Antero Resources and Antero Midstream Announce Co-Founder Paul M. Rady to Transition to Chairman Emeritus

Rhea-AI Summary

Antero Midstream (NYSE: AM) announced that Co-Founder Paul M. Rady will transition from his roles as CEO, President, and Board Chairman to Chairman Emeritus. Under Rady's leadership, the Antero companies achieved a combined enterprise value of $24.0 billion.

Rady's tenure saw significant achievements, including building Antero Resources into the fifth largest U.S. producer of natural gas and NGLs, with production of over 3.4 Bcfe/d as of Q2 2025. Antero Midstream developed extensive infrastructure including 413 miles of low pressure and 295 miles of high pressure gathering pipeline, with 4.6 Bcf/d compression capacity.

Positive

• Combined enterprise value reached $24.0 billion under Rady's leadership
• Antero Resources became fifth largest U.S. producer of natural gas and NGLs
• Extensive midstream infrastructure development with 4.6 Bcf/d compression capacity
• Environmental impact reduction through elimination of 14.4 million miles of truck traffic in 2024

Negative

• Loss of experienced leadership with CEO transition
• Potential strategic direction uncertainty during management change

Insights

Corporate Governance Analyst

CEO transition at Antero signals end of founder era but appears planned with stable leadership succession to maintain strategic continuity.

This leadership transition marks a significant milestone for both Antero companies as co-founder Paul Rady steps away from active management after building substantial enterprises with a combined $24 billion enterprise value. The unanimity of both boards and the creation of a Chairman Emeritus role suggests this is a well-planned succession rather than an abrupt departure.

The press release strategically emphasizes Rady's legacy across multiple dimensions - his industry vision, operational execution, and community involvement - which indicates a carefully managed transition narrative. Notably, the announcement identifies Mike Kennedy as the successor, though without detailing his background or qualifications, suggesting he's likely a known internal candidate.

From a governance perspective, the transition appears orderly with Lead Independent Directors from both companies providing supportive statements. The timing - effective immediately - coupled with Rady's comments about focusing on "family, health and philanthropy" suggests this may be a retirement-oriented decision rather than one driven by performance concerns or strategic disagreements.

For both Antero Resources (AR) and Antero Midstream (AM), this represents the end of founder leadership which typically creates some uncertainty, but the coordinated messaging across both companies and the retention of Rady in an emeritus capacity suggests efforts to maintain strategic continuity while transferring operational control. The companies appear well-established with significant scale - AR being the fifth largest producer of natural gas and NGLs in the U.S. with substantial proved reserves, while AM has developed extensive midstream infrastructure in the Appalachian Basin.

DENVER, Aug. 14, 2025 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources") and Antero Midstream Corporation (NYSE: AM) ("Antero Midstream") announced that, effective today, Co-Founder Paul M. Rady will transition from his roles as Chief Executive Officer and President and member and Chairman of the Boards of Directors of Antero Resources and Antero Midstream to Chairman Emeritus of each company. 

The Boards of Directors were unanimous in their praise of Mr. Rady, citing his confident and engaged leadership, deep commitment to the oil and gas industry, and his philanthropic pursuits and selfless giving to a variety of causes, including education, medicine, culture and land conservation.

"Paul has been a visionary leader in the energy industry for decades," said Benjamin A. Hardesty, Lead Independent Director of Antero Resources. "He has driven substantial shareholder value at the Antero family of companies, which have a combined enterprise value of approximately $24.0 billion.  Under Paul's leadership, Antero has become the most capital efficient developer in the Appalachian Basin while maintaining an outstanding safety and environmental record."

"While Paul is known for being a shale pioneer and for his leadership of multiple public companies, his support of the communities in which members of the Antero family live and work has been unwavering," said David H. Keyte, Lead Independent Director of Antero Midstream.  "Paul's generosity towards Western Colorado University, University of Colorado Anschutz Medical Campus, University of Colorado Boulder and countless other organizations will have a lasting impact in the states of Colorado and West Virginia."

Mr. Rady began his career with Amoco Corporation, where he spent 10 years as a geologist focused on the Rockies and Mid-Continent.  In 1990, Mr. Rady was recruited to be Chief Geologist at Barrett Resources Corp., where he eventually rose to Chief Executive Officer.  Mr. Rady served as President, Chief Executive Officer and Chairman of Pennaco Energy from 1998 until its sale to Marathon Oil.  Mr. Rady co-founded and served as Chief Executive Officer and Chairman of the Board of Antero's predecessor company from its founding in 2002 to its ultimate sale to XTO Energy.  Mr. Rady co-founded Antero and has served as Chairman of the Board and Chief Executive Officer of Antero Resources and Antero Midstream since their inceptions.

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. Antero Resources now holds approximately 526,000 net acres in the Appalachian Basin, had estimated proved reserves of 17.9 Tcfe at year-end 2024, produced more than 3.4 Bcfe/d during the three months ended June 30, 2025, making it the fifth largest producer of natural gas and NGLs in the U.S., and has a current enterprise value of approximately $12.0 billion.

Antero Midstream was formed by Antero Resources in 2012 to own, operate and develop midstream energy infrastructure primarily to service Antero Resources in the Appalachian Basin.  In 2014, Antero Midstream completed what was then the lowest-yielding and largest initial public offering of a master limited partnership. At year-end 2024, Antero Midstream had 413 miles of low pressure gathering pipeline, 295 miles of high pressure gathering pipeline and compression capacity of 4.6 Bcf/d.  In 2024, approximately 14.4 million miles of truck traffic were eliminated by using Antero Midstream's first-in-basin water delivery system, which consists of 233 miles of buried water pipeline and 163 miles of surface water pipeline, making it one of the largest fresh water pipeline and impoundment networks in the country.  Today, Antero Midstream has the most comprehensive liquids midstream system in Appalachia and a current enterprise value of approximately $12.0 billion.

"It has truly been an honor to lead Antero Resources and Antero Midstream," said Mr. Rady. "I want to thank our employees for their exceptional effort and dedication, without which Antero could not have experienced the tremendous success that it has.  I am proud of the organizations we have created, and I am confident the companies will continue to prosper under Mike Kennedy's leadership.  I also want to thank our shareholders for their trust in me over all these years, for which I am extremely grateful."  Mr. Rady continued, "I believe the Antero family of companies are the best-positioned operators in the Appalachian Basin on a go-forward basis. I am looking forward to my new role as Chairman Emeritus and spending more time focusing on my family, health and philanthropy."

Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia and Ohio. Antero Midstream Corporation 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.

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SOURCE Antero Midstream Corporation

FAQ

Who is replacing Paul Rady as CEO of Antero Midstream (NYSE: AM)?

Mike Kennedy will take over leadership of the Antero companies, as mentioned by Paul Rady in his transition statement.

What is Paul Rady's new role at Antero Midstream?

Paul Rady will transition to the role of Chairman Emeritus at both Antero Resources and Antero Midstream.

What are Antero Midstream's (AM) key infrastructure assets as of 2024?

Antero Midstream operates 413 miles of low pressure gathering pipeline, 295 miles of high pressure gathering pipeline, 4.6 Bcf/d compression capacity, and an extensive water delivery system with 396 miles of combined buried and surface water pipeline.

What was Antero Midstream's enterprise value at the time of Rady's transition?

Antero Midstream had an enterprise value of approximately $12.0 billion at the time of Rady's transition to Chairman Emeritus.

What are Paul Rady's major achievements at Antero Midstream?

Under Rady's leadership, Antero Midstream developed the most comprehensive liquids midstream system in Appalachia, completed the largest and lowest-yielding MLP IPO in 2014, and built an enterprise valued at $12.0 billion.