Antero Resources Announces Third Quarter 2025 Financial and Operating Results

About this update from Antero Resources Corporation

[{"type":"text","content":" DENVER , Oct. 29, 2025 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources," "Antero," or the "Company") today announced its third quarter 2025 financial and operating results. The relevant consolidated financial statements are included in Antero Resources' Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.","length":390,"tagName":"p"},{"type":"image","alt":"Antero Resources logo. (PRNewsFoto/Antero Resources Corporation)","displaySize":"","headline":null,"caption":"Antero Resources logo. (PRNewsFoto/Antero Resources Corporation)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":136,"url":"https://media.zenfs.com/en/prnewswire.com/fbbf235d4292127a3a9bf0fdba0bec30"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/P_1g7Fvho2Ult12u4AYsNQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTI0MDtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/fbbf235d4292127a3a9bf0fdba0bec30","width":400,"height":136}},"href":"https://mma.prnewswire.com/media/156646/antero_resources_corporation.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":" Highlights: ","length":11,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Net production averaged 3.4 Bcfe/d ","length":34,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Natural gas production averaged 2.2 Bcf/d ","length":46,"tagName":"p"}]},{"val":[{"type":"text","content":" Liquids production averaged 206 MBbl/d ","length":43,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":89,"olType":false}]},{"val":[{"type":"text","content":" Realized a pre-hedge natural gas equivalent price of $3.59 per Mcfe, which is a $0.52 per Mcfe premium to NYMEX ","length":111,"tagName":"p"}]},{"val":[{"type":"text","content":" Realized a pre-hedge C3+ NGL price of $36.60 per barrel ","length":55,"tagName":"p"}]},{"val":[{"type":"text","content":" Net income was $76 million and Adjusted Net Income was $48 million (Non-GAAP) ","length":77,"tagName":"p"}]},{"val":[{"type":"text","content":" Adjusted EBITDAX was $318 million (Non-GAAP) and net cash provided by operating activities was $310 million, increases of 70% and 87% compared to the prior year period, respectively ","length":181,"tagName":"p"}]},{"val":[{"type":"text","content":" Free Cash Flow was $91 million (Non-GAAP) ","length":41,"tagName":"p"}]},{"val":[{"type":"text","content":" Drilled longest lateral in company history at more than 22,000 lateral feet ","length":75,"tagName":"p"}]},{"val":[{"type":"text","content":" Averaged highest completion stages per day for a quarter at 14.5 completion stages per day ","length":90,"tagName":"p"}]},{"val":[{"type":"text","content":" Established a company record for continuous pumping hours at 349 hours ","length":70,"tagName":"p"}]},{"val":[{"type":"text","content":" Completed approximately $260 million of strategic acquisitions, all in Antero's core Marcellus footprint ","length":108,"tagName":"p"}]},{"val":[{"type":"text","content":" Added a spot rig on a dry gas pad to be completed in early 2026 ","length":63,"tagName":"p"}]},{"val":[{"type":"text","content":" Purchased 1.5 million shares for approximately $51 million during the third quarter ","length":83,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1077,"olType":false},{"type":"text","content":"Michael Kennedy, CEO and President of Antero Resources commented, "Antero's third quarter results yet again raised the bar for operational performance, as we set numerous drilling and completion records during the period. In addition, we completed several bolt-on acquisitions located in our core Marcellus acreage position in West Virginia. The transactions increase Antero's production and inventory and enhance our ability to capitalize on the significant demand increases expected for natural gas. Further, these transactions were financed through 2025's Free Cash Flow."","length":602,"tagName":"p"},{"type":"text","content":"Mr. Kennedy continued, "We are excited to return to our dry gas acreage, where we have not drilled in over a decade. We spud a pad during the fourth quarter of 2025, which highlights our ability to quickly increase dry gas production to supply power for datacenters, other power generation projects or to sell into the local market if local basis were to tighten meaningfully. As a reminder, we have approximately 1,000 gross dry gas locations over approximately 100,000 net acres that are held by production which could see accelerated activity under these scenarios."","length":579,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Brendan Krueger, CFO of Antero Resources said, "Our best-in-class low maintenance capital requirements has led to substantial Free Cash Flow in 2025. During the year, we used this Free Cash Flow to finance several bolt-on acquisitions, pay down $182 million of debt, and purchase $163 million of stock. These strategic transactions are immediately accretive on a per share basis across all key metrics including Free Cash Flow and Net Asset Value. Looking ahead, we will continue to focus on opportunistically adding to our position in the core of the West Virginia Marcellus, maintaining low absolute debt levels and repurchasing our stock."","length":652,"tagName":"p"},{"type":"text","content":" For a discussion of the non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDAX, Free Cash Flow and Net Debt please see "Non-GAAP Financial Measures." ","length":180,"tagName":"p"},{"type":"text","content":" Strategic Initiatives ","length":21,"tagName":"p"},{"type":"text","content":" Acquisitions - Antero completed three separate acquisitions, all in its West Virginia development footprint, for approximately $260 million. These transactions include 75-100 MMcfe/d of net production and 10 net undeveloped locations. The acquisitions were funded with a portion of 2025 Free Cash Flow and were acquired at attractive valuations of more than 20% on a 2026 expected Free Cash Flow Yield basis. The transactions closed at the end of the third quarter and had minimal impact on quarterly results.","length":509,"tagName":"p"},{"type":"text","content":" Expanded Leasing Efforts - Antero is increasing its land capital budget by $50 million in order to expand its position in the Marcellus Fairway in West Virginia. The Company added 79 incremental drilling locations year-to-date through its organic leasing program at an average cost of approximately $900,000 per location. The accelerated acreage acquisitions reflect the ongoing strong well performance and the success of the development program, which has expanded the core Marcellus fairway.","length":493,"tagName":"p"},{"type":"text","content":" Dry Gas Development - Antero added a spot rig to spud a dry gas pad in the fourth quarter of 2025, with no change to its 2025 budget. This pad is expected to turn in line during the first quarter of 2026 and to act as a proof of concept on Antero's ability to quickly increase dry gas activity to supply power for datacenters, other power generation projects or to sell into the local market if local basis were to tighten meaningfully. Antero has approximately 1,000 gross dry gas locations and over 100,000 net acres entirely held-by-production, that could see accelerated activity under these scenarios.","length":610,"tagName":"p"},{"type":"text","content":" Share Purchase Program - During the third quarter 2025, Antero purchased 1.5 million shares for an aggregate $51 million. Year-to-date, Antero has purchased approximately 4.7 million shares for an aggregate $163 million. Antero's share purchases were at a 6% discount to the year-to-date volume weighted average price per share through September 30, 2025. Antero has approximately $915 million of capacity remaining on its previously approved share repurchase program.","length":472,"tagName":"p"},{"type":"text","content":" Natural Gas Hedge Program - Antero added natural gas swaps for the fourth quarter of 2025, and full years 2026 and 2027 in order to support its acquisitions and its dry and lean gas development program. The Company increased its fourth quarter 2025 natural gas swaps by approximately 550 BBtu/d, bringing its total to 646 BBtu/d at $3.70/MMBtu. Antero also added 600 BBtu/d of natural gas swaps for 2026 at $3.82/MMBtu and 100 BBtu/d of natural gas swaps for 2027 at $3.93/MMBtu. In addition, Antero restructured its natural gas costless collars for 2026, raising the floor price from $3.14 per MMBtu to $3.22 per MMBtu with a ceiling price of $5.83 per MMBtu. For more details, please see the presentation titled "Hedges and Guidance Presentation" on Antero's website. The hedges below are as of October 29, 2025.","length":828,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;","val":[{"type":"text","content":" Swaps ","length":5,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"3","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.83em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" 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Eleven of these wells have been on line for approximately 60 days with an average rate per well of 30 MMcfe/d, including 1,720 Bbl/d of liquids per well assuming 25% ethane recovery .  In addition, Antero set a number of company drilling and completion records, including:","length":389,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Drilled longest lateral in company history at more than 22,000 lateral feet","length":75,"tagName":"p"}]},{"val":[{"type":"text","content":"Averaged highest completion stages per day for a quarter at 14.5 completion stages per day","length":90,"tagName":"p"}]},{"val":[{"type":"text","content":"Established a company record for continuous pumping hours at 349 hours","length":70,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":235,"olType":false},{"type":"text","content":" Third Quarter 2025 Capital Investment ","length":37,"tagName":"p"},{"type":"text","content":"Antero's drilling and completion capital expenditures for the three months ended September 30, 2025 were $172 million. In addition to capital invested in drilling and completion activities, the Company invested $42 million in land during the third quarter. Through this investment, Antero added approximately 7,000 net acres, representing 32 incremental drilling locations, doubling the 16 wells brought on line during the third quarter at an average cost of approximately $1.0 million per location. In addition to the incremental locations, Antero also acquired minerals in its Marcellus area of development to increase its net revenue interest in future drilling locations. Year to date, Antero's organic leasing program has added 79 incremental drilling locations at an average cost of $900,000 per location.","length":819,"tagName":"p"},{"type":"text","content":" Conference Call ","length":15,"tagName":"p"},{"type":"text","content":"A conference call is scheduled on Thursday, October 30, 2025 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference "Antero Resources." A telephone replay of the call will be available until Thursday, November 6, 2025 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13750397. To access the live webcast and view the related earnings conference call presentation, visit Antero's website at www.anteroresources.com. The webcast will be archived for replay until Thursday, November 6, 2025 at 9:00 am MT.","length":777,"tagName":"p"},{"type":"text","content":" Presentation ","length":12,"tagName":"p"},{"type":"text","content":"An updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteroresources.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release.","length":306,"tagName":"p"},{"type":"text","content":" Non-GAAP Financial Measures ","length":27,"tagName":"p"},{"type":"text","content":" Adjusted Net Income ","length":19,"tagName":"p"},{"type":"text","content":"Adjusted Net Income as set forth in this release represents net income, adjusted for certain items. Antero bel...

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