Recent Insider Transactions • May 10
Chief Compliance Officer recently sold US$1.6m worth of stock On the 4th of May, Yvette Schultz sold around 39k shares on-market at roughly US$39.27 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$4.2m more than they bought in the last 12 months. Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: US$1.73 (vs US$0.67 in 1Q 2025) First quarter 2026 results: EPS: US$1.73 (up from US$0.67 in 1Q 2025). Revenue: US$1.95b (up 37% from 1Q 2025). Net income: US$535.2m (up 157% from 1Q 2025). Profit margin: 28% (up from 15% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. New Risk • Apr 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.6% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$1.3m sold). Announcement • Apr 25
Antero Resources Corporation, Annual General Meeting, Jun 03, 2026 Antero Resources Corporation, Annual General Meeting, Jun 03, 2026. Announcement • Apr 16
Antero Resources Corporation to Report Q1, 2026 Results on Apr 29, 2026 Antero Resources Corporation announced that they will report Q1, 2026 results After-Market on Apr 29, 2026 Announcement • Feb 24
Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. (NYSE:NOG) completed the acquisition of Upstream assets located in Ohio from Antero Minerals LLC, Monroe Pipeline LLC and Antero Resources Corporation (NYSE:AR). Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. (NYSE:NOG) entered into a purchase and sale agreement to acquire Upstream assets located in Ohio from Antero Minerals LLC, Monroe Pipeline LLC and Antero Resources Corporation (NYSE:AR) for $800 million on December 5, 2025. INR Holdings will acquire an undivided 51% interest, and Northern will acquire an undivided 49% interest, INR Holdings’ share of the purchase price for the Upstream Assets is $408 million, and Northern’s share of the purchase price for Upstream Assets is $392 million. The Transaction is expected to be funded through cash on hand and borrowings under Infinity’s Credit Facility. In a related transaction Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. also acquire midstream assets.
Matt Kelly from Carnelian was appointed to the Board of Directors, and Brian Seline and Sarah James from NGP resigned from the Board.
The transaction is subject to approval of merger agreement by target board, approval of offer by acquirer board and subject to antitrust regulations. The deal has been approved by the board. The transaction is expected to be completed in the first quarter of 2026. Accretive across key financial metrics, including Adjusted EBITDAX margins, cash flow per share, and net asset value per share.
William C. Eiland II of Kirkland & Ellis LLP acted as legal advisor for Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. Rahul D. Vashi of Gibson, Dunn & Crutcher LLP acted as legal advisor for Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. Moelis & Company acted as financial advisor for Northern Oil and Gas, Inc. Citigroup Inc. acted as financial advisor for Infinity Natural Resources, LLC. Wells Fargo & Company acted as financial advisor for Antero Resources Corporation. Scott Rubinsky and Chris Bennett of Vinson & Elkins LLP acted as legal advisor for Antero Resources Corporation. RBC Capital Markets, LLC acted as financial advisor for Antero Resources Corporation.
Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. (NYSE:NOG) completed the acquisition of Upstream assets located in Ohio from Antero Minerals LLC, Monroe Pipeline LLC and Antero Resources Corporation (NYSE:AR) on February 23, 2026. Reported Earnings • Feb 12
Full year 2025 earnings released: EPS: US$2.05 (vs US$0.18 in FY 2024) Full year 2025 results: EPS: US$2.05 (up from US$0.18 in FY 2024). Revenue: US$5.28b (up 23% from FY 2024). Net income: US$634.4m (up US$577.2m from FY 2024). Profit margin: 12% (up from 1.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. New Risk • Feb 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 17% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Feb 04
Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. (NYSE:NOG) completed the acquisition of Upstream assets located in Ohio from Antero Minerals LLC, Monroe Pipeline LLC and Antero Resources Corporation (NYSE:AR). Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. (NYSE:NOG) entered into a purchase and sale agreement to acquire Upstream assets located in Ohio from Antero Minerals LLC, Monroe Pipeline LLC and Antero Resources Corporation (NYSE:AR) for $800 million on December 5, 2025. INR Holdings will acquire an undivided 51% interest, and Northern will acquire an undivided 49% interest, INR Holdings’ share of the purchase price for the Upstream Assets is $408 million, and Northern’s share of the purchase price for Upstream Assets is $392 million. The Transaction is expected to be funded through cash on hand and borrowings under Infinity’s Credit Facility. In a related transaction Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. also acquire midstream assets.
The transaction is subject to approval of merger agreement by target board, approval of offer by acquirer board and subject to antitrust regulations. The deal has been approved by the board. The transaction is expected to be completed in the first quarter of 2026. Accretive across key financial metrics, including Adjusted EBITDAX margins, cash flow per share, and net asset value per share.
William C. Eiland II of Kirkland & Ellis LLP acted as legal advisor for Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. Rahul D. Vashi of Gibson, Dunn & Crutcher LLP acted as legal advisor for Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. Moelis & Company acted as financial advisor for Northern Oil and Gas, Inc. Citigroup Inc. acted as financial advisor for Infinity Natural Resources, LLC. Wells Fargo & Company acted as financial advisor for Antero Resources Corporation. Scott Rubinsky and Chris Bennett of Vinson & Elkins LLP acted as legal advisor for Antero Resources Corporation. RBC Capital Markets, LLC acted as financial advisor for Antero Resources Corporation.
Infinity Natural Resources, LLC and Northern Oil and Gas, Inc. (NYSE:NOG) completed the acquisition of Upstream assets located in Ohio from Antero Minerals LLC, Monroe Pipeline LLC and Antero Resources Corporation (NYSE:AR) on February 3, 2026. Announcement • Jan 15
Antero Resources Corporation to Report Q4, 2025 Results on Feb 11, 2026 Antero Resources Corporation announced that they will report Q4, 2025 results After-Market on Feb 11, 2026 Announcement • Dec 09
Antero Resources Corporation (NYSE:AR) entered into a definitive agreement to acquire HG Energy II Production Holdings, LLC from HG Energy II, LLC for $2.8 billion. Antero Resources Corporation (NYSE:AR) entered into a definitive agreement to acquire HG Energy II Production Holdings, LLC from HG Energy II, LLC for $2.8 billion on December 5, 2025. The purchase price is subject to customary closing adjustments. In a related transaction, Antero acquired HG Energy II Midstream Holdings, LLC. In connection with the purchase agreement, Antero entered into a debt commitment letter dated December 5, 2025 with Royal Bank of Canada, RBC Capital Markets and JPMorgan Chase Bank, N.A. pursuant to which the Banks have committed to provide the Antero with an unsecured 364-day term loan facility in an aggregate principal amount of $800 million and an unsecured 3-year term loan facility in an aggregate principal amount of $1.5 billion. Antero intends to fund the HG acquisition and related fees and expenses with a combination of cash on hand, free cash flow, borrowings under the Term Loan A Facility, proceeds from the Antero Resources Utica Disposition and/or borrowings under its revolving credit facility of $1.3 billion, which Antero currently have.
The Purchase Agreement provides that the closing of the acquisitions are subject to the satisfaction or waiver of customary closing conditions, including, among others, the accuracy of the representations and warranties of each party, compliance by each party in all material respects with their respective covenants, the expiration or termination of all waiting periods imposed under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended and approval of Antero Board of Directors. The transactions were unanimously approved by the Antero Board of Directors. The aacquisition is expected to close in the first half of 2026.
RBC Capital Markets served as financial advisor to Antero Resources, Lazard served as financial advisor to the Antero Resources Conflicts Committee. Chris Bennett and Scott Rubinsky of Vinson & Elkins L.L.P. served as legal counsel to Antero and the Antero Resources Conflicts Committee. Jefferies LLC, Wells Fargo and Truist served as financial advisors to HG Energy. David M. Castro Jr., P.C., Lindsey M. Jaquillard and Jonathan Strom of Kirkland & Ellis served as legal advisor to HG Energy. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: US$0.25 (vs US$0.066 loss in 3Q 2024) Third quarter 2025 results: EPS: US$0.25 (up from US$0.066 loss in 3Q 2024). Revenue: US$1.21b (up 18% from 3Q 2024). Net income: US$76.2m (up US$96.6m from 3Q 2024). Profit margin: 6.3% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Announcement • Oct 09
Antero Resources Corporation to Report Q3, 2025 Results on Oct 29, 2025 Antero Resources Corporation announced that they will report Q3, 2025 results at 4:00 PM, US Eastern Standard Time on Oct 29, 2025 Buy Or Sell Opportunity • Sep 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to US$33.56. The fair value is estimated to be US$42.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 28% over the last 3 years. Earnings per share has declined by 81%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 106% in the next 2 years. Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: US$0.51 (vs US$0.21 loss in 2Q 2024) Second quarter 2025 results: EPS: US$0.51 (up from US$0.21 loss in 2Q 2024). Revenue: US$1.30b (up 33% from 2Q 2024). Net income: US$156.6m (up US$222.2m from 2Q 2024). Profit margin: 12% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Announcement • Jul 10
Antero Resources Corporation to Report Q2, 2025 Results on Jul 30, 2025 Antero Resources Corporation announced that they will report Q2, 2025 results After-Market on Jul 30, 2025 Recent Insider Transactions • May 21
Chief Compliance Officer recently sold US$1.0m worth of stock On the 16th of May, Yvette Schultz sold around 25k shares on-market at roughly US$39.86 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$3.7m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$40.76, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 4x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 12% over the past three years. Reported Earnings • May 01
First quarter 2025 earnings released: EPS: US$0.67 (vs US$0.12 in 1Q 2024) First quarter 2025 results: EPS: US$0.67 (up from US$0.12 in 1Q 2024). Revenue: US$1.35b (up 22% from 1Q 2024). Net income: US$208.0m (up 472% from 1Q 2024). Profit margin: 15% (up from 3.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Apr 26
Antero Resources Corporation, Annual General Meeting, Jun 04, 2025 Antero Resources Corporation, Annual General Meeting, Jun 04, 2025. Announcement • Apr 10
Antero Resources Corporation to Report Q1, 2025 Results on Apr 30, 2025 Antero Resources Corporation announced that they will report Q1, 2025 results After-Market on Apr 30, 2025 New Risk • Apr 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Significant insider selling over the past 3 months (US$864k sold). New Risk • Feb 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Reported Earnings • Feb 13
Full year 2024 earnings released: EPS: US$0.18 (vs US$0.81 in FY 2023) Full year 2024 results: EPS: US$0.18 (down from US$0.81 in FY 2023). Revenue: US$4.33b (down 3.6% from FY 2023). Net income: US$57.2m (down 76% from FY 2023). Profit margin: 1.3% (down from 5.4% in FY 2023). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 1.7% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • Jan 14
Antero Resources Corporation to Report Q4, 2024 Results on Feb 12, 2025 Antero Resources Corporation announced that they will report Q4, 2024 results After-Market on Feb 12, 2025 Reported Earnings • Nov 01
Third quarter 2024 earnings released: US$0.066 loss per share (vs US$0.059 profit in 3Q 2023) Third quarter 2024 results: US$0.066 loss per share (down from US$0.059 profit in 3Q 2023). Revenue: US$1.06b (down 5.3% from 3Q 2023). Net loss: US$20.4m (down 215% from profit in 3Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.2% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 8% per year. Announcement • Oct 10
Antero Resources Corporation to Report Q3, 2024 Results on Oct 30, 2024 Antero Resources Corporation announced that they will report Q3, 2024 results After-Market on Oct 30, 2024 Recent Insider Transactions • Aug 07
Chief Compliance Officer recently sold US$1.3m worth of stock On the 5th of August, Yvette Schultz sold around 50k shares on-market at roughly US$25.24 per share. This transaction amounted to 45% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$1.7m. Insiders have been net sellers, collectively disposing of US$4.7m more than they bought in the last 12 months. Reported Earnings • Aug 01
Second quarter 2024 earnings released: US$0.21 loss per share (vs US$0.28 loss in 2Q 2023) Second quarter 2024 results: US$0.21 loss per share (improved from US$0.28 loss in 2Q 2023). Revenue: US$978.7m (up 4.4% from 2Q 2023). Net loss: US$65.7m (loss narrowed 21% from 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Announcement • Jul 11
Antero Resources Corporation to Report Q2, 2024 Results on Jul 31, 2024 Antero Resources Corporation announced that they will report Q2, 2024 results After-Market on Jul 31, 2024 Recent Insider Transactions • May 16
Senior VP of Finance & CFO recently sold US$1.7m worth of stock On the 14th of May, Michael Kennedy sold around 50k shares on-market at roughly US$33.72 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Announcement • Apr 28
Antero Resources Corporation, Annual General Meeting, Jun 05, 2024 Antero Resources Corporation, Annual General Meeting, Jun 05, 2024, at 08:30 Mountain Daylight. Agenda: To elect the two Class II members of Antero Resources Corporation’s Board of Directors to serve until Antero’s 2027 Annual Meeting of Stockholders; to ratify the appointment of KPMG LLP as Antero’s independent registered public accounting firm for the year ending December 31, 2024; to approve, on an advisory basis, the compensation of Antero’s named executive officers; to approve the Amended and Restated Antero Resources Corporation 2020 Long Term Incentive Plan; and to transact other such business as may properly come before the meeting and any adjournment or postponement thereof. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$0.12 (vs US$0.72 in 1Q 2023) First quarter 2024 results: EPS: US$0.12 (down from US$0.72 in 1Q 2023). Revenue: US$1.12b (down 12% from 1Q 2023). Net income: US$36.3m (down 83% from 1Q 2023). Profit margin: 3.2% (down from 17% in 1Q 2023). Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Announcement • Apr 11
Antero Resources Corporation to Report Q1, 2024 Results on Apr 24, 2024 Antero Resources Corporation announced that they will report Q1, 2024 results After-Market on Apr 24, 2024 Recent Insider Transactions • Mar 16
Insider recently sold US$736k worth of stock On the 13th of March, Sheri Pearce sold around 28k shares on-market at roughly US$26.29 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$4.0m more than they bought in the last 12 months. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: US$0.81 (vs US$6.18 in FY 2022) Full year 2023 results: EPS: US$0.81 (down from US$6.18 in FY 2022). Revenue: US$4.49b (down 49% from FY 2022). Net income: US$242.9m (down 87% from FY 2022). Profit margin: 5.4% (down from 22% in FY 2022). The decrease in margin was driven by lower revenue. Oil reserves Proven reserves: 29 MMbbls Gas reserves Proven reserves: 10614 Bcf LNG reserves Proven reserves: 1222 MMbbls Combined production Oil equivalent production: 206.292 MMboe (194.955 MMboe in FY 2022) Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. New Risk • Feb 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Jan 11
Antero Resources Corporation to Report Q4, 2023 Results on Feb 14, 2024 Antero Resources Corporation announced that they will report Q4, 2023 results After-Market on Feb 14, 2024 Buying Opportunity • Dec 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.6%. The fair value is estimated to be US$27.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 7.7% in 2 years. Earnings is forecast to grow by 2.3% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$25.80, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 6x in the Oil and Gas industry in the United Kingdom. Total loss to shareholders of 30% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$37.97 per share. Buying Opportunity • Nov 06
Now 23% undervalued Over the last 90 days, the stock is up 5.5%. The fair value is estimated to be US$38.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Announcement • Oct 26
Antero Resources Corporation Revises Production Guidance for the Full Year 2023 Antero Resources Corporation revised production guidance for the full year 2023. For the period, the company expected net production to be in the range of 3.39 Bcfe/d to 3.41 Bcfe/d compared to previous guidance of 3.35 to 3.4 Bcfe/d. Net Natural Gas Production to be in the range of 2.22 Bcf/d to 2.24 Bcf/d compared to previous guidance of 2.2 to 2.225 Bcf/d. Net Liquids Production to be in the range of 194,000 to 195,500 Bbl/d compared to previous guidance of 188,000 to 199,000 Bbl/d. Net Daily Oil Production to be in the range of 10,500 to 11,000 Bbl/d compared to previous guidance of 10,500 Bbl/d to 11,500 Bbl/d. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: US$0.059 (vs US$1.83 in 3Q 2022) Third quarter 2023 results: EPS: US$0.059 (down from US$1.83 in 3Q 2022). Revenue: US$1.13b (down 56% from 3Q 2022). Net income: US$17.8m (down 97% from 3Q 2022). Profit margin: 1.6% (down from 22% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 2.9% decline forecast for the Oil and Gas industry in the United Kingdom. Announcement • Oct 12
Antero Resources Corporation to Report Q3, 2023 Results on Oct 25, 2023 Antero Resources Corporation announced that they will report Q3, 2023 results After-Market on Oct 25, 2023 Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$27.26, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 7x in the Oil and Gas industry in the United Kingdom. Total loss to shareholders of 21% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$22.96 per share. New Risk • Aug 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). New Risk • Jul 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Significant insider selling over the past 3 months (US$3.2m sold). Reported Earnings • Jul 27
Second quarter 2023 earnings released: US$0.98 loss per share (vs US$2.46 profit in 2Q 2022) Second quarter 2023 results: US$0.98 loss per share (down from US$2.46 profit in 2Q 2022). Net loss: US$296.5m (down 139% from profit in 2Q 2022). Revenue is expected to fall by 9.3% p.a. on average during the next 3 years compared to a 4.1% decline forecast for the Oil and Gas industry in the United Kingdom. Board Change • Jul 26
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Director Brenda Schroer was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
