Antero Resources (AR) Q4 2025 earnings summary

Executive summary

• Achieved record operational efficiency in 2025, including an 8% increase in completion stages per day and a 4% reduction in drilling days per foot year-over-year.

• Delivered strong operational and financial performance, with net production averaging 3.5 Bcfe/d in Q4 2025 and a 2% year-over-year increase.

• Closed the HG Energy acquisition ahead of schedule, expanding core Marcellus acreage by approximately 385,000 net acres and over 400 drilling locations, and increasing scale and dry gas exposure.

• Divested Ohio Utica asset, reinforcing focus as a leading natural gas and NGL producer in West Virginia; divestiture expected to close by end of February 2026.

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

Financial highlights

• Generated $759 million in adjusted free cash flow for 2025, with over $750 million in total free cash flow.

• Reduced net debt by over $300 million, ending 2025 at $1.19 billion.

• Repurchased $136 million in shares and completed $261 million in acquisitions.

• 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 drilling and completion capital budget set at $1 billion, with $900 million for maintenance and $100 million for land or higher working interest.

• Production forecasted at 4.1 Bcfe/d for 2026, up from 3.4 Bcfe/d in 2025, with potential to reach 4.5 Bcfe/d in 2027 if up to $200 million discretionary growth capital is deployed.

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

• Growth capital deployment is flexible and contingent on gas prices and demand, with no firm commitments.

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