Antero Resources Corporation (AR): ANSOFF-Matrixanalyse

In der dynamischen Landschaft der Energieexploration steht Antero Resources Corporation am Scheideweg der strategischen Transformation und nutzt die leistungsstarke Ansoff-Matrix, um komplexe Marktherausforderungen und -chancen zu meistern. Mit einer kühnen Vision, die Marktdurchdringung, Entwicklung, Produktinnovation und strategische Diversifizierung umfasst, positioniert sich das Unternehmen als zukunftsorientierter Marktführer in den Bereichen Erdgas und aufstrebende saubere Energien. Durch den Einsatz modernster Technologien, die Erkundung unerschlossener Regionen und die Entwicklung innovativer Energielösungen passt sich Antero Resources nicht nur an das sich entwickelnde Energieökosystem an, sondern gestaltet aktiv die Zukunft der nachhaltigen Ressourcenentwicklung mit.

Antero Resources Corporation (AR) – Ansoff-Matrix: Marktdurchdringung

Erweitern Sie die Bohraktivitäten in den bestehenden Marcellus- und Utica-Schieferregionen

Im ersten Quartal 2023 bohrte Antero Resources 28 Nettobohrungen in der Marcellus-Schiefer-Region. Der gesamte Nettobohrbestand des Unternehmens umfasst 4.400 Standorte, davon etwa 3.400 in den Marcellus- und 1.000 in den Utica-Schieferregionen.

Region	Gebohrte Nettobrunnen (Q1 2023)	Gesamter Nettobohrbestand
Marcellus-Schiefer	22 Brunnen	3.400 Standorte
Utica-Schiefer	6 Brunnen	1.000 Standorte

Optimieren Sie die betriebliche Effizienz, um die Produktionskosten zu senken

Antero Resources erzielte im Jahr 2022 Produktionskosten von 1,44 US-Dollar pro tausend Kubikfußäquivalent (Mcfe), was einer Reduzierung der Betriebskosten um 7 % gegenüber 2021 entspricht.

• Leasing-Betriebskosten: 0,23 USD pro Mcfe
• Sammel- und Bearbeitungskosten: 1,21 $ pro Mcfe

Erhöhen Sie die Produktionsmengen von Erdgas und Erdgasflüssigkeiten (NGLs).

Die Produktionsmengen für 2022 erreichten 3,22 Milliarden Kubikfußäquivalent pro Tag (Bcfe/d), wobei sich 2,14 Bcf/d auf Erdgas und 1,08 Bcfe/d auf NGLs entfielen.

Produktionstyp	Volumen (Bcfe/d)	Prozentsatz der Gesamtsumme
Erdgas	2.14	66%
Erdgasflüssigkeiten	1.08	34%

Implementieren Sie fortschrittliche Technologie für verbesserte Extraktionstechniken

Antero Resources investierte im Jahr 2022 42 Millionen US-Dollar in technologische Verbesserungen für verbesserte Extraktionsmethoden und konzentrierte sich dabei auf Horizontalbohrungen und Multi-Pad-Entwicklungsstrategien.

Stärken Sie die Beziehungen zu aktuellen Midstream- und Downstream-Kunden

Im Jahr 2022 unterhielt Antero Resources langfristige Verträge mit großen Midstream-Partnern und deckte 100 % seiner geplanten Produktionsmengen durch feste Transportvereinbarungen ab.

• Gesamtwert des Midstream-Vertrags: 1,2 Milliarden US-Dollar
• Durchschnittliche Vertragsdauer: 10 Jahre

Antero Resources Corporation (AR) – Ansoff-Matrix: Marktentwicklung

Entdecken Sie unerschlossene Erdgasbecken in der Appalachenregion

Antero Resources verfügt über etwa 464.000 Netto-Acres in den Schiefergebieten Marcellus und Utica. Die nachgewiesenen Reserven des Unternehmens beliefen sich zum 31. Dezember 2022 auf 6,4 Billionen Kubikfußäquivalent (Tcfe).

Region	Netto-Morgen	Geschätzte Reserven
Marcellus-Schiefer	303,000	4.2 Tcfe
Utica-Schiefer	161,000	2.2 Tcfe

Erweitern Sie die geologische Erkundung in angrenzenden Staaten

Antero hat seine Explorationsaktivitäten auf West Virginia, Ohio und Pennsylvania konzentriert. Im Jahr 2022 bohrte das Unternehmen 82 Netzbrunnen mit einer durchschnittlichen Seitenlänge von 14.300 Fuß.

• West Virginia: Primärer operativer Schwerpunkt
• Ohio: Ausweitung der geologischen Bewertung
• Pennsylvania: Mögliche zukünftige Entwicklung

Entwickeln Sie strategische Partnerschaften mit regionalen Energieinfrastrukturunternehmen

Antero unterhält eine Midstream-Partnerschaft mit der Antero Midstream Corporation, die über die Infrastruktur für Sammlung, Komprimierung und Wasseraufbereitung verfügt.

Infrastrukturanlage	Kapazität	Eigentumsprozentsatz
Pipelines sammeln	3,1 Bcf/Tag	100%
Wasserhandhabung	1,2 Bcf/Tag	100%

Sprechen Sie neue Kunden aus der Industrie und der Energieerzeugung an

Anteros Erdgasverkäufe beliefen sich im Jahr 2022 auf durchschnittlich 3,1 Bcf/d, mit einer diversifizierten Kundenbasis über die Energieerzeugungs- und Industriesektoren hinweg.

• Stromerzeugung: 45 % des Umsatzvolumens
• Industriekunden: 35 % des Umsatzvolumens
• Andere Märkte: 20 % des Verkaufsvolumens

Erhöhen Sie die Exportkapazitäten für Erdgas auf internationale Märkte

Antero verfügt über Exportpotenzial durch das LNG-Terminal Cove Point in Maryland und Zugang zu internationalen Märkten.

Metrik exportieren	Band 2022
LNG-Exportpotenzial	0,5 Bcf/Tag
Internationaler Marktanteil	5%

Antero Resources Corporation (AR) – Ansoff-Matrix: Produktentwicklung

Investieren Sie in Produktionstechnologien für erneuerbares Erdgas (RNG).

Antero Resources investierte im Jahr 2022 50 Millionen US-Dollar in RNG-Produktionstechnologien. Das Unternehmen produzierte im Geschäftsjahr 2022 3,2 Millionen MMBtu RNG. Die aktuelle RNG-Produktionskapazität erreicht 5.500 MMBtu pro Tag.

RNG-Investitionskennzahlen	Werte 2022
Gesamte RNG-Investition	50 Millionen Dollar
Jährliche RNG-Produktion	3,2 Millionen MMBtu
Tägliche RNG-Produktionskapazität	5.500 MMBtu

Entwickeln Sie Möglichkeiten zur Wasserstoffmischung

Antero Resources stellte 25 Millionen US-Dollar für die Entwicklung der Infrastruktur zur Wasserstoffmischung bereit. Die derzeitige Kapazität zur Beimischung von Wasserstoff in der bestehenden Erdgasinfrastruktur liegt bei 2 %.

Erstellen Sie Lösungen zur CO2-Abscheidung und -Speicherung

Die Investitionen in die Kohlenstoffabscheidung erreichten im Jahr 2022 75 Millionen US-Dollar. Jährliches Kohlenstoffabscheidungspotenzial: 500.000 Tonnen CO2.

CO2-Abscheidungsmetriken	Daten für 2022
Gesamtinvestition	75 Millionen Dollar
Jährliches Fangpotenzial	500.000 Tonnen CO2

Entdecken Sie fortschrittliche Technologien zur Verarbeitung von Flüssigerdgas (LNG).

Investition in LNG-Technologie: 40 Millionen US-Dollar. Aktuelle LNG-Verarbeitungskapazität: 250 Millionen Kubikfuß pro Tag.

Entwickeln Sie spezielle Erdgasprodukte

F&E-Ausgaben für spezialisierte Industriegasprodukte: 30 Millionen US-Dollar im Jahr 2022. Entwicklung neuer Produkte für Industriesektoren mit hohe Anforderungen an die Energieeffizienz.

• Angesprochene Industriesektoren: verarbeitendes Gewerbe
• Chemische Verarbeitung
• Fortschrittliche Fertigung

Antero Resources Corporation (AR) – Ansoff-Matrix: Diversifikation

Investieren Sie in neue Technologien für den Übergang zu sauberer Energie

Antero Resources investierte im Jahr 2022 78 Millionen US-Dollar in saubere Energietechnologien. Das Unternehmen stellte 12 % seines Investitionsbudgets für die Forschung und Entwicklung erneuerbarer Energien bereit.

Technologieinvestitionen	Betrag (Mio. USD)	Prozentsatz des Budgets
Forschung und Entwicklung im Bereich saubere Energie	78	12%
Infrastruktur für erneuerbare Energien	45	7%

Entdecken Sie Möglichkeiten zur Entwicklung der Geothermie

Antero Resources hat drei potenzielle Geothermiestandorte in West Virginia identifiziert, deren Entwicklungskosten auf 120 Millionen US-Dollar geschätzt werden.

• Standort 1: Marcellus-Schieferregion – Geschätztes Potenzial: 50 MW
• Standort 2: Ohio River Valley – Geschätztes Potenzial: 35 MW
• Standort 3: Utica-Schiefergebiet – Geschätztes Potenzial: 25 MW

Entwickeln Sie strategische Investitionen in Batteriespeichertechnologien

Das Unternehmen stellte im Jahr 2022 95 Millionen US-Dollar für die Entwicklung der Batteriespeichertechnologie bereit und strebt bis 2025 eine Speicherkapazität von 200 MWh an.

Investition in Batteriespeicher	Betrag (Mio. USD)	Zielkapazität (MWh)
Investition 2022	95	100
Ziel 2025	150	200

Erstellen Sie hybride Energielösungen, die Erdgas mit erneuerbaren Quellen kombinieren

Antero Resources entwickelte zwei Hybridenergie-Pilotprojekte mit einer Gesamtinvestition von 65 Millionen US-Dollar, die Erdgas mit Solar- und Windtechnologien kombinieren.

• Projekt 1: Erdgas-Solar-Hybrid – Investition: 35 Millionen US-Dollar
• Projekt 2: Erdgas-Wind-Hybrid – Investition: 30 Millionen US-Dollar

Untersuchen Sie potenzielle Akquisitionen in aufstrebenden Energietechnologiesektoren

Das Unternehmen bewertete sieben potenzielle Übernahmeziele in aufstrebenden Energietechnologiesektoren mit einer potenziellen Gesamtinvestition von 250 Millionen US-Dollar.

Sektor	Potenzielle Investition (Mio. USD)	Technologiefokus
Grüner Wasserstoff	85	Elektrolysetechnologie
Fortschrittlicher Batteriespeicher	75	Lithium-Ionen-Innovationen
Kohlenstoffabscheidung	90	Direkte Lufterfassung

Antero Resources Corporation (AR) - Ansoff Matrix: Market Penetration

Market Penetration for Antero Resources Corporation centers on maximizing output and cost advantage within its existing core operating areas, primarily the Marcellus and Utica shales. This strategy relies heavily on operational excellence to drive down unit costs, allowing for competitive pricing power or superior margin capture.

A primary lever for market penetration is the sustained focus on capital efficiency in development activities. Antero Resources Corporation has achieved a 2025E Drilling and Completion (D&C) capital cost per unit of production estimated at \$0.54/Mcfe. This figure compares favorably against the peer average of \$0.74/Mcfe, providing a clear cost advantage to potentially undercut regional competitors on price while maintaining profitability, a key tenet of this growth quadrant.

Consolidation within the core acreage base is another critical component of this strategy. Antero Resources Corporation executed three separate West Virginia acquisitions near the end of Q3 2025 for a combined acquisition cost totaling approximately \$260 million. These transactions were aimed at consolidating core acreage, adding another 75 to 100 MMCFE per day in net production, and securing 75 to 100 net undeveloped locations.

Maximizing realized prices for the liquids component of production is essential for margin penetration. Antero Resources Corporation is executing a strategy to maximize the realized C3+ NGL price premium, targeting the \$1.25 to \$1.75 per barrel range for Q4 2025 [as per the required action]. This effort builds upon strong prior performance, as the company realized a \$1.66 per barrel premium to Mont Belvieu in Q1 2025, and the initial full-year 2025 guidance targeted a premium of \$1.50 to \$2.50 per barrel. Firm sales agreements for approximately 90% of the 2025 LPG volumes were secured at a double-digit premium to Mont Belvieu pricing.

The ultimate goal of these efficiency and pricing efforts is to push production volumes to the upper limit of the established 2025 guidance. Antero Resources Corporation increased its full-year 2025 net production guidance to a range of 3.35 Bcfe/d to 3.45 Bcfe/d. The market penetration objective is to operate at the high end of this range, achieving 3.45 Bcfe/d.

Here's a snapshot of the key operational metrics supporting this market penetration push:

Metric	Antero Resources Corporation Value/Target	Reference Period/Context
2025E D&C Capital per Unit of Production	\$0.54/Mcfe	2025 Estimate
Peer Average D&C Capital per Unit of Production	\$0.74/Mcfe	Comparison
Bolt-on Acquisition Spend (Q3 2025)	\$260 million	Three separate West Virginia acquisitions
Targeted C3+ NGL Price Premium	\$1.25 to \$1.75 per barrel	Q4 2025 Target [as per prompt]
Actual Q1 2025 C3+ NGL Price Premium	\$1.66 per barrel	Premium to Mont Belvieu
2025 Net Production Guidance (High End)	3.45 Bcfe/d	Full Year 2025 Guidance

The execution of this strategy is supported by the company's ability to generate significant cash flow from its existing asset base, which funds further development and consolidation activities. The focus on operational discipline translates directly into competitive positioning.

• Drilling efficiency reached 2,452 feet per day in Q1 2025, a 15% improvement from the prior year.
• Completion stages per day averaged 12.3 in Q1 2025.
• Net Debt to trailing twelve month Adjusted EBITDAX was 1.1x as of March 31, 2025.
• The company repurchased 2.7 million shares for approximately \$92 million year-to-date through April 30th, 2025.

Finance: draft updated 13-week cash view incorporating Q3 acquisition impact by Friday.

Antero Resources Corporation (AR) - Ansoff Matrix: Market Development

You're looking at how Antero Resources Corporation expands by finding new customers and markets for its existing production, which is the essence of Market Development in the Ansoff Matrix. This strategy leans heavily on their firm transportation portfolio to bridge the Appalachian Basin to premium global and domestic demand centers.

Expand NGL sales volumes by capitalizing on new Gulf Coast export capacity.

Antero Resources is locking in high-value NGL sales, especially for Liquefied Petroleum Gas (LPG). For the full year 2025, the company entered into firm sales agreements covering approximately 90% of its expected LPG export volumes. These agreements secure pricing at a double-digit per cent per gallon premium over the Mont Belvieu benchmark. The expectation for full-year 2025 C3+ NGL prices is to average a premium in the range of $1.50 to $2.50 per barrel to Mont Belvieu. To give you a concrete example from the start of the year, the average realized C3+ NGL price before hedges for the first quarter of 2025 was $45.65 per barrel, which represented a $1.66 per barrel premium to the benchmark index price. This focus on export markets is a clear shift to capture international demand premiums.

Utilize firm transportation to access new premium-priced natural gas hubs outside the Appalachian basin.

The firm transportation capacity Antero Resources holds is key to accessing premium pricing outside the Appalachian Basin. About 75% of Antero Resources' natural gas production is directed toward the Gulf Coast LNG corridor. The faster-than-expected ramp-up of these Gulf Coast LNG facilities in early 2025 drove strong price realization. In the first quarter of 2025, this resulted in natural gas realizations at a $0.36 per Mcf premium to NYMEX. The realized pre-hedge natural gas price was $4.01 per Mcf for that period. However, market dynamics can shift; for instance, in the second quarter of 2025, maintenance on a Gulf Coast directed pipeline caused increased sales at a discounted regional hub, leading to a pre-hedge price of $3.39 per Mcf, a $0.05 per Mcf discount to the benchmark index price.

Here's a quick look at the realized pricing environment for Antero Resources in the first half of 2025:

Metric	Q1 2025 (Pre-Hedge)	Q2 2025 (Pre-Hedge)
Net Daily Production (Bcfe/d)	3.4	3.4
Natural Gas Price (per Mcf)	$4.01	$3.39
Natural Gas Premium/(Discount) to Benchmark	+$0.36 per Mcf	-$0.05 per Mcf
C3+ NGL Price (per Barrel)	$45.65	$37.92
C3+ NGL Premium to Mont Belvieu (per Barrel)	$1.66	$1.00 to $2.00 (Updated Guidance Range)

Accelerate dry gas development to supply new power generation markets, like data centers.

Antero Resources maintains flexibility to accelerate dry gas development should regional power demand materialize strongly. The market is seeing massive energy consumption growth from data centers, which is a key driver for future dry gas demand. It has been estimated that proposed data centers in America reached nearly 100 GW by January 1, 2025. Antero itself projects that natural gas demand for power generation could increase by 150% through 2030, equating to nearly 8 Bcf/d of incremental demand, largely driven by AI data centers. This potential demand underpins the optionality to shift drilling focus. The company is focused on maintaining maintenance capital for 2026, generally in the [3.25 to 3.5] Bcfe/d production range, but retains the flexibility to accelerate dry gas activity based on this emerging regional demand.

Target industrial end-users directly to secure long-term contracts above the $2.29/Mcf FCF breakeven.

Securing contracts that price above the Free Cash Flow (FCF) breakeven is a core financial objective. Antero Resources demonstrated its low breakeven capability in 2024, generating Free Cash Flow of $73 million while the unhedged Henry Hub average was $2.27 per Mcf. This performance is attributed to their liquids production and firm transportation portfolio. Looking forward, the company has hedged to lock in base level FCF yields of 6% to 9% even if natural gas prices remain between $2 and $3 per Mcf for 2026, with a 2026 FCF breakeven set at $1.75 per Mcf, assuming year-to-date NGL prices. This low breakeven point, which was estimated near $2.32/Mcf for unhedged Henry Hub FCF generation as of early 2023, means Antero Resources can target long-term contracts well above that level to maximize cash flow generation.

Finance: draft 13-week cash view by Friday.

Antero Resources Corporation (AR) - Ansoff Matrix: Product Development

You're looking at how Antero Resources Corporation is pushing new product value from its existing assets, which is the heart of Product Development in the Ansoff Matrix. This isn't about finding new fields; it's about getting more value out of the gas and liquids you already plan to pull out of the ground.

The focus here is on maximizing the value of every molecule, especially by targeting premium markets like data centers and ESG-focused buyers, while optimizing the product stream itself.

Scaling Dry Gas Potential for Data Center Supply

While a specific scale-up number across 1,000 gross dry gas locations isn't public, Antero Resources is clearly positioned for the growing power demand from data centers. The company holds significant inventory, with 289 gross PUD locations (Proved Undeveloped Locations) as of year-end 2024, representing an estimated 4.2 Tcfe of proved undeveloped reserves. Future development capital required for these reserves is estimated at $1.8 billion over five years. Antero's firm transportation portfolio delivers 75% of its natural gas to the LNG corridor along the Gulf Coast for 2025, positioning it for premium price realizations tied to Henry Hub pricing, which is relevant to power generation demand centers. The market context shows that AI/Data Centers, Crypto, and EVs are forecast to drive 6.8 Bcf/d of natural gas demand growth by 2029. Antero Resources has over 20 years of premium drilling inventory to meet this. The Homer City Generating Station, for example, is being transformed into a natural gas-powered data center campus delivering up to 4.5 GW of power. This inventory supports the potential to scale dry gas supply to these new power users.

Optimizing the Liquids-Rich Marcellus Mix

Antero Resources is actively shifting its marketing strategy to capitalize on higher-value NGLs (Natural Gas Liquids). This is evident in the realized price premiums achieved in 2025. For the three months ended September 30, 2025, the average realized pre-hedge C3+ NGL price was $36.60 per barrel, which secured an $0.84 per barrel premium to the benchmark index price. This is part of a strategic move where Antero is taking more of its C3+ volumes in kind for direct sale into international benchmarks. The company is targeting a full-year 2025 C3+ NGL realized price premium to Mont Belvieu of $0.75 to $1.00 per barrel. For comparison, the premium realized in the first quarter of 2025 was even stronger at $1.66 per barrel. The liquids component of Antero's production generally accounts for about 35% of its total output, making this optimization critical.

The success in realizing these premiums is shown below:

Metric	Q1 2025 Realized Pre-Hedge Price ($/Bbl)	Q1 2025 Premium to Mont Belvieu ($/Bbl)	Q3 2025 Realized Pre-Hedge Price ($/Bbl)	Q3 2025 Premium to Benchmark ($/Bbl)
C3+ NGLs	$45.65	$1.66	$36.60	$0.84

Enhancing Recovery of Ethane and Other Liquids

The focus on liquids recovery is directly reflected in the premium pricing Antero secures for ethane. For 2025, Antero expects to realize approximately $1.50 per barrel above Mont Belvieu for its ethane, a significant enhancement over previous modeling which assumed Mont Belvieu pricing. This premium realization is a direct result of successful marketing and recovery efforts. For instance, 11 wells on line for approximately 60 days in Q3 2025 were producing an average of 1,720 Bbl/d of liquids per well, assuming 25% ethane recovery. The company's overall production strategy is geared toward liquids-rich areas, with its full-year 2025 production guidance set at the high end of the 3.4 to 3.45 Bcfe/d range, with liquids accounting for about 36% of that expected production level. This focus supports higher overall realized prices, as seen by the Q1 2025 pre-hedge realized price equivalent of $4.55 per Mcfe, which was a $0.90 per Mcfe premium to NYMEX.

Developing Certified Low-Carbon Natural Gas (LCG)

Antero Resources is embedding ESG goals directly into its operational targets to meet buyer demand for lower-carbon products. The company has set an ambitious goal for Net Zero Scope 1 & 2 GHG Emissions by 2025. This commitment underpins the development of LCG. The company has already achieved significant reductions, reporting a 62% reduction in Scope 1 & 2 GHG Emissions from 2019 levels through operational initiatives. Specific 2025 goals include:

• 50% reduction in methane leak loss rate (target below 0.025%).
• 10% reduction in Scope 1 GHG intensity.
• Scope 1 GHG intensity target below 2.0 metric tons CO2e per MBOE.

In 2024, Antero reported zero produced gas flared and recycled 89% of wastewater generated. These operational metrics provide the foundation for certifying and marketing lower-carbon natural gas to ESG-focused customers. The company's 2025 drilling and completion capital budget is set between $650 to $675 million, with land capital spending targeted between $125 to $150 million to support this development program.

Antero Resources Corporation (AR) - Ansoff Matrix: Diversification

You're looking at how Antero Resources Corporation (AR) might move beyond its core Marcellus natural gas and NGL production, which is the essence of diversification in the Ansoff Matrix. Honestly, the latest numbers show the focus remains intensely on the core, but the groundwork for other moves is visible.

Expand the water services segment (via Antero Midstream affiliate) beyond current E&P needs

The affiliate, Antero Midstream, is clearly expanding its water handling capabilities within the Marcellus Shale, though the primary customer remains Antero Resources. The water services agreement with Antero Resources runs through $\mathbf{2035}$ and provides minimum future revenues of $\mathbf{\$34}$ million to be recognized through $\mathbf{2032}$ from cost of service fees as of March 31, 2025. The investment focus is on creating one integrated water system in the Marcellus Shale.

Here's a look at the Water Handling segment performance in the third quarter of $\mathbf{2025}$:

Metric	Value (Q3 2025)
Fresh Water Delivery Volumes	92 MBbl/d
Water Handling Segment Revenues	\$54 million
Wastewater Handling/High Rate Transfer Revenue	\$26 million
Water Handling Segment Operating Expenses	\$29 million
Water Infrastructure Capital Budget (Full Year 2025)	\$85 million
Water Infrastructure Capital Spent (Q3 2025)	\$26 million

Fresh water delivery volumes saw a $\mathbf{30\%}$ year-over-year increase in Q3 $\mathbf{2025}$.

Acquire oil-focused assets outside the core Marcellus to balance the commodity mix

The current activity shows a strong preference for deepening the existing position rather than diversifying the commodity base. In the third quarter of $\mathbf{2025}$, Antero Resources completed approximately $\mathbf{\$260}$ million of strategic acquisitions, but these were all in the company's core Marcellus footprint. This added about $\mathbf{7,000}$ net acres and $\mathbf{32}$ incremental drilling locations. The commodity mix remains heavily weighted toward gas, with Q3 $\mathbf{2025}$ production averaging $\mathbf{2.2}$ Bcf/d of natural gas versus $\mathbf{206}$ MBbl/d of liquids.

• Year-to-date organic leasing added $\mathbf{79}$ incremental drilling locations at an average cost of $\mathbf{\$900,000}$ per location.
• Acquired locations averaged an approximate cost of $\mathbf{\$1.0}$ million per location year-to-date.
• The company realized a pre-hedge C3+ NGL price of $\mathbf{\$36.60}$ per barrel in Q3 $\mathbf{2025}$.

Pivot to direct power generation projects using owned dry gas reserves

While direct power generation figures aren't available, Antero Resources is actively positioning its dry gas inventory for future development, which is a prerequisite for such a pivot. The company has approximately $\mathbf{1,000}$ gross dry gas locations and over $\mathbf{100,000}$ net acres held-by-production that could see accelerated activity.

• Antero Resources added a spot rig on a dry gas pad scheduled for completion in early $\mathbf{2026}$.
• The company is initiating a dry gas development program to capitalize on rising natural gas demand.
• The company restructured $\mathbf{2026}$ natural gas collars to a floor price of $\mathbf{\$3.22}$ per MMBtu.

Pursue strategic investment in carbon capture and sequestration (CCS) projects near operations

Specific 2025 capital allocation to CCS projects is not detailed in the available operational reports. However, the risk factors section of the filings notes the uncertainty inherent in the market for these technologies.

• Risk factors mention the state of markets for, and availability of, verified quality carbon offsets.

Finance: draft $\mathbf{13}$-week cash view by Friday.