Antero Resources (AR) Q4 2025 earnings summary

Executive summary

• Achieved record operational performance and efficiency in 2025, including best drilling and completion rates, an 8% increase in completion stages per day, and no shut-ins during severe winter storms.

• Expanded core Marcellus position by adding approximately 385,000 net acres and over 400 new drilling locations through the HG Energy acquisition, and divested Ohio Utica assets.

• Closed the HG Energy acquisition ahead of schedule, increasing scale and dry gas exposure, and acquired HG Midstream to further integrate midstream operations.

• Issued inaugural investment-grade bonds, enhancing financial flexibility.

• Net production averaged 3.5 Bcfe/d in Q4 2025, up 2% year-over-year, with a pre-hedge natural gas equivalent price of $3.97/Mcfe, a $0.42/Mcfe premium to NYMEX.

Financial highlights

• Generated $759 million in adjusted free cash flow for 2025.

• Reduced net debt by over $300 million, repurchased $136 million in stock, and invested $261 million in acquisitions.

• Q4 2025 revenue rose 21% year-over-year to $1.41 billion, with operating income up 400% to $289 million.

• Net income attributable to shareholders increased 29% year-over-year to $194 million in Q4 2025.

• Maintained leverage below 1x, with expectations to remain at this level post-acquisition.

Outlook and guidance

• 2026 production forecast at 4.1 Bcfe/d, with potential to reach 4.5 Bcfe/d in 2027 if up to $200 million discretionary growth capital is deployed.

• Drilling and completion capital budget set at $1 billion for 2026, with $100 million in land capital and up to $200 million in growth capital.

• 2026 guidance includes 70–80 operated wells completed, average lateral length of 14,600 feet, and 3 operated rigs.

• 2026 cash production expense guidance is $2.35–$2.45/Mcfe; G&A expense guidance is $0.11–$0.13/Mcfe.

• Q1 2026 production guidance is 3.8 Bcfe/d, rising to 4.1 Bcfe/d in Q2 2026 with full HG contribution.