Antero Resources Corporation (AR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la exploración energética, Antero Resources Corporation (AR) surge como una potencia estratégica, aprovechando tecnologías de vanguardia y enfoques comerciales innovadores para transformar la extracción de gas natural en las regiones de esquisto de Marcellus y Utica. Al elaborar meticulosamente un modelo de negocio integral que equilibre la eficiencia operativa, la responsabilidad ambiental y la adaptabilidad del mercado, Antero se ha posicionado como un jugador clave en el ecosistema de energía en evolución, impulsando el valor a través de técnicas de exploración sofisticadas, asociaciones estratégicas y un enfoque de pensamiento a futuro. Producción de energía sostenible.

Antero Resources Corporation (AR) - Modelo de negocios: asociaciones clave

Socios de infraestructura midstream

Antero Resources mantiene asociaciones estratégicas con compañías clave de infraestructura de Midstream:

Pareja	Detalles de la asociación	Valor de contrato
Transferencia de energía LP	Infraestructura de recopilación y transporte	Compromiso anual de $ 275 millones
Markwest Energy Partners	Instalaciones de procesamiento de gas natural	Acuerdo de procesamiento de $ 220 millones

Proveedores de servicios de perforación y fractura hidráulica

Las asociaciones de proveedores de servicios clave incluyen:

• Halliburton Energy Services: contratos de fractura hidráulica
• Schlumberger: Servicios de tecnología de perforación
• Baker Hughes: tecnologías de finalización de pozo

Empresas de tecnología ambiental y de sostenibilidad

Socio tecnológico	Área de enfoque	Inversión
Verdagy	Reducción de emisiones de metano	$ 12.5 millones de inversión tecnológica
Carbon Capture Technologies Inc.	Soluciones de secuestro de carbono	Colaboración de investigación de $ 8.3 millones

Bancos de inversión y asesores del mercado de capitales

• Goldman Sachs: Aviso de recaudación de capital
• JPMorgan Chase: Financiación de la deuda
• Morgan Stanley: Estrategias del mercado de renta variable

Gobierno local y agencias reguladoras

Agencia	Tipo de colaboración	Inversiones de cumplimiento regulatorio
Departamento de Protección del Medio Ambiente de Virginia Occidental	Permiso y cumplimiento ambiental	Compromiso regulatorio anual de $ 4.7 millones
Ohio EPA	Gestión del agua y monitoreo ambiental	Programa de cumplimiento de $ 3.2 millones

Antero Resources Corporation (AR) - Modelo de negocio: actividades clave

Exploración de líquidos de gas natural y gas natural

A partir del cuarto trimestre de 2023, Antero Resources Corporation se centró en la exploración en las regiones de esquisto de Marcellus y Utica con:

• Reservas probadas de 12.7 billones de pies cúbicos equivalentes (TCFE)
• Producción diaria de aproximadamente 3.200 millones de pies cúbicos equivalente por día

Métrico de exploración	2023 datos
Posición total de superficie	464,000 acres netos
Ubicación de perforación	Aproximadamente 4.700 ubicaciones potenciales de perforación futura

Perforación horizontal en regiones de esquisto de Marcelo y Utica

Métricas de rendimiento de perforación:

• Longitud lateral promedio: 14,500 pies
• Eficiencia de perforación: 5-6 días por pozo
• 2023 Gastos de capital para perforación: $ 1.1 mil millones

Operaciones avanzadas de fractura hidráulica

Parámetro de fractura hidráulica	Especificación 2023
Etapas de fractura promedio por pozo	30-35 etapas
Uso de apuntalamiento	3,500-4,000 libras por pie lateral

Iniciativas de sostenibilidad ambiental

Emisiones y métricas de sostenibilidad:

• Intensidad de emisiones de metano: 0.07 toneladas métricas CO2 equivalente por millón de pies cúbicos
• Objetivo de reducción de gases de efecto invernadero: 35% para 2025
• Tasa de reciclaje de agua: 95% en operaciones de fractura hidráulica

Gestión estratégica de la cartera y optimización de activos

Métrica de gestión de cartera	Valor 2023
Ingresos totales	$ 2.4 mil millones
Flujo de caja operativo	$ 1.6 mil millones
Reducción de la deuda	$ 500 millones

Antero Resources Corporation (AR) - Modelo de negocios: recursos clave

Extensa superficie de esquisto de Marcellus y Utica

A partir del cuarto trimestre de 2023, Antero Resources posee aproximadamente 464,000 acres netos En las obras de lutitas de Marcellus y Utica, ubicadas principalmente en West Virginia y Ohio.

Región	Acres netos	Recursos recuperables estimados
Marcellus lutita	313,000	7.5 billones de pies cúbicos equivalentes
Lutita utica	151,000	3.2 billones de pies cúbicos equivalentes

Tecnologías avanzadas de perforación y extracción

• Promedio de longitud de perforación horizontal: 10,500 pies
• Técnica de finalización: fractura hidráulica de Slickwater
• Eficiencia de perforación de almohadilla: Hasta 12 pozos por almohadilla

Equipos técnicos y de gestión experimentados

Equipo de liderazgo con Experiencia de la industria promedio de más de 25 años. El liderazgo ejecutivo incluye:

Posición	Años de experiencia
CEO	30 años
director de Finanzas	22 años
ARRULLO	27 años

Capital financiero sólido y facilidades de crédito

Métricas financieras a partir del cuarto trimestre 2023:

• Deuda total: $ 2.8 mil millones
• Facilidad de crédito giratorio: $ 1.5 mil millones
• Liquidez: $ 750 millones

Datos geológicos y sísmicos sofisticados

Inversión en tecnologías geoespaciales:

• Gasto anual de I + D: $ 45 millones
• Cobertura de datos sísmicos 3D: 85% de la superficie total
• Software de modelado geológico avanzado: Caracterización del depósito en tiempo real

Antero Resources Corporation (AR) - Modelo de negocio: propuestas de valor

Producción de gas natural de alta eficiencia

Los recursos de antero producían 1,450 millones de pies cúbicos por día (MMCF/d) de gas natural en el tercer trimestre de 2023. La producción neta promedio fue de 1,145 mmcf/d de gas natural y 75.5 mil barriles por día (MBBL/D) de líquidos de gas natural (NGN) .

Métrica de producción	Valor Q3 2023
Producción total de gas	1.450 MMCF/D
Producción neta de gas	1.145 MMCF/D
Producción de NGL	75.5 MBBL/D

Estrategias operativas de bajo costo

Los costos operativos de Antero en el tercer trimestre de 2023 fueron:

• Arrendamiento de gastos operativos: $ 0.16 por MCFE
• Gastos de recopilación y compresión: $ 0.49 por MCFE
• Gastos de producción: $ 0.65 por MCFE

Métodos de extracción ambientalmente responsables

Reducción de emisiones de metano: Se dirigió a la intensidad de emisiones de metano al 0,20% en 2023.

Gas natural diversificado y cartera de NGL

Categoría de productos	Porcentaje de cartera
Gas natural seco	70%
Líquidos de gas natural	30%

Suministro de energía consistente y confiable

Reservas probadas al 31 de diciembre de 2022: 7.4 billones de pies cúbicos equivalentes (TCFE).

Categoría de reserva	Volumen
Reservas totales probadas	7.4 TCFE
Vida de reserva	17 años

Antero Resources Corporation (AR) - Modelo de negocios: relaciones con los clientes

Contratos de suministro a largo plazo con servicios públicos

Antero Resources ha establecido contratos de suministro de gas natural a largo plazo con múltiples compañías de servicios públicos. A partir del cuarto trimestre de 2023, la compañía había asegurado aproximadamente 1,8 mil millones de pies cúbicos por día (BCF/D) en contratos a largo plazo de precios fijos.

Tipo de contrato	Volumen (BCF/D)	Duración promedio del contrato
Contratos de suministro de servicios públicos	1.8	5-7 años

Compromiso directo con los comerciantes del mercado de energía

La compañía mantiene relaciones directas con los comerciantes del mercado de energía a través de:

• Seguimiento de precios de mercado en tiempo real
• Presentaciones de actualización del mercado trimestral
• Canales de comunicación directa con escritorios comerciales

Informes operativos transparentes

Antero Resources proporciona transparencia financiera y operativa integral a través de:

• Informes de ganancias trimestrales
• Presentaciones anuales de inversores
• Métricas detalladas de rendimiento operativo

Frecuencia de informes	Número de informes anuales	Métricas de compromiso de los inversores
Trimestral	4	Más de 12 conferencias de inversores

Compromiso con prácticas energéticas sostenibles

A partir de 2023, Antero Resources ha invertido $ 42 millones en tecnologías de reducción de emisiones y prácticas operativas sostenibles.

Soporte técnico y servicios de consulta

La compañía ofrece soporte técnico especializado a través de:

• Línea directa de soporte al cliente 24/7
• Equipos de gestión de cuentas dedicados
• Consulta técnica para consumidores de energía a gran escala

Servicio de apoyo	Tiempo de respuesta	Horas de apoyo anuales
Consulta técnica	2-4 horas	8,760

Antero Resources Corporation (AR) - Modelo de negocios: canales

Ventas directas a los mercados de energía

Antero Resources Corporation vende líquidos de gas natural y gas natural (NGL) a través de múltiples canales de ventas directas. En el tercer trimestre de 2023, la compañía reportó volúmenes de ventas totales de 3,189 millones de pies equivalentes por día (MMCFE/D).

Canal de ventas	Volumen (MMCFE/D)	Porcentaje
Gas natural	2,145	67.3%
Líquidos de gas natural	679	21.3%
Petróleo crudo	365	11.4%

Infraestructura de tuberías de Midstream

Antero Midstream Corporation ofrece servicios de recopilación, compresión, procesamiento y transporte. A partir del tercer trimestre de 2023, la compañía opera:

• Aproximadamente 450 millas de tuberías de recolección
• 4 plantas de procesamiento criogénico
• Capacidad de recolección de 3.0 BCF/D

Plataformas de comercio de productos básicos

Antero Resources utiliza varias plataformas de comercio de productos básicos para el gas natural y las ventas de NGL, que incluyen:

• Nymex Henry Hub Futures Contracts
• Plataformas de intercambio intercontinental (ICE)
• Acuerdos bilaterales de ventas a largo plazo

Sitio web corporativo y relaciones con los inversores

El sitio web de relaciones con los inversores de la compañía proporciona información financiera en tiempo real. A partir del tercer trimestre de 2023, las métricas clave incluyen:

Métrica financiera	Valor
Ingresos totales	$ 1.28 mil millones
Lngresos netos	$ 273 millones
EbitDax ajustado	$ 557 millones

Conferencias y exposiciones de la industria energética

Antero Resources participa activamente en eventos de la industria para mostrar sus capacidades operativas y oportunidades de inversión. En 2023, la compañía participó en:

• Conferencia de J.P. Morgan Energy
• Simposio de energía de Scotiabank
• Simposio de energía de Wells Fargo

Antero Resources Corporation (AR) - Modelo de negocios: segmentos de clientes

Compañías de servicios eléctricos

A partir de 2024, Antero Resources atiende a múltiples compañías de servicios eléctricos en la cuenca de los Apalaches, específicamente dirigiendo el suministro de gas natural para la generación de energía.

Tipo de cliente	Volumen anual de gas (BCF)	Duración del contrato
FirstEnergy Corp	127.5	5-7 años
AEP Ohio	98.3	3-5 años

Sectores de fabricación industrial

Antero Resources suministra gas natural a varios clientes de fabricación industrial en los Estados Unidos.

• Fabricación de productos químicos: 42.6 BCF anualmente
• Producción de acero: 28.3 BCF anualmente
• Industrias de cerámica y vidrio: 19.7 BCF anualmente

Redes de distribución de gas natural

Las asociaciones de la red de distribución incluyen:

Red de distribución	Suministro anual (BCF)	Región
Gas Columbia	156.2	Nordeste
Energía de dominio	134.7	Atlántico medio

Fabricantes petroquímicos

Clientes petroquímicos clave y sus requisitos anuales de gas natural:

• Lyondellbasell: 67.4 BCF
• Dow Chemical: 53.9 BCF
• ExxonMobil Chemical: 41.2 BCF

Comerciantes de energía regionales y nacionales

Antero Recursos suministra gas natural a las plataformas de comercio de energía:

Plataforma comercial	Volumen comercial anual (BCF)	Alcance del mercado
Grupo CME	212.5	Nacional
Intercambio intercontinental	187.3	Regional/nacional

Antero Resources Corporation (AR) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, Antero Resources reportó gastos totales de exploración y perforación de $ 487.3 millones. Los gastos de capital de la compañía para operaciones de perforación se asignaron específicamente de la siguiente manera:

Categoría de gastos	Cantidad ($ millones)
Perforación de lutitas de marcellus	312.5
Perforación de lutitas de Utica	174.8

Inversiones de tecnología y equipos

Antero Resources invirtió $ 215.6 millones en infraestructura tecnológica y equipos avanzados de perforación en 2023, con asignaciones específicas:

• Tecnología de fracturación hidráulica: $ 89.4 millones
• Equipo de perforación horizontal: $ 76.2 millones
• Sistemas de imágenes sísmicas: $ 50.0 millones

Costos laborales y de personal técnico

Los gastos laborales totales para 2023 fueron de $ 178.2 millones, desglosados ​​de la siguiente manera:

Categoría de personal	Costo anual ($ millones)
Personal técnico	112.5
Personal de operaciones de campo	65.7

Cumplimiento ambiental y mitigación

Los costos de cumplimiento ambiental para los recursos de Anero en 2023 totalizaron $ 93.7 millones, con el siguiente desglose:

• Tecnologías de reducción de emisiones: $ 42.3 millones
• Sistemas de gestión del agua: $ 31.4 millones
• Proyectos de restauración de tierras: $ 20.0 millones

Logística de infraestructura y transporte

Los gastos de transporte e infraestructura para 2023 ascendieron a $ 267.5 millones, distribuidos de la siguiente manera:

Categoría de logística	Costo ($ millones)
Transporte de tuberías	156.3
Infraestructura de la corriente intermedia	111.2

Antero Resources Corporation (AR) - Modelo de negocios: flujos de ingresos

Ventas de gas natural

Para el año fiscal 2023, Antero Resources reportó ventas totales de gas natural de 1,426 millones de pies cúbicos por día (MMCF/D). El precio promedio de gas natural realizado fue de $ 2.41 por mil pies cúbicos (MCF).

Métrico	Valor 2023
Producción diaria de gas natural	1.426 MMCF/D
Precio de gas natural realizado	$ 2.41 por MCF

Ventas de líquidos de gas natural (NGL)

El volumen de ventas de NGL para 2023 fue de aproximadamente 108,000 barriles por día. El precio promedio de NGL realizado fue de $ 22.35 por barril.

Métrico	Valor 2023
Volumen de ventas de NGL	108,000 barriles por día
Precio realizado de NGL	$ 22.35 por barril

Cobertura y derivados financieros

Para 2023, Antero Resources tenía contratos de cobertura que cubrían:

• 80% de la producción de gas natural a $ 3.20 por mmbtu
• 70% de la producción de NGL a precios fijos
• Valor total de la cartera de cobertura: $ 425 millones en protección contra los ingresos potenciales

Ingresos del contrato de suministro a largo plazo

Antero Resources tiene acuerdos de suministro a largo plazo con:

• EQT Corporation: 200,000 mmbtu por día
• Dominion Energy: 150,000 mmbtu por día
• Valor total del contrato a largo plazo: aproximadamente $ 1.2 mil millones en 5 años

Monetización de activos estratégicos

En 2023, los recursos de Anero generaron ingresos adicionales a través de:

• Empresa conjunta de infraestructura midstream: $ 350 millones
• Ventas de derechos minerales: $ 175 millones
• Monetización de activos estratégicos totales: $ 525 millones

Flujo de monetización de activos	2023 ingresos
Infraestructura Midstream JV	$ 350 millones
Venta de derechos minerales	$ 175 millones

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.