. The stock is up 26% over the past year. Drillr has 2 published research articles covering AR.
Antero Resources Corporation (AR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.83 | $0.76 | -9.0% | $1.6B | +2.3% |
| Apr 30, 2026 | $1.17 | $1.15 | -1.7% | $1.9B | +16.8% |
| Feb 11, 2026 | $0.52 | $0.62 | +19.2% | $1.5B | +14.9% |
| Oct 29, 2025 | $0.22 | $0.15 | -31.8% | $1.2B | -16.8% |
| Jul 30, 2025 | $0.42 | $0.35 | -16.5% | $1.2B | -3.1% |
| Apr 30, 2025 | $0.83 | $0.78 | -6.5% | $1.4B | -3.2% |
| Feb 12, 2025 | $0.40 | $0.58 | +45.0% | $1.2B | +4.5% |
| Oct 30, 2024 | $-0.04 | $-0.12 | -172.7% | $1.1B | -10.0% |
| Jul 31, 2024 | $-0.18 | $-0.19 | -7.3% | $984M | +1.4% |
| Feb 14, 2024 | $0.21 | $0.23 | +9.5% | $1.2B | +0.2% |
| Oct 25, 2023 | $0.04 | $0.08 | +79.5% | $1.1B | -1.0% |
| Jul 26, 2023 | $-0.27 | $-0.28 | -3.7% | $894M | -15.2% |
AR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 14, 2026 | Mutschler Jacqueline Cdirector | Grant | 1,617 | — |
| Jul 14, 2026 | Munoz Jeffrey S.director | Grant | 1,617 | — |
| Jul 14, 2026 | Schroer Brenda Rdirector | Grant | 1,617 | — |
| Jul 14, 2026 | Sutil Vickydirector | Grant | 1,617 | — |
| Jul 14, 2026 | Hardesty Benjamin A.director | Grant | 2,181 | — |
| Jul 14, 2026 | Keenan W Howard JRdirector | Grant | 1,617 | — |
| Jul 14, 2026 | Tyree Thomas B JRdirector | Grant | 1,617 | — |
| May 4, 2026 | Kennedy Michael N.director, officer: See Remarks | Sell | 170,740 | $39.31 |
| May 4, 2026 | Schultz Yvette Kofficer: See Remarks | Sell | 549 | $39.76 |
| May 4, 2026 | Schultz Yvette Kofficer: See Remarks | Sell | 38,941 | $39.26 |
| May 4, 2026 | Kennedy Michael N.director, officer: See Remarks | Sell | 15,086 | $39.61 |
| Apr 14, 2026 | Keenan W Howard JRdirector | Grant | 1,418 | — |
| Apr 14, 2026 | Mutschler Jacqueline Cdirector | Grant | 1,418 | — |
| Apr 14, 2026 | Tyree Thomas B JRdirector | Grant | 1,418 | — |
| Apr 14, 2026 | Sutil Vickydirector | Grant | 1,418 | — |
Source: AR SEC Form 4 filings, latest Jul 14, 2026. For informational purposes only — not investment advice.
See the full AR insider & 13F page →AR research & analysis
[AR] Antero Resources Thesis 2026: Appalachian Natural Gas Cycle Drives NGL Exposure Recovery
Antero Resources Corp. (NYSE: AR) FY2025 revenue ~$4.7-5.2B (+10-22%) with adj. EPS ~$1.85-2.40 reflecting continued post-2024 ~3.4-3.6 Bcfe/d aggregate natural gas + NGL + condensate production (~63%+ aggregate natural gas + ~30%+ aggregate NGL + ~5-7% aggregate condensate) + selected continued post-2024 ~526K aggregate net acres in Appalachian Basin (Marcellus + Ohio Utica) + selected continued post-2024 selected various NGL pricing recovery cycle + selected post-2024 selected various LNG export demand pull under continued President + CEO Paul Rady since 2002 (~23-year tenure as Antero Resources Founder + CEO). One of the largest US Appalachian Basin natural gas + NGL E&P companies. Founded 2002 as Antero Resources by Paul Rady + Glen Warren (~23-year heritage); selected post-October 2013 NYSE listing IPO; selected post-2018-2024 deleveraging from ~$5B+ peak debt; selected post-2024 ~$1.0-1.5B aggregate FY2024-2025 buyback program. Headquartered in Denver Colorado; ~1,500+ employees globally with ~$4.7-5.2B revenue. One primary upstream segment: Appalachian Basin Upstream (~100% ~$4.7-5.2B). Production mix: Natural Gas (~63%+ ~2.15-2.27 Bcf/d), NGL (~30%+ ~140-160K Bbl/d), Condensate (~5-7% ~25-30K Bbl/d). Asset footprint: Appalachian Basin (West Virginia Marcellus + Ohio Utica) ~526K aggregate net acres. Appalachian natural gas cycle: ~3.4-3.6 Bcfe/d production; ~$2.50-3.50/Mcf Henry Hub natural gas pricing recovery cycle. NGL exposure + LNG export pull: ~30%+ aggregate NGL revenue exposure; Marcus Hook + LNG export demand pull (Cheniere + Sempra). President + CEO Paul Rady since 2002 (~23-year tenure); CFO Michael Kennedy. Capital return + deleveraging: ~$0M dividend FY2025 (selected primary capital deployment for deleveraging + capital return); ~$1.0-1.5B aggregate FY2024-2025 buyback program (~$500-700M aggregate FY2025); aggregate capital return ~$500-700M; net leverage ratio ~1.0-1.5x; ~$0.3-0.5B aggregate cash + investments balance; investment-grade pathway Ba1/BB+. FY2026 thesis: Appalachian natural gas cycle + NGL exposure + LNG export demand pull + selected post-2024 firm transportation portfolio + ~$0.3-0.6B aggregate cash + investments balance + selected continued post-2018-2024 deleveraging + ~$500-800M aggregate annual buybacks + selected pathway to dividend initiation FY2026-2027. Risks: Henry Hub natural gas pricing volatility, NGL pricing volatility, LNG export demand pull sustainability, EQT + Range Resources + Coterra competition, post-2018 deleveraging execution.
[AM] Antero Midstream Thesis 2026: Appalachian Gathering Cycle Drives AR Volume Capital Return
Antero Midstream Corp. (NYSE: AM) FY2025 revenue ~$1.10-1.18B (+5-9%) with adj. EPS ~$0.95-1.05 reflecting continued post-2024 ~$830-880M aggregate Gathering & Processing revenue (~75%+ aggregate revenue mix; selected primary Appalachian Marcellus + Utica natural gas gathering + compression + selected various aggregate dehydration) + selected continued post-2024 ~$280-320M aggregate Water Handling + Other revenue (~25% aggregate revenue mix; selected primary Appalachian water handling + selected various aggregate Other) under continued President + CEO Paul Rady since 2018 (~7-year tenure as Antero Midstream CEO). US Appalachian-focused midstream natural gas + NGL gathering + compression + water handling company. Founded 2014 as Antero Midstream Partners L.P. by Antero Resources Corp. (AR) parent (~11-year heritage); selected post-November 2014 NYSE IPO; selected post-March 2019 Antero Midstream + Antero Midstream Partners simplification; selected post-2018 Paul Rady CEO appointment. Headquartered in Denver Colorado; ~700-800+ employees globally with ~$1.10-1.18B revenue. Two primary business segments: Gathering & Processing (~75%+ ~$830-880M), Water Handling + Other (~25% ~$280-320M). Geographic mix: US ~100%; selected primary West Virginia + Ohio Appalachian Marcellus + Utica footprint. Appalachian gathering cycle (post-Antero Resources): ~$830-880M Gathering & Processing revenue; ~$3.4-3.6Bcf/d aggregate gathering throughput; ~85-90% aggregate AR parent dedicated production; ~10-15% third-party production; ~$0.50-0.55/Mcf aggregate Gathering & Processing fee. Water Handling + AR parent volume cycle: ~$280-320M Water Handling + Other revenue; ~85-90% aggregate AR parent dedicated production; ~+3-5% aggregate AR parent natural gas + NGL volume growth. President + CEO Paul Rady since 2018 (~7-year tenure); CFO Brendan Krueger. Capital return: ~$0.90 annual dividend FY2025 (~6-year continuous dividend track post-March 2019 Antero Midstream + Antero Midstream Partners simplification); ~$200-300M aggregate FY2024-2025 buyback program (~$100-200M aggregate FY2025); aggregate capital return ~$535-680M FY2025; net leverage ratio ~3.0-3.3x; non-investment grade Ba1/BB+ credit rating; selected ~28%+ aggregate Antero Resources (AR) parent ownership concentration. FY2026 thesis: Appalachian gathering cycle + Water Handling + AR parent volume cycle + ~$0.90 annual dividend + ~6-year continuous dividend track + ~$535-680M aggregate annual capital return + selected ~28%+ AR parent ownership concentration. Risks: Williams Companies + Energy Transfer + EQT Midstream + Equitrans Midstream competition, AR parent natural gas production cycle, Henry Hub natural gas price, AR parent CapEx discipline, Appalachian Marcellus + Utica decline considerations.
AM
Antero Resources Corporation company profile
Overview
Antero Resources Corporation (NYSE:AR) is an independent oil and natural gas exploration and production company founded in 2002 and headquartered in Denver, Colorado. The company went public in October 2013 and has established itself as a significant player in the Appalachian Basin, particularly focusing on unconventional shale gas development. Antero has grown to become one of the top natural gas producers in the United States, with extensive acreage positions primarily in West Virginia, Ohio, and Pennsylvania. The company operates with a strategic focus on both natural gas and natural gas liquids production, leveraging advanced drilling and completion technologies to extract hydrocarbons from shale formations.
Business
Antero Resources operates in the upstream oil and gas industry, specifically focused on the exploration, development, and production of natural gas, natural gas liquids (NGLs), and crude oil from unconventional shale formations. The company's primary asset base consists of approximately 502,000 net acres in the Appalachian Basin, with additional holdings of 174,000 net acres in the Upper Devonian Shale formation. The company's core operations center around unconventional shale gas extraction, which involves drilling horizontal wells and using hydraulic fracturing (fracking) technology to release hydrocarbons trapped in low-permeability rock formations. This process requires injecting water, sand, and chemicals at high pressure to create fractures in the rock, allowing oil and gas to flow to the wellbore. Antero's production portfolio is diversified across multiple hydrocarbon streams, with natural gas representing the largest component, followed by valuable natural gas liquids including ethane, propane, butane, and natural gasoline. The company also operates significant midstream infrastructure, including 494 miles of gas gathering pipelines and 21 compressor stations in the Appalachian Basin. This integrated approach allows Antero to control the initial processing and transportation of its production from wellhead to market delivery points. As of recent reports, Antero maintains estimated proved reserves of 17.7 trillion cubic feet of natural gas equivalent, positioning it among the larger independent producers in the United States. Antero's production mix generates approximately 60% of revenue from natural gas sales and 40% from liquids production, with the liquids component commanding premium pricing due to strong export demand and favorable market conditions for propane and other NGLs.
Revenue model
Antero Resources generates revenue through the direct sale of produced hydrocarbons to various customers including utilities, industrial users, marketers, and export facilities. The company operates under a traditional upstream business model where it sells natural gas, natural gas liquids, and crude oil at prevailing market prices, with revenue directly tied to production volumes and commodity pricing. The company's customer base includes power generation facilities, petrochemical plants, LNG export terminals, and industrial users who purchase natural gas for fuel and feedstock purposes. For natural gas liquids, Antero sells to domestic consumers, petrochemical facilities, and increasingly to export terminals that ship propane and other NGLs to international markets. The company has strategically positioned itself with firm transportation contracts that provide access to premium-priced markets, particularly LNG export facilities along the Gulf Coast. Several factors significantly impact Antero's profitability margins. Commodity price volatility represents the primary revenue driver, with natural gas prices influenced by weather patterns, storage levels, LNG export demand, and competing fuel sources. NGL pricing benefits from strong export demand, particularly for propane, but can be affected by international trade dynamics and new export capacity additions. Operational efficiency improvements have been a key margin enhancer, with the company achieving significant reductions in drilling times, completion costs, and cycle times through technological advances and operational optimization. Service cost inflation can pressure margins during periods of increased industry activity, while deflation during downturns provides cost relief. The company's extensive firm transportation portfolio, representing 2.3 Bcf per day of capacity to premium markets, provides a competitive advantage by capturing location-based pricing premiums. Regulatory changes affecting pipeline approvals, environmental restrictions, or export policies could impact both costs and market access, while technological improvements in drilling and completion techniques continue to drive down per-unit development costs.
Competitive moat
Antero Resources possesses a moderate competitive moat built primarily around its strategic asset base and operational capabilities, though the company operates in a commodity-driven industry with inherent cyclical challenges. The company's primary competitive advantages include its large, contiguous acreage position in the prolific Appalachian Basin, which provides decades of drilling inventory and economies of scale in development operations. The company's extensive firm transportation infrastructure represents a significant competitive advantage, with 2.3 Bcf per day of capacity providing access to premium-priced markets including LNG export facilities. This transportation portfolio, built over many years, would be difficult and expensive for competitors to replicate given current pipeline approval challenges and regulatory constraints. Additionally, Antero's integrated midstream operations, including 494 miles of gathering pipelines and 21 compressor stations, provide operational control and cost advantages. Operational excellence and technological capabilities have enabled Antero to achieve industry-leading efficiency metrics, including reduced drilling times and increased completion rates. The company's maintenance capital requirements of approximately $0.54 per Mcfe represent among the lowest in its peer group, indicating superior well economics and operational efficiency. However, the company's moat faces several limitations. The commodity nature of the business means that pricing power is limited, and profitability remains highly dependent on external market forces. New pipeline capacity and competing production regions could erode location-based pricing advantages over time. The capital-intensive nature of the business requires continuous investment to maintain production levels, and technological advances can be replicated by competitors. Environmental and regulatory pressures on fossil fuel development represent ongoing challenges that could impact long-term operating conditions and market access.
Risks & safety
Antero Resources demonstrates a moderate margin of safety with manageable debt levels and strong free cash flow generation, though the company faces typical commodity cycle risks. **Debt and Solvency:** - Total debt of approximately $3.9 billion with debt-to-equity ratio of 0.53 - Strong debt reduction track record, paying down over $200 million in Q1 2025 - No immediate refinancing needs with investment-grade credit rating - Positive free cash flow of $427 million in Q1 2025, supporting debt service capabilities **Valuation Metrics:** - Trading at 15.1x forward P/E ratio, reasonable for current commodity environment - EV/EBITDA of 8.5x based on recent quarter, moderate for the sector - Price-to-book ratio of 1.74x, indicating some premium to book value - Graham number suggests potential undervaluation relative to earnings and book value **Other Considerations:** - Minimal cash position creates working capital constraints with current ratio of 0.39 - Commodity price sensitivity creates earnings volatility risk - Strong operational cash flow generation provides financial flexibility - Low maintenance capital requirements support sustainable cash generation
Recent development
Over the past several years, Antero Resources has undergone a significant strategic transformation focused on operational efficiency optimization and capital discipline. The company has dramatically improved its drilling and completion operations, reducing drilling times from over 14 days per well in 2019 to just 10 days currently, while increasing completion stages per day from approximately 8 to over 12 stages. These efficiency gains have enabled Antero to reduce its annual capital requirements by over 25% while maintaining flat production levels. The company has implemented advanced completion technologies, including automated manifold systems for zipper fracs and e-fleet completion equipment, which have delivered substantial cost savings and improved well performance. Antero has also focused on high-grading its drilling inventory, targeting longer lateral wells averaging nearly 20,000 feet to maximize resource recovery per wellbore. Financial strategy evolution has been equally significant, with the company transitioning from growth-focused capital allocation to a maintenance capital approach prioritizing free cash flow generation and debt reduction. Antero has reduced total debt by over $2.5 billion since 2019 and achieved investment-grade credit rating status. The company has begun returning capital to shareholders through share repurchases, buying back nearly 1% of outstanding shares in Q1 2025. Market positioning improvements include strategic focus on premium-priced markets through firm transportation contracts to LNG export facilities, capturing location-based pricing premiums. The company has also optimized its NGL marketing strategy, locking in favorable export contracts and benefiting from strong international propane demand. Recent initiatives include expanding the firm transportation portfolio and developing partnerships to optimize water handling and completion operations.
AR company profile · for informational purposes only — not investment advice.
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