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Antero Resources (AR) investor relations material
Antero Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved record operational performance in Q3 2025, including world record for continuous pumping hours, record drillout feet per day, and new company records for lateral length and completion efficiency.
Net income attributable to shareholders was $76 million for Q3 2025, reversing a $35 million loss in Q3 2024, with revenue rising to $1.21 billion, driven by higher natural gas prices and volumes.
Expanded Marcellus core acreage and leasing in West Virginia, with strategic acquisitions totaling $260 million and a focus on dry gas development.
Strategic use of hedging and updated hedge positions to manage commodity price risk and reduce cash flow volatility.
Free cash flow allocated among acquisitions, debt reduction, and share repurchases, with $915 million remaining under the buyback program.
Financial highlights
Generated nearly $600 million in free cash flow year-to-date through September 30, 2025, with Q3 free cash flow of $91 million.
Adjusted EBITDAX for Q3 2025 was $318 million, up 70% year-over-year, and trailing twelve months Adjusted EBITDAX reached $1.58 billion.
Net debt decreased to $1.31 billion as of September 30, 2025, with a leverage ratio of 0.8x and liquidity of $1.3 billion.
Natural gas sales increased 48% year-over-year in Q3 2025 to $631 million, while NGL sales decreased 7% and oil sales fell 41%.
Year-to-date, paid down $182 million in debt, repurchased $163 million in stock, and invested $242 million in asset acquisitions.
Outlook and guidance
2025 net production guidance: 3.4–3.45 Bcfe/d, with Q4 2025 production expected to rise to 3.5–3.525 Bcfe/d.
Capital expenditures for 2025 expected at $650–$675 million for D&C and $125–$150 million for land, with a revised total capital budget of $775–$825 million.
Land budget expected to remain elevated, targeting $75–$150 million for organic leasing and potential for higher spend if opportunities persist.
Plans to complete 60–65 net horizontal wells in 2025, with substantial dry gas inventory available to accelerate activity if regional demand increases.
C3+ NGL realized price premium to Mont Belvieu revised to $0.75–$1.00/bbl for 2025.
Dry gas ramp-up timeline and scale?
Share repurchase program: future pace and priority?
Target FCF yield for future acquisitions?
Harrison County dry gas: market signals?
NGL supply growth impact on 2026 prices?
Ohio asset sale: capital allocation priorities?
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Next Antero Resources earnings date
Q4 202512 Feb, 2026
Next Antero Resources earnings date
Q4 202512 Feb, 2026
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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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