Antero Resources Corporation

Antero Resources Corporation

AR
Antero Resources CorporationUS flagNew York Stock Exchange
34.83
USD
+0.61
- -
10.79BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
3.13
6.71
5.02
5.95
8.75
11.56
11.89
11.32
18.8
27.02
14.27
13.31
16.19
17.74
Basic EPS, GAAP
-0.07
2.57
3.43
-2.88
1.95
-1.26
-1.11
-4.65
-0.61
6.09
0.66
0.18
2.05
3.11
Free Cash Flow per Basic Share
-1.99
-2.33
1.16
0.25
3.4
4.3
3.05
2.52
5.02
9.4
2.76
2.41
4.01
5.33
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
0.75
3.32
6.61
3.27
5
3.74
2.74
-1.57
-1.99
2.98
3.52
3.59
5.44
7.18
Tangible Book Value per Share
13.73
20.89
26.58
26.2
28.14
26.86
22.75
22.36
19.69
22.84
23.8
23.32
24.91
26.6
Basic Weighted Avg Shares
262
262
274
295
315
316
306
272
308
307
300
309
310
309
Sales/Revenue/Turnover
821
1,759
1,375
1,755
2,761
3,653
3,644
3,084
5,792
8,300
4,279
4,119
5,014
5,484
Operating Margin (%)
-16.99
23.13
-34.21
-23.32
10.37
16.51
-3.44
-25.78
35.45
52.18
7.79
1.27
16.55
20.87
Depreciation Expense
235
479
711
812
827
975
919
865
746
720
750
766
754
774
Net Income, GAAP
-19
674
941
-849
615
-398
-340
-1,268
-187
1,872
198
57
634
962
Effective Tax Rate (%)
114.93
39.82
37.01
- -
- -
- -
- -
- -
- -
18.08
17.63
- -
24.24
23.43
Profit Margin (%)
-2.3
38.3
68.46
-48.36
22.28
-10.88
-9.33
-41.11
-3.23
22.55
4.64
1.39
12.65
17.54
Working Capital
-289
357
541
-415
71
-47
-117
-409
-1,382
-987
-976
-938
-672
-1,015
LT Debt
2,079
4,363
4,669
4,704
4,800
5,465
6,343
5,350
5,090
4,073
3,966
3,540
3,010
4,214
Total Equity
3,599
5,474
7,287
7,729
8,876
8,487
6,971
6,090
6,066
7,017
7,134
7,217
7,716
8,223
Return on Invested Capital (%)
0.47
3.09
-2.69
- -
- -
- -
- -
- -
- -
30.4
2.35
- -
5.56
7.24
Return on Capital (%)
-1.99
17.86
14.84
- -
- -
- -
- -
- -
- -
33.43
3.39
- -
12.27
15.98
Return on Common Equity (%)
-9.25
126.31
70.21
-61.18
48.4
-28.82
-33.66
- -
- -
- -
20.12
5.28
45.35
54.39

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
509
516
536
LT Borrowings
1,307
1,398
2,665
LT Finance Leases
1,754
1,612
1,550
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
308
309
310
Market Capitalization
10,417
10,673
13,119

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
428
832
678
Cash, Cash Equivalents & STI
- -
- -
- -
Accounts Receivable, Net
37
34
32
Inventories
- -
- -
- -
Total Current Liabilities
1,386
1,503
1,693
Payables & Accruals
832
875
1,111
ST Debt
509
516
536
Deferred Revenue
24
24
24

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
1.1%
5%
6.92%
Free Cash Flow
144.54%
39.39%
66.34%
Net Income, GAAP
-60.76%
-67.72%
1,008.62%
Sales/Revenue/Turnover
20.23%
20.13%
21.73%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,058
928
984
1,149
4,119
2025
1,393
1,204
1,133
1,283
5,014
2026
1,863
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.07
-0.26
-0.11
0.34
0.18
2025
0.67
0.5
0.25
0.63
2.05
2026
1.73
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

MCPAPIChat
CEO
Michael N. Kennedy
Full Time Employees
616
Sector
Energy
Industry
Oil & Gas Exploration & Production
Address
1615 Wynkoop Street Denver CO United States of America 80202
IPO Date
Oct 10, 2013
Business
Antero Resources Corporation (NYSE: AR) is an independent natural gas-focused exploration and production company engaged in the acquisition, exploration, development, and production of natural gas, natural gas liquids (NGLs including ethane, propane, butane, pentanes, and C3+ blends), and oil from unconventional reservoirs in the Appalachian Basin, primarily the Marcellus Shale in West Virginia and the Utica Shale in Ohio; the company operates an extensive leasehold position with low-cost, liquids-rich drilling inventory, integrated midstream infrastructure for gathering, compression, processing, and transportation, and firm capacity to Gulf Coast LNG facilities. Headquartered in Denver, Colorado, and founded in 2002, Antero ranks as the fourth-largest U.S. NGL producer and sixth-largest natural gas producer, with net production averaging 3.4 Bcfe/d (2.2 Bcf/d natural gas; 206 MBbl/d liquids) in Q3 2025, supplying 2.1 Bcf/d to LNG export markets amid rising global demand for cleaner energy. The company targets utilities, industrial users, petrochemical firms, refiners, and LNG exporters, prioritizing operational efficiency through advanced horizontal drilling, hydraulic fracturing, and record-setting laterals exceeding 22,000 feet. In recent developments, Antero completed approximately $260 million in bolt-on acquisitions of Marcellus acreage in West Virginia during Q3 2025, adding 75-100 MMcfe/d net production and 10 undeveloped locations funded by free cash flow at over 20% 2026 free cash flow yield; expanded its land budget to $125-150 million with 79 incremental drilling locations via organic leasing at ~$900,000 per location; repurchased 4.7 million shares year-to-date for $163 million under a $500 million program ($915 million remaining); reduced debt by $182 million year-to-date to $1.1 billion; added a spot rig for dry gas development with ~1,000 locations on 100,000 held-by-production acres, spudding a pad in Q4 2025 for Q1 2026 production; and enhanced hedges including 646 BBtu/d swaps for Q4 2025 at $3.70/MMBtu, 600 BBtu/d for 2026 at $3.82/MMBtu, and collars with raised floors. Leadership transitioned in 2025 with co-founder Paul M. Rady moving to Chairman Emeritus and Michael N. Kennedy appointed CEO and President of Antero Resources, alongside Brendan Krueger as CFO. These initiatives support raised 2025 production guidance to 3.4-3.45 Bcfe/d, underscore maintenance capital discipline generating $91 million free cash flow in Q3, and position the company to capitalize on natural gas demand from LNG exports, power generation, and data centers.

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