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Antero Resources is a pure-play Appalachian natural gas and NGL producer with a long-lived, low-risk asset base: roughly 537,000 net acres, 19.1 Tcfe of estimated proved reserves, and 1,279 potential horizontal well locations. FY2025 was a strong recovery year as commodity prices firmed, with revenue up 22.0% to $5.28B, net income surging to $675M (+619.9%), diluted EPS of $2.03, and operating cash flow nearly doubling to $1.63B (+92.0%). The balance sheet is healthy: long-term debt fell 6.1% to $1.40B, equity is $7.55B, and liabilities/equity is a conservative 0.73x.

The story is now also a portfolio transformation. In December 2025 Antero agreed to acquire HG Production for $2.8 billion in cash, adding roughly 385,000 net acres in the core of the Marcellus Shale, while simultaneously agreeing to sell its Utica Shale properties for $800 million to repay debt. The HG deal, which closed February 3, 2026, was funded with Term Loan A borrowings, the $750 million 5.400% 2036 Notes, credit-facility draws and restricted cash. This consolidates Antero around its best Marcellus rock but adds leverage and integration work just as the company was deleveraging.