Research · Sep 3, 2026
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.
Research · Sep 3, 2026
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.
