DENVER, April 8, 2021 /PRNewswire/ -- Antero
Resources Corporation (NYSE: AR) ("Antero Resources") and
Antero Midstream Corporation (NYSE: AM) ("Antero
Midstream") today announced that Glen
Warren will retire as President and Chief Financial Officer
of Antero Resources and President of Antero Midstream, effective
April 30, 2021. Mr. Warren will
also step down from the board of both companies as of the same
date.
"Glen has been a visionary leader in the energy industry over
the last several decades," said Paul
Rady, Co-Founder, Chairman and CEO of Antero Resources and
Antero Midstream. "For more than 20 years, Glen and I have been
partners across a number of successful plays and organizations. We
were some of the first successful players in unconventional
resources, initially in coal bed methane in the Powder River Basin,
then in the Barnett Shale where we were early adopters of
horizontal drilling and multi-stage completions. Since first
entering Appalachia in 2008, Glen has been instrumental in growing
Antero Resources into the second largest NGL producer and the third
largest natural gas producer in the
United States today. Under Glen's co-leadership,
Antero Resources has reset its balance sheet and cost structure, is
generating significant free cash flow and expects to reduce
leverage below 2.0x in 2021. In addition, Antero Midstream is
now one of the only midstream companies in the industry with the
optimum combination of c-corp governance, a self-funding business
model after dividends, long-term growth and a declining leverage
profile with already one of the strongest balance sheets in the
midstream industry. Despite the challenges facing the energy
industry over the last several years, Glen has helped reposition
both Antero Resources and Antero Midstream to succeed for many
years to come. His impact can be seen on our people, assets,
balance sheets and performance. I wish Glen all the best in
the next chapter of his life."
Antero Resources entered the Appalachia Basin in 2008 and
drilled its first wells in 2009. In 2013, Antero Resources
completed the largest initial public offering of an independent
exploration and production company, raising $1.8 billion in proceeds. Antero Resources
now holds 515,000 net acres in the core of the Appalachian Basin,
and in 2020 produced over 3.5 Bcfe/d, including almost 200,000
Bbl/d of liquids.
Antero Midstream was formed by Antero Resources in 2012 to own,
operate and develop midstream energy infrastructure to service
Antero Resources' increasing production. In 2014, Antero
Midstream completed what was then the lowest-yielding and largest
initial public offering of a master limited partnership, raising
$1.2 billion in proceeds. Today,
Antero Midstream has the most comprehensive liquids midstream
system in Appalachia and an enterprise value of over $7.0 billion.
Commenting on the successes of the Antero family, Mr. Warren
stated "It has been one of the greatest honors of my career to
partner with Paul Rady and to help
lead the growth of the Antero entities from the ground floor.
I have so many great memories over the years, from the multitude of
relationships built to the countless milestones achieved. I
want to thank all our employees and board members past and present,
our private equity partners, bankers and investors for your belief
in Paul and me and our vision to build a great set of sustainable
companies. Importantly, I want to thank my wife and family
for unwavering support over the many years. Going forward,
the Antero entities are very well positioned with the lowest debt
levels since being public and one of the strongest, most integrated
teams in the industry with the continued outstanding leadership of
Paul. I plan to be a long-term shareholder of both Antero
Resources and Antero Midstream, and wish the Antero family
tremendous success."
Mr. Warren is looking forward to spending more time with his
family, as well as spending more time on philanthropy, farming,
fishing and tennis.
Antero Resources is an independent oil and natural gas
company engaged in the exploration, development and production of
natural gas, NGLs, and oil properties located in the Appalachian
Basin. Antero Midstream is a Delaware corporation that owns, operates and
develops midstream gathering, compression, processing and
fractionation assets located in the Appalachian Basin, as well as
integrated water assets that primarily service Antero Resources
properties. For more information, contact Michael Kennedy, Chief Financial Officer of
Antero Midstream and SVP–Finance of Antero Resources and
Antero Midstream, at (303) 357-6782 or
mkennedy@anteroresources.com.
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SOURCE Antero Midstream Corporation