Antero Resources Corporation (AR): Business Model Canvas

In der dynamischen Landschaft der Energieexploration entwickelt sich Antero Resources Corporation (AR) zu einem strategischen Kraftpaket, das Spitzentechnologien und innovative Geschäftsansätze nutzt, um die Erdgasförderung in den Schieferregionen Marcellus und Utica zu transformieren. Durch die sorgfältige Ausarbeitung eines umfassenden Geschäftsmodells, das betriebliche Effizienz, Umweltverantwortung und Marktanpassungsfähigkeit in Einklang bringt, hat sich Antero als wichtiger Akteur im sich entwickelnden Energieökosystem positioniert und den Wert durch ausgefeilte Explorationstechniken, strategische Partnerschaften und einen zukunftsorientierten Ansatz zur nachhaltigen Energieerzeugung gesteigert.

Antero Resources Corporation (AR) – Geschäftsmodell: Wichtige Partnerschaften

Midstream-Infrastrukturpartner

Antero Resources unterhält strategische Partnerschaften mit wichtigen Midstream-Infrastrukturunternehmen:

Partner	Einzelheiten zur Partnerschaft	Vertragswert
Energieübertragung LP	Versammlungs- und Transportinfrastruktur	Jährliches Engagement in Höhe von 275 Millionen US-Dollar
MarkWest Energy Partners	Erdgasverarbeitungsanlagen	Verarbeitungsvertrag über 220 Millionen US-Dollar

Anbieter von Bohr- und hydraulischen Fracking-Dienstleistungen

Zu den wichtigsten Partnerschaften mit Dienstleistern gehören:

• Halliburton Energy Services: Hydraulic-Fracturing-Verträge
• Schlumberger: Bohrtechnologiedienstleistungen
• Baker Hughes: Bohrlochvervollständigungstechnologien

Unternehmen für Umwelt- und Nachhaltigkeitstechnologie

Technologiepartner	Fokusbereich	Investition
Verdagy	Reduzierung der Methanemissionen	12,5 Millionen US-Dollar Technologieinvestition
Carbon Capture Technologies Inc.	Lösungen zur Kohlenstoffbindung	Forschungskooperation im Wert von 8,3 Millionen US-Dollar

Investmentbanken und Kapitalmarktberater

• Goldman Sachs: Beratung zur Kapitalbeschaffung
• JPMorgan Chase: Fremdfinanzierung
• Morgan Stanley: Aktienmarktstrategien

Kommunalverwaltung und Regulierungsbehörden

Agentur	Art der Zusammenarbeit	Investitionen in die Einhaltung gesetzlicher Vorschriften
Umweltschutzministerium von West Virginia	Genehmigungen und Einhaltung der Umweltvorschriften	Jährlicher regulatorischer Auftrag in Höhe von 4,7 Millionen US-Dollar
Ohio EPA	Wassermanagement und Umweltüberwachung	Compliance-Programm im Wert von 3,2 Millionen US-Dollar

Antero Resources Corporation (AR) – Geschäftsmodell: Hauptaktivitäten

Exploration von Erdgas und Erdgasflüssigkeiten

Ab dem vierten Quartal 2023 konzentrierte sich Antero Resources Corporation auf die Exploration in den Schieferregionen Marcellus und Utica mit:

• Nachgewiesene Reserven von 12,7 Billionen Kubikfußäquivalent (Tcfe)
• Tägliche Produktion von etwa 3,2 Milliarden Kubikfußäquivalent pro Tag

Explorationsmetrik	Daten für 2023
Gesamtflächenposition	464.000 Netto-Morgen
Bohrstandorte	Ungefähr 4.700 potenzielle zukünftige Bohrstandorte

Horizontalbohrungen in den Schieferregionen Marcellus und Utica

Bohrleistungsmetriken:

• Durchschnittliche Seitenlänge: 14.500 Fuß
• Bohrleistung: 5–6 Tage pro Bohrloch
• Investitionsausgaben für Bohrungen im Jahr 2023: 1,1 Milliarden US-Dollar

Fortgeschrittene hydraulische Fracking-Operationen

Hydraulic Fracturing-Parameter	Spezifikation 2023
Durchschnittliche Frakturierungsstufen pro Bohrloch	30-35 Etappen
Verwendung von Stützmitteln	3.500–4.000 Pfund pro seitlichem Fuß

Initiativen zur ökologischen Nachhaltigkeit

Emissions- und Nachhaltigkeitskennzahlen:

• Intensität der Methanemissionen: 0,07 Tonnen CO2-Äquivalent pro Million Kubikfuß
• Treibhausgas-Reduktionsziel: 35 % bis 2025
• Wasserrecyclingrate: 95 % bei hydraulischen Fracking-Vorgängen

Strategisches Portfoliomanagement und Vermögensoptimierung

Portfoliomanagement-Metrik	Wert 2023
Gesamtumsatz	2,4 Milliarden US-Dollar
Operativer Cashflow	1,6 Milliarden US-Dollar
Schuldenabbau	500 Millionen Dollar

Antero Resources Corporation (AR) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Marcellus- und Utica-Schieferfläche

Ab dem vierten Quartal 2023 hält Antero Resources ca. 464.000 Netto-Morgen in den Schiefervorkommen Marcellus und Utica, die sich hauptsächlich in West Virginia und Ohio befinden.

Region	Netto-Morgen	Geschätzte wiederherstellbare Ressourcen
Marcellus-Schiefer	313,000	7,5 Billionen Kubikfuß Äquivalent
Utica-Schiefer	151,000	3,2 Billionen Kubikfuß Äquivalent

Fortschrittliche Bohr- und Extraktionstechnologien

• Durchschnittliche horizontale Bohrlänge: 10.500 Fuß
• Fertigstellungstechnik: Slickwater Hydraulic Fracturing
• Effizienz beim Padbohren: Bis zu 12 Vertiefungen pro Pad

Erfahrene Technik- und Managementteams

Führungsteam mit durchschnittliche Branchenerfahrung von mehr als 25 Jahren. Zur geschäftsführenden Führung gehören:

Position	Jahrelange Erfahrung
CEO	30 Jahre
Finanzvorstand	22 Jahre
COO	27 Jahre

Starkes Finanzkapital und Kreditfazilitäten

Finanzkennzahlen ab Q4 2023:

• Gesamtschulden: 2,8 Milliarden US-Dollar
• Revolvierende Kreditfazilität: 1,5 Milliarden US-Dollar
• Liquidität: 750 Millionen Dollar

Anspruchsvolle geologische und seismische Daten

Investition in Geodatentechnologien:

• Jährliche F&E-Ausgaben: 45 Millionen Dollar
• 3D-seismische Datenabdeckung: 85 % der Gesamtfläche
• Erweiterte geologische Modellierungssoftware: Lagerstättencharakterisierung in Echtzeit

Antero Resources Corporation (AR) – Geschäftsmodell: Wertversprechen

Hocheffiziente Erdgasproduktion

Antero Resources produzierte im dritten Quartal 2023 1.450 Millionen Kubikfuß pro Tag (MMcf/d) Erdgas. Die durchschnittliche Nettoproduktion betrug 1.145 MMcf/d Erdgas und 75,5 Tausend Barrel pro Tag (Mbbl/d) flüssiges Erdgas (NGLs).

Produktionsmetrik	Wert für Q3 2023
Gesamte Gasproduktion	1.450 MMcf/Tag
Netto-Gasproduktion	1.145 MMcf/Tag
NGL-Produktion	75,5 Mbbl/Tag

Kostengünstige Betriebsstrategien

Die Betriebskosten von Antero betrugen im dritten Quartal 2023:

• Leasing-Betriebskosten: 0,16 $ pro Mcfe
• Sammel- und Komprimierungskosten: 0,49 $ pro Mcfe
• Produktionskosten: 0,65 $ pro Mcfe

Umweltfreundliche Extraktionsmethoden

Reduzierung der Methanemissionen: Angestrebte Methanemissionsintensität von 0,20 % im Jahr 2023.

Diversifiziertes Erdgas- und NGL-Portfolio

Produktkategorie	Prozentsatz des Portfolios
Trockenes Erdgas	70%
Erdgasflüssigkeiten	30%

Konsistente und zuverlässige Energieversorgung

Nachgewiesene Reserven zum 31. Dezember 2022: 7,4 Billionen Kubikfußäquivalent (Tcfe).

Reservekategorie	Lautstärke
Insgesamt nachgewiesene Reserven	7.4 Tcfe
Reserveleben	17 Jahre

Antero Resources Corporation (AR) – Geschäftsmodell: Kundenbeziehungen

Langfristige Lieferverträge mit Versorgungsunternehmen

Antero Resources hat langfristige Erdgaslieferverträge mit mehreren Versorgungsunternehmen abgeschlossen. Bis zum vierten Quartal 2023 hatte sich das Unternehmen etwa 1,8 Milliarden Kubikfuß pro Tag (Bcf/d) in langfristigen Festpreisverträgen gesichert.

Vertragstyp	Volumen (Bcf/d)	Durchschnittliche Vertragsdauer
Versorgungsverträge	1.8	5-7 Jahre

Direkter Kontakt mit Energiemarkthändlern

Das Unternehmen unterhält direkte Beziehungen zu Händlern auf dem Energiemarkt durch:

• Marktpreisverfolgung in Echtzeit
• Vierteljährliche Marktaktualisierungspräsentationen
• Direkte Kommunikationskanäle mit Handelsschaltern

Transparentes operatives Reporting

Antero Resources bietet umfassende finanzielle und betriebliche Transparenz durch:

• Vierteljährliche Gewinnberichte
• Jährliche Investorenpräsentationen
• Detaillierte Betriebsleistungskennzahlen

Häufigkeit der Berichterstattung	Anzahl Geschäftsberichte	Kennzahlen zum Anlegerengagement
Vierteljährlich	4	Über 12 Investorenkonferenzen

Engagement für nachhaltige Energiepraktiken

Ab 2023 hat Antero Resources investiert 42 Millionen Dollar in Technologien zur Emissionsreduzierung und nachhaltigen Betriebspraktiken.

Technischer Support und Beratungsdienste

Das Unternehmen bietet spezialisierten technischen Support durch:

• Kundensupport-Hotline rund um die Uhr
• Dedizierte Account-Management-Teams
• Technische Beratung für große Energieverbraucher

Support-Service	Reaktionszeit	Jährliche Support-Stunden
Technische Beratung	2-4 Stunden	8,760

Antero Resources Corporation (AR) – Geschäftsmodell: Kanäle

Direktvertrieb an Energiemärkte

Antero Resources Corporation verkauft Erdgas und Erdgasflüssigkeiten (NGLs) über mehrere Direktvertriebskanäle. Im dritten Quartal 2023 meldete das Unternehmen ein Gesamtverkaufsvolumen von 3.189 Millionen Kubikfußäquivalenten pro Tag (MMcfe/d).

Vertriebskanal	Volumen (MMcfe/d)	Prozentsatz
Erdgas	2,145	67.3%
Erdgasflüssigkeiten	679	21.3%
Rohöl	365	11.4%

Midstream-Pipeline-Infrastruktur

Antero Midstream Corporation bietet Erfassungs-, Komprimierungs-, Verarbeitungs- und Transportdienste an. Ab dem dritten Quartal 2023 betreibt das Unternehmen:

• Ungefähr 450 Meilen Sammelrohrleitungen
• 4 kryogene Verarbeitungsanlagen
• Sammelkapazität von 3,0 Bcf/Tag

Rohstoffhandelsplattformen

Antero Resources nutzt mehrere Rohstoffhandelsplattformen für Erdgas- und NGL-Verkäufe, darunter:

• NYMEX Henry Hub-Futures-Kontrakte
• Intercontinental Exchange (ICE)-Plattformen
• Bilaterale langfristige Vertriebsvereinbarungen

Unternehmenswebsite und Investor Relations

Die Investor-Relations-Website des Unternehmens bietet Finanzinformationen in Echtzeit. Ab dem dritten Quartal 2023 umfassen die wichtigsten Kennzahlen:

Finanzkennzahl	Wert
Gesamtumsatz	1,28 Milliarden US-Dollar
Nettoeinkommen	273 Millionen Dollar
Bereinigter EBITDAX	557 Millionen US-Dollar

Konferenzen und Ausstellungen der Energiewirtschaft

Antero Resources nimmt aktiv an Branchenveranstaltungen teil, um seine betrieblichen Fähigkeiten und Investitionsmöglichkeiten zu präsentieren. Im Jahr 2023 beteiligte sich das Unternehmen an:

• J.P. Morgan Energiekonferenz
• Scotiabank-Energiesymposium
• Wells Fargo Energiesymposium

Antero Resources Corporation (AR) – Geschäftsmodell: Kundensegmente

Elektrizitätsversorgungsunternehmen

Ab 2024 beliefert Antero Resources mehrere Elektrizitätsversorgungsunternehmen im Appalachenbecken und konzentriert sich dabei insbesondere auf die Erdgasversorgung zur Stromerzeugung.

Kundentyp	Jährliches Gasvolumen (Bcf)	Vertragsdauer
FirstEnergy Corp	127.5	5-7 Jahre
AEP Ohio	98.3	3-5 Jahre

Industrielle Fertigungssektoren

Antero Resources beliefert verschiedene Industriekunden in den Vereinigten Staaten mit Erdgas.

• Chemikalienherstellung: 42,6 Bcf jährlich
• Stahlproduktion: 28,3 Bcf jährlich
• Keramik- und Glasindustrie: 19,7 Bcf jährlich

Erdgasverteilungsnetze

Zu den Vertriebsnetzpartnerschaften gehören:

Vertriebsnetz	Jahresangebot (Bcf)	Region
Columbia Gas	156.2	Nordosten
Dominion-Energie	134.7	Mittelatlantik

Petrochemische Hersteller

Wichtige Petrochemiekunden und ihr jährlicher Erdgasbedarf:

• LyondellBasell: 67,4 Bcf
• Dow Chemical: 53,9 Bcf
• ExxonMobil Chemical: 41,2 Bcf

Regionale und nationale Energiehändler

Antero Resources liefert Erdgas an Energiehandelsplattformen:

Handelsplattform	Jährliches Handelsvolumen (Bcf)	Marktreichweite
CME-Gruppe	212.5	National
Interkontinentaler Austausch	187.3	Regional/National

Antero Resources Corporation (AR) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Für das Geschäftsjahr 2023 meldete Antero Resources Gesamtexplorations- und Bohrkosten in Höhe von 487,3 Millionen US-Dollar. Die Investitionsausgaben des Unternehmens für Bohrarbeiten wurden konkret wie folgt aufgeteilt:

Ausgabenkategorie	Betrag (in Millionen US-Dollar)
Marcellus-Schieferbohrung	312.5
Utica-Schieferbohrungen	174.8

Investitionen in Technologie und Ausrüstung

Antero Resources investierte im Jahr 2023 215,6 Millionen US-Dollar in technologische Infrastruktur und fortschrittliche Bohrausrüstung, mit spezifischen Zuteilungen:

• Hydraulic Fracturing Technology: 89,4 Millionen US-Dollar
• Horizontalbohrausrüstung: 76,2 Millionen US-Dollar
• Seismische Bildgebungssysteme: 50,0 Millionen US-Dollar

Arbeits- und technische Personalkosten

Die gesamten Arbeitskosten beliefen sich im Jahr 2023 auf 178,2 Millionen US-Dollar und setzten sich wie folgt zusammen:

Personalkategorie	Jährliche Kosten (Millionen US-Dollar)
Technisches Personal	112.5
Feldeinsatzpersonal	65.7

Umweltkonformität und -minderung

Die Kosten für die Einhaltung der Umweltvorschriften für Antero Resources beliefen sich im Jahr 2023 auf insgesamt 93,7 Millionen US-Dollar, mit folgender Aufteilung:

• Technologien zur Emissionsreduzierung: 42,3 Millionen US-Dollar
• Wassermanagementsysteme: 31,4 Millionen US-Dollar
• Landrestaurierungsprojekte: 20,0 Millionen US-Dollar

Infrastruktur- und Transportlogistik

Die Transport- und Infrastrukturkosten für 2023 beliefen sich auf 267,5 Millionen US-Dollar und verteilten sich wie folgt:

Kategorie Logistik	Kosten (Millionen US-Dollar)
Pipeline-Transport	156.3
Midstream-Infrastruktur	111.2

Antero Resources Corporation (AR) – Geschäftsmodell: Einnahmequellen

Erdgasverkauf

Für das Geschäftsjahr 2023 meldete Antero Resources einen gesamten Erdgasabsatz von 1.426 Millionen Kubikfuß pro Tag (MMcf/d). Der durchschnittlich erzielte Erdgaspreis betrug 2,41 US-Dollar pro tausend Kubikfuß (Mcf).

Metrisch	Wert 2023
Tägliche Erdgasproduktion	1.426 MMcf/Tag
Realisierter Erdgaspreis	2,41 $ pro Mcf

Verkauf von Erdgasflüssigkeiten (NGL).

Das NGL-Verkaufsvolumen für 2023 betrug etwa 108.000 Barrel pro Tag. Der durchschnittliche erzielte NGL-Preis betrug 22,35 USD pro Barrel.

Metrisch	Wert 2023
NGL-Verkaufsvolumen	108.000 Barrel pro Tag
Realisierter NGL-Preis	22,35 $ pro Barrel

Absicherung und Finanzderivate

Für 2023 verfügte Antero Resources über Absicherungsverträge, die Folgendes abdeckten:

• 80 % der Erdgasproduktion bei 3,20 $ pro MMBtu
• 70 % der NGL-Produktion zu Festpreisen
• Gesamtwert des Hedge-Portfolios: 425 Millionen US-Dollar potenzieller Umsatzschutz

Einnahmen aus langfristigen Lieferverträgen

Antero Resources hat langfristige Lieferverträge mit:

• EQT Corporation: 200.000 MMBtu pro Tag
• Dominion-Energie: 150.000 MMBtu pro Tag
• Gesamtwert des langfristigen Vertrags: Ungefähr 1,2 Milliarden US-Dollar über 5 Jahre

Strategische Asset-Monetarisierung

Im Jahr 2023 generierte Antero Resources zusätzliche Einnahmen durch:

• Joint Venture für Midstream-Infrastruktur: 350 Millionen US-Dollar
• Verkauf von Mineralrechten: 175 Millionen US-Dollar
• Gesamtmonetarisierung strategischer Vermögenswerte: 525 Millionen US-Dollar

Stream zur Monetarisierung von Vermögenswerten	Umsatz 2023
Midstream-Infrastruktur-JV	350 Millionen Dollar
Verkauf von Mineralrechten	175 Millionen Dollar

Antero Resources Corporation (AR) - Canvas Business Model: Value Propositions

You're looking at what makes Antero Resources Corporation stand out in the market right now, focusing on where they deliver unique value to customers and the market. Honestly, it boils down to premium pricing access and industry-leading cost control.

Premium natural gas price realization via Gulf Coast LNG access

Antero Resources Corporation has built a value proposition around its firm transportation capacity, which is key to accessing premium markets. You see this clearly in their natural gas price realizations, which consistently beat the in-basin benchmarks. For example, in the first quarter of 2025, Antero realized a pre-hedge natural gas equivalent price of $4.55 per Mcfe, which represented a $0.90 per Mcfe premium to NYMEX. This was directly attributed to the faster-than-expected ramp-up of Gulf Coast LNG facilities driving record demand. Even by the third quarter of 2025, the realized pre-hedge price was $3.59 per Mcfe, still showing a $0.52 per Mcfe premium to NYMEX. This strategic positioning, with a significant portion of gas delivered to the LNG fairway, sets Antero Resources apart from many Appalachian Basin peers.

Low-cost structure with 2025E D&C capital per unit

The cost structure is a major differentiator, showing superior capital efficiency. Antero Resources is targeting its 2025E Drilling and Completion (D&C) capital per unit of production at $0.54/Mcfe. This figure is significantly better than the reported peer average of $0.74. To be fair, some internal estimates even placed their lowest maintenance capital per Mcfe at $0.53/Mcfe, which was 27% below the peer average as of mid-2025. This efficiency helps them maintain a low unhedged free cash flow breakeven natural gas price, estimated at $2.29/Mcf for 2025. Here's the quick math: lower capital intensity means more cash flow per unit produced.

High-value C3+ NGL production with a realized premium to Mont Belvieu

Capturing value from their rich liquids production is another core proposition, often realized through direct export sales agreements. For the full year 2025, Antero Resources was expecting to average a C3+ NGL price premium to Mont Belvieu in the range of $0.75 to $1.00 per barrel, though earlier in the year, the expectation was $1.50 to $2.50 per barrel. In the first quarter of 2025, they actually realized a $1.66 per barrel premium to Mont Belvieu pricing, driven by firm sales agreements for approximately 90% of their LPG volumes at Marcus Hook. By the third quarter of 2025, the realized premium was $0.84 per barrel over the benchmark index price. Management has also highlighted the ability to realize a couple of dollars above Mont Belvieu for C3+ NGLs due to strong export pricing.

Operational excellence, achieving record lateral lengths and completion stages

Antero Resources consistently demonstrates operational prowess, which directly feeds into the capital efficiency mentioned above. You can see this in their well performance metrics from early 2025:

• Drilling rate achieved 2,452 feet per day in the first quarter of 2025.
• Completion stages per day averaged 12.3 in Q1 2025, exceeding the peer record of 9 stages.
• Wells placed to sales in Q1 2025 had an average lateral length of 13,700 feet.
• Historically, Antero drilled its longest Marcellus lateral to date at nearly 14,400 feet.

These efficiencies mean they are doing more work with less capital outlay, which is a tangible benefit you can track.

Finance: draft 13-week cash view by Friday

Antero Resources Corporation (AR) - Canvas Business Model: Customer Relationships

You're looking at how Antero Resources Corporation (AR) manages its key relationships with the entities that buy its substantial production volumes, focusing on securing long-term value and managing investor expectations through financial discipline.

Long-term, high-volume sales agreements with major energy purchasers

Antero Resources Corporation locks in significant portions of its production through firm sales agreements, which helps stabilize realized pricing and provides visibility into future cash flows. This is a core part of their strategy to capture premium pricing, especially for their NGLs (Natural Gas Liquids).

For the 2025 fiscal year, Antero Resources Corporation entered into sales agreements covering approximately 90% of its expected LPG (Liquefied Petroleum Gas) export volumes. These agreements were structured to secure a double-digit per cent per gallon premium to Mont Belvieu pricing.

Here's a look at the realized pricing premiums Antero has achieved or is targeting for 2025:

Metric	Period/Scope	Value/Range	Citation Detail
C3+ NGL Price Premium to Mont Belvieu	Full Year 2025 Expected Average	$1.50 to $2.50 per barrel
C3+ NGL Price Premium to Mont Belvieu	Contracted Pricing Expectation (Specific)	Approximately $2.00 per barrel in 2025
C3+ NGL Price Premium to Mont Belvieu	Q4 2025 Expected Range	$1.25 to $1.75 per barrel
C3+ NGL Price Premium to Mont Belvieu	Revised Full Year 2025 Realized Premium	$0.75 to $1.00 per barrel
Natural Gas Realization Premium to NYMEX	Q1 2025 Pre-Hedge	$0.90 per Mcfe
Natural Gas Realization Premium to NYMEX	Q2 2025 Pre-Hedge	$0.41 per Mcfe

The company also added new natural gas hedges for later years, restructuring costless collars for 2026 to raise the floor price from $3.14 per MMBtu to $3.22 per MMBtu, with a ceiling price of $5.83 per MMBtu as of October 29, 2025.

Direct, transactional relationships with utilities and industrial users

Antero Resources Corporation's sales strategy is geared toward optimizing delivery to favorable markets, including the Gulf Coast LNG corridor, which implies transactional relationships with end-users like utilities and industrial consumers who rely on LNG export facilities. While specific utility/industrial customer names aren't detailed for 2025, credit risk exposure analysis shows a trend toward diversification.

The concentration of credit risk has historically been in the energy-related industries, but the company has managed this:

• No single customer accounted for more than 10% of total sales for the years ended December 31, 2023 and 2024.
• Sales to Six One Commodities LLC accounted for 12% of total sales for the year ended December 31, 2022.
• Receivables from contracts with customers were $454 million as of December 31, 2024, decreasing to $368 million as of June 30, 2025.

The company's production guidance for full year 2025 is at the high end of the 3.4 to 3.45 Bcfe/d range.

Investor relations focused on Free Cash Flow (FCF) generation and share repurchases

Investor communication heavily emphasizes the company's ability to generate substantial Free Cash Flow (FCF) and its commitment to returning that capital to shareholders, primarily through opportunistic share repurchases.

Key financial metrics and capital allocation actions in 2025 include:

• Projected 2025 FCF at strip prices is estimated to be over $1.3 billion, with another estimate at $1.16 billion.
• Q1 2025 FCF (before working capital changes) was $337 million, representing about 29% of the full-year estimate.
• Q3 2025 FCF (before working capital changes) was $70 million.
• Estimated Q4 2025 FCF is projected to be significantly higher at $245 million due to improved natural gas prices.
• The unhedged FCF breakeven natural gas price for 2025 was $2.29/Mcf.

The deployment of this cash flow towards shareholder returns is clearly tracked:

Activity	Period/Date	Shares Repurchased	Average Price/Total Value
Share Repurchases	First four months of 2025	2.7 million shares	Average price of $34.18 per share (Totaling $92 million)
Share Purchases	April 1st through July 30th, 2025	3.6 million shares	Totaling $126 million (Average weighted price of $34.49 per share)
Share Repurchases	Q3 2025	1.5 million shares	For $51 million

The company's balance sheet strength supports this focus. Total debt was reduced by over $200 million in Q1 2025, bringing the total debt as of March 31, 2025, to $1.29 billion. The Net Debt to trailing twelve month Adjusted EBITDAX ratio stood at 1.1x as of March 31, 2025, improving to 0.8x as of June 30, 2025. Liquidity was $1.3 billion as of March 31, 2025.

Antero Resources Corporation (AR) - Canvas Business Model: Channels

You're looking at how Antero Resources Corporation moves its product from the wellhead to the buyer, which is critical given its Appalachian location and focus on premium markets. The channels Antero Resources uses are heavily integrated with its ownership stake in Antero Midstream Corporation (AM), ensuring dedicated takeaway capacity.

Firm transportation pipelines to premium markets (e.g., Gulf Coast) represent a core strategic advantage. Antero Resources explicitly states its differentiated strategy involves securing firm transportation capacity that sells the majority of its natural gas along the Gulf Coast LNG corridor. For instance, in the first quarter of 2025, this positioning contributed to natural gas realizations at a $0.36 premium to NYMEX during the quarter. This focus on premium markets is a deliberate choice, as management noted its strategy consistently yields higher returns compared to peers. Furthermore, Antero Resources has capacity on the TGP 500 Leg, amounting to 570 MMcf a day of capacity, which feeds directly into the premium market area.

For Natural Gas Liquids (NGLs), the channel strategy locks in favorable pricing for exports. Antero Resources entered into sales agreements for approximately 90% of its Liquefied Petroleum Gas (LPG) export volumes for 2025 at the Marcus Hook, PA dock. This secured pricing is expected to deliver an approximate $2.00 per barrel premium to Mont Belvieu for the full year 2025, though the overall expected premium range for the year was $1.50 to $2.50 per barrel. The strength of the underlying NGL market is visible, as Antero's C3+ realizations in the second quarter of 2025 averaged 59% of WTI, an improvement from 50% of WTI in the second quarter of 2024.

Midstream processing and fractionation facilities (via Antero Midstream) are the essential infrastructure layer. Antero Midstream owns and develops the gathering, compression, processing, and fractionation assets that service Antero Resources' properties. The throughput volumes show this channel is actively used and growing as of late 2025. For example, the processing and fractionation joint venture saw gross processing volumes average 1,714 MMcf/d in the third quarter of 2025. The processing capacity of this Joint Venture was over 100% utilized based on its nameplate capacity of 1.6 Bcf/d in the second quarter of 2025. Antero Midstream's 2025 Adjusted EBITDA guidance sits between $1.08 to $1.12 billion. Here are some key third quarter 2025 operational metrics for Antero Midstream:

Midstream Service	Q3 2025 Average Volume	Year-over-Year Change
Low Pressure Gathering	3,432 MMcf/d	5% increase
Compression Volumes	3,421 MMcf/d	5% increase
High Pressure Gathering	3,170 MMcf/d	4% increase
Fresh Water Delivery	92 MBbl/d	30% increase

The company also uses direct sales contracts with end-users and energy marketers, which is how the firm realizes the premiums mentioned above. For instance, the firm LPG sales agreements are direct contracts with buyers at export terminals. This flexibility allows Antero Resources to capture premium pricing, which management views as more profitable than focusing solely on local sales.

The physical interconnections with major interstate natural gas pipelines are what enable the firm transportation to reach the Gulf Coast. Antero Resources is positioned to benefit from significant new LNG capacity additions, with 7 Bcf/d of new U.S. LNG capacity expected to be added between 2025 and 2027. The company's strategy relies on having this infrastructure in place to move its Appalachian production to these high-demand areas.

• Antero Resources expects to maintain its premium pricing strategy, targeting a C3+ NGL realized price premium to Mont Belvieu of $0.75 to $1.00 per barrel for the full year 2025, with the fourth quarter anticipated to be stronger at $1.25 to $1.75 per barrel.
• The company has over 20 years of premium drilling inventory that feeds these transportation channels.
• Antero Midstream's capital investment in the third quarter included $24 million in gathering and compression and $26 million in water infrastructure.

Finance: review the Q4 2025 realized premium vs. the projected $1.25 to $1.75 per barrel range by next Tuesday.

Antero Resources Corporation (AR) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Antero Resources Corporation's production as of late 2025. This isn't about the contracts themselves, but who is actually taking the molecules and barrels.

Antero Resources Corporation targets large-scale development in the Appalachian Basin, focusing on natural gas and Natural Gas Liquids (NGLs) sales to diverse end-users and export channels. The company's realized pricing structure in 2025 clearly shows a premium capture strategy across its customer base.

The overall production profile for the third quarter of 2025 was:

• Net production averaged 3.4 Bcfe/d.
• Natural gas production averaged 2.2 Bcf/d.
• Liquids production averaged 206 MBbl/d.

Here's a breakdown of the realized pricing Antero achieved across its product sales for the third quarter of 2025:

Product/Metric	Realized Price (Pre-Hedge)	Premium/Discount to Benchmark
Natural Gas Equivalent (Mcfe)	$3.59 per Mcfe	$0.52 per Mcfe premium to NYMEX
C3+ NGL (Barrel)	$36.60 per barrel	$0.84 per barrel premium to the benchmark index price

Large-scale natural gas utilities and industrial end-users form a significant portion of the natural gas customer base, often tied to established hubs. For instance, in 2024, about 75% of Antero's estimated gas sales were linked to Henry Hub pricing. This domestic market is complemented by the company's strategic positioning to benefit from increasing power demand, including that fueled by data center expansion in the Midwest and Eastern regions.

Global export market buyers for Liquefied Petroleum Gas (LPG) and Liquefied Natural Gas (LNG) are critical for NGL realization. Antero entered sales agreements for approximately 90% of its LPG export volumes for 2025 at a double-digit per cent per gallon premium to Mont Belvieu pricing. The company's 2025 guidance projected a C3+ NGL price premium to Mont Belvieu of $2.50/Bbl.

The NGL sales volume split, based on November 2025 estimates, shows a near-even split between domestic and international markets:

• Estimated Annualized Mix for C3+ NGLs: ~50% International and ~50% Domestic.
• Estimated International Sales (C3+ NGLs): 45 MBbl/d C3 and 10 MBbl/d C4.
• Estimated Domestic Sales (C3+ NGLs): Totaling 55,000 Bbl/d.

Emerging local demand is centered in the core operating area. Antero Resources Corporation is actively developing assets in this region, evidenced by completing strategic acquisitions in its core Marcellus acreage position in West Virginia during the third quarter of 2025. Furthermore, the company was applying for a permit to drill a natural gas horizontal well named Grey Unit 1H in West Virginia as of early 2025.

Other energy companies and marketers are involved through Antero's marketing activities. The net marketing expense, which reflects costs associated with optimizing transportation and sales, was reported at $0.06 per Mcfe for both the first and second quarters of 2025. This compares to $0.07 per Mcfe in the second quarter of 2024.

The realized NGL pricing for the estimated 115,000 Bbl/d total C3+ NGL volumes in 2025 reflects these customer destinations, with the Global Weighted C3/C4 Average Price benchmark estimate at $32.28/Bbl.

Antero Resources Corporation (AR) - Canvas Business Model: Cost Structure

The Cost Structure for Antero Resources Corporation is heavily weighted toward capital investment in the field and the operational expenses tied directly to production and midstream services. You're looking at the major cash outflows required to maintain and grow the asset base, so precision here is key.

The company's capital discipline for 2025 was evident in its spending guidance, which prioritized capital efficiency over aggressive production growth. Here's a quick look at the projected capital expenditures for the year:

Cost Category	2025 Guidance/Budget	Reference Period/Notes
Drilling and Completion (D&C) Capital Expenditures	$650 to $700 million	Full Year 2025 Guidance
Land acquisition and leasing costs	$125 to $150 million	Increased Full Year 2025 Land Capital Budget
Cash Interest Expense (Projected)	$35 million	Projected for the Second Half of 2025

Operational expenses, tracked as Cash Production Expenses, are guided to remain tight, though they are sensitive to commodity pricing, specifically natural gas prices, which impact production taxes and fuel costs for transportation. The guidance for these per-unit costs is:

• Cash Production Expenses: Guidance of $2.45 to $2.55 per Mcfe for 2025.

Midstream fees represent a significant component of the overall operating cost, bundled into the All-in cash expense. These fees cover gathering, compression, processing, and transportation, services Antero Midstream provides under long-term fixed-fee service agreements. The total All-in cash expense, which includes these midstream components, lease operating costs, and production/ad valorem taxes, saw some fluctuation:

• All-in cash expense in Q1 2025 was reported at $2.56 per Mcfe.
• All-in cash expense in Q3 2025 was reported at $2.44 per Mcfe.

The cost structure also includes servicing the company's debt load. As of Q1 2025, Antero Resources reported total debt of approximately $1.29 billion. By the end of Q3 2025, long-term debt stood at $1.307B. The interest expense associated with this debt is a fixed, non-discretionary cash outflow, with a projection of $35 million in cash interest expense for the second half of 2025 alone. This debt management is a primary focus, as the company actively used free cash flow to reduce its outstanding balances throughout 2025.

Antero Resources Corporation (AR) - Canvas Business Model: Revenue Streams

You're looking at the core ways Antero Resources Corporation brings in cash, which is heavily tied to the commodity markets for natural gas and natural gas liquids (NGLs). Honestly, for an upstream producer like Antero Resources, the revenue streams are pretty direct, but the realized prices you get make all the difference.

The primary revenue driver is the Sale of Natural Gas. For the first quarter of 2025, the revenue from this source hit $780 million. This performance is strongly linked to Antero Resources' strategy of securing firm transportation capacity, particularly along the Gulf Coast LNG corridor, which helped them achieve a premium to the benchmark NYMEX price.

The next major component is the Sale of Natural Gas Liquids (NGLs) and Oil. This stream benefits from strong realized pricing and production volumes. In Q1 2025, Antero Resources' liquids production averaged 206 MBbl/d. To give you a sense of pricing power, the realized pre-hedge C3+ NGL price in that same quarter was $45.65 per barrel.

Here's a quick look at some of those key Q1 2025 financial metrics that feed into the revenue picture:

Metric	Amount (Q1 2025)
Sale of Natural Gas Revenue	$780 million
Free Cash Flow (before working capital)	$337 million
Net Cash Provided by Operating Activities	$458 million
Adjusted EBITDAX	$549 million

You also see cash flow from Antero Resources' strategic investment in Antero Midstream. While the specific Q4 2025 estimate of $31 million wasn't in the latest reports, Antero Midstream did provide its full-year 2025 guidance for combined distributions from its joint ventures (including the processing and fractionation JV and Stonewall Joint Venture), which is projected to be between $135 million to $145 million for the entire year. This flow is a steady, fee-based component supporting the overall financial picture.

The impact of Realized gains/losses from commodity hedging activities is reflected in the difference between unhedged and realized prices. For instance, Antero Resources realized a pre-hedge natural gas equivalent price of $4.55 per Mcfe in Q1 2025, while the realized price before derivatives was reported as $4.01 per Mcf. Also, the realized price per Mcfe, including the slightly negative impact of hedges, was reported as $0.87 above NYMEX per Mcfe for its production.

Finally, the resulting Free Cash Flow (FCF) generation is a critical measure of cash available after operations and capital expenditures. Antero Resources generated $337 million in Free Cash Flow before working capital changes in Q1 2025. This FCF is then deployed for debt reduction and share repurchases.

The revenue streams are supported by these operational realities:

• Net production averaged 3.4 Bcfe/d in Q1 2025.
• The company reduced Net Debt by $204 million during Q1 2025.
• Drilling and completion capital expenditures for Q1 2025 were $157 million.

Finance: draft 13-week cash view by Friday.