Antero Resources Corp (AR)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	1,537,600	1,183,480	2,125,440	3,001,590	3,758,870
Total stockholders’ equity	US$ in thousands	6,981,400	6,754,560	5,757,160	5,767,700	6,970,740
Debt-to-capital ratio		0.18	0.15	0.27	0.34	0.35

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $1,537,600K ÷ ($1,537,600K + $6,981,400K)
= 0.18

The debt-to-capital ratio of Antero Resources Corp has exhibited a downward trend over the past five years, decreasing from 0.35 in 2019 to 0.18 in 2023. This indicates that the company has been gradually reducing its reliance on debt financing relative to its capital structure. A lower debt-to-capital ratio suggests a healthier financial position and decreased financial risk for the company. The decreasing trend may be a result of effective debt management strategies, improved profitability, or a shift towards using equity as a funding source. Overall, the declining debt-to-capital ratio of Antero Resources Corp implies a positive trajectory in managing its debt obligations and enhancing its financial stability.