Liquids-rich Appalachian gas producer with the largest NGL/LPG export exposure among US gas E&Ps (via Marcus Hook), giving premium realizations; ~3.4 Bcfe/d; owns a stake in Antero Midstream (AM) for integrated gathering/processing.
Deleveraged balance sheet with capital returns via buybacks; gas + propane price exposure is the swing factor. Flags: gas/NGL price sensitivity, Appalachian takeaway.
Its EV/EBITDA of 6.5x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 7.0% is higher than the 6.5% median, and at $3.81/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Antero Resources scores 49/100, strongest on safety (67/100). Sub-scores: value 46, quality 46, growth 27, risk 33 (higher = riskier).
Antero Resources holds approximately 3.18 billion boe of proved (1P) reserves with FY2025 production of about 567 thousand boe/d (37% liquids), a reserve life of roughly 15.4 years. Break-even: ~$2.50/MMBtu (Henry Hub gas breakeven) — Integrated liquids-rich Appalachian gas; NGL/LPG export premiums improve realizations; owns a stake in Antero Midstream.
Using Antero Resources's SEC-disclosed after-tax standardized measure of proved reserves ($6.0bn) less net debt ($1.5bn) gives an equity-NAV floor of about $4.5bn — the current market capitalisation sits +142% versus that floor. Disclosed pre-tax PV-10: $7.5bn. This is a floor: proved reserves only, excluding undeveloped inventory, downstream and other business lines. Proved-only; excludes Antero Midstream equity value & undeveloped inventory.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| United States (Appalachia) | 100% | 23 | Stable, deep; federal-lands leasing and permitting policy swings. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Marcellus (West Virginia) | United States | Liquids-rich gas | core |
| Utica (Ohio) | United States | Gas | dry gas |
| NGL/LPG exports (Marcus Hook) | United States | NGL export | premium propane realizations |
| Antero Midstream stake | United States | Midstream | gathering/processing/water |
| Marcellus SW core | United States | Gas | core |
| Water infrastructure | United States | Infrastructure | water |
| Condensate window | United States | Liquids | liquids-rich |
| Firm transport to Gulf/LNG | United States | Gas | takeaway |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 590 | 600 | 615 | 625 | 567 |
| Proved reserves (bnboe) | 2.60 | 2.70 | 2.80 | 2.90 | 3.18 |
| Revenue ($bn) | 5.9 | 7.3 | 4.5 | 4.3 | 5.3 |
| EBITDA ($bn) | 2.4 | 3.0 | 1.5 | 1.4 | 1.9 |
| Net income ($bn) | 1.4 | 1.9 | 0.2 | 0.1 | 0.6 |
| Free cash flow ($bn) | 0.4 | 1.0 | 0.3 | 0.5 | 0.8 |
Enter your email and we'll open a print-ready one-page tearsheet for Antero Resources — and add you to the monthly oil & gas valuation screen.
✓ FY2025 figures verified against primary sources: