Antero Resources Corporation (AR): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'exploration énergétique, ANTERO RESSOURCE CORPORATION (AR) apparaît comme une puissance stratégique, tirant parti des technologies de pointe et des approches commerciales innovantes pour transformer l'extraction du gaz naturel dans les régions de schiste Marcellus et Utica. En élaborant méticuleusement un modèle commercial complet qui équilibre l'efficacité opérationnelle, la responsabilité environnementale et l'adaptabilité du marché, Antero s'est positionné comme un acteur clé de l'écosystème énergétique en évolution, de la valeur de la valeur à travers des techniques d'exploration sophistiquées, des partenariats stratégiques et une approche avant pensée de la fin de l'emballage à l'avenir de Production d'énergie durable.

Antero Resources Corporation (AR) - Modèle commercial: partenariats clés

Partenaires d'infrastructure intermédiaire

ANTERO RESSOURCES maintient des partenariats stratégiques avec les principales sociétés d'infrastructure médiane:

Partenaire	Détails du partenariat	Valeur du contrat
LP de transfert d'énergie	Rassemblement et transport infrastructure	Engagement annuel de 275 millions de dollars
MarkWest Energy Partners	Installations de traitement du gaz naturel	Contrat de traitement de 220 millions de dollars

Formeurs de services de fracturation de forage et hydrauliques

Les partenariats clés des fournisseurs de services comprennent:

• Halliburton Energy Services: Contrats de fracturation hydraulique
• Schlumberger: Services de technologie de forage
• Baker Hughes: Technologies d'achèvement des puits

Entreprises technologiques environnementales et durables

Partenaire technologique	Domaine de mise au point	Investissement
Verdagie	Réduction des émissions de méthane	Investissement technologique de 12,5 millions de dollars
Carbon Capture Technologies Inc.	Solutions de séquestration en carbone	8,3 millions de dollars collaboration de recherche

Banques d'investissement et conseillers du marché des capitaux

• Goldman Sachs: Capital Raising Advisory
• JPMorgan Chase: Financement de la dette
• Morgan Stanley: Stratégies du marché des actions

Gouvernement local et agences de réglementation

Agence	Type de collaboration	Investissements de conformité réglementaire
Département de protection de l'environnement de Virginie-Occidentale	Autorisation et conformité environnementale	4,7 millions de dollars d'engagement réglementaire annuel
Ohio EPA	Gestion de l'eau et surveillance environnementale	Programme de conformité de 3,2 millions de dollars

Antero Resources Corporation (AR) - Modèle d'entreprise: activités clés

Exploration des liquides de gaz naturel et de gaz naturel

Depuis le quatrième trimestre 2023, la Corporation d'Antero Resources s'est concentrée sur l'exploration dans les régions de schiste Marcellus et Utica avec:

• Réserves prouvées de 12,7 billions de pieds cubes équivalents (TCFE)
• Production quotidienne d'environ 3,2 milliards de pieds cubes équivalent par jour

Métrique d'exploration	2023 données
Position totale de superficie	464 000 acres nets
Lieux de forage	Environ 4 700 emplacements de forage futurs potentiels

Forage horizontal dans les régions de schiste de Marcellus et Utica

Métriques de performance de forage:

• Longueur latérale moyenne: 14 500 pieds
• Efficacité de forage: 5-6 jours par puits
• 2023 dépenses en capital pour le forage: 1,1 milliard de dollars

Opérations de fracturation hydraulique avancées

Paramètre de fracturation hydraulique	Spécification 2023
Étapes de fracturation moyennes par puits	30-35 étapes
Usage de l'assurance	3 500 à 4 000 livres par pied latéral

Initiatives de durabilité environnementale

Émissions et mesures de durabilité:

• Intensité des émissions de méthane: 0,07 tonnes métriques CO2 équivalent par million de pieds cubes
• Cible de réduction des gaz à effet de serre: 35% d'ici 2025
• Taux de recyclage de l'eau: 95% des opérations de fracturation hydraulique

Gestion de portefeuille stratégique et optimisation des actifs

Métrique de gestion du portefeuille	Valeur 2023
Revenus totaux	2,4 milliards de dollars
Flux de trésorerie d'exploitation	1,6 milliard de dollars
Réduction de la dette	500 millions de dollars

Antero Resources Corporation (AR) - Modèle d'entreprise: Ressources clés

La vaste superficie de schiste Marcellus et Utica

Depuis le quatrième trimestre 2023, les ressources antéro Environ 464 000 acres nets Dans les jeux de schiste Marcellus et Utica, principalement situés en Virginie-Occidentale et en Ohio.

Région	Acres nets	Ressources récupérables estimées
Marcellus Schiste	313,000	7,5 billions de pieds cubes équivalents
Schiste Utica	151,000	3,2 billions de pieds cubes équivalents

Technologies de forage et d'extraction avancées

• Moyenne de longueur de forage horizontale: 10 500 pieds
• Technique d'achèvement: fracturation hydraulique de Slickwater
• Efficacité de forage de pad: Jusqu'à 12 puits par pad

Équipes techniques et de gestion expérimentées

Équipe de direction avec Expérience moyenne de l'industrie de plus de 25 ans. Le leadership exécutif comprend:

Position	Années d'expérience
PDG	30 ans
Directeur financier	22 ans
ROUCOULER	27 ans

Capitaux financiers et de crédit financiers solides

Mesures financières auprès du quatrième trimestre 2023:

• Dette totale: 2,8 milliards de dollars
• Facilité de crédit renouvelable: 1,5 milliard de dollars
• Liquidité: 750 millions de dollars

Données géologiques et sismiques sophistiquées

Investissement dans les technologies géospatiales:

• Dépenses annuelles de R&D: 45 millions de dollars
• Couverture des données sismiques 3D: 85% de la superficie totale
• Logiciel de modélisation géologique avancée: Caractérisation du réservoir en temps réel

Antero Resources Corporation (AR) - Modèle d'entreprise: propositions de valeur

Production de gaz naturel à haute efficacité

Les ressources antero ont produit 1 450 millions de pieds cubes par jour (MMCF / j) de gaz naturel au troisième trimestre 2023. La production nette moyenne était de 1 145 mmcf / j de gaz naturel et 75,5 000 barils par jour (MBBL / J) de liquides de gaz naturel (MSNG) .

Métrique de production	Valeur du troisième trimestre 2023
Production totale de gaz	1 450 mmcf / j
Production de gaz net	1 145 mmcf / j
Production de LGL	75,5 MBBL / J

Stratégies opérationnelles à faible coût

Les coûts opérationnels d'Antero au troisième trimestre 2023 étaient:

• Dépenses d'exploitation de location: 0,16 $ par MCFE
• Réquisition et dépenses de compression: 0,49 $ par MCFE
• Frais de production: 0,65 $ par MCFE

Méthodes d'extraction respectueuses de l'environnement

Réduction des émissions de méthane: Ciblé l'intensité des émissions de méthane à 0,20% en 2023.

Portfolio de gaz naturel diversifié et de LGN

Catégorie de produits	Pourcentage de portefeuille
Gaz naturel sec	70%
Liquides au gaz naturel	30%

Approvisionnement énergétique cohérent et fiable

Réserves prouvées au 31 décembre 2022: 7,4 billions de pieds cubes équivalents (TCFE).

Catégorie de réserve	Volume
Total des réserves prouvées	7.4 TCFE
Réserver la vie	17 ans

Antero Resources Corporation (AR) - Modèle d'entreprise: relations clients

Contrats d'approvisionnement à long terme avec des services publics

Antero Resources a établi des contrats d'approvisionnement en gaz naturel à long terme avec plusieurs sociétés de services publics. Au quatrième trimestre 2023, la société avait obtenu environ 1,8 milliard de pieds cubes par jour (BCF / J) dans des contrats à long terme à prix fixe.

Type de contrat	Volume (BCF / D)	Durée du contrat moyen
Contrats d'approvisionnement des services publics	1.8	5-7 ans

Engagement direct avec les commerçants du marché de l'énergie

La société entretient des relations directes avec les commerçants du marché de l'énergie à travers:

• Suivi des prix du marché en temps réel
• Présentations de mise à jour du marché trimestriel
• Canaux de communication directs avec les bureaux de trading

Rapports opérationnels transparents

Antero Resources offre une transparence financière et opérationnelle complète à travers:

• Rapports de bénéfices trimestriels
• Présentations des investisseurs annuels
• Métriques de performance opérationnelles détaillées

Fréquence de rapport	Nombre de rapports annuels	Métriques d'engagement des investisseurs
Trimestriel	4	12+ conférences d'investisseurs

Engagement envers les pratiques énergétiques durables

En 2023, ANTERO RESSOURCES a investi 42 millions de dollars dans les technologies de réduction des émissions et les pratiques opérationnelles durables.

Services de support technique et de consultation

L'entreprise fournit un support technique spécialisé à travers:

• Hotline de support client 24/7
• Équipes de gestion des comptes dédiés
• Consultation technique pour les consommateurs d'énergie à grande échelle

Service d'assistance	Temps de réponse	Heures de soutien annuelles
Consultation technique	2-4 heures	8,760

Antero Resources Corporation (AR) - Modèle d'entreprise: canaux

Ventes directes vers les marchés de l'énergie

Antero Resources Corporation vend des liquides de gaz naturel et de gaz naturel (LGN) via plusieurs canaux de vente directs. Au troisième trimestre 2023, la société a déclaré un volume de vente total de 3 189 millions de pieds cubes équivalents par jour (MMCFE / J).

Canal de vente	Volume (MMCFE / D)	Pourcentage
Gaz naturel	2,145	67.3%
Liquides au gaz naturel	679	21.3%
Huile brute	365	11.4%

Infrastructure de pipeline intermédiaire

Antero Midstream Corporation fournit des services de rassemblement, de compression, de traitement et de transport. Au troisième rang 2023, la société exploite:

• Environ 450 miles de pipelines de rassemblement
• 4 plantes de traitement cryogénique
• Capacité de rassemblement de 3,0 BCF / J

Plateformes de trading de matières premières

ANTERO RESSOURCES utilise plusieurs plateformes de trading de produits de base pour les ventes de gaz naturel et de LGN, notamment:

• Nymex Henry Hub Futures Contrats
• Plateformes InterContinental Exchange (ICE)
• Accords de vente bilatéraux à long terme

Relations sur le site Web de l'entreprise et les investisseurs

Le site Web des relations avec les investisseurs de l'entreprise fournit des informations financières en temps réel. Au troisième rang 2023, les mesures clés comprennent:

Métrique financière	Valeur
Revenus totaux	1,28 milliard de dollars
Revenu net	273 millions de dollars
Ebitdax ajusté	557 millions de dollars

Conférences et expositions de l'industrie de l'énergie

ANTERO RESSOURCES participe activement aux événements de l'industrie pour présenter ses capacités opérationnelles et ses opportunités d'investissement. En 2023, l'entreprise a participé à:

• J.P. Morgan Energy Conference
• Symposium sur l'énergie de la banque à la Scotia
• Symposium d'énergie de Wells Fargo

Antero Resources Corporation (AR) - Modèle d'entreprise: segments de clientèle

Entreprises de services publics électriques

En 2024, ANTERO RESSOURCES dessert plusieurs sociétés de services publics d'électricité dans le bassin des Appalaches, ciblant spécifiquement l'alimentation en gaz naturel pour la production d'électricité.

Type de client	Volume de gaz annuel (BCF)	Durée du contrat
FirstEnergy Corp	127.5	5-7 ans
AEP Ohio	98.3	3-5 ans

Secteurs de la fabrication industrielle

ANTERO RESSOURCES fournit du gaz naturel à divers clients de fabrication industrielle à travers les États-Unis.

• Fabrication chimique: 42,6 BCF par an
• Production en acier: 28,3 BCF par an
• Industries en céramique et en verre: 19,7 BCF par an

Réseaux de distribution de gaz naturel

Les partenariats du réseau de distribution comprennent:

Réseau de distribution	Supply annuelle (BCF)	Région
Columbia Gas	156.2	Nord-est
Énergie dominante	134.7	Moyen-atlantique

Fabricants pétrochimiques

Les clients pétrochimiques clés et leurs exigences annuelles sur le gaz naturel:

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

Commerçants d'énergie régionaux et nationaux

ANTERO RESSOURCES fournit du gaz naturel aux plates-formes de trading d'énergie:

Plate-forme de trading	Volume de trading annuel (BCF)	Portée du marché
Groupe CME	212.5	National
Échange intercontinental	187.3	Régional / national

Antero Resources Corporation (AR) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

Pour l'exercice 2023, ANTERO RESSOURCES a déclaré des dépenses totales d'exploration et de forage de 487,3 millions de dollars. Les dépenses en capital de la société pour les opérations de forage ont été spécifiquement allouées comme suit:

Catégorie de dépenses	Montant (millions de dollars)
Forage de schiste Marcellus	312.5
Forage de schiste utica	174.8

Investissements technologiques et équipements

Antero Resources a investi 215,6 millions de dollars dans les infrastructures technologiques et l'équipement de forage avancé en 2023, avec des allocations spécifiques:

• Technologie de fracturation hydraulique: 89,4 millions de dollars
• Équipement de forage horizontal: 76,2 millions de dollars
• Systèmes d'imagerie sismique: 50,0 millions de dollars

Frais de main-d'œuvre et de personnel technique

Les dépenses totales de main-d'œuvre pour 2023 étaient de 178,2 millions de dollars, ventilées comme suit:

Catégorie de personnel	Coût annuel (millions de dollars)
Personnel technique	112.5
Personnel des opérations sur le terrain	65.7

Compliance et atténuation environnementales

Les coûts de conformité environnementale pour les ressources antéro en 2023 ont totalisé 93,7 millions de dollars, avec la ventilation suivante:

• Technologies de réduction des émissions: 42,3 millions de dollars
• Systèmes de gestion de l'eau: 31,4 millions de dollars
• Projets de restauration des terres: 20,0 millions de dollars

Infrastructure et logistique de transport

Les frais de transport et d'infrastructure pour 2023 s'élevaient à 267,5 millions de dollars, distribués comme suit:

Catégorie logistique	Coût (millions de dollars)
Transport de pipeline	156.3
Infrastructure intermédiaire	111.2

Antero Resources Corporation (AR) - Modèle d'entreprise: Strots de revenus

Ventes de gaz naturel

Pour l'exercice 2023, ANTERO RESSOURCES a déclaré des ventes totales de gaz naturel de 1 426 millions de pieds cubes par jour (MMCF / J). Le prix moyen réalisé du gaz naturel était de 2,41 $ pour mille pieds cubes (MCF).

Métrique	Valeur 2023
Production quotidienne de gaz naturel	1 426 mmcf / j
Prix ​​du gaz naturel réalisé	2,41 $ par MCF

Ventes de liquides de gaz naturel (NGL)

Le volume des ventes de LGN pour 2023 était d'environ 108 000 barils par jour. Le prix moyen du LNG réalisé était de 22,35 $ le baril.

Métrique	Valeur 2023
Volume de ventes de LGN	108 000 barils par jour
Prix ​​de la LGS réalisé	22,35 $ le baril

Couverture et dérivés financiers

Pour 2023, ANTERO RESSOURS avait des contrats de couverture couvrant:

• 80% de la production de gaz naturel à 3,20 $ par MMBTU
• 70% de la production de LGL à des prix fixes
• Valeur totale du portefeuille de couverture: 425 millions de dollars en protection potentielle sur les revenus

Revenus de contrat d'approvisionnement à long terme

Antero Resources a des accords d'approvisionnement à long terme avec:

• EQT Corporation: 200 000 MMBTU par jour
• Dominion Energy: 150 000 MMBTU par jour
• Valeur du contrat total à long terme: environ 1,2 milliard de dollars sur 5 ans

Monétisation des actifs stratégiques

En 2023, les ressources antero ont généré des revenus supplémentaires à travers:

• Coentreprise d'infrastructure intermédiaire: 350 millions de dollars
• Ventes des droits minéraux: 175 millions de dollars
• Monétisation totale des actifs stratégiques: 525 millions de dollars

Flux de monétisation des actifs	Revenus de 2023
Infrastructure intermédiaire JV	350 millions de dollars
Ventes de droits minéraux	175 millions de dollars

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.