History
Antero Resources, an Appalachian gas producer, raised equity in 2016, spun down its stake in Antero Midstream, refinanced debt repeatedly, and in 2026 bought HG Energy's Marcellus acreage for $2.8 billion.
2016: Raising money to grow
Antero Resources is a natural gas, natural gas liquids and oil producer working the Marcellus and Utica shale in Appalachia, headquartered in Denver. In 2016 it leaned on investors. In June it sold 26.75 million new shares at $28.15, raising about $752.5 million. In October it sold a further 6,730,769 shares at $26.00, about $175 million, to Evans Investments, an indirect subsidiary of Temasek Holdings, using the money to repay part of its revolving credit facility and for general purposes. Shares on issue rose from about 277 million at the end of 2015 to about 315 million at the end of 2016. In December it also priced and closed $600 million of 5.0% notes due 2025, used to redeem its 6.0% notes due 2020 at a lower rate.
2017-2019: Untangling from Antero Midstream
The record for 2017 is quiet. In October 2018 the story turned to Antero Midstream, the affiliate that handled Antero's gathering and related midstream work. Antero Midstream GP LP agreed to buy all units of Antero Midstream Partners LP and fold them into a single company, Antero Midstream Corporation. Antero Resources, which owned about 53% of the partners and consolidated it in its accounts, agreed to vote in favour. It also authorised a $600 million buyback of its own stock. Shares on issue fell from about 316 million at the end of 2017 to about 296 million at the end of 2019, a period that included the buyback authorisation, though the beats do not tie the exact figures to repurchases.
The deal closed in March 2019. Antero Resources swapped its 98.9 million units for cash plus 158.4 million shares of the new company, leaving it with a 31% stake accounted for as an equity investment rather than consolidated. In December 2019 it renegotiated its gas-gathering fees with Antero Midstream, cutting them by $12-19 million a quarter through 2023 in return for extending the contract to 2038, and agreed to sell $100 million of its Antero Midstream shares back to pay down its revolving credit line.
2020-2021: Convertibles and refinancing
In August 2020 Antero sold $250 million of 4.25% convertible senior notes due September 2026, with an option for $50 million more. They can convert into shares at about $4.34 each, settled in cash, shares or both at Antero's choice, so conversion could dilute shareholders by up to 69.06 million shares (82.87 million if the option was fully used). The filing did not say how the proceeds would be used, and whether the extra option was taken is not recorded.
Then came a run of refinancings. In January 2021 it issued $500 million of 8.375% notes due 2026 to redeem $350 million of 5.125% notes due 2022, a much higher coupon. In February it issued $700 million of 7.625% notes due 2029 to retire the rest of the 2022 notes. In June, with credit conditions improved, it issued $600 million of 5.375% notes due 2030 and redeemed all $574.2 million of its 5.625% notes due 2023, pushing out its maturities.
2022-2026: The HG Energy acquisition
The record is quiet for the next several years. In December 2025 Antero agreed to buy HG Energy II's core Marcellus Shale acreage in West Virginia, about 385,000 net acres, for $2.8 billion, while Antero Midstream agreed to buy the related midstream assets for $1.1 billion, a combined $3.9 billion. To pay for it, Antero raised $750 million of 5.40% notes due 2036 in January 2026 and planned to sell its Utica Shale assets. The purchase closed on 3 February 2026, partly funded by a new $1.5 billion term loan led by Royal Bank of Canada. As of that date, Antero held the new West Virginia acreage, and the planned Utica sale was not yet recorded as completed.
Written from the 15 story beats below (2016 to 3 Feb 2026), which come from the company's own announcements and filings.