Antero Resources Corporation

Overview

• Core business: Development, production, exploration and acquisition of natural gas, NGLs and oil in the Appalachian Basin.
• Headquarters: Denver, Colorado.
• As of 12/31/2025:
  • Approximately 537,000 net acres of natural gas, NGLs and oil properties, primarily in West Virginia and Ohio.
  • 29% ownership of Antero Midstream (equity method investment). Antero Midstream provides gathering, compression, water handling and related midstream services for the company’s Appalachian activity.

Organizational structure and segments

• Reportable segments:
  • Exploration and Production (E&P)
  • Equity method investment in Antero Midstream
  • Marketing of excess firm transportation capacity
• Joint venture / affiliate relationships:
  • Antero Midstream supplies a large portion of midstream services; the company accounts for its 29% ownership under the equity method (as of 12/31/2025).
• Major transactions and projects:
  • HG Acquisition: Definitive agreement in December 2025 to acquire HG Energy II Production; HG Midstream was acquired by Antero Midstream. Transaction closed February 3, 2026.
  • Utica Shale Divestiture: Agreement to sell substantially all Utica Shale assets for $800 million; closing expected February 2026 (approximately 80,000 gross / 70,000 net acres in Ohio; about 600 Bcfe proved reserves as of 12/31/2025).

Resources, reserves and production

• Proved reserves (Appalachian Basin):
  • As of 12/31/2025: ~19,149 Bcfe total proved reserves (76% proved developed; 24% proved undeveloped).
  • 2025 reserve changes reflect development, price revisions, and acquisitions related to Antero-operated wells.
• Production volumes:
  • 2023: Natural gas 815 Bcf; C2 ethane 24,657 MBbl; C3+ NGLs 41,927 MBbl; Oil 3,874 MBbl; Combined 1,238 Bcfe.
  • 2024: Natural gas 793 Bcf; C2 ethane 30,391 MBbl; C3+ NGLs 42,434 MBbl; Oil 3,693 MBbl; Combined 1,252 Bcfe.
  • 2025: Natural gas 808 Bcf; C2 ethane 29,842 MBbl; C3+ NGLs 42,010 MBbl; Oil 2,899 MBbl; Combined 1,256 Bcfe.
• Net daily production (Appalachian Basin): approximately 3,511 MMcfe/d (as of 12/31/2025 in the reserves table); consolidated figures cited in the 2023–2025 period are in the 3,392–3,442 MMcfe/d range.
• Acreage and development status:
  • Gross developed acres: 315,606; Net developed acres: 293,451.
  • Gross undeveloped acres: 249,982; Net undeveloped acres: 243,075.
  • ~86% of net Appalachian Basin acreage is held by production.
  • ~45% of net leasehold acreage is undeveloped; 294 Bcfe of proved undeveloped reserves relate to leases subject to renewal.

Drilling activity and inventory

• Productive wells (as of 12/31/2025): 1,933 gross wells, 1,775 net wells (including 260 gross / 236 net vertical wells).
• 2025 drilling activity: 61 net horizontal wells completed.
• Identified potential locations: 1,279 net horizontal locations classified as proved undeveloped or probable/possible reserves.
• 2026 drilling plans: 70–80 net horizontal wells in the Appalachian Basin.
• 2026 capital emphasis: drilling and completions ~ $1.0 billion; leasehold expenditures ~ $100 million; discretionary growth capital up to $200 million (assumes HG closing and Utica divestiture in February 2026).

Capital expenditures and financing

• 2025 consolidated capital expenditures: $797 million
  • Drilling and completion: $658 million
  • Leasehold additions: $131 million
  • Other: $8 million
• 2025 drilling and completion activity: 61 net horizontal wells completed.
• 2026 capital budget: $1.1 billion to $1.3 billion (includes closing of HG Acquisition; anticipates Utica Shale divestiture in February 2026).
• Financing approach: plans to fund capital expenditures with cash from operations and Antero Midstream dividends; the company may issue debt or equity as required by cash flow and capital market access.

Workforce and human capital

• Full-time employees: 632 (as of 12/31/2025).
• Employee functions include executives, finance, IT, geology, production and operations, midstream and water, land, accounting and internal audit.
• No current collective bargaining agreements; management emphasizes safety and employee development programs.

Customers and revenue attribution

• Major customers: the largest purchaser accounted for 9% of product revenues for the year ended 12/31/2025.

Other relevant notes

• Antero Midstream relationship: 29% ownership; equity method accounting; Antero Midstream assets support gathering, processing, water handling and related services.
• Reserves valuation and impairment: reserve estimates are audited by DeGolyer and MacNaughton; PV-10 is presented as a non-GAAP measure; reserve estimates follow SEC rules and depend on commodity prices.
• Acquisition-related risks and governance: the HG Acquisition and the Utica Shale Divestiture introduce integration and divestiture risks, including managing liabilities and operational integration.

Accessibility and disclosures

• Public filings: annual report (Form 10-K) and related SEC disclosures available on the company website and at sec.gov.