Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-04

Antero Resources (AR)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$12,231,359
Paul Rady total, FY2025
Chairman Emeritus and Former Chief Executive Officer and Presidenthighest-paid officer; CEO Michael Kennedy: $6,687,656
1st
CEO (Michael Kennedy) pay percentile vs peers
65:1
CEO-to-median pay ratio
95.3%
Say-on-pay support, latest vote
Companies that benchmark against AR
9 companies name AR as a compensation peer

Each company listed discloses AR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named AR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
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 Kennedy655,47004,325,73401,678,307028,1456,687,656
Chief Executive Officer and President
Brendan Krueger420,90902,640,7120740,176015,3303,817,127
Chief Financial Officer, Senior Vice President--Finance and Treasurer
Yvette Schultz407,885191,5962,640,7120548,580028,1453,816,918
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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Paul Rady$12,231,359$14,160,181−1,928,822
Michael Kennedy6,687,6566,089,852+597,804
Brendan Krueger3,817,127
Yvette Schultz3,816,9183,790,385+26,533

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

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Paul RadyPSU2025-03-07$10,059,907
Michael KennedyPSU2025-03-074,325,734
Yvette SchultzPSU2025-03-072,640,712
Brendan KruegerPSU2025-03-072,640,712
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Paul Rady$0$10,059,907$0100.0%
Michael Kennedy04,325,7340100.0%
Yvette Schultz02,640,7120100.0%
Brendan Krueger02,640,7120100.0%

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

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael KennedyPSU137,440$4,736,182
Yvette SchultzPSU83,9012,891,228
Brendan KruegerPSU73,5982,536,187
Brendan KruegerRSU123,0514,240,337
Paul RadyPSU319,62811,014,381
Paul RadyRSU548,95818,917,093
Michael KennedyRSU236,0488,134,214
Yvette SchultzRSU144,1004,965,686
05

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 consultantCBIZ Compensation Consulting
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-03224,923,97110,613,627470,32395.3%Passed
20252025-06-04174,027,55973,186,340299,53770.31%Passed
20242024-06-05171,284,42580,035,9131,299,36967.8%Passed
20232023-06-06121,146,756108,744,0841,624,83252.33%Passed
20222022-06-07221,317,1635,040,662437,97397.58%Passed
20212021-06-16182,299,2864,140,5801,663,79496.91%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 yearMeeting dateApproval — company's computation
20262026-06-0395.3%a
20252025-06-0470.31%b
20242024-06-0567.8%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.

07

CEO pay ratio

Ratio (CEO : median employee)65 : 1
CEO total compensation$8,965,993
Median employee compensation$137,783
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
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 Safety131,875214,905000346,780
Brenda R. SchroerIndependent · Audit (Chair) · Environmental and Safety131,500214,905000346,405
Vasiliki (Vicky) SutilIndependent · Audit · Nominating & Governance · Environmental and Safety (Chair)128,750214,905000343,655
Thomas B. Tyree, JrIndependent · Audit · Conflicts · Environmental and Safety122,500214,905000337,405
W. Howard Keenan, JrIndependent · Compensation · Nominating & Governance115,000214,905000329,905
Jeffrey S. MuñozIndependent · Audit · Compensation · Nominating & Governance (Chair)125,500198,54300-500323,543
Robert J. ClarkIndependent · Not standing for re-election153,663107,446000261,109
Paul M. RadyEmployee director · Not standing for re-election · Departed during FY00000
Michael N. KennedyEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$214,905
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)24,000 / 20,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,103,163
Equity awards (grant-date value)$1,605,215
All other compensation$-500
Total cost of the board$2,707,878

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

10

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.

10a

Peer reciprocity

Of the companies Antero Resources names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Antero Resources.

10b

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.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1EQT Corporation2025Toby Rice$1$13,552,232$0$2,535,000$16,087,233
2Diamondback Energy Inc.2025Kaes Van t Hof1,109,50011,101,46202,676,35014,931,423
3Coterra Energy Inc.2024Thomas Jorden1,198,55810,628,85002,500,00014,748,960
4Ovintiv Inc.2025Brendan McCracken1,185,0009,900,00502,136,75013,693,140
5APA Corp.2025John Christmann IV1,300,0006,018,4361,897,9963,454,36013,202,517
6Devon Energy Corporation2025Clay Gaspar938,1259,633,68901,612,00012,566,384
7Expand Energy Corporation2025Domenic Dell'Osso947,3468,890,4449,879,106
8Civitas Resources, Inc.2024M. Christopher Doyle1,431,1506,933,919008,385,769
9Range Resources Corporation2025Dennis Degner932,5006,143,87701,128,0008,375,421
10Antero Resources2025Michael Kennedy655,4704,325,73401,678,3076,687,656
Murphy Oil Corporationnot in coverage universe

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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Antero Resources157.2%PSU 50 · RSU 50Yes — Absolute TSRCBIZ Compensation Consulting
APA Corp.189.8%PSU 60 · Options 20 · RSU 20Yes — Relative TSRPearl Meyer & Partners, LLC
Civitas Resources, Inc.not disclosedPSU 70 · RSU 30Yes — Absolute TSRMeridian Compensation Partners, LLC
Coterra Energy Inc.174%PSU 50 · RSU 50Yes — Relative TSRZayla Partners
Devon Energy Corporation124%PSU 60 · RSU 40Yes — Relative TSRMeridian Compensation Partners, LLC
Diamondback Energy Inc.161%PSU 60 · RSU 40Yes — Total Stockholder Return (relative to TSR performance peer group)Meridian
EQT Corporation169%PSU 60 · RSU 40NoMeridian Compensation Partners, LLC
Expand Energy Corporation150%PSU 70 · RSU 30Yes — Absolute Total Shareholder Return (aTSR)Meridian Compensation Partners, LLC
Murphy Oil Corporationnot disclosednot disclosednot disclosednot disclosed
Ovintiv Inc.140%RSU 50 · PSU 50Yes — Relative TSRFW Cook
Range Resources Corporation101%PSU 60 · RSU 40Yes — 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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Paul RadyDEF 14A2026-04-230001308179-26-000330Section “2025 Summary Compensation Table” · page 55. As printed: 12,231,359. Filing ↗machine: t260 · r10 · c27 · span 585147–585157
2Section 01, Michael KennedyDEF 14A2026-04-230001308179-26-000330Section “2025 Summary Compensation Table” · page 55. As printed: 6,687,656. Filing ↗machine: t260 · r1 · c27 · span 557200–557209
3Section 01, Brendan KruegerDEF 14A2026-04-230001308179-26-000330Section “2025 Summary Compensation Table” · page 55. As printed: 3,817,127. Filing ↗machine: t260 · r7 · c27 · span 576129–576138
4Section 01, Yvette SchultzDEF 14A2026-04-230001308179-26-000330Section “2025 Summary Compensation Table” · page 55. As printed: 3,816,918. Filing ↗machine: t260 · r4 · c27 · span 566189–566198
5Section 03, Paul Rady PSUDEF 14A2026-04-230001308179-26-000330Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t260 · r10 · c15 · span 584285–584295
6Section 03, Michael Kennedy PSUDEF 14A2026-04-230001308179-26-000330Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t260 · r1 · c15 · span 555754–555763
7Section 03, Yvette Schultz PSUDEF 14A2026-04-230001308179-26-000330Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t260 · r4 · c15 · span 565330–565339
8Section 03, Brendan Krueger PSUDEF 14A2026-04-230001308179-26-000330Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: t260 · r7 · c15 · span 574817–574826
9Section 07, pay ratioDEF 14A2026-04-230001308179-26-000330Section “CEO Pay Ratio”. As printed: 65 : 1. Filing ↗machine: span 816627–816634
10Section 08, Benjamin A. HardestyDEF 14A2026-04-230001308179-26-000330Section “Director Compensation”. As printed: 419,076. Filing ↗machine: t153 · r2 · c9 · span 341306–341313
11Section 08, Jacqueline C. MutschlerDEF 14A2026-04-230001308179-26-000330Section “Director Compensation”. As printed: 346,780. Filing ↗machine: t153 · r4 · c9 · span 342297–342304
12Section 08, Brenda R. SchroerDEF 14A2026-04-230001308179-26-000330Section “Director Compensation”. As printed: 346,405. Filing ↗machine: t153 · r5 · c9 · span 342793–342800
13Section 08, Vasiliki (Vicky) SutilDEF 14A2026-04-230001308179-26-000330Section “Director Compensation”. As printed: 343,655. Filing ↗machine: t153 · r6 · c9 · span 343283–343290
14Section 08, Thomas B. Tyree, JrDEF 14A2026-04-230001308179-26-000330Section “Director Compensation”. As printed: 337,405. Filing ↗machine: t153 · r7 · c9 · span 343782–343789
15Section 08, W. Howard Keenan, JrDEF 14A2026-04-230001308179-26-000330Section “Director Compensation”. As printed: 329,905. Filing ↗machine: t153 · r3 · c9 · span 341806–341813
16Section 08, Jeffrey S. MuñozDEF 14A2026-04-230001308179-26-000330Section “Director Compensation”. As printed: 323,543. Filing ↗machine: t153 · r8 · c9 · span 344692–344699
17Section 08, Robert J. ClarkDEF 14A2026-04-230001308179-26-000330Section “Director Compensation”. As printed: 261,109. Filing ↗machine: t153 · r1 · c9 · span 340818–340825
18Section 08, Paul M. RadyDEF 14A2026-04-230001308179-26-000330Section “Director Compensation”. As printed: 0. Filing ↗
19Section 08, Michael N. KennedyDEF 14A2026-04-230001308179-26-000330Section “Director Compensation”. As printed: 0. Filing ↗
20Section 06, 2026 voteForm 8-K2026-06-040001104659-26-070581Item 5.07 · say-on-pay result. As reported: 95.3% (votes for as printed: 224,923,971). Filing ↗
21Section 06, 2025 voteForm 8-K2025-06-060001104659-25-056937Item 5.07 · say-on-pay result. As reported: 70.31% (votes for as printed: 174,027,559). Filing ↗
22Section 06, 2024 voteForm 8-K2024-06-060001104659-24-069133Item 5.07 · say-on-pay result. As reported: 67.8% (votes for as printed: 171,284,425). Filing ↗
23Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
24Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
25Section 09b board cost (computed)ComputedcomputedCash 1,103,163 + equity 1,605,215 + all other -500 = 2,707,878, summed across the director compensation table rows.machine: formula: Σ = 2,707,878
26EQT Corporation, Section 10b CEO totalDEF 14A2026-02-260001104659-26-020027CEO total compensation as printed in EQT Corporation's own proxy. As printed: 16,087,233. Filing ↗machine: r1 · c48 · span 1446364–1446374
27Diamondback Energy Inc., Section 10b CEO totalDEF 14A2026-04-090001308179-26-000242CEO total compensation as printed in Diamondback Energy Inc.'s own proxy. As printed: 14,931,423. Filing ↗machine: t243 · span 824819–824829
28Coterra Energy Inc., Section 10b CEO totalDEF 14A2025-03-200001104659-25-026126CEO total compensation as printed in Coterra Energy Inc.'s own proxy. As printed: 14,748,960. Filing ↗machine: t61 · r1 · c63 · span 936374–936384
29Ovintiv Inc., Section 10b CEO totalDEF 14A2026-03-250001193125-26-124351CEO total compensation as printed in Ovintiv Inc.'s own proxy. As printed: 13,693,140. Filing ↗machine: r3 · c31 · span 1274573–1274583
30APA Corp., Section 10b CEO totalDEF 14A2026-04-090001193125-26-149453CEO total compensation as printed in APA Corp.'s own proxy. As printed: 13,202,517. Filing ↗machine: t67 · r2 · c24 · span 1213765–1213775
31Devon Energy Corporation, Section 10b CEO totalDEF 14A2026-05-280001104659-26-067065CEO total compensation as printed in Devon Energy Corporation's own proxy. As printed: 12,566,384. Filing ↗machine: r1 · c22 · span 1488697–1488707
32Expand Energy Corporation, Section 10b CEO totalDEF 14A2026-04-240001104659-26-048155CEO total compensation as printed in Expand Energy Corporation's own proxy. As printed: 9,879,106. Filing ↗
33Civitas Resources, Inc., Section 10b CEO totalDEF 14A2025-04-210001558370-25-005077CEO total compensation as printed in Civitas Resources, Inc.'s own proxy. As printed: 8,385,769. Filing ↗machine: t156 · r5 · c14 · span 1210375–1210384
34Range Resources Corporation, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134699CEO total compensation as printed in Range Resources Corporation's own proxy. As printed: 8,375,421. Filing ↗machine: span 2305762–2305771
35Antero Resources (subject), Section 10b CEO totalDEF 14A2026-04-230001308179-26-000330CEO total compensation as printed in Antero Resources's own proxy. As printed: 6,687,656. Filing ↗machine: t260 · r1 · c27 · span 557200–557209
36Section 10a, Civitas Resources, Inc. reciprocityDEF 14A0001558370-25-005077Civitas Resources, Inc.'s most recent proxy was read; its disclosed peer group does not include Antero Resources. Filing ↗
37Section 10a, Diamondback Energy Inc. reciprocityDEF 14A0001308179-26-000242Diamondback Energy Inc.'s most recent proxy was read; its disclosed peer group does not include Antero Resources. Filing ↗
38Section 10a, APA Corp. reciprocityDEF 14A0001193125-26-149453APA Corp. names Antero Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
39Section 10a, Range Resources Corporation reciprocityDEF 14A0001193125-26-134699Range Resources Corporation names Antero Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
40Section 10a, Ovintiv Inc. reciprocityDEF 14A0001193125-26-124351Ovintiv Inc. names Antero Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Devon Energy Corporation reciprocityDEF 14A0001104659-26-067065Devon Energy Corporation's most recent proxy was read; its disclosed peer group does not include Antero Resources. Filing ↗
42Section 10a, EQT Corporation reciprocityDEF 14A0001104659-26-020027EQT Corporation names Antero Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Coterra Energy Inc. reciprocityDEF 14A0001104659-25-026126Coterra Energy Inc. names Antero Resources in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Expand Energy Corporation reciprocityDEF 14A0001104659-26-048155Expand Energy Corporation's most recent proxy was read; its disclosed peer group does not include Antero Resources. Filing ↗