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CLOSED · 02:35 ET
Market ClerkRecap
Thu Oct 22 · markets closed2 signals on Oct 21108 insider buys this week · $250.3MCIRO short report next: Oct 30The week ahead

AR

ANTERO RESOURCES Corp
NYSE · ENERGY · CRUDE PETROLEUM & NATURAL GAS
38.51
−0.32 −0.82%
USD · close Oct 21
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Work order
31
FLAG · shorts 31
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
1 / 15
tracked funds hold it
Calls on record
0
nobody we score has called it yet
MKT CAP $11.8BP/E 11.1DIV YIELD —FCF YIELD —REV TTM $6.1B +25.8%NET INCOME $1.1B +116.1%NET DEBT $2.4B52W 30.03 – 45.15SEC XBRL · TTM TO Invalid Date

How AR rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
40%
of sentences unchanged
Added
470
new sentences
Dropped
419
sentences removed
Length
+2,300
words, now 52,676

New in FY2025

  • Our common stock is listed on the New York Stock Exchange and traded under the symbol “AR.” On February 6, 2026, our common stock was held by 98 holders of record.
  • Issuer Purchases of Equity Securities The following table sets forth our share purchase activity for each period presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Number ​ Approximate ​ ​ ​ ​ ​ ​ ​ of Shares ​ Dollar Value ​ ​ ​ ​ ​ ​ ​ Repurchased ​ of Shares ​ ​ ​ ​ ​ ​ ​ as Part of ​ that May ​ ​ ​ Total Number ​ ​ ​ Publicly ​ Yet be Purchased ​ ​ ​ of Shares ​ Average Price ​ Announced ​ Under the Plan ​ Period ​ Purchased (1) ​ Paid Per Share ​ Plans ​ ($ in thousands) ​ October 1, 2025 - October 31, 2025 ​ 77,515 ​ $ 32.06 ​ 2,800 ​ $ 914,497 ​ November 1, 2025 - November 30, 2025 ​ 14,560 ​ ​ 34.23 ​ — ​ ​ 914,497 ​ December 1, 2025 - December 31, 2025 ​ — ​ ​ — ​ — ​ ​ 914,497 ​ Total ​ 92,075 ​ $ 32.40 ​ 2,800 ​ ​ ​ ​ (1) The total number of shares purchased includes shares of our common stock transferred to us in order to satisfy tax withholding obligations incurred upon the vesting of equity awards held by our employees .
  • Through December 31, 2025, we have repurchased and retired 32 million shares of our common stock through our share repurchase program at a total cost of $1.1 billion.
  • Dividend Restrictions Our ability to pay dividends is governed by (i) the provisions of Delaware general corporation law, (ii) our Certificate of Incorporation and Bylaws, (iii) certain of the indentures relating to our Senior Notes, (iv) the Credit Facility and (v) the Term Loan A Facility.
  • Stock Performance Graph The graph below shows the cumulative total shareholder return assuming the investment of $100 on December 31, 2020 in each of our common stock, the Standard & Poor’s 500 (“S&P 500”) Index, and the Dow Jones U.S.
  • Our Company We have assembled a portfolio of long-lived properties that are characterized by what we believe to be high repeatability and low geologic risk.
  • Our strategy is to leverage our team’s experience delineating and developing natural gas resource plays to develop our reserves and production, primarily on our existing multi-year inventory of drilling locations in the Appalachian Basin.
  • As of December 31, 2025, we held approximately 537,000 net acres in the Appalachian Basin.
  • In addition, we estimate that approximately 168,000 net acres of our leasehold may be prospective for the slightly shallower Upper Devonian Shale.
  • As of December 31, 2025, our estimated proved reserves were 19.1 Tcfe, consisting of 11.8 Tcf of natural gas, 679 MMBbl of assumed recovered ethane, 529 MMBbl of C3+ NGLs and 23 MMBbl of oil.
  • As of December 31, 2025, we had 1,279 potential horizontal well locations on our existing leasehold acreage that were classified as proved, probable and possible.
  • We have three reportable segments: exploration and production, our equity method investment in Antero Midstream and marketing.
  • HG Acquisition On December 5, 2025, we entered into a definitive agreement to acquire 100% of the issued and outstanding equity interests of HG Production from HG Energy for total cash consideration of $2.8 billion, subject to the terms and conditions thereof.
  • The HG Acquisition includes approximately 385,000 net acres in the core of the Marcellus Shale in West Virginia.
  • Pursuant to the same agreement, Antero Midstream Partners agreed to acquire 100% of the issued and outstanding equity interests of HG Midstream from HG Energy for cash consideration of $1.1 billion, subject to the terms and conditions thereof.
  • The HG Midstream Acquisition includes gathering pipelines and integrated water handling assets in the core of the Marcellus Shale in West Virginia.
  • These acquisitions closed on February 3, 2026.
  • The HG Acquisition was funded with borrowings under the Term Loan A Facility, net proceeds of the 2036 Notes (as defined below), borrowings under the Credit Facility and restricted cash.
  • We intend to make certain modifications to our existing commercial arrangements with Antero Midstream to provide for on-pad compression with respect to certain wells and to provide a transition period through 2026 before certain water services would be provided under the existing agreements with Antero Midstream.
  • Utica Shale Divestiture On December 5, 2025, we entered into a definitive agreement with the Buyer Parties to sell our Utica Shale Properties for aggregate cash consideration of $800 million, subject to the terms and conditions thereof.
  • The Utica Shale Properties include approximately 80,000 gross ( 70,000 net) acres located in Ohio and proved reserves of approximately 600 Bcfe as of December 31, 2025.
  • The Utica Shale Divestiture is expected to close in February 2026, subject to the satisfaction of certain customary closing conditions.
  • The net proceeds from the Utica Shale Divestiture are expected to be used for the repayment of long-term debt.
  • Financing Highlights Credit Facility Maturity Date Extension Effective July 30, 2025, we obtained the consent of each of the lenders under our Unsecured Credit Facility to extend the Maturity Date from July 30, 2029 to July 30, 2030.
  • The terms of the Unsecured Credit Facility otherwise remain unchanged.
  • Under the terms of the Unsecured Credit Facility, we may request two one-year extensions of the Maturity Date, subject to the satisfaction of certain conditions.
  • Issuance of the 2036 Senior Notes ​ On January 28, 2026, we issued $750 million of 5.400% senior notes due February 1, 2036 (the “2036 Notes”) at a price of 99.869% of par.
  • The 2036 Notes are unsecured and rank pari passu to our Unsecured Credit Facility and Term Loan A Facility and other outstanding senior notes.
  • The 2036 Notes are not guaranteed by any of our subsidiaries.
  • The net proceeds from this offering were used to partially fund the HG Acquisition.
  • See Note 3—Transactions and Note 7—Long-Term Debt to our consolidated financial statements for additional information. ​ Notice of Redemption of 2029 Notes ​ On February 9, 2026, we notified the holders of our 7.625% senior notes due February 1, 2029 (the “2029 Notes”) of our intent to redeem all $365 million aggregate principal amount of our 2029 Notes on February 24, 2026, subject to certain conditions, including the closing of the Utica Shale Divestiture, at a redemption price of 101.271%, plus accrued and unpaid interest. ​ Term Loan A ​ On February 3, 2026, substantially concurrently with the consummation of the HG Acquisition, we entered into an unsecured three year term loan facility in an aggregate principal amount of $1.5 billion with the Royal Bank of Canada, RBC Capital Markets and JPMorgan Chase Bank, N.A.
  • Borrowings are unsecured and are not guaranteed by any of our subsidiaries.
  • On February 3, 2026, we borrowed $1.5 billion in a single borrowing to partially fund the HG Acquisition.
  • The Term Loan A Facility is scheduled to mature on February 3, 2029.
  • See Note 3—Transactions and See Note 7—Long-Term Debt to our consolidated financial statements for additional information. ​ Debt Repurchase Program ​ During the year ended December 31, 2025, we redeemed the remaining $97 million aggregate principal amount of our 8.375% senior notes due July 15, 2026 (the “2026 Notes”) at a redemption price of 102.094% of the principal amount thereof, plus accrued and unpaid interest.
  • In addition, we repurchased $42 million aggregate principal amount of our 2029 Notes through open market transactions at a weighted average price of approximately 103% of the principal amount thereof, plus accrued and unpaid interest.
  • See Note 7—Long-Term Debt to our consolidated financial statements for additional information. ​ Share Repurchase Program During 2022, our Board of Directors authorized a share repurchase program that allows us to repurchase up to $2.0 billion of outstanding common stock.
  • Through our share repurchase program, during the year ended December 31, 2025, we repurchased and retired approximately 4 million shares of our common stock at a total cost of $136 million.
  • As of December 31, 2025, we have approximately $914 million of capacity remaining under our share repurchase program.
  • Benchmark prices for natural gas and ethane increased significantly, while benchmark prices for C3+ NGLs and oil decreased, during the year ended December 31, 2025 as compared to the year ended December 31, 2024.

and 430 more.

Gone since FY2024

  • Our common stock is listed on the New York Stock Exchange and traded under the symbol “AR.” On February 7, 2025, our common stock was held by 99 holders of record.
  • Issuer Purchases of Equity Securities The following table sets forth our share purchase activity for each period presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Number ​ Approximate ​ ​ ​ ​ ​ ​ ​ of Shares ​ Dollar Value ​ ​ ​ ​ ​ ​ ​ Repurchased ​ of Shares ​ ​ ​ ​ ​ ​ ​ as Part of ​ that May ​ ​ ​ Total Number ​ ​ ​ Publicly ​ Yet be Purchased ​ ​ ​ of Shares ​ Average Price ​ Announced ​ Under the Plan ​ Period Purchased (1) ​ Paid Per Share Plans ($ in thousands) ​ October 1, 2024 - October 31, 2024 ​ 93,760 ​ $ 27.35 ​ — ​ $ 1,050,901 ​ November 1, 2024 - November 30, 2024 ​ ​ ​ 26.69 ​ — ​ ​ 1,050,901 ​ December 1, 2024 - December 31, 2024 ​ — ​ ​ — ​ — ​ ​ 1,050,901 ​ Total ​ 94,358 ​ $ 27.35 ​ — ​ ​ ​ ​ (1) The total number of shares purchased includes shares of our common stock transferred to us in order to satisfy tax withholding obligations incurred upon the vesting of equity awards held by our employees .
  • Through December 31, 2024, we have repurchased 28 million shares of our common stock through our share repurchase program at a total cost of $949 million.
  • Dividend Restrictions Our ability to pay dividends is governed by (i) the provisions of Delaware general corporation law, (ii) our Certificate of Incorporation and Bylaws, (iii) the indentures relating to our Senior Notes and (iv) the Credit Facility.
  • Stock Performance Graph The graph below shows the cumulative total shareholder return assuming the investment of $100 on December 31, 2019 in each of our common stock, the Standard & Poor’s 500 (“S&P 500”) Index, and the Dow Jones U.S.
  • Our Company We are an independent oil and natural gas company engaged in the development, production, exploration and acquisition of natural gas, NGLs and oil properties located in the Appalachian Basin.
  • Our strategy is to leverage our team’s experience delineating and developing natural gas resource plays to develop our reserves and production, primarily on our existing multi-year inventory of drilling locations.
  • We have assembled a portfolio of long-lived properties that are characterized by what we believe to be high repeatability and low geologic risk.
  • Our drilling opportunities are focused in the Appalachian Basin.
  • As of December 31, 2024, we held approximately 521,000 net acres in the Appalachian Basin.
  • In addition, we estimate that approximately 170,000 net acres of our leasehold may be prospective for the slightly shallower Upper Devonian Shale.
  • As of December 31, 2024, our estimated proved reserves were 17.9 Tcfe, consisting of 10.6 Tcf of natural gas, 674 MMBbl of assumed recovered ethane, 519 MMBbl of C3+ NGLs and 23 MMBbl of oil.
  • As of December 31, 2024, we had 1,137 potential horizontal well locations on our existing leasehold acreage that were classified as proved, probable and possible and excludes 339 locations based on such locations being uneconomic at the SEC reserves prices for the year ended December 31, 2024.
  • We have three reportable segments: (i) the exploration, development and production of natural gas, NGLs and oil; (ii) marketing of excess firm transportation capacity; and (iii) midstream services through our equity method investment in Antero Midstream.
  • Financing Highlights Unsecured Credit Facility During 2024, we achieved an investment grade credit rating from S&P Global Inc. in addition to our investment grade credit rating from Fitch Ratings, Inc.
  • As a result of this investment grade credit rating, on July 30, 2024, we entered into an amended and restated senior revolving credit facility with lender commitments of $1.65 billion that matures on July 30, 2029, subject to certain extension terms and conditions (the “Unsecured Credit Facility”).
  • Borrowings under the amended and restated facility are unsecured and are not guaranteed by any of our subsidiaries.
  • Drilling Partnerships 2021-2024 Drilling Partnership On February 17, 2021, we announced the formation of a drilling partnership with QL, an affiliate of Quantum Energy Partners, for our 2021 through 2024 drilling program.
  • Under the terms of the arrangement, QL funded development capital of 20 % for wells spud in 2021 and 2024 and 15 % for wells spud in 2022 and 2023, which funding amounts represent QL’s proportionate working interest in such wells.
  • Additionally, we received a carry of $29 million for each of the 2021 and 2022 tranches during the years ended December 31, 2022 and 2023 and a carry of $32 million for the 2023 tranche during the year ended December 31, 2024.
  • See Note 3—Transactions to our consolidated financial statements for additional information. 2025 Drilling Partnership On December 11, 2024, we entered into a drilling partnership with an unaffiliated third-party.
  • Under the terms of the arrangement, the third-party will participate in and fund a share of total development capital expenses for wells spud by Antero during the 2025 calendar year.
  • Additionally, for each well in the partnership, we will enter into an assignment, bill of sale and conveyance pursuant to which the third-party will be conveyed a proportionate working interest percentage in such well, which conveyances will not be subject to any reversion.
  • Benchmark prices for natural gas and ethane decreased significantly, while benchmark prices for oil remained consistent and benchmark prices for C3+ NGLs increased during the year ended December 31, 2024 as compared to the year ended December 31, 2023.
  • As a result of the lower benchmark natural gas and ethane prices and higher benchmark C3+ NGLs prices during the year ended December 31, 2024, we experienced a decrease in price realizations for natural gas and ethane products and an increase in price realization for C3+ NGLs products during the same period.
  • We monitor the economic factors that impact natural gas, NGLs and oil prices, including domestic and foreign supply and demand indicators, domestic and foreign commodity inventories, the actions of Organization of Petroleum Exporting Countries and other large producing nations and the current conflicts in Ukraine and in the Middle East, among others.
  • The following table details the average benchmark natural gas, NGLs and oil prices: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2024 ​ Henry Hub ($/Mcf) (1) ​ $ 2.74 ​ ​ 2.27 ​ Mont Belvieu Ethane ($/Bbl) (2) ​ ​ 10.32 ​ ​ 8.00 ​ Mont Belvieu C3+ NGLs ($/Bbl) (3) ​ ​ 38.31 ​ ​ 40.82 ​ West Texas Intermediate ($/Bbl) (4) ​ ​ 77.62 ​ ​ 75.72 ​ (1) NYMEX first of month average natural gas price.
  • Hedge Position Antero Resources (Excluding Martica) We are exposed to certain commodity price risks relating to our ongoing business operations, and we use derivative instruments when circumstances warrant to manage such risks.
  • Due to our improved liquidity and leverage position as compared to historical levels, the percentage of our expected production that we hedge has decreased.
  • For 2023 and 2024, substantially all of our production was unhedged.
  • Assuming our 2025 production is the same as our production in 2024, approximately 3% of our total production for 2025 is hedged through fixed price commodity swaps.
  • As of December 31, 2024, the estimated fair value of our commodity derivative contracts, excluding Martica, was a net liability of $45 million.
  • Martica Our consolidated VIE, Martica, also maintains a portfolio of fixed price swap derivatives for the benefit of the noncontrolling interests in Martica.
  • As such, all gains and losses attributable to Martica’s derivative portfolio are fully attributable to the noncontrolling interests in Martica.
  • As of December 31, 2024, the estimated fair value of Martica’s commodity derivative contracts was a net liability of $2 million.
  • See Note 11—Derivative Instruments to our consolidated financial statements for additional information. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Economic Indicators The economy experienced elevated inflation levels as a result of global supply and demand imbalances, where global demand outpaced supplies beginning in 2021 and continuing through 2024.
  • For example, CPI for all urban consumers increased 4.1% from December 2022 to December 2023 and an additional 2.9% from December 2023 to December 2024.
  • In order to manage the inflation risk present in the United States’ economy, the Federal Reserve utilized monetary policy in the form of interest rate increases beginning in March 2022 in an effort to bring the inflation rate in line with its stated goal of 2% on a long-term basis.
  • Between March 2022 and July 2023, the Federal Reserve increased the federal funds interest rate by 5.25%.
  • During the second half of 2024, inflation rates began to approach the Federal Reserve’s stated goal of 2%, and the Federal Reserve decreased the federal funds rate by 1.0% between September and December 2024.

and 379 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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