Antero Resources
39 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.
Customers
Largest customer
earns from · 9% of our product revenuesnamed as a riskThe largest purchaser of our products during the year ended December 31, 2025 accounted for 9% of our product revenues.Risk factors (Item 1A)
Also named by AEHR, BF/B, BTU, CVLG, DLR, FDXF, FIX, KGS and 6 more
Cove Point LNG
earns from · 330,000 MMBtu/dTCO east bound firm capacity of approximately 356,000 MMBtu/d that delivers (i) 330,000 MMBtu/d of natural gas to the Cove Point LNG facility and (ii) approximately 26,000 MMBtu/d to the Atlantic Seaboard.Business (Item 1)
Firm sales commitments
earns from · 614,795 MMBtu/d natural gas in 2026We have entered into various firm sales contracts to deliver and sell gas and NGLs.Business (Item 1)
Suppliers
MPLX (MarkWest)
depends on · 3,100 MMcf/d contracted processing capacitynamed as a riskWe contract with MarkWest to provide cryogenic processing capacity for our Appalachian Basin production.Business (Item 1)
Also named by DINO
Partners and platforms
Antero Midstream
depends on · 29% of Antero Midstream’s common stocknamed as a riskSubject to pre-existing dedications and other third-party commitments, we have dedicated to Antero Midstream substantially all of our current and future acreage in West Virginia and Ohio for gathering and compression services.Business (Item 1)
Rockies Express Pipeline (REX)
depends on · 400,000 MMBtu/dThe firm transportation contract on REX provides firm capacity for 400,000 MMBtu/d that decreases to 200,000 MMBtu/d in 2030, and delivers gas to downstream contracts on MGT, NGPL and ANR Chicago.Business (Item 1)
Columbia Gas Transmission Pipeline (TCO)
depends on · approximately 433,000 MMBtu/d and 746,000 MMBtu/dTCO and TCO west bound (“TCO WB”) firm capacity of approximately 433,000 MMBtu/d and 746,000 MMBtu/d respectively, and our TCO WB increases to approximately 800,000 MMBtu/d in 2027.Business (Item 1)
Stonewall Gas Gathering (SGG)
depends on · 900,000 MMBtu/dSGG firm capacity of 900,000 MMBtu/d that transports gas from various gathering system interconnection points and the MarkWest Sherwood plant complex to the TCO WB System through 2030.Business (Item 1)
Mountaineer Xpress Pipeline (MXP)
depends on · 700,000 MMBtu/dMXP firm capacity of 700,000 MMBtu/d that transports gas from the MarkWest Sherwood plant complex to Tennessee or Leach, Kentucky.Business (Item 1)
Rover Pipeline
depends on · 840,000 MMBtu/dRover Pipeline firm capacity of 840,000 MMBtu/d that connects the Appalachian Basin to Midwest and Gulf Coast markets via the ANR Chicago and ANR Gulf segments.Business (Item 1)
Tennessee Gas Pipeline
depends on · 790,000 MMBtu/dTennessee firm capacity of 790,000 MMBtu/d, which decreases to 200,000 MMBtu/d in 2030, to deliver natural gas from the Broad Run interconnect on TCO WB to the Gulf Coast market.Business (Item 1)
ANR Pipeline
depends on · 600,000 MMBtu/dANR Gulf firm capacity of 600,000 MMBtu/d to deliver natural gas from West Virginia and Ohio to the Gulf Coast market.Business (Item 1)
Columbia Gulf Transmission
depends on · 430,000 MMBtu/dWe have 430,000 MMBtu/d of firm transportation on Columbia Gulf.Business (Item 1)
Mariner East 2 (Sunoco Pipeline)
depends on · 11,500 Bbl/d ethane; 65,000 Bbl/d propane and butaneMariner East 2 firm capacity for ethane of 11,500 Bbl/d and for propane and butane of 65,000 Bbl/d to deliver to Marcus Hook, Pennsylvania.Business (Item 1)
Enterprise Products Partners ATEX Pipeline
depends on · 20,000 Bbl/dATEX firm capacity of 20,000 Bbl/d to deliver ethane to Mont Belvieu, Texas.Business (Item 1)
QL Capital Partners (Quantum Energy Partners)
$117 millionWe received a total carry of $117 million for the 2021-2024 Drilling Partnership.Business (Item 1)
Other companies
Credit Facility
depends on · $276 millionnamed as a riskFor example, during 2025, we had average outstanding borrowings under the Credit Facility of $276 million, and the impact of a 1.0% increase in interest rates on this amount of indebtedness would result in increased interest expense for that period of $3 million and a corresponding decrease in our cash flows and net income before the effects of income taxes.Risk factors (Item 1A)
Also named by AM, AROC, BSM, CGBD, CLS, CVLG, CWST, MYRG and 5 more
HG Energy II Production Holdings (HG Acquisition)
$2.8 billionnamed as a riskOn December 5, 2025, we entered into a definitive agreement to acquire 100% of the issued and outstanding equity interests of HG Energy II Production Holdings, LLC (“HG Production”) from HG Energy II LLC (“HG Energy”) for total cash consideration of $2.8 billion, subject to the terms and conditions thereof.Business (Item 1)
Utica Shale Divestiture
$800 millionnamed as a riskOn December 5, 2025, we entered into a definitive agreement with two third-party buyers (collectively, the “Buyer Parties”) to sell substantially all of our Utica Shale oil and gas assets (the “Utica Shale Properties”) for aggregate cash consideration of $800 million, subject to the terms and conditions thereof.Business (Item 1)
Hedge counterparties
$81 millionnamed as a riskWe had derivative assets of $81 million with bank counterparties under our Unsecured Credit Facility as of December 31, 2025.Market risk (Item 7A)
Natural gas royalty class action litigation
named as a riskFor example, we are party to class action litigation that involves claimants’ alleged entitlements to, and accounting for, natural gas royalties, and that could have an impact on the methods for determining the amount of permitted post-production costs and types of cost that may be deducted from royalty payments, among other things.Risk factors (Item 1A)
Places
Appalachian Basin
concentrated in · all of our total estimated proved reservesnamed as a riskAs of December 31, 2025, all of our total estimated proved reserves were attributable to properties located in this area.Risk factors (Item 1A)
Ohio
operates in · approximately 80,000 gross (70,000 net) acresThe Utica Shale Properties include approximately 80,000 gross (70,000 net) acres located in Ohio and proved reserves of approximately 600 Bcfe as of December 31, 2025.Business (Item 1)
Also named by AM, BBSI, CINF, DRVN, ELV, FE, INTC, KEY and 6 more
Hazards
Coal mining subsidence
operates innamed as a riskFor example, third parties may engage in subsurface coal and other mining operations near or under our properties, which could cause subsidence or other damage to our properties, adversely impact our drilling operations or adversely impact third-party midstream activities on which we rely.Risk factors (Item 1A)
Also named by EQT
Appalachian Basin title deficiencies
operates innamed as a riskLeases in the Appalachian Basin are particularly vulnerable to title deficiencies due to the long history of private land ownership, severed mineral estates and inadequate records of death and heirships regarding mineral and surface land ownership in the area, resulting in extensive and complex chains of title.Risk factors (Item 1A)
Commodities and inputs
Henry Hub natural gas
exposed to its price · $145 million for each $0.10 decrease per MMBtunamed as a riskBased on our production and our derivative instruments that settled during the year ended December 31, 2025, our revenues would have decreased by $145 million for each $0.10 decrease per MMBtu in natural gas prices and $1.00 decrease per Bbl in oil and NGLs prices, excluding the effects of changes in the fair value of our derivative positions which remain open as of December 31, 2025.Market risk (Item 7A)
Also named by AM, ATI, BSM, BTU, CNX, CRGY, DVN, EPD and 13 more
Natural gas liquids (NGLs)
exposed to its pricenamed as a riskNGLs are made up of ethane, propane, isobutane, normal butane and natural gasoline, all of which have different uses and different pricing characteristics, which adds further volatility to the pricing of NGLs.Risk factors (Item 1A)
Also named by AM, APA, CHRD, CNX, CRGY, DOW, DVN, EOG and 17 more
WTI crude oil
exposed to its pricenamed as a riskThe first of month prices for NYMEX Henry Hub natural gas ranged from a high of $4.42 per MMBtu to a low of $2.84 per MMBtu in 2025, and the calendar month average prices for NYMEX West Texas Intermediate crude oil ranged from a high of $75.10 per barrel to a low of $57.87 per barrel during the same period.Risk factors (Item 1A)
Also named by CHRD, CRGY, EPD, EQT, FANG, KRP, OXY, PAA and 4 more
Water for hydraulic fracturing
depends onnamed as a riskThe hydraulic fracture stimulation process on which we depend to produce commercial quantities of natural gas, NGLs and oil requires the use and disposal of significant quantities of water.Risk factors (Item 1A)
Appalachian Basin natural gas basis
exposed to its pricenamed as a riskIn addition, the market price for natural gas in the Appalachian Basin continues to be lower relative to NYMEX Henry Hub as a result of the significant increases in the supply of natural gas in the Northeast region in recent years.Risk factors (Item 1A)
Ethane
exposed to its priceGiven the existing commodity price environment and the current limited ethane market in the northeast, we are currently rejecting the majority of the ethane obtained in the natural gas stream when processing our liquids-rich gas.Business (Item 1)
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskTransportation rates on FERC-regulated pipelines are subject to change, and depending on the amount of any increase, such an increase in rates could have an adverse effect on our results of operations.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AM, AMRC, ARES, ATO, BKH and 62 more
Laws and programs
Section 382 of the Internal Revenue Code
subject to · approximately $960 millionnamed as a riskAs of December 31, 2025, we have U.S. federal and state NOL carryforwards of approximately $960 million and $1.9 billion, respectively, and U.S. federal tax credit carryforwards of $153 million.Risk factors (Item 1A)
Firm transportation minimum volume commitments
depends on · $8.2 billionnamed as a riskAs of December 31, 2025, our long-term contractual obligations under agreements with minimum volume commitments totaled $8.2 billion over the term of the contracts.Risk factors (Item 1A)
Inflation Reduction Act methane emissions charge
subject tonamed as a riskCompliance with the methane emissions charge and other air pollution control and permitting requirements could impose additional costs on our operations and further reduce demand for oil and natural gas.Risk factors (Item 1A)
Northern long-eared bat (Endangered Species Act)
subject tonamed as a riskFor example, in November 2022, the USFWS listed the northern long-eared bat, whose habitat includes the areas in which we operate, as an endangered species under the ESA, which became effective on March 31, 2023.Business (Item 1)
Also named by AM
EPA methane rules OOOOb/OOOOc
subject tonamed as a riskIn December 2023, the EPA finalized more stringent methane rules for new, modified, and reconstructed facilities, known as OOOOb, as well as standards for existing sources for the first time ever, known as OOOOc.Risk factors (Item 1A)
Also named by DVN