Antero Resources Corporation (AR)

Antero Resources produces gas in Appalachia and earns a noticeable share of revenue from associated liquids.

The company's acreage lies in the part of the field where gas comes up together with propane, butane and ethane. Those liquids are sold separately and often at more than the gas, and a substantial share goes for export — hence exposure to world prices rather than to the domestic market alone.

The company contracted pipeline capacity to the coast in advance, which solves Appalachian gas's main problem: no way to move it out when there is a surplus. The result is decided by winter gas prices and by liquids spreads. Risks: a warm winter, transport costs contracted long-term, and debt. The company pays no dividend.