Sign in

AR on NYSE

Antero Resources

Logo: https://www.anteroresources.com/, Non-free logo, via Wikipedia5

American energy company

Antero Resources Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado. The company's reserves are entirely in the Appalachian Basin (92% were in the Marcellus Shale and 8% were in the Utica Shale) and are extracted using hydraulic fracturing.3 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

2002Founded1

Compare with Permian Resources Corp, Chord Energy Corporation or Marathon Oil, or pick any stock.

  • TickerAR on NYSE1
  • Industrypetroleum industry1
  • HeadquartersDenver1
  • Websitewww.anteroresources.com
  • Legal formDelaware corporation1
  • Business address1615 Wynkoop Street, Denver, Co 802026
  • Filer categoryLarge accelerated filer6
  • LEIAPVBKPOULHUX7YZLKU174
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressCORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 45208104

See how the biggest companies compare on our leaderboards

Antero Resources
Photo: Raysonho @ Open Grid Scheduler / Scalable Grid Engine, CC0, via Wikimedia Commons9

Antero Resources Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado. The company's reserves are entirely in the Appalachian Basin (92% were in the Marcellus Shale and 8% were in the Utica Shale) and are extracted using hydraulic fracturing.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

16.7%Operating margin10
12.8%Net margin10
22.0%Revenue growth, 202510
8.9%Return on equity10
0.19×Debt to equity10

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Natural Gas, Production brought in 54% of the revenue Antero Resources broke down this way in fiscal 2025.

  1. Natural Gas, Production$2.9B1054%up 58% from 2024
  2. Natural Gas Liquids Sales$2.0B1038%down 4% from 2024
  3. Oil and Condensate$150.2M103%down 35% from 2024
  4. Marketings$125.9M102%down 30% from 2024
  5. Commodity Derivative Fair Value Gains Losses$111.0M102%up 15091% from 2024
  6. Amortization Of Deferred Revenue VPP$25.3M100%down 7% from 2024
  7. Other Revenue And Income$3.4M100%down 1% from 2024
Products and services by year
Products and services202320242025
Natural Gas, Production$2.2B$1.8B$2.9B
Natural Gas Liquids Sales$1.8B$2.1B$2.0B
Oil and Condensate$247.1M$230.0M$150.2M
Marketings$206.1M$179.1M$125.9M
Commodity Derivative Fair Value Gains Losses$166.3M$731.0K$111.0M
Amortization Of Deferred Revenue VPP$30.6M$27.1M$25.3M
Other Revenue And Income$2.5M$3.4M$3.4M

Business segments

Exploration And Production brought in 80% of the revenue Antero Resources broke down this way in fiscal 2025.

  1. Exploration And Production$5.1B1080%up 24% from 2024
  2. Antero Midstream$1.2B1018%up 7% from 2024
  3. Marketing$125.9M102%down 30% from 2024
Business segments by year
Business segments202320242025
Exploration And Production$4.5B$4.1B$5.1B
Antero Midstream$1.0B$1.1B$1.2B
Marketing$206.1M$179.1M$125.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs83¢$4.4B
  • Income tax4¢$215.9M
  • Profit13¢$674.6M

Out of $5.3B in revenue.10

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks8¢$136.4M
  • Kept or used elsewhere92¢$1.5B

Out of $1.6B of cash from operations.10

Financial statements

Revenue1112131410$5.3B in 2025+20% since 2019
0$2.0B$4.0B$6.0B$8.0B2019: $4.4B$4.4B20192020: $3.5B$3.5B2020−21%2021: $4.6B$4.6B2021+32%2022: $7.1B$7.1B2022+55%2023: $4.7B$4.7B2023−34%2024: $4.3B$4.3B2024−8%2025: $5.3B$5.3B2025+22%
Operating income1112131410$883.6M in 2025
-$1.0B0$1.0B$2.0B$3.0B2019: -$987.0M-$987.0M20192020: -$953.4M-$953.4M2020−3%2021: $23.9M$23.9M20212022: $2.5B$2.5B2022+10543%2023: $396.2M$396.2M2023−84%2024: $460.0K$460.0K2024−100%2025: $883.6M$883.6M2025+191997%
Net income1112131410$674.6M in 2025
-$2.0B-$1.0B0$1.0B$2.0B2019: -$293.1M-$293.1M20192020: -$1.3B-$1.3B2020+330%2021: -$154.1M-$154.1M2021−88%2022: $2.0B$2.0B20222023: $297.3M$297.3M2023−85%2024: $93.7M$93.7M2024−68%2025: $674.6M$674.6M2025+620%

Every line of the income statement as filed: the last 3 fiscal years, latest first.10

Period ending2025-12-312024-12-312023-12-31
Total revenue$5.3B$4.3B$4.7B
Lease operating$135.1M$118.7M$118.4M
Production and ad valorem taxes$163.1M$207.7M$158.9M
General and administrative (including equity-based compensation expense of $59,519, $66,462 and $60,812 in 2023, 2024 and 2025, respectively)$232.5M$229.3M$224.5M
Depletion, depreciation and amortization$749.7M$762.1M$746.8M
Impairment of property and equipment$29.4M$47.4M$51.3M
Accretion of asset retirement obligations$3.9M$3.8M$3.2M
Contract termination, loss contingency and settlements$28.0M$4.5M$52.6M
Loss (gain) on sale of assets-$266.0K$862.0K-$447.0K
Other operating expense$99.0K$390.0K$336.0K
Total operating expenses$4.4B$4.3B$4.3B
Operating income$883.6M$460.0K$396.2M
Interest expense, net-$83.7M-$118.2M-$117.9M
Equity in earnings of unconsolidated affiliate$98.5M$93.8M$83.0M
Loss on early extinguishment of debt-$3.6M-$528.0K
Loss on convertible note inducements-$374.0K
Transaction expense-$4.4M
Total other income (expense)$6.8M-$24.9M-$35.3M
Income (loss) before income taxes$890.4M-$24.5M$361.0M
Income tax (expense) benefit-$215.9M$118.2M-$63.6M
Net income and comprehensive income including noncontrolling interests$674.6M$93.7M$297.3M
Less: net income and comprehensive income attributable to noncontrolling interests$40.1M$36.5M$98.9M
Net income and comprehensive income attributable to Antero Resources Corporation$634.4M$57.2M$198.4M
Net income per common share-basic (in dollars per share)$2.05$0.18$0.66
Net income per common share-diluted (in dollars per share)$2.03$0.18$0.64
Basic (in shares)309.7M shares309.5M shares299.8M shares
Diluted (in shares)312.4M shares313.4M shares311.6M shares
Equity-based compensation expense$60.8M$66.5M$59.5M

Compare Antero Resources with another company

Corporate structure

Antero Resources sits at the top of its group. 7 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Antero Resources

  • FMR LLC Filed SCHEDULE 13G/A on Antero Resources, latest Aug 6, 2026 (8 filings since Jan 10, 2022)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Antero Resources, latest Jul 31, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Antero Resources, latest Mar 26, 2026 (4 filings since Feb 9, 2022)
  • Wellington Management Company Filed SCHEDULE 13G/A on Antero Resources, latest Feb 10, 2026 (4 filings since Nov 8, 2024)
  • BlackRock Filed SC 13G/A on Antero Resources, latest Jan 25, 2024 (4 filings since Feb 3, 2022)
  • FPR PARTNERS LLC Filed SC 13G/A on Antero Resources, latest Feb 14, 2022
  • Antero Resources Denver, Colorado, United States
    • Antero Minerals LLC Subsidiary · Delaware, United States
    • Antero Subsidiary Holdings LLC Subsidiary · Delaware, United States
    • Appalachian Real Estate LLC Subsidiary · Delaware, United States
    • MARTICA HOLDINGS LLC Subsidiary · Denver, Colorado, United States
    • Martius Properties LLC Subsidiary · Delaware, United States
    • Monroe Pipeline LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Antero Resources reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$3.5M10 Dec 31, 2025$2.7M10 Dec 31, 2024+30.8%
Operating-lease assets (leased space)$2.1B10 Dec 31, 2025$2.5B10 Dec 31, 2024−16.4%

Investments

ItemLatestA year beforeChange
Stakes in other companies (equity method)$245.7M10 Dec 31, 2025$231.0M10 Dec 31, 2024+6.3%

The story

The company was founded in 2002 by Paul M. Rady and Glen C. Warren, Jr. after they sold their previous venture, Pennaco Energy, to Marathon Oil.

Beginning in February 2003, Warburg Pincus invested over $1.5 billion into the company and at one time held a controlling stake.

In 2005, the company sold its assets in the Barnett Shale to XTO Energy.

In October 2013, the company became a public company via an initial public offering, raising $1.5 billion.

In November 2014, the company spun off 30% of its midstream operations, Antero Midstream Partners LP, via an initial public offering

.

In September 2015, the company sold its integrated water business to its midstream affiliate for $1.05 billion.

In August 2016, the company acquired assets in the Marcellus Shale from Statoil for $96 million.

Read the full text

In January 2017, the company acquired assets in the Utica Shale from Rex Energy for $30 million.

From Wikipedia’s article on Antero Resources, shared under CC BY-SA 4.0.7

Leadership

Who has led Antero Resources, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Paul M. Rady2016–2019

Chair

  1. Paul M. Rady2016–2019
20052010201520202025
Board members and other officers (29)

Products and brands

  • natural gas

Listed on Wikidata.1

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Antero Minerals LLC Delaware8
  • Antero Subsidiary Holdings LLC Delaware8
  • Appalachian Real Estate LLC Delaware8
  • Martica Holdings LLC Delaware8
  • Martius Properties LLC Delaware8
  • Monroe Pipeline LLC Delaware8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • ANTERO RESOURCES APPALACHIAN CORPFeb 12, 2010 to Apr 1, 20136
  • ANTERO RESOURCES BARNETT CORPApr 21, 2008 to Apr 21, 20086

Timeline

  1. Jul 29, 20268-K Results of operations47
  2. Jun 23, 20268-K Regulation FD disclosure48
  3. Jun 17, 20268-K Entered a material agreement; New debt or obligation49
  4. Jun 4, 20268-K Shareholder vote50
  5. May 12, 20268-K Regulation FD disclosure51
  6. Apr 29, 20268-K Results of operations52
  7. Apr 17, 20268-K Financial statements and exhibits53
  8. Mar 3, 20268-K Regulation FD disclosure54
  9. Feb 23, 20268-K Regulation FD disclosure55
  10. Feb 11, 20268-K Results of operations56
  11. Feb 9, 20268-K Regulation FD disclosure57
  12. Feb 3, 20268-K Entered a material agreement; Completed an acquisition or sale; New debt or obligation58
  13. Mar 2, 2016New chief executive Paul M. Rady becomes CEO18
  14. Oct 10, 2013Went public Listed on NYSE1
  15. 2002Founded Founded1

Calendar

Coming up

  1. Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.10 a share, on Oct 29, 2025.59

When it reported results

  1. Jul 29, 2026Reported quarterly or annual results47
  2. Apr 29, 2026Reported quarterly or annual results52
  3. Feb 11, 2026Reported quarterly or annual results56
  4. Oct 29, 2025Reported quarterly or annual results60
  5. Jul 30, 2025Reported quarterly or annual results61
  6. Apr 30, 2025Reported quarterly or annual results62
  7. Feb 12, 2025Reported quarterly or annual results63
  8. Oct 30, 2024Reported quarterly or annual results64

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

434 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 71 major events, 281 insider forms, 22 large holders, 40 other. The latest 20:

  1. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Oct 13, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Sep 17, 2026SD EDGAR
  9. Aug 6, 2026SCHEDULE 13G/A EDGAR
  10. Jul 31, 2026SCHEDULE 13G EDGAR
  11. Jul 29, 20268-K EDGAR
  12. Jul 29, 202610-Q EDGAR
  13. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  14. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  16. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jul 14, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Jun 23, 20268-K EDGAR

The 434 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

47 open-market trades by officers, directors and large owners since October 2021: 2 buys and 45 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 4, 2026Schultz Yvette KSee RemarksSale39,490$39.27$1.6MForm 4
May 4, 2026Kennedy Michael N.See RemarksSale185,826$39.33$7.3MForm 4
Mar 19, 2026Hardesty Benjamin A.DirectorSale12,000$44.00$528.0KForm 4
Mar 10, 2026Pearce SheriSee RemarksSale19,667$38.13$749.9KForm 4
Mar 9, 2026Schultz Yvette KSee RemarksSale15,000$39.33$590.0KForm 4
Feb 27, 2026Hardesty Benjamin A.DirectorSale12,000$36.00$432.0KForm 4
Nov 7, 2025Krueger Brendan E.See RemarksBuy5,000$33.35$166.8KForm 4
Nov 7, 2025Krueger Brendan E.See RemarksBuy5,000$33.35$166.8KForm 4
May 16, 2025Schultz Yvette KSee RemarksSale25,200$39.86$1.0MForm 4
May 14, 2025Keenan W Howard JRDirectorSale38,013$40.32$1.5MForm 4
May 13, 2025Keenan W Howard JRDirectorSale1,061,987$40.82$43.4MForm 4
May 13, 2025Pearce SheriSee RemarksSale12,647$41.18$520.8KForm 4
Mar 12, 2025Pearce SheriSee RemarksSale9,830$35.60$349.9KForm 4
Feb 19, 2025Keenan W Howard JRDirectorSale700,000$40.57$28.4MForm 4
Feb 19, 2025Mutschler Jacqueline CDirectorSale12,746$40.35$514.3KForm 4
Feb 18, 2025Keenan W Howard JRDirectorSale200,000$39.76$8.0MForm 4
Aug 5, 2024Schultz Yvette KSee RemarksSale50,000$25.24$1.3MForm 4
May 20, 2024Pearce SheriSee RemarksSale16,377$35.50$581.4KForm 4
May 14, 2024Kennedy Michael N.See RemarksSale50,000$33.72$1.7MForm 4
May 10, 2024Keenan W Howard JRDirectorSale162,993$33.30$5.4MForm 4

All 47 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Paul M. Rady(Chairman Emeritus, Former Chairman of the Board of Directors, Former Chief Executive Officer and President)$734.3K$12.2M71
2025Michael N. Kennedy(Chief Executive Officer and President, Former Chief Financial Officer and Sr. Vice President—Finance)51$655.5K$6.7M71
2025Brendan E. Krueger(Chief Financial Officer, Senior Vice President—Finance, Treasurer)41$420.9K$3.8M71
2025Yvette K. Schultz(Chief Compliance Officer, Sr. Vice President—Legal, General Counsel and Corporate Secretary)44$407.9K$3.8M71
2024Paul M. Rady(Chairman Emeritus, Former Chairman of the Board of Directors, Former Chief Executive Officer and President)$1.1M$14.2M71
2024Michael N. Kennedy(Chief Executive Officer and President, Former Chief Financial Officer and Sr. Vice President—Finance)51$554.9K$6.1M71
2024Yvette K. Schultz(Chief Compliance Officer, Sr. Vice President—Legal, General Counsel and Corporate Secretary)44$399.4K$3.8M71
2023Paul M. Rady(Chairman Emeritus, Former Chairman of the Board of Directors, Former Chief Executive Officer and President)$1.1M$13.5M71
2023Michael N. Kennedy(Chief Executive Officer and President, Former Chief Financial Officer and Sr. Vice President—Finance)51$540.9K$6.1M71
2023Yvette K. Schultz(Chief Compliance Officer, Sr. Vice President—Legal, General Counsel and Corporate Secretary)44$389.3K$3.6M71

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.27,517,993$967.0M0.0%+89,491
Fmr LLC16,721,765$587.6M0.0%−6,053,474
Vanguard Portfolio Management LLC14,001,042$492.0M0.0%−33,706
Vanguard Capital Management LLC13,333,403$468.5M0.0%+137,893
Dimensional Fund Advisors LP12,699,737$446.2M0.1%+2,460,667
State Street Corp11,399,362$400.6M0.0%+595,798
Sourcerock Group LLC8,669,859$304.7M15.8%+363,973
Invesco Ltd.8,055,804$283.1M0.0%−912,763
Aqr Capital Management LLC7,613,505$267.5M0.1%+2,137,614
Geode Capital Management, LLC5,747,084$202.0M0.0%+117,985
Massachusetts Financial Services Co /ma/5,662,614$199.0M0.1%+1,434,687
Orbis Allan Gray Ltd4,547,301$159.8M0.5%−324,745
Neuberger Berman Group LLC4,281,381$150.4M0.1%+446,574
Adage Capital Partners Gp, L.l.c.4,063,110$142.8M0.2%+445,000
Raymond James Financial Inc3,537,505$124.3M0.0%−278,174
Wellington Management Group Llp3,296,358$115.8M0.0%−1,468,432
Morgan Stanley3,129,395$110.0M0.0%−448,201
Holocene Advisors, LP3,127,214$109.9M0.3%+2,418,797
Bank of New York Mellon Corp3,018,296$106.1M0.0%−459,922
Diamond Hill Capital Management, LLC (Investment Advisor)2,851,780$100.2M0.8%+1,145,976
Northern Trust Corp2,844,985$100.0M0.0%+226,780
Eurizon Capital SGR S.p.A.2,829,217$99.0M0.3%+313,786
Citadel Advisors LLC2,747,597$96.6M0.1%+1,124,883
Palo Duro Investment Partners, LP2,731,503$96.0M18.5%+616,391
Covalis Capital LLP2,634,969$92.6M5.2%+1,711,161

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

6 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 22, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+6.2%Report
Jul 10, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−15.5%Report
Oct 31, 2024Maria Elvira SalazarRepublican, HouseBuy$1,001 - $15,000+13.6%Report
Aug 2, 2024Maria Elvira SalazarRepublican, HouseBuy$1,001 - $15,000+1.0%Report
Jul 18, 2022Christopher L. Jacobs, HouseSale$1,001 - $15,000+87.2%Report
Apr 11, 2022Christopher L. Jacobs, HouseBuy$1,001 - $15,000−57.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Antero Resources is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARANTERO RESOURCES Corp2
  • CIK0001433270
  • Employer ID (EIN)80-016203472
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company72
  • Incorporated inDelaware72
  • Fiscal year endsDecember 312
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address1615 Wynkoop Street, Denver, CO 802022
  • Phone303-357-73252
  • Shares outstanding307,439,000 as of Jul 24, 202616
  • Public float$11.7B as of Jun 30, 202572
  • AuditorKPMG LLP, Denver PCAOB ID 185; it also attests to the company’s internal control over financial reporting72
  • On EDGAR sinceApr 21, 20082
  • Filings1,322 in all: 4 (699), 8-K (239), SC 13G/A (44), 10-Q (39), 3 (32), SC 13G (23), CORRESP (22), IRANNOTICE (18)2
    All 45 form types

    UPLOAD (17), SC 13D/A (16), DEFA14A (15), 144 (14), 425 (14), 10-K (13), 5 (13), DEF 14A (13), 4/A (8), 424B3 (8), EFFECT (8), S-4 (7), S-3ASR (6), ARS (5), S-1/A (5), S-4/A (5), SC 13D (5), SCHEDULE 13G/A (5), 424B5 (4), 8-K/A (3), S-8 (3), 424B2 (2), CT ORDER (2), PRE 14A (2), 3/A (1), 424B1 (1), 424B4 (1), 8-A12B (1), CERTNYS (1), DEFR14A (1), FWP (1), POSASR (1), REGDEX (1), S-1 (1), S-1MEF (1), SCHEDULE 13G (1), SD (1)

  • Latest filingsAnnual report (10-K) Feb 11, 2026
    Quarterly report (10-Q) Jul 29, 2026
    Proxy statement (DEF 14A) Apr 23, 2026
    Latest 8-K (8-K) Jul 29, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01ARNew York Stock Exchange

From the cover page of the 10-K filed Feb 11, 2026 (Section 12(b) of the Exchange Act).72

Risk factors and legal proceedings

The risks Antero Resources names in Item 1A of its 10-K filed Feb 11, 2026: 61 risks under these headings, as written.72

  • Commodity Prices
  • Natural gas, NGLs and oil price volatility, or a substantial or prolonged period of low natural gas, NGLs and oil prices, may adversely affect our business, financial condition or results of operations and our ability to meet our capital expenditure obligations and financial commitments.
  • Our hedging activities may prevent us from benefiting from price increases and may expose us to other risks.
  • If commodity prices decrease to a level such that our future undiscounted cash flows from our properties are less than their carrying value for a significant period of time, we will be required to take write-downs of the carrying values of our properties.
  • Imbalances between the supply of and demand for oil, natural gas and NGLs could cause extreme market volatility, increased costs and decreased availability of storage capacity.
  • The development of our estimated proved undeveloped reserves may take longer and may require higher levels of capital expenditures than we currently anticipate. Therefore, our estimated proved undeveloped reserves may not be ultimately developed or produced.
  • Reserve estimates depend on many assumptions that may turn out to be inaccurate. Any material inaccuracies in our reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves.
  • The standardized measure of discounted future net cash flows from our proved reserves is not the same as the current market value of our estimated oil and gas reserves.
  • Unless we replace our reserves with new reserves and develop those reserves, our reserves and, eventually, production will decline, which would adversely affect our future cash flows and results of operations.
  • Approximately 45% of our net leasehold acreage is undeveloped, and that acreage may not ultimately be developed or become commercially productive, which could cause us to lose rights under our leases as well as have a material adverse effect on our oil and natural gas reserves and future production and, therefore, our future cash flow and income.
  • Business Operations
  • Drilling for and producing oil and gas are high risk activities with many uncertainties that could adversely affect our business, financial condition or results of operations.
The other 51 risks
  • Properties that we decide to drill may not yield natural gas, NGLs or oil in commercially viable quantities, which may adversely affect our financial condition, results of operations and cash flows.
  • Market conditions or operational impediments, such as the unavailability of satisfactory transportation arrangements or necessary infrastructure, may hinder our access to natural gas, NGLs and oil markets or delay our production.
  • Our ability to produce natural gas, NGLs and oil economically and in commercial quantities is dependent on the availability of adequate supplies of water for drilling and completion operations and access to water and waste disposal or recycling facilities and services at a reasonable cost. Restrictions on our ability to obtain water or dispose of produced water and other waste may have an adverse effect on our financial condition, results of operations and cash flows.
  • Our identified potential well locations are scheduled out over many years, making them susceptible to uncertainties that could materially alter the occurrence or timing of their drilling. In addition, we may not be able to obtain the substantial amount of capital necessary to drill our potential well locations.
  • We may incur losses as a result of title defects or other matters affecting the unitization of interests.
  • Legal proceedings brought against us could result in substantial liabilities and materially and adversely impact our financial condition.
  • Sustainability matters and conservation measures may adversely impact our business.
  • We may incur substantial losses and be subject to substantial liability claims as a result of our operations. Additionally, we may not be insured for, or our insurance may be inadequate to protect us against, these risks.
  • Competition in the oil and gas industry is intense, making it more difficult for us to acquire properties, market products and secure trained personnel.
  • Strategic determinations, including the allocation of capital and other resources to strategic opportunities and repayment of indebtedness, are challenging, and our failure to appropriately allocate capital and resources among our various initiatives may adversely affect our financial condition.
  • World health events may materially adversely affect our business.
  • Terrorist attacks, cyberattacks and threats could have a material adverse effect on our business, financial condition and results of operations.
  • Our producing properties are concentrated in the Appalachian Basin, making us vulnerable to risks associated with operating in one major geographic area.
  • Negative public perception regarding us and/or our industry could have an adverse effect on our operations.
  • Customer Concentration and Credit Risk
  • The inability of our significant customers to meet their obligations to us may adversely affect our financial results.
  • Hedging transactions may become more costly or unavailable to us and expose us to counterparty credit risk.
  • Vendor Risks
  • We are required to pay fees to our service providers based on minimum volumes under long-term contracts regardless of actual volume throughput.
  • We may be limited in our ability to choose gathering operators, processing and fractionation services providers and water services providers in our areas of operations pursuant to our agreements with Antero Midstream.
  • The unavailability or high cost of additional drilling rigs, completion services, equipment, supplies, personnel and oilfield services could adversely affect our ability to execute our exploration and development plans within our budget and on a timely basis.
  • Interruptions in operations at facilities that process and fractionate our gas, or with pipelines or other facilities that transport or handle our gas, may adversely affect our business, financial condition and results of operations.
  • Acquisitions, Divestitures and Takeovers
  • We may not achieve the intended benefits of the HG Acquisition, and the HG Acquisition may disrupt our existing plans or operations.
  • We may not complete the Utica Shale Divestiture within the anticipated timeframe or at all.
  • Notwithstanding the due diligence investigation that we performed in connection with our entry into the definitive agreement to purchase HG Production, HG Production may have liabilities, losses or other exposures for which we do not have adequate insurance coverage or other protection.
  • We may be subject to risks in connection with acquisitions of properties.
  • We may be unable to make attractive acquisitions or successfully integrate acquired businesses, and any inability to do so may disrupt our business.
  • Our certificate of incorporation and bylaws, as well as Delaware law, contain provisions that could discourage acquisition bids or merger proposals, which may adversely affect the market price of our common stock.
  • We have elected not to be subject to the provisions of Section 203 of the Delaware General Corporation Law (the “DGCL”), regulating corporate takeovers.
  • We may be unable to dispose of assets on attractive terms and may be required to retain liabilities for certain matters.
  • Capital Structure and Access to Capital
  • Our exploration and development projects require substantial capital expenditures. We may be unable to obtain required capital or financing on satisfactory terms, which could lead to a decline in our oil and gas reserves.
  • We may not be able to generate sufficient cash flows to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
  • We may be unable to access the equity or debt capital markets to meet our obligations.
  • Restrictions in our existing and future debt agreements could limit our growth and our ability to engage in certain activities.
  • Increases in interest rates could adversely affect our business.
  • Compliance with Regulations
  • Federal, state and local legislative and regulatory initiatives relating to hydraulic fracturing as well as governmental reviews of such activities could result in increased costs and additional operating restrictions or delays in the completion of oil and natural gas wells and adversely affect our production.
  • Our operations may be exposed to significant delays, costs and liabilities as a result of environmental and occupational health and safety requirements applicable to our business activities.
  • We are subject to complex federal, state, local and other laws and regulations that could adversely affect the cost, manner or feasibility of conducting our operations or expose us to significant liabilities.
  • A change in the jurisdictional characterization of some of our assets by federal, state or local regulatory agencies or a change in policy by those agencies may result in increased regulation of our assets, which may cause our revenues to decline and operating expenses to increase.
  • Should we fail to comply with all applicable FERC administered statutes, rules, regulations and orders, we could be subject to substantial penalties and fines.
  • The Inflation Reduction Act could adversely impact demand for oil and gas and could impose new costs on our operations.
  • Our operations are subject to a series of risks related to climate that could result in increased operating costs, limit the areas in which we may conduct oil and natural gas exploration and production activities, and reduce demand for our products.
  • Regulations related to the protection of wildlife could adversely affect our ability to conduct drilling activities in some of the areas where we operate.
  • Human Capital
  • The loss of senior management or technical personnel could adversely affect operations.
  • Our officers and employees provide services to both us and Antero Midstream.
  • Related Parties
  • Conflicts of interest will arise from time to time between Antero Midstream and us, and Antero Midstream may favor its own interests to the detriment of us and our stockholders.
  • Our future tax liabilities may be greater than expected if our net operating loss (“NOL”) and tax credit carryforwards are limited, we do not generate expected deductions, or tax authorities challenge our tax positions.
  • Changes in tax laws or the interpretation thereof or the imposition of new or increased taxes or fees may increase our future tax liabilities and adversely affect our operating results and cash flows.
  • General Risks
  • The price of our common stock may be volatile, and you could lose a significant portion of your investment.
  • Sales of a substantial amount of shares of our common stock in the public market could adversely affect the market price of our shares.
  • There may be future dilution of our common stock, which could adversely affect the market price of shares of our common stock.
  • Our certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
  • We may issue preferred stock, which may have terms that could adversely affect the voting power or value of our common stock.

Legal proceedings

The information required by this item is included in Note 15—Contingencies to our consolidated financial statements and is incorporated herein.

The opening of Item 3, Legal Proceedings.72

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
  72. 72