Antero Resources Corp (AR)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	1,537,600	1,606,900	1,492,270	1,312,050	1,183,480	1,172,830	1,577,210	1,959,940	2,125,440	2,341,030	2,415,160	2,568,690	3,001,590	3,158,220	3,518,080	3,707,790	3,758,870	3,703,830	3,602,380	3,475,950
Total stockholders’ equity	US$ in thousands	6,981,400	6,862,080	6,825,890	6,911,360	6,754,560	6,211,480	6,003,610	5,473,790	5,757,160	4,850,300	5,397,460	5,874,690	5,767,700	5,668,130	6,136,160	6,592,540	6,970,740	7,446,700	8,339,700	8,292,800
Debt-to-capital ratio		0.18	0.19	0.18	0.16	0.15	0.16	0.21	0.26	0.27	0.33	0.31	0.30	0.34	0.36	0.36	0.36	0.35	0.33	0.30	0.30

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 shown fluctuations over the past eight quarters. In Q4 2023, the ratio stood at 0.18, slightly lower compared to the previous quarter at 0.19. This downward trend from the peak ratio of 0.26 in Q1 2022 indicates a relative decrease in the proportion of debt to the company's total capital during the period analyzed.

The company's debt-to-capital ratio has generally remained below 0.2 in recent quarters, suggesting a conservative financial structure with a relatively low dependency on debt financing compared to equity. However, the slight increase in Q3 2023 and fluctuations in earlier quarters may indicate varying levels of debt management and capital structure adjustments by the company in response to changing market conditions or operational requirements.

Overall, the trend in Antero Resources Corp's debt-to-capital ratio reflects a mix of prudent debt management practices and strategic capital structure decisions, demonstrating a balanced approach to financing its operations.