In 2003, Warburg Pincus led an equity funding that formed Antero Resources, an E&P company focused on unconventional natural gas reserves in the Mid-Continent and Rocky Mountain regions of the U.S. Antero's strategy was to create value through the application of advanced completion techniques at development scale in emerging resource plays. After a successful initial investment in the Barnett Shale, the original unconventional gas play, the company acquired positions in the Arkoma, Piceance, and Appalachian Basins. Antero narrowed its focus to the Appalachian Basin in 2012 and completed its IPO in October 2013. Antero Midstream was formed as a limited partnership (AM) with a general partner (AMGP) to build out infrastructure to support Antero's upstream operations. AM and AMGP completed their IPOs in November 2014 and May 2017, respectively, before merging in March 2019 into a single entity to simplify the corporate structure. Warburg Pincus added significant value to Antero by working with the management team in establishing the business plan, optimizing corporate governance, evaluating acquisitions, executing significant capital markets activity, and providing important capital funding at critical points, including leading an equity funding extension in 2007 and making a substantial investment during the global financial crisis in September 2008. Warburg Pincus fully exited Antero, AM, and AMGP through a series of secondary share sales from 2013 to 2019.
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