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Antero Resources (AR) investor relations material

Antero Resources Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Production guidance increased and capital expenditures reduced for 2025, reflecting strong operational efficiency and well performance.

  • Net income reached $157 million in Q2 2025, with Adjusted EBITDAX up 151% year-over-year to $379 million.

  • Free cash flow was $262 million in Q2 2025, and net debt was reduced by $187 million to $1.1 billion.

  • Hedging strategies for 2026 include wide costless collars covering 20% of expected natural gas volumes.

  • Share repurchases totaled $126 million in Q2, with $900 million buyback capacity remaining.

Financial highlights

  • Q2 2025 revenue rose to $1.3 billion, up 33% year-over-year, driven by higher natural gas prices.

  • Net income attributable to shareholders was $157 million, reversing a prior year loss.

  • Free cash flow for Q2 2025 was $262 million, with nearly $200 million used for debt reduction.

  • Net debt decreased to $1.1 billion as of June 30, 2025, from $1.49 billion at year-end 2024.

  • Adjusted EBITDAX for the twelve months ended June 30, 2025, was $1.45 billion.

Outlook and guidance

  • 2025 production guidance raised to 3.4–3.45 Bcfe/d, with natural gas at 2.19–2.23 Bcf/d and liquids at 198,000–207,000 Bbl/d.

  • Drilling and completion capital guidance lowered to $650–$675 million for 2025.

  • C3+ NGL realized price premium guidance updated to $1.00–$2.00 per barrel for 2025.

  • Management expects continued free cash flow generation and further debt reduction.

  • No material cash taxes expected until at least 2028.

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Frequently asked questions

Antero Resources Corporation, an independent oil and natural gas company, engages in the acquisition, development, and production of natural gas, natural gas liquids, and oil properties in the United States. The company's principal asset is its ownership of approximately 1 million net acres of oil and natural gas properties located in the Appalachian Basin in West Virginia and Ohio. The company also owns approximately 8,900 net acres in Colorado primarily in Garfield County. As of December 31, 2019, it had estimated proved reserves of 15,836 billion cubic feet equivalent consisting of 11,984 billion cubic feet of natural gas; 3,222 thousand barrels of NGLs; and 1,622 thousand barrels of oil. Antero Resources Corporation was founded in 2002 and is based in Denver, Colorado

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