Deal Details

Antero Resources Corporation (“Antero Resources” or the “Company”) (NYSE: AR) announced it has entered into an agreement to amend its gathering agreement with Antero Midstream Corporation (“Antero Midstream”) (NYSE: AM). The Company also announced a $100 million sale of Antero Midstream shares to Antero Midstream. Under the new amendment to the gathering agreement with Antero Midstream, low pressure gathering fees from January 1, 2020 through December 31, 2023 will be reduced based on Antero Resources achieving increasing volumetric targets on low pressure volumes gathered by Antero Midstream. The amendment also extended the terms of the agreement by an additional four years to 2038. The Company initiated an asset sale program through the agreed sale of $100 million of Antero Midstream common stock to Antero Midstream. Proceeds from the sale of the Antero Midstream shares will be used to reduce borrowings under the Company’s revolver that were incurred in recent senior note repurchases.

Baird served as exclusive financial advisor to the Conflicts Committee of the Board of Directors of Antero Resources Corporation on this transaction.