Antero Resources Corp (AR)

EQT is the other large Appalachian pure-play producer, drilling the same Marcellus and Utica acreage in West Virginia, Pennsylvania and Ohio and selling its gas into the same regional pipelines and LNG-linked outlets that Antero supplies.

Born from the Chesapeake–Southwestern merger, Expand Energy is the largest US natural gas producer and holds the Appalachian acreage Southwestern brought in, so it competes with Antero for the same gas buyers, the same pipeline capacity and the same LNG feedgas contracts.

Range Resources works the wet-gas window of the Marcellus in south-west Pennsylvania and is, like Antero, one of the few large producers of ethane and propane in Appalachia, so the two sell into the same NGL market.

CNX is an Appalachian-only gas producer operating Marcellus and Utica wells in the same states, competing with Antero for acreage, drilling services and firm transportation out of the basin.

Coterra's Marcellus operations in north-east Pennsylvania make it one of the largest dry-gas producers in the basin, selling into the same north-eastern and Gulf Coast gas markets as Antero.

Ascent Resources is the largest privately held Utica Shale operator in Ohio, drilling liquids-rich wells next to Antero's own Ohio acreage and competing for the same leases and midstream capacity.