Antero Resources (NYSE:AR) M&A Announcement December 08, 2025 09:00 AM ET Speaker1Greetings and welcome to Infinity Natural Resources' acquisition of Antero's Ohio Utica Shale Assets. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the confere ...

Strategic Transactions - Antero Resources (AR) is acquiring HG Energy in the core Marcellus Shale and divesting non-core Utica assets[6, 7] - AR is acquiring HG Energy's upstream business for $2.8 billion plus hedge book, and Antero Midstream (AM) is acquiring HG Energy's midstream business for $1.1 billion[10] - AR is divesting upstream assets in Utica for $800 million, and AM is divesting midstream assets in Utica for $400 million[10] HG Acquisition - The HG Acquisition is expected to add approximately 400 additional locations in the Marcellus Shale core, with 75% being liquids-rich[11, 44] - The acquisition is projected to provide ~$950 million in identified synergies[11] - The acquisition is expected to reduce the cost structure by ~$0.25/Mcfe and increase margins by $0.15 to $0.20 per Mcfe[12] - The acquisition is expected to be 30%+ accretive to operating cash flow, free cash flow, and NAV per share metrics[12, 28] - The acquisition is fully financed and expected to be paid off by 2028 through a combination of AR Free Cash Flow, proceeds from the Utica divestiture, and hedged Free Cash Flow of the acquired assets[13] Pro Forma Outlook - Pro forma production outlook for 2027 is projected to be between 4,400 and 4,500 MMcfe/d[15] Utica Divestiture - The Utica divestiture is expected to generate $800 million in proceeds[10] - The Utica divestiture is expected to have a 2026E Free Cash Flow of ~$55 million[9] Antero Midstream (AM) - AM is acquiring HG Midstream for $1.1 billion and divesting Utica Midstream for $400 million[10, 40] - HG Midstream acquisition is expected to add >400 dedicated locations (75% liquids)[42, 44] - HG Midstream has ~900 MMcf/d of throughput[41]

业内人士：一场围绕"持有人利益优先"的深度变革已在弦上 一份即将重塑公募基金行业激励生态的监管新规，正引发市场高度关注。根据日前下发的《基金管理公 司绩效考核管理指引（征求意见稿）》，主动权益类基金经理的薪酬将与其长期业绩深度挂钩，并设置 刚性十足的"奖惩"机制，剑指"基民不赚钱基金经理躺赚"的问题。意见稿明确，主动权益基金经理若管 理产品三年跑输业绩基准超10个百分点且基金利润率亏损，绩效薪酬将面临至少30%的强制下调；反 之，业绩显著超越基准且盈利则可合理加薪。根据数据统计发现，截至12月5日，有超过1400只主动权 益产品近三年业绩跑输基准超10个百分点，涉及近千名基金经理。其中，施成、刘彦春、刘格菘、张坤 等知名基金经理管理的产品赫然在列，或面临降薪压力。在业内人士看来，这标志着公募基金行业长效 激励约束机制即将进入实质性落地阶段，推动行业真正回归"受人之托、代客理财"的本源。一场围 绕"持有人利益优先"的深度变革已在弦上。（第一财经） 最近部分理财子开始在产品中使用一种新的第三方估值方式，主要是由中诚信指数公司和中债资信评估 公司提供。记者采访了多位理财行业人士，对这件事情态度不一。一部分理财子公司 ...

I analyze oil and gas companies like Antero Resources and related companies in my service, Oil & Gas Value Research, where I look for undervalued names in the oil and gas space. I break down everything you need to know about these companies -- the balance sheet, competitive position and development prospects. This article is an example of what I do. But for Oil & Gas Value Research members, they get it first and they get analysis on some companies that is not published on the free site. Interested? Sign up ...

Group 1 - The article discusses the analysis of oil and gas companies, focusing on identifying undervalued firms within the sector [1][2] - The author emphasizes the cyclical nature of the oil and gas industry, highlighting the importance of patience and experience in investing [2] - The investing group, Oil & Gas Value Research, seeks out under-followed oil companies and midstream firms that present attractive investment opportunities [2] Group 2 - The article mentions that the group includes an active chat room for investors to discuss recent information and share ideas [2] - The author has a beneficial long position in Antero Resources, indicating a personal investment interest in the company [3] - The article does not provide specific investment recommendations but encourages readers to conduct their own research [4][5]

A month has gone by since the last earnings report for Antero Resources (AR) . Shares have added about 17% in that time frame, outperforming the S&P 500.But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Antero Resources due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Antero Resources Corporation before we dive into how investors and ana ...

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Core Insights - The article highlights a free two-week trial offer for the Distressed Value Investing community, which provides exclusive research on various companies and investment opportunities [1] - The author, Aaron Chow, has over 15 years of analytical experience and co-founded a mobile gaming company that was acquired by PENN Entertainment, showcasing his expertise in the industry [2] Company and Industry Summary - Distressed Value Investing focuses on value opportunities and distressed plays, particularly in the energy sector, indicating a strategic emphasis on sectors that may offer significant returns [2] - The community includes access to a portfolio of historic research with over 1,000 reports on more than 100 companies, suggesting a comprehensive resource for investors [1]

Core Viewpoint - Antero Resources Corporation (NYSE:AR) is a leading independent natural gas and oil company with a focus on exploration, development, and acquisition of natural gas, natural gas liquids, and oil properties, primarily operating in the Appalachian Basin [1] Group 1: Stock Performance - In the past 30 days, AR has shown a modest gain of 1.68%, reflecting investor confidence and positive market sentiment [2][6] - Despite a minor decline of 0.98% in the last 10 days, this short-term dip could present a buying opportunity for investors [2] Group 2: Growth Potential - AR's stock price growth potential is significant, with an estimated increase of 29.56%, indicating that the stock is currently undervalued [3][6] - Analysts have set a target price of $43.17 for AR, reflecting expectations based on the company's financial performance and growth prospects [5] Group 3: Financial Health - The company boasts a perfect Piotroski Score of 9, highlighting its strong financial health, including profitability, liquidity, and operational efficiency [4][6] - These factors are crucial for long-term sustainability and make AR a solid choice for investors [4]

Core Insights - Antero Resources Corporation (AR) experienced a 3.8% increase in stock price despite reporting lower-than-expected earnings, indicating strong natural gas demand driven by data centers and LNG exports [1][9] Financial Performance - Adjusted earnings for Q3 2025 were 15 cents per share, missing the Zacks Consensus Estimate of 22 cents, but improved from a loss of 12 cents in the same quarter last year [1] - Total quarterly revenues reached $1,213.99 million, surpassing the Zacks Consensus Estimate of $1,183.64 million and increasing from $1,055.9 million year-over-year [2] Production Metrics - Total production for Q3 was 315 billion cubic feet equivalent (Bcfe), slightly up from 313 Bcfe a year ago and exceeding the estimate of 314 Bcfe [4] - Natural gas production accounted for 64% of total production, totaling 202 Bcf, a 1% increase from 200 Bcf year-over-year [4] - Oil production decreased by 28% to 619 thousand barrels (MBbls) from 856 MBbls in the previous year [5] Price Realization - Weighted natural-gas-equivalent price realization was $3.59 per thousand cubic feet equivalent (Mcfe), up from $3.14 a year ago [6] - Realized prices for natural gas increased by 46% to $3.12 per Mcf from $2.13 year-over-year [6] - Oil price realization was $50.65 per barrel (Bbl), down from $61.59 a year ago [6] Operating Expenses - Total operating expenses rose to $1,095.9 million from $1,080.9 million in the previous year [8] - Average lease operating costs increased by 11% to 10 cents per Mcfe [10] Capital Expenditures and Financials - Antero Resources spent $172 million on drilling and completion operations in Q3 [11] - The company reported a long-term debt of $1.3 billion as of June 30, 2025 [11] Future Outlook - Production guidance for 2025 is projected between 3.4-3.45 Bcfe/d [12] - The full-year drilling and completion capital budget is estimated at $650 million to $675 million [12]