Reported Earnings • Jul 31
Second quarter 2026 earnings released: EPS: US$0.90 (vs US$0.51 in 2Q 2025) Second quarter 2026 results: EPS: US$0.90 (up from US$0.51 in 2Q 2025). Revenue: US$1.39b (up 13% from 2Q 2025). Net income: US$278.7m (up 78% from 2Q 2025). Profit margin: 20% (up from 13% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Tillkännagivande • Jul 31
Antero Resources Corporation Reports Impairment of Property and Equipment for the Second Quarter Ended June 30, 2026 Antero Resources Corporation reported impairment of property and equipment for the second quarter ended June 30, 2026. For the quarter, the company reported impairment of property and equipment of $4,455,000 against $6,297,000 a year ago. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.5% 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 5.5% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (€1.3m sold). Tillkännagivande • Jun 24
Antero Resources Corporation Files Motion to Intervene with Federal Energy Regulatory Commission Antero Resources Corporation has submitted a Motion to Intervene in the proceeding before the Federal Energy Regulatory Commission regarding Columbia Gas Transmission, LLC’s filing of revised tariff section Part 1 – Table of Contents to be part of its FERC Gas Tariff, Original Volume No. 1.1 and one tariff record containing one amended Rate Schedule FTS negotiated rate service agreement which contains a non-conforming provision. Antero submits this motion pursuant to Rules 212 and 214 of the Rules of Practice and Procedure of the Federal Energy Regulatory Commission, 18 C.F.R §§ 385.212 & 385.214 (2025). Antero respectfully requests that the Commission waive Rule 203(b)(3), 18 C.F.R § 385.203(b)(3), in order to allow all designated representatives to be included on the Commission’s official service list. Columbia states that it entered into the Amendment with Ascent Resources – Utica, LLC because Columbia and Ascent mutually agreed to add a new primary delivery point and shift volumes to the new primary delivery point. Columbia states that there are no undisclosed agreements linked to the Amendment and that the Amendment does not add any provision that is either non-conforming or a material deviation from the applicable Form of Service Agreement. Columbia states that the revised Table of Contents reflects the Amendment. Columbia requests an effective date of June 9, 2026. Antero is a natural gas producer in the Marcellus Shale play. In order to transport its production to market, Antero has existing long-term firm service agreements on Columbia. Antero has a direct and substantial interest in this proceeding that cannot be adequately represented by any other party. Antero will be directly affected by the Commission’s actions herein. Therefore, Antero respectfully requests that the Commission grant this motion to intervene and permit Antero to participate in this proceeding with full rights as a party thereto. Tillkännagivande • Apr 25
Antero Resources Corporation, Annual General Meeting, Jun 03, 2026 Antero Resources Corporation, Annual General Meeting, Jun 03, 2026. Tillkännagivande • 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 Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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 Tillkännagivande • 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. Tillkännagivande • 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 Tillkännagivande • 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 Tillkännagivande • Apr 26
Antero Resources Corporation, Annual General Meeting, Jun 04, 2025 Antero Resources Corporation, Annual General Meeting, Jun 04, 2025. Tillkännagivande • 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 Tillkännagivande • 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 New Risk • Nov 17
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 German stocks, typically moving 6.9% 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 (6.9% average weekly change). Profit margins are more than 30% lower than last year (1.1% net profit margin). Shareholders have been diluted in the past year (3.5% increase in shares outstanding). 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$1.03b (down 7.6% from 3Q 2023). Net loss: US$20.4m (down 215% from profit in 3Q 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 Europe are expected to remain flat. 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 13% per year. Tillkännagivande • 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 €1.2m worth of stock On the 5th of August, Yvette Schultz sold around 50k shares on-market at roughly €23.00 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 €1.6m. Insiders have been net sellers, collectively disposing of €4.3m 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, compared to a 37% growth forecast for the Oil and Gas industry in Germany. 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 34% per year, which means it is significantly lagging earnings growth. Tillkännagivande • 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 €1.6m worth of stock On the 14th of May, Michael Kennedy sold around 50k shares on-market at roughly €31.17 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. Tillkännagivande • 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, while revenues in the Oil and Gas industry in Germany are expected to remain flat. 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 50% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 19
Now 22% undervalued Over the last 90 days, the stock has risen 34% to €26.68. The fair value is estimated to be €34.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Tillkännagivande • 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 17
Insider recently sold €673k worth of stock On the 13th of March, Sheri Pearce sold around 28k shares on-market at roughly €24.02 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 €3.6m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €23.50, the stock trades at a forward P/E ratio of 58x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 203% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €43.52 per share. 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 Germany 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 39% 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. Tillkännagivande • 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 19
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €25.87, 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. New Risk • Oct 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.0% 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. 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 2.7% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 106% per year whereas the company’s share price has increased by 107% per year. Tillkännagivande • 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. Tillkännagivande • 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 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 (6.6% 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 (7.0% average weekly change). Significant insider selling over the past 3 months (€2.9m 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 decline by 9.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has increased by 112% per year whereas the company’s share price has increased by 108% per year. Tillkännagivande • Jul 13
Antero Resources Corporation to Report Q2, 2023 Results on Jul 26, 2023 Antero Resources Corporation announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Jul 26, 2023 Tillkännagivande • Jun 25
Antero Resources Corporation(NYSE:AR) dropped from Russell 1000 Growth Index Antero Resources Corporation(NYSE:AR) dropped from Russell 1000 Growth Index Recent Insider Transactions • May 08
Senior VP of Finance & CFO recently sold €2.9m worth of stock On the 5th of May, Michael Kennedy sold around 150k shares on-market at roughly €19.12 per share. This transaction amounted to 17% 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. Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: US$0.72 (vs US$0.50 loss in 1Q 2022) First quarter 2023 results: EPS: US$0.72 (up from US$0.50 loss in 1Q 2022). Net income: US$213.4m (up US$369.9m from 1Q 2022). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 103% per year, which means it is significantly lagging earnings growth. Board Change • Apr 02
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. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: US$6.18 (vs US$0.61 loss in FY 2021) Full year 2022 results: EPS: US$6.18 (up from US$0.61 loss in FY 2021). Net income: US$1.90b (up US$2.09b from FY 2021). Oil reserves and sales price Proven reserves: 31 MMbbls Average sales price/bbl (hedged): US$84.88 Gas reserves and sales price Proven reserves: 10270 Bcf Average sales price/mcf (hedged): US$4.54 LNG reserves Proven reserves: 1217 MMbbls Combined production Oil equivalent production: 194.955 MMboe (198.946 MMboe in FY 2021) Revenue is forecast to grow 85% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has increased by 151% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Feb 16
Antero Resources Corporation Provides Production Guidance for the Year 2023 Antero Resources Corporation provided production guidance for the year 2023. For the year, the company expects net production is to average 3.25 Bcfe/d to 3.3 Bcfe/d, including 184 MBbl/d to 195 MBbl/d of liquids (NGLs and oil). The company expects net daily Natural Gas production to be in the range of 2.1 Bcf/d to 2.15 Bcf/d, net daily C3+ NGL Production to be in the range of 105 MBbl/d to 110 MBbl/d, net daily Ethane production to be in the range of 70 MBbl/d to 75 MBbl/d and net daily Oil production to be in the range of 9 MBbl/d to 10 MBbl/d. Tillkännagivande • Jan 12
Antero Resources Corporation to Report Q4, 2022 Results on Feb 15, 2023 Antero Resources Corporation announced that they will report Q4, 2022 results After-Market on Feb 15, 2023 Buying Opportunity • Jan 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be €32.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 32% in 2 years. Earnings is forecast to decline by 31% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €29.36, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total returns to shareholders of 1,074% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €53.16 per share. Recent Insider Transactions • Nov 09
Insider recently sold €100k worth of stock On the 3rd of November, Sheri Pearce sold around 3k shares on-market at roughly €36.35 per share. This transaction amounted to 43% 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 €1.8m more than they bought in the last 12 months. Tillkännagivande • Oct 28
Antero Resources Corporation Provides Production Guidance for the Fourth Quarter 2022 Antero Resources Corporation provided production guidance for the Fourth Quarter 2022. For the period, the company's Production (Bcfe/d) Low: 3.25. High: 3.35. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: US$1.83 (vs US$1.75 loss in 3Q 2021) Third quarter 2022 results: EPS: US$1.83 (up from US$1.75 loss in 3Q 2021). Revenue: US$2.06b (up 17% from 3Q 2021). Net income: US$559.8m (up US$1.11b from 3Q 2021). Profit margin: 27% (up from net loss in 3Q 2021). The move to profitability was primarily driven by lower expenses. Revenue is expected to fall by 4.4% p.a. on average during the next 3 years compared to a 4.8% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has increased by 145% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Oct 13
Antero Resources Corporation to Report Q3, 2022 Results on Oct 26, 2022 Antero Resources Corporation announced that they will report Q3, 2022 results After-Market on Oct 26, 2022 Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €31.64, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total returns to shareholders of 1,060% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €29.29 per share. Recent Insider Transactions • Aug 05
Senior Vice President of Reserves recently sold €1.4m worth of stock On the 1st of August, W. Ash sold around 37k shares on-market at roughly €37.86 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.7m more than they bought in the last 12 months. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: US$2.46 (vs US$1.70 loss in 2Q 2021) Second quarter 2022 results: EPS: US$2.46 (up from US$1.70 loss in 2Q 2021). Revenue: US$2.20b (up 68% from 2Q 2021). Net income: US$765.1m (up US$1.29b from 2Q 2021). Profit margin: 35% (up from net loss in 2Q 2021). The move to profitability was primarily driven by higher revenue. Over the next year, revenue is expected to shrink by 9.7% compared to a 141% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jul 14
Antero Resources Corporation to Report Q2, 2022 Results on Jul 27, 2022 Antero Resources Corporation announced that they will report Q2, 2022 results After-Market on Jul 27, 2022 Tillkännagivande • Jun 26
Antero Resources Corporation(NYSE:AR) dropped from Russell 2000 Dynamic Index Antero Resources Corporation(NYSE:AR) dropped from Russell 2000 Dynamic Index Recent Insider Transactions • May 14
Insider recently sold €241k worth of stock On the 11th of May, Sheri Pearce sold around 7k shares on-market at roughly €32.85 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €361k more than they bought in the last 12 months. Reported Earnings • Apr 28
First quarter 2022 earnings released: US$0.50 loss per share (vs US$0.052 loss in 1Q 2021) First quarter 2022 results: US$0.50 loss per share (down from US$0.052 loss in 1Q 2021). Revenue: US$786.8m (down 43% from 1Q 2021). Net loss: US$156.4m (loss widened US$140.9m from 1Q 2021). Over the next year, revenue is forecast to grow 5.9%, compared to a 43% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 71% per year, which means it is well ahead of earnings. Tillkännagivande • Apr 28
Antero Resources Corporation Announces Impairment Charges for the Three Months Ended March 31, 2022 Antero Resources Corporation announced impairment charges for the three months ended March 31, 2022. For the period, the company reported Impairment of oil and gas properties of $22,462,000 against $34,062,000 a year ago. Tillkännagivande • Apr 14
Antero Resources Corporation to Report Q1, 2022 Results on Apr 27, 2022 Antero Resources Corporation announced that they will report Q1, 2022 results After-Market on Apr 27, 2022 Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.61 loss per share (up from US$4.65 loss in FY 2020). Revenue: US$4.62b (up 36% from FY 2020). Net loss: US$186.9m (loss narrowed 85% from FY 2020). Revenue exceeded analyst estimates by 11%. Over the next year, revenue is forecast to grow 21%, compared to a 67% growth forecast for the oil industry in Germany. 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 29% per year, which means it is well ahead of earnings. Reported Earnings • Oct 28
Third quarter 2021 earnings released: US$1.75 loss per share (vs US$2.00 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: US$534.4m (down 40% from 3Q 2020). Net loss: US$549.3m (loss widened 2.6% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Breakeven Date Change • Sep 23
Forecast to breakeven in 2022 The 6 analysts covering Antero Resources expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$413.7m in 2022. Average annual earnings growth of 86% is required to achieve expected profit on schedule. Breakeven Date Change • Jul 31
Forecast breakeven pushed back to 2022 The 6 analysts covering Antero Resources previously expected the company to break even in 2021. New consensus forecast suggests losses will reduce by 96% to 2021. The company is expected to make a profit of US$408.1m in 2022. Average annual earnings growth of 77% is required to achieve expected profit on schedule. Reported Earnings • Jul 29
Second quarter 2021 earnings released: US$1.70 loss per share (vs US$1.73 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: US$489.4m (down 25% from 2Q 2020). Net loss: US$523.5m (loss widened 13% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Executive Departure • Jun 22
Independent Director Paul Korus has left the company On the 16th of June, Paul Korus' tenure as Independent Director ended after 2.5 years in the role. As of March 2021, Paul still personally held 97.09k shares (€835k worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 4.42 years. Recent Insider Transactions • May 27
Insider recently sold €85k worth of stock On the 21st of May, Sheri Pearce sold around 8k shares on-market at roughly €10.67 per share. In the last 3 months, there was an even bigger sale from another insider worth €1.4m. Insiders have been net sellers, collectively disposing of €1.5m more than they bought in the last 12 months. Reported Earnings • May 02
First quarter 2021 earnings released: US$0.052 loss per share (vs US$1.19 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: US$1.20b (up 60% from 1Q 2020). Net loss: US$15.5m (loss narrowed 95% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Executive Departure • May 01
Co-Founder, President, CFO, Secretary & Director Glen Warren has left the company On the 30th of April, Glen Warren's tenure as Co-Founder, President, CFO, Secretary & Director ended after 17.0 years in the role. As of December 2020, Glen personally held 6.33m shares (€27m worth at the time). A total of 2 executives have left over the last 12 months. 
