Companies Antero Resources Corp

Antero Resources (AR): executive pay, fiscal 2025

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CEO total pay$6,687,656CEO Michael Kennedy · source

Say-on-pay support95.3%Latest vote · source

CEO vs. named peers1st pct.Of 10 peer CEOs

CEO pay ratio65:1To the median employee · source

CEO pay, last three years

$6,114,446FY2023
$6,089,852FY2024
$6,687,656FY2025

CEO total pay was $6,687,656 in fiscal 2025, up from $6,089,852 in fiscal 2024.

FY2025: salary $655,470 · bonus $0 · stock awards $4,325,734 · option awards $0

Executives and directors

Paul Rady · Executive Brendan Krueger · CFO Michael Kennedy · CEO Yvette Schultz · General Counsel Benjamin A. Hardesty · Chair of the Board Brenda R. Schroer · Independent Director Jacqueline C. Mutschler · Independent Director Jeffrey S. Muñoz · Independent Director Robert J. Clark · Independent Director Thomas B. Tyree, Jr · Independent Director Vasiliki (Vicky) Sutil · Independent Director W. Howard Keenan, Jr · Independent Director

Frequently asked questions

Who was the highest-paid executive at Antero Resources Corp in fiscal 2025?

As disclosed, Paul Rady (Chairman Emeritus and Former Chief Executive Officer and President) was the highest-paid executive at Antero Resources Corp in fiscal 2025, with total compensation of $12,231,359.

How does Antero Resources Corp's chief executive pay compare to its disclosed peer group?

As disclosed, Michael Kennedy's total compensation ranked at the 1st percentile of Antero Resources Corp's disclosed peer group.

What is Antero Resources Corp's CEO-to-median employee pay ratio?

As disclosed, Antero Resources Corp's CEO-to-median employee pay ratio was 65:1.

How did shareholders vote on Antero Resources Corp's executive compensation?

As disclosed, 95.3% of shareholders supported Antero Resources Corp's executive compensation in the latest say-on-pay vote.

How much does Antero Resources Corp spend in total on board compensation for fiscal 2025?

As disclosed, Antero Resources Corp reported total board compensation of $2,708,378 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

Full detail

Every table from the filing. Open any section.

Summary compensation table

Named executive officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension / NQDC	All other	Total
Paul Rady	$734,260	$0	$10,059,907	$0	$1,421,862	$0	$15,330	$12,231,359
Chairman Emeritus and Former Chief Executive Officer and President
Michael Kennedy	655,470	0	4,325,734	0	1,678,307	0	28,145	6,687,656
Chief Executive Officer and President
Brendan Krueger	420,909	0	2,640,712	0	740,176	0	15,330	3,817,127
Chief Financial Officer, Senior Vice President--Finance and Treasurer
Yvette Schultz	407,885	191,596	2,640,712	0	548,580	0	28,145	3,816,918
Chief Compliance Officer, Senior Vice President--Legal, General Counsel and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officer	FY2025 total	FY2024 total	FY2023 total	Δ FY2024→2025
Paul Rady	$12,231,359	$14,160,181	$13,512,463	↓ −1,928,822
Michael Kennedy	6,687,656	6,089,852	6,114,446	↑ +597,804
Brendan Krueger	3,817,127	—	—	—
Yvette Schultz	3,816,918	3,790,385	3,644,245	↑ +26,533

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

Incentive-plan design — the Compensation Discussion & Analysis

Since our inception, our compensation philosophy has been predominantly focused on recruiting individuals who are motivated to help us achieve superior performance and growth. Our company was founded by entrepreneurs whose strategy was to employ high-impact executives who are extremely effective at sparking superior performance with low overhead.

CEO STI target (% of salary)	130%
CEO LTI target (% of salary)	—
Independent consultant	CBIZ Compensation Consulting
Clawback policy	true
Anti-hedging	true
Anti-pledging	True

Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

Executive	Award	Grant date	Threshold	Target	Granted	Maximum	Grant-date fair value
Michael Kennedy	PSU	2025-03-07	—	31,823	—	63,646	$1,114,123
Yvette Schultz	RSU	2025-03-07	—	—	38,854	—	1,307,049
Paul Rady	PSU	2025-03-07	—	74,008	—	148,016	2,591,020
Paul Rady	PSU	2025-03-07	—	74,008	—	148,016	2,489,629
Yvette Schultz	PSU	2025-03-07	—	19,427	—	38,854	653,524
Brendan Krueger	PSU	2025-03-07	—	19,427	—	38,854	653,524
Michael Kennedy	RSU	2025-03-07	—	—	63,647	—	2,141,085
Yvette Schultz	PSU	2025-03-07	—	19,427	—	38,854	680,139
Paul Rady	RSU	2025-03-07	—	—	148,016	—	4,979,258
Brendan Krueger	RSU	2025-03-07	—	—	38,854	—	1,307,049
Brendan Krueger	PSU	2025-03-07	—	19,427	—	38,854	680,139
Michael Kennedy	PSU	2025-03-07	—	31,823	—	63,646	1,070,526

Vehicle mix — grant-date fair value by award type

Named executive officer	Time-vested (RSU)	Performance-vested (PSU)	Options / SARs	% performance-vested
Michael Kennedy	$2,141,085	$2,184,649	$0	50.5%
Yvette Schultz	1,307,049	1,333,663	0	50.5%
Paul Rady	4,979,258	5,080,649	0	50.5%
Brendan Krueger	1,307,049	1,333,663	0	50.5%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

Outstanding equity awards at fiscal year-end 2025

Executive	Award	Shares unvested	Exercise price	Market value unvested
Brendan Krueger	PSU	73,598	—	$2,536,187
Yvette Schultz	PSU	83,901	—	2,891,228
Brendan Krueger	RSU	123,051	—	4,240,337
Michael Kennedy	PSU	137,440	—	4,736,182
Yvette Schultz	RSU	144,100	—	4,965,686
Michael Kennedy	RSU	236,048	—	8,134,214
Paul Rady	PSU	319,628	—	11,014,381
Paul Rady	RSU	548,958	—	18,917,093

Director compensation

Director	Cash fees	Stock awards	Option awards	Non-equity incentive	All other	Total
Benjamin A. HardestyIndependent · Board Chair · Compensation (Chair) · Nominating & Governance · Conflicts (Chair) · Environmental and Safety	$194,375	$224,701	$0	$0	$0	$419,076
Jacqueline C. MutschlerIndependent · Audit · Compensation · Conflicts · Environmental and Safety	131,875	214,905	0	0	0	346,780
Brenda R. SchroerIndependent · Audit (Chair) · Environmental and Safety	131,500	214,905	0	0	0	346,405
Vasiliki (Vicky) SutilIndependent · Audit · Nominating & Governance · Environmental and Safety (Chair)	128,750	214,905	0	0	0	343,655
Thomas B. Tyree, JrIndependent · Audit · Conflicts · Environmental and Safety	122,500	214,905	0	0	0	337,405
W. Howard Keenan, JrIndependent · Compensation · Nominating & Governance	115,000	214,905	0	0	0	329,905
Jeffrey S. MuñozIndependent · Audit · Compensation · Nominating & Governance (Chair)	125,500	198,543	0	0	—	323,543
Robert J. ClarkIndependent · Not standing for re-election	153,663	107,446	0	0	0	261,109
Paul M. RadyEmployee director · Not standing for re-election · Departed during FY	0	0	0	—	0	0
Michael N. KennedyEmployee director	0	0	0	—	0	0

Board fee structure and ownership guideline

Annual cash retainer	$100,000
Annual equity retainer	$215,000
Per board meeting fee	—
Committee chair fees (audit / comp / nom-gov)	24,000 / 20,000 / 15,000
Stock ownership guideline	$5

Total cost of the board

Component	FY2025
Cash retainers and fees	$1,103,163
Equity awards (grant-date value)	$1,605,215
All other compensation	$0
Total cost of the board	$2,708,378

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names Antero Resources as a peer

Companies that benchmark against AR

16 companies name AR as a compensation peer

The list of companies that name AR as a peer is temporarily unavailable — recheck shortly.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

CIVI Civitas Resources, Inc.MUR Murphy Oil CorporationOVV Ovintiv Inc.APA APA Corp.CTRA Coterra Energy Inc.DVN Devon Energy CorporationFANG Diamondback Energy Inc.EQT EQT CorporationEXE Expand Energy CorporationRRC Range Resources Corporation

Peer reciprocity

The companies Antero Resources Corp names as compensation peers that name it back in their own disclosed peer groups.

Ovintiv Inc. (OVV)⁴⁵APA Corp. (APA)⁴⁶Coterra Energy Inc. (CTRA)⁴⁷EQT Corporation (EQT)⁴⁸Expand Energy Corporation (EXE)⁴⁹Range Resources Corporation (RRC)⁵⁰

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.

Rank	Company	FY	Chief executive	Salary	Stock awards	Option awards	Non-equity incentive	Total
1	EQT Corporation	2025	Toby Rice	$1	$13,552,232	$0	$2,535,000	$16,087,233
2	Diamondback Energy Inc.	2025	Kaes Van t Hof	1,109,500	11,101,462	0	2,676,350	14,931,423
3	Coterra Energy Inc.	2024	Thomas Jorden	1,198,558	10,628,850	0	2,500,000	14,748,960
4	Ovintiv Inc.	2025	Brendan McCracken	1,185,000	9,900,005	0	2,136,750	13,693,140
5	APA Corp.	2025	John Christmann IV	1,300,000	6,018,436	1,897,996	3,454,360	13,202,517
6	Devon Energy Corporation	2025	Clay Gaspar	938,125	9,633,689	0	1,612,000	12,566,384
7	Expand Energy Corporation	2025	Domenic Dell'Osso	947,346	8,890,444	—	—	9,879,106
8	Civitas Resources, Inc.	2024	M. Christopher Doyle	1,431,150	6,933,919	0	0	8,385,769
9	Range Resources Corporation	2025	Dennis Degner	932,500	6,143,877	0	1,128,000	8,375,421
10	Murphy Oil Corporation	2025	Eric Hambly	950,000	4,917,315	0	1,324,063	7,651,445
11	Antero Resources Corp	2025	Michael Kennedy	655,470	4,325,734	0	1,678,307	6,687,656

Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

Incentive design against the same peers

Company	Annual incentive payout	Long-term vehicle mix	PSU measures include TSR	Compensation consultant
Antero Resources Corp	157.2%	PSU 50 · RSU 50	Yes — Absolute TSR	CBIZ Compensation Consulting
APA Corp.	189.8%	PSU 60 · Options 20 · RSU 20	Yes — Relative TSR	Pearl Meyer & Partners, LLC
Civitas Resources, Inc.	not disclosed	PSU 70 · RSU 30	Yes — Absolute TSR	Meridian Compensation Partners, LLC
Coterra Energy Inc.	174%	PSU 50 · RSU 50	Yes — Relative TSR	F.W. Cook and Zayla Partners
Devon Energy Corporation	124%	PSU 60 · RSU 40	Yes — Relative TSR	Meridian Compensation Partners, LLC
Diamondback Energy Inc.	161%	PSU 60 · RSU 40	Yes — Total Stockholder Return (relative to TSR performance peer group)	Meridian
EQT Corporation	169%	PSU 60 · RSU 40	No	Meridian Compensation Partners, LLC
Expand Energy Corporation	not disclosed	PSU 70 · RSU 30	Yes — Absolute TSR	Meridian Compensation Partners, LLC
Murphy Oil Corporation	not disclosed	not disclosed	not disclosed	Meridian Compensation Partners LLC
Ovintiv Inc.	140%	RSU 50 · PSU 50	Yes — Relative TSR	FW Cook
Range Resources Corporation	not disclosed	PSU 60 · RSU 40	Yes — Total Stockholder Return (TSR)	Meridian Compensation Partners, LLC

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio

Meeting year	Meeting date	For	Against	Abstain	Support	Outcome
2026	2026-06-03	224,923,971	10,613,627	470,323	95.3%	Passed
2025	2025-06-04	174,027,559	73,186,340	299,537	70.31%	Passed
2024	2024-06-05	171,284,425	80,035,913	1,299,369	67.8%	Passed
2023	2023-06-06	121,146,756	108,744,084	1,624,832	52.33%	Passed
2022	2022-06-07	221,317,163	5,040,662	437,973	97.58%	Passed
2021	2021-06-16	182,299,286	4,140,580	1,663,794	96.91%	Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.

Say-on-pay — history, company’s computation

Meeting year	Meeting date	Approval — company’s computation
2026	2026-06-03	95.3%^a
2025	2025-06-04	70.31%^b
2024	2024-06-05	67.8%^c

a. Approved under the standard stated in the filing — “Advisory approval of the compensation of the Named Executive Officers Affirmative vote of the holders of a majority of the voting power of the shares present in person, online or represented by proxy at the meeting and entitled to vote on the matter For Against Abstain No Abstentions will have the effect of a vote "against." Broker non-votes will not have any effect.”.

b. Approved under the standard stated in the filing — “Advisory approval of the compensation of the Named Executive Officers Affirmative vote of the holders of a majority of the voting power of the shares present in person, online or represented by proxy at the meeting and entitled to vote on the matter For Against Abstain No Abstentions will have the effect of a vote "against." Broker non-votes will not have any effect.”.

c. Approved under the standard stated in the filing — “Advisory approval of the compensation of the Named Executive Officers Affirmative vote of the holders of a majority of the voting power of the shares present in person, online or represented by proxy at the meeting and entitled to vote on the matter For Against Abstain No Abstentions will have the effect of a vote "against." Broker non-votes will not have any effect.”.

Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

CEO pay ratio

Ratio (CEO : median employee)	65 : 1
CEO total compensation	$8,965,993
Median employee compensation	$137,783

Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (50 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

Section 01, Paul Rady. DEF 14A, filed 2026-04-23. Section “2025 Summary Compensation Table” · page 55. As printed: 12,231,359. View filing ↗
Section 01, Michael Kennedy. DEF 14A, filed 2026-04-23. Section “2025 Summary Compensation Table” · page 55. As printed: 6,687,656. View filing ↗
Section 01, Brendan Krueger. DEF 14A, filed 2026-04-23. Section “2025 Summary Compensation Table” · page 55. As printed: 3,817,127. View filing ↗
Section 01, Yvette Schultz. DEF 14A, filed 2026-04-23. Section “2025 Summary Compensation Table” · page 55. As printed: 3,816,918. View filing ↗
Section 03, Michael Kennedy PSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
Section 03, Yvette Schultz RSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
Section 03, Paul Rady PSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
Section 03, Paul Rady PSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
Section 03, Yvette Schultz PSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
Section 03, Brendan Krueger PSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
Section 03, Michael Kennedy RSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
Section 03, Yvette Schultz PSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
Section 03, Paul Rady RSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
Section 03, Brendan Krueger RSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
Section 03, Brendan Krueger PSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
Section 03, Michael Kennedy PSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
Section 07, pay ratio. DEF 14A, filed 2026-04-23. Section “CEO Pay Ratio”. As printed: 65 : 1. View filing ↗
Section 08, Benjamin A. Hardesty. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 419,076. View filing ↗
Section 08, Jacqueline C. Mutschler. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 346,780. View filing ↗
Section 08, Brenda R. Schroer. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 346,405. View filing ↗
Section 08, Vasiliki (Vicky) Sutil. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 343,655. View filing ↗
Section 08, Thomas B. Tyree, Jr. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 337,405. View filing ↗
Section 08, W. Howard Keenan, Jr. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 329,905. View filing ↗
Section 08, Jeffrey S. Muñoz. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 323,543. View filing ↗
Section 08, Robert J. Clark. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 261,109. View filing ↗
Section 08, Paul M. Rady. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 0. View filing ↗
Section 08, Michael N. Kennedy. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 0. View filing ↗
Section 06, 2026 vote. Form 8-K, filed 2026-06-04. Item 5.07 · say-on-pay result. As reported: 95.3% (votes for as printed: 224,923,971). View filing ↗
Section 06, 2025 vote. Form 8-K, filed 2025-06-06. Item 5.07 · say-on-pay result. As reported: 70.31% (votes for as printed: 174,027,559). View filing ↗
Section 06, 2024 vote. Form 8-K, filed 2024-06-06. Item 5.07 · say-on-pay result. As reported: 67.8% (votes for as printed: 171,284,425). View filing ↗
Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
Section 09b board cost (computed). Computed. Cash 1,103,163 + equity 1,605,215 + all other 0 = 2,708,378, summed across the director compensation table rows.
EQT Corporation, Section 10b CEO total. DEF 14A, filed 2026-02-26. CEO total compensation as printed in EQT Corporation's own proxy. As printed: 16,087,233. View filing ↗
Diamondback Energy Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Diamondback Energy Inc.'s own proxy. As printed: 14,931,423. View filing ↗
Coterra Energy Inc., Section 10b CEO total. DEF 14A, filed 2025-03-20. CEO total compensation as printed in Coterra Energy Inc.'s own proxy. As printed: 14,748,960. View filing ↗
Ovintiv Inc., Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in Ovintiv Inc.'s own proxy. As printed: 13,693,140. View filing ↗
APA Corp., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in APA Corp.'s own proxy. As printed: 13,202,517. View filing ↗
Devon Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-05-28. CEO total compensation as printed in Devon Energy Corporation's own proxy. As printed: 12,566,384. View filing ↗
Expand Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Expand Energy Corporation's own proxy. As printed: 9,879,106. View filing ↗
Civitas Resources, Inc., Section 10b CEO total. DEF 14A, filed 2025-04-21. CEO total compensation as printed in Civitas Resources, Inc.'s own proxy. As printed: 8,385,769. View filing ↗
Range Resources Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Range Resources Corporation's own proxy. As printed: 8,375,421. View filing ↗
Murphy Oil Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Murphy Oil Corporation's own proxy. As printed: 7,651,445. View filing ↗
Antero Resources Corp (subject), Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Antero Resources Corp's own proxy. As printed: 6,687,656. View filing ↗
Section 10a, Ovintiv Inc. reciprocity. DEF 14A. Ovintiv Inc. names Antero Resources Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗
Section 10a, APA Corp. reciprocity. DEF 14A. APA Corp. names Antero Resources Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗
Section 10a, Coterra Energy Inc. reciprocity. DEF 14A. Coterra Energy Inc. names Antero Resources Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗
Section 10a, EQT Corporation reciprocity. DEF 14A. EQT Corporation names Antero Resources Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗
Section 10a, Expand Energy Corporation reciprocity. DEF 14A. Expand Energy Corporation names Antero Resources Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗
Section 10a, Range Resources Corporation reciprocity. DEF 14A. Range Resources Corporation names Antero Resources Corp in its own disclosed peer group (read from its most recent proxy). View filing ↗