TacticScaleWhat Antero Resources Does & How It Makes Money (AR)
Updated October 2026 · reflects Antero Resources's latest reported financials
Natural gas and NGL producer in the Appalachian Basin. It earns most of its revenue by producing and selling natural gas, NGLs and oil from its Appalachian wells, and it also makes money by marketing gas and from its equity investment in Antero Midstream.
How Antero Resources makes money
It earns most of its revenue by producing and selling natural gas, NGLs and oil from its Appalachian wells, and it also makes money by marketing gas and from its equity investment in Antero Midstream.
What Antero Resources does
Antero Resources Corporation is an independent U.S. oil and gas company focused on developing, producing, exploring and acquiring natural gas, NGL and oil properties. As of December 31, 2025, it held about 537,000 net acres in the Appalachian Basin and about 168,000 net acres in the Upper Devonian Shale, and its gathering and compression systems included 731 miles of gas gathering pipelines in the basin. The company reports three segments: Exploration and Production, Marketing, and its Equity Method Investment in Antero Midstream. It was incorporated in 2002 as Antero Resources Appalachian Corporation, took its current name in June 2013, and is headquartered in Denver, Colorado.
Products & services
- Natural gas
- Natural gas liquids (NGLs)
- Oil
- Gas marketing services
- Gas gathering and compression
What is Antero Resources worth?
On an owner-earnings DCF, Antero Resources's most-likely value is about $28 versus a recent price near $36 (21% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$20) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 5.1× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Antero Midstream (AM) · Range Resources (RRC) · EQT (EQT) · National Fuel Gas (NFG) · Permian Resources (PR)