Antero Resources (AR) has long been mistaken for a high-cost operation. High-cost operators have nowhere to go when prices decline. That is not true for Antero Resources. The drilling costs and payback opportunities are really not all that different from their neighbors. What was different was the choice to go for a superior margin and worry about the last little bit of cost cutting later. Should the opportunity to make the superior margin disappear, then management simply sheds the costs incurred for the value-added opportunity and goes back to a more simple cost