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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.
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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