Antero Resources Corporation (AR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da exploração de energia, a Antero Resources Corporation (AR) surge como uma potência estratégica, alavancando tecnologias de ponta e abordagens inovadoras de negócios para transformar a extração de gás natural nas regiões de xisto Marcellus e Utica. Ao elaborar meticulosamente um modelo de negócios abrangente que equilibra a eficiência operacional, a responsabilidade ambiental e a adaptabilidade do mercado, Antero se posicionou como um participante-chave no ecossistema de energia em evolução, aumentando o valor por meio de técnicas de exploração sofisticadas, parcerias estratégicas e uma abordagem de pensamento avançado para Produção de energia sustentável.

Antero Resources Corporation (AR) - Modelo de negócios: Parcerias -chave

Parceiros de infraestrutura média

A Antero Resources mantém parcerias estratégicas com as principais empresas de infraestrutura médio:

Parceiro	Detalhes da parceria	Valor do contrato
LP de transferência de energia	Infraestrutura de coleta e transporte	US $ 275 milhões com compromisso anual
Markwest Energy Partners	Instalações de processamento de gás natural	Contrato de processamento de US $ 220 milhões

Provedores de serviços de fraturamento de perfuração e fraturamento hidráulico

Principais parcerias do provedor de serviços incluem:

• Serviços de energia Halliburton: contratos de fraturamento hidráulico
• Schlumberger: serviços de tecnologia de perfuração
• Baker Hughes: bem conclusão tecnologias

Empresas de tecnologia ambiental e de sustentabilidade

Parceiro de tecnologia	Área de foco	Investimento
Verdagy	Redução de emissões de metano	US $ 12,5 milhões em investimento tecnológico
Tecnologias de Captura de Carbono Inc.	Soluções de sequestro de carbono	Colaboração de pesquisa de US $ 8,3 milhões

Bancos de investimento e consultores de mercado de capitais

• Goldman Sachs: Capital Raising Advisory
• JPMorgan Chase: financiamento da dívida
• Morgan Stanley: estratégias de mercado de ações

Governo local e agências regulatórias

Agência	Tipo de colaboração	Investimentos de conformidade regulatória
Departamento de Proteção Ambiental da Virgínia Ocidental	Permissão e conformidade ambiental	US $ 4,7 milhões de engajamento regulatório anual
Ohio EPA	Gerenciamento de água e monitoramento ambiental	Programa de conformidade de US $ 3,2 milhões

Antero Resources Corporation (AR) - Modelo de negócios: Atividades -chave

Exploração de líquidos de gás natural e gás natural

A partir do quarto trimestre 2023, a Antero Resources Corporation se concentrou na exploração nas regiões de Marcellus e Utica Shale com:

• Reservas comprovadas de 12,7 trilhões de pés cúbicos equivalentes (TCFE)
• Produção diária de aproximadamente 3,2 bilhões de pés cúbicos equivalentes por dia

Métrica de exploração	2023 dados
Posição total da área cultivada	464.000 acres líquidos
Locais de perfuração	Aproximadamente 4.700 possíveis locais futuros de perfuração

Perfuração horizontal em regiões de xisto Marcellus e Utica

Métricas de desempenho de perfuração:

• Comprimento lateral médio: 14.500 pés
• Eficiência de perfuração: 5-6 dias por poço
• 2023 Despesas de capital para perfuração: US $ 1,1 bilhão

Operações avançadas de fraturamento hidráulico

Parâmetro de fraturamento hidráulico	2023 Especificação
Estágios de fraturamento médio por poço	30-35 estágios
Uso de propante	3.500-4.000 libras por pé lateral

Iniciativas de sustentabilidade ambiental

Métricas de emissões e sustentabilidade:

• Intensidade de emissões de metano: 0,07 toneladas de CO2 equivalente por milhão de pés cúbicos
• Alvo de redução de gases de efeito estufa: 35% até 2025
• Taxa de reciclagem de água: 95% em operações de fraturamento hidráulico

Gerenciamento estratégico de portfólio e otimização de ativos

Métrica de gerenciamento de portfólio	2023 valor
Receita total	US $ 2,4 bilhões
Fluxo de caixa operacional	US $ 1,6 bilhão
Redução da dívida	US $ 500 milhões

Antero Resources Corporation (AR) - Modelo de negócios: Recursos -chave

Área de xisto extensa Marcellus e Utica

A partir do quarto trimestre 2023, a Antero Resources detém Aproximadamente 464.000 acres líquidos Nas peças de Marcellus e Utica Shale, localizadas principalmente na Virgínia Ocidental e Ohio.

Região	Líquido acres	Recursos recuperáveis ​​estimados
Marcellus Shale	313,000	7,5 trilhões de pés cúbicos equivalentes
Utica Shale	151,000	3,2 trilhões de pés cúbicos equivalentes

Tecnologias avançadas de perfuração e extração

• Média de comprimento de perfuração horizontal: 10.500 pés
• Técnica de conclusão: fraturamento hidráulico de água slick
• Eficiência de perfuração de almofada: Até 12 poços por bloco

Equipes técnicas e de gerenciamento experientes

Equipe de liderança com Experiência média do setor de mais de 25 anos. A liderança executiva inclui:

Posição	Anos de experiência
CEO	30 anos
Diretor Financeiro	22 anos
COO	27 anos

Capital financeiro e linhas de crédito fortes

Métricas financeiras a partir do quarto trimestre 2023:

• Dívida total: US $ 2,8 bilhões
• Linha de crédito giratória: US $ 1,5 bilhão
• Liquidez: US $ 750 milhões

Dados geológicos e sísmicos sofisticados

Investimento em tecnologias geoespaciais:

• Gastos anuais de P&D: US $ 45 milhões
• Cobertura de dados sísmicos 3D: 85% da área total
• Software avançado de modelagem geológica: Caracterização do reservatório em tempo real

Antero Resources Corporation (AR) - Modelo de Negócios: Proposições de Valor

Produção de gás natural de alta eficiência

Os recursos Antero produziram 1.450 milhões de pés cúbicos por dia (MMCF/D) de gás natural no terceiro trimestre de 2023. A produção líquida média foi de 1.145 mmcf/d de gás natural e 75,5 mil barris por dia (MBBL/D) de líquidos de gás natural (NGLS) .

Métrica de produção	Q3 2023 Valor
Produção total de gás	1.450 mmcf/d
Produção líquida de gás	1.145 mmcf/d
Produção NGL	75,5 MBBL/D.

Estratégias operacionais de baixo custo

Os custos operacionais de Antero no terceiro trimestre de 2023 foram:

• Despesas operacionais de arrendamento: US $ 0,16 por MCFE
• Despesas de coleta e compressão: US $ 0,49 por MCFE
• Despesas de produção: US $ 0,65 por MCFE

Métodos de extração ambientalmente responsáveis

Redução de emissões de metano: Intensidade de emissões de metano de 0,20% direcionada em 2023.

Portfólio de gás natural diversificado e NGL

Categoria de produto	Porcentagem de portfólio
Gás natural seco	70%
Líquidos de gás natural	30%

Fornecimento de energia consistente e confiável

Reservas comprovadas em 31 de dezembro de 2022: 7,4 trilhões de pés cúbicos equivalentes (TCFE).

Categoria de reserva	Volume
Reservas totais comprovadas	7.4 TCFE
Vida de reserva	17 anos

Antero Resources Corporation (AR) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de fornecimento de longo prazo com serviços públicos

A Antero Resources estabeleceu contratos de fornecimento de gás natural a longo prazo com várias empresas de serviços públicos. A partir do quarto trimestre de 2023, a empresa garantiu aproximadamente 1,8 bilhão de pés cúbicos por dia (BCF/D) em contratos de longo prazo de preço fixo.

Tipo de contrato	Volume (BCF/D)	Duração média do contrato
Contratos de fornecimento de serviços públicos	1.8	5-7 anos

Engajamento direto com comerciantes de mercado de energia

A empresa mantém relações diretas com os comerciantes de mercado de energia por meio de:

• Rastreamento de preços de mercado em tempo real
• Apresentações trimestrais de atualização de mercado
• Canais de comunicação direta com mesas de negociação

Relatórios operacionais transparentes

A Antero Resources fornece transparência financeira e operacional abrangente por meio de:

• Relatórios de ganhos trimestrais
• Apresentações anuais de investidores
• Métricas detalhadas de desempenho operacional

Frequência de relatório	Número de relatórios anuais	Métricas de engajamento do investidor
Trimestral	4	12+ conferências de investidores

Compromisso com práticas de energia sustentável

A partir de 2023, a Antero Resources investiu US $ 42 milhões em tecnologias de redução de emissões e práticas operacionais sustentáveis.

Serviços de suporte técnico e consulta

A empresa fornece suporte técnico especializado por meio de:

• 24/7 de suporte ao cliente
• Equipes de gerenciamento de contas dedicadas
• Consulta técnica para consumidores de energia em larga escala

Serviço de suporte	Tempo de resposta	Horário de apoio anual
Consulta técnica	2-4 horas	8,760

Antero Resources Corporation (AR) - Modelo de Negócios: Canais

Vendas diretas para mercados de energia

A Antero Resources Corporation vende líquidos de gás natural e gás natural (NGLS) através de vários canais de vendas diretas. No terceiro trimestre de 2023, a empresa registrou volumes totais de vendas de 3.189 milhões de pés cúbicos equivalentes por dia (MMCFE/D).

Canal de vendas	Volume (MMCFE/D)	Percentagem
Gás natural	2,145	67.3%
Líquidos de gás natural	679	21.3%
Petróleo bruto	365	11.4%

Infraestrutura do pipeline do meio da corrente

A Antero Midstream Corporation fornece serviços de coleta, compressão, processamento e transporte. A partir do terceiro trimestre de 2023, a empresa opera:

• Aproximadamente 450 milhas de oleodutos de coleta
• 4 plantas de processamento criogênico
• Capacidade de coleta de 3,0 BCF/D

Plataformas de negociação de commodities

A Antero Resources utiliza várias plataformas de negociação de commodities para vendas de gás natural e NGL, incluindo:

• Contratos futuros do Nymex Henry Hub
• Plataformas Intercontinental Exchange (ICE)
• Acordos bilaterais de vendas de longo prazo

Site corporativo e relações com investidores

O site de relações com investidores da empresa fornece informações financeiras em tempo real. A partir do terceiro trimestre de 2023, as principais métricas incluem:

Métrica financeira	Valor
Receita total	US $ 1,28 bilhão
Resultado líquido	US $ 273 milhões
Ebitdax ajustado	US $ 557 milhões

Conferências e exposições do setor de energia

A Antero Resources participa ativamente de eventos do setor para mostrar suas capacidades operacionais e oportunidades de investimento. Em 2023, a empresa participou de:

• J.P. Morgan Energy Conference
• Simpósio de energia do Scotiabank
• Simpósio de energia de Wells Fargo

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

Empresas de serviços públicos elétricos

A partir de 2024, a Antero Resources serve várias empresas de serviços públicos na bacia dos Apalaches, direcionando -se especificamente ao suprimento de gás natural para geração de energia.

Tipo de cliente	Volume anual de gás (BCF)	Duração do contrato
FirstEnergy Corp	127.5	5-7 anos
Aep Ohio	98.3	3-5 anos

Setores industriais de fabricação

A Antero Resources fornece gás natural a vários clientes industriais de fabricação nos Estados Unidos.

• Fabricação de produtos químicos: 42.6 BCF anualmente
• Produção de aço: 28.3 BCF anualmente
• Indústrias de cerâmica e vidro: 19.7 BCF anualmente

Redes de distribuição de gás natural

As parcerias de rede de distribuição incluem:

Rede de distribuição	FORNECIMENTO ANUAL (BCF)	Região
Gas de Columbia	156.2	Nordeste
Energia de Domínio	134.7	Meio do atlântico

Fabricantes petroquímicos

Os principais clientes petroquímicos e seus requisitos anuais de gás natural:

• LyondellBasell: 67,4 Bcf
• Dow Chemical: 53.9 BCF
• ExxonMobil Chemical: 41.2 BCF

Comerciantes regionais e nacionais de energia

A Antero Resources fornece o gás natural às plataformas de negociação de energia:

Plataforma de negociação	Volume de negociação anual (BCF)	Alcance do mercado
Grupo CME	212.5	Nacional
Intercâmbio intercontinental	187.3	Regional/nacional

Antero Resources Corporation (AR) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

Para o ano fiscal de 2023, a Antero Resources registrou despesas totais de exploração e perfuração de US $ 487,3 milhões. As despesas de capital da empresa para operações de perfuração foram alocadas especificamente da seguinte forma:

Categoria de despesa	Valor (US $ milhões)
Marcellus Shale Drilling	312.5
Perfuração de xisto Utica	174.8

Investimentos de tecnologia e equipamentos

A Antero Resources investiu US $ 215,6 milhões em infraestrutura tecnológica e equipamentos avançados de perfuração em 2023, com alocações específicas:

• Tecnologia de fraturamento hidráulico: US $ 89,4 milhões
• Equipamento de perfuração horizontal: US $ 76,2 milhões
• Sistemas de imagem sísmica: US $ 50,0 milhões

Custos de trabalho e pessoal técnico

As despesas totais de mão -de -obra em 2023 foram de US $ 178,2 milhões, divididas da seguinte forma:

Categoria de pessoal	Custo anual (US $ milhões)
Equipe técnica	112.5
Pessoal de operações de campo	65.7

Conformidade e mitigação ambiental

Os custos de conformidade ambiental para a Antero Resources em 2023 totalizaram US $ 93,7 milhões, com o seguinte quebra:

• Tecnologias de redução de emissões: US $ 42,3 milhões
• Sistemas de gerenciamento de água: US $ 31,4 milhões
• Projetos de restauração de terras: US $ 20,0 milhões

Logística de infraestrutura e transporte

As despesas de transporte e infraestrutura de 2023 totalizaram US $ 267,5 milhões, distribuídas da seguinte forma:

Categoria de logística	Custo (US $ milhões)
Transporte de pipeline	156.3
Infraestrutura média	111.2

Antero Resources Corporation (AR) - Modelo de negócios: fluxos de receita

Vendas de gás natural

Para o ano fiscal de 2023, a Antero Resources registrou vendas totais de gás natural de 1.426 milhões de pés cúbicos por dia (MMCF/D). O preço médio do gás natural realizado foi de US $ 2,41 por mil pés cúbicos (MCF).

Métrica	2023 valor
Produção diária de gás natural	1.426 mmcf/d
Preço percebido de gás natural	US $ 2,41 por MCF

Vendas de líquidos de gás natural (NGL)

O volume de vendas da NGL para 2023 foi de aproximadamente 108.000 barris por dia. O preço médio da NGL percebeu que era de US $ 22,35 por barril.

Métrica	2023 valor
Volume de vendas da NGL	108.000 barris por dia
Preço da NGL percebida	US $ 22,35 por barril

Hedge e derivados financeiros

Para 2023, a Antero Resources tinha contratos de hedge cobrindo:

• 80% da produção de gás natural a US $ 3,20 por mMBTU
• 70% da produção de NGL a preços fixos
• Valor total da portfólio de hedge: US $ 425 milhões em potencial proteção de receita

Receita de contrato de fornecimento de longo prazo

Antero Resources tem acordos de fornecimento de longo prazo com:

• EQT Corporation: 200.000 MMBTU por dia
• Domínio Energia: 150.000 MMBTU por dia
• Valor total do contrato de longo prazo: aproximadamente US $ 1,2 bilhão em 5 anos

Monetização de ativos estratégicos

Em 2023, a Antero Resources gerou receita adicional através de:

• Infraestrutura Midstream Joint Venture: US $ 350 milhões
• Vendas de direitos minerais: US $ 175 milhões
• Monetização de ativos estratégicos totais: US $ 525 milhões

Fluxo de monetização de ativos	2023 Receita
Infraestrutura Midstream JV	US $ 350 milhões
Vendas de direitos minerais	US $ 175 milhões

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.