Antero Resources Corporation is an American company engaged in

hydrocarbon exploration Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology. Exploration methods Vi ...

. It is organized in

Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacen ...

and headquartered in

Denver, Colorado Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the United ...

. The company's reserves are entirely in the

Appalachian Basin The geology of the Appalachians dates back to more than 480 million years ago. A look at rocks exposed in today's Appalachian Mountains reveals elongate belts of folded and thrust faulted marine sedimentary rocks, volcanic rocks and slivers of ...

(92% were in the Marcellus Shale and 8% were in the

Utica Shale The Utica Shale is a stratigraphical unit of Upper Ordovician age in the Appalachian Basin. It underlies much of the northeastern United States and adjacent parts of Canada. It takes the name from the city of Utica, New York, as it was first d ...

) and are extracted using

hydraulic fracturing Fracking (also known as hydraulic fracturing, hydrofracturing, or hydrofracking) is a well stimulation technique involving the fracturing of bedrock formations by a pressurized liquid. The process involves the high-pressure injection of "frac ...

. As of December 31, 2021, the company had of estimated proved reserves, of which 61% was

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbon ...

, 21% was

ethane Ethane ( , ) is an organic chemical compound with chemical formula . At standard temperature and pressure, ethane is a colorless, odorless gas. Like many hydrocarbons, ethane is isolated on an industrial scale from natural gas and as a petro ...

, 17% was natural gas liquids, and 1% was

petroleum Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude ...

. The company is ranked 672nd on the

Fortune 500 The ''Fortune'' 500 is an annual list compiled and published by '' Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...

History

The company was founded in 2002 by Paul M. Rady and Glen C. Warren, Jr. after they sold their previous venture, Pennaco Energy, to

Marathon Oil Marathon Oil Corporation is an American company engaged in hydrocarbon exploration incorporated in Ohio and headquartered in the Marathon Oil Tower in Houston, Texas. A direct descendant of Standard Oil, it also runs international gas operati ...

. Beginning in February 2003,

Warburg Pincus Warburg Pincus LLC is a global private equity firm, headquartered in New York, with offices in the United States, Europe, Brazil, China, Southeast Asia and India. Warburg has been a private equity investor since 1966. The firm currently has ...

invested over $1.5 billion into the company and at one time held a controlling stake. In 2005, the company sold its assets in the Barnett Shale to

XTO Energy XTO Energy Inc. is an American energy company and subsidiary of ExxonMobil principally operating in North America. Acquired by ExxonMobil in 2010 and based out of Spring, Texas, it is involved with the production, processing, transportation, a ...

. In October 2013, the company became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

, raising $1.5 billion. In November 2014, the company spun off 30% of its midstream operations, Antero Midstream Partners LP, via an initial public offering. In September 2015, the company sold its integrated water business to its midstream affiliate for $1.05 billion. In August 2016, the company acquired assets in the Marcellus Shale from

Statoil Equinor ASA (formerly Statoil and StatoilHydro) is a Norwegian state-owned multinational energy company headquartered in Stavanger. It is primarily a petroleum company, operating in 36 countries with additional investments in renewable energy. ...

for $96 million. In January 2017, the company acquired assets in the Utica Shale from

Rex Energy Rex Energy Corporation was a natural gas exploration and production company headquartered in State College, Pennsylvania. In 2018, the company was acquired by PennEnergy Resources. The company's operations were entirely in the Appalachian Basin, ...

for $30 million.

References

External links

* {{Authority control 2002 establishments in Colorado 2002 establishments in the United States 2013 initial public offerings Companies based in Denver Companies established in 2002 Companies listed on the New York Stock Exchange Energy companies established in 2002 Natural gas companies of the United States Non-renewable resource companies established in 2002 Resources