Antero Resources is a large natural gas and NGL producer operating exclusively in the Appalachian Basin, primarily in West Virginia. Antero targets liquids-rich natural gas from the Marcellus Shale using horizontal drilling and hydraulic fracturing, producing roughly 3.4 Bcfe per day. Antero sells natural gas under a mix of firm contracts and spot transactions, delivering to multiple end markets via a large portfolio of long-term firm transportation agreements. NGLs are sold both domestically and internationally via the Mariner East 2 pipeline to the Marcus Hook terminal for export. Antero contracts most NGL volumes annually at premiums to the Mont Belvieu benchmark. Antero also owns 29% of Antero Midstream, a publicly traded midstream company that gathers, compresses, processes, and handles water for Antero. Antero's current strategy is a maintenance capital program — holding production flat while minimizing capital spend — rather than growing volumes, as local Appalachian gas prices are depressed by pipeline constraints. Antero's key competitive advantages center on its firm transportation portfolio to premium Gulf Coast LNG hubs, its liquids-rich acreage, and its NGL marketing capabilities. Antero uses commodity derivatives with wide collars to protect minimum free cash flow while preserving upside exposure. In early 2026, Antero completed the HG Acquisition for $2.8B, adding roughly 385,000 net Marcellus acres in West Virginia, while simultaneously agreeing to divest its Utica Shale assets for $800M to concentrate its portfolio in the West Virginia Marcellus.