Antero Resources (AR) Q4 2025 earnings summary

Executive summary

• Achieved record operational performance and efficiency in 2025, including no shut-ins during severe winter storms, an 8% increase in completion stages per day, and a 4% improvement in drilling speed year-over-year.

• Successfully integrated the HG Energy acquisition, expanding core Marcellus acreage by 385,000 net acres and over 400 locations, and closed the largest acquisition in company history ahead of schedule.

• Issued inaugural investment-grade bonds, enhancing financial flexibility and supporting a return-focused capital allocation strategy.

• Divested Ohio Utica asset, further concentrating operations in West Virginia and increasing dry gas exposure.

• 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 debt by over $300 million and repurchased $136 million in stock during 2025.

• Completed $261 million in acquisitions and invested $250 million in accretive deals.

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

• Adjusted EBITDAX for Q4 2025 was $437 million, up from $347 million in Q4 2024.

Outlook and guidance

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

• Maintenance capital budget set at $1 billion for 2026, with $100 million in land capital and an additional $200 million growth capital option.

• 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.

• Leverage expected to remain below 1x by end of 2026.