ANTERO RESOURCES (AR) Company Report

Infinity Natural Resources completed a $1.2 billion acquisition of upstream and midstream Ohio Utica Shale assets from Antero Resources and Antero Midstream.
The upstream assets were acquired for a combined cash purchase price of approximately $800 million.
The deal included approximately 71,000 net horizontal acres and 141 miles of gathering lines with about 600 mmcf/d throughput capacity.
Analysts have mixed views on Antero Resources, with one firm rating the stock a Buy with an $18.50 target, while TipRanks' AI flags a Neutral view due to weak cash generation and negative free cash flow despite positive production guidance, share repurchase authorization, and supportive M&A activity.

4 days ago

Morningstar

Antero Resources Reports Q4 2025 Results, Provides 2026 Guidance, and Highlights Market Outlook

Earnings

Guidance Update

Share Buyback

Antero Resources reported Adjusted EBITDAX of $422,145 and Adjusted Free Cash Flow of $156,016 for Q4 2025. For the full year 2025, the company generated $759 MM in Adjusted Free Cash Flow, reduced net debt by ~$300 MM, and repurchased $136 MM in shares.
The company provided 2026 guidance for Net Production of 4.1 Bcfe/d and D&C Capital Expenditures of $1.0 Bn. Antero has 60% of its forecast natural gas production hedged for 2026 and 30% for 2027.
Global NGL demand is expected to rise significantly in 2026, with propane demand forecast to be the largest contributor, increasing by 280 MBbls/d year-over-year. U.S. natural gas storage has flipped to below the 5-year average in February, while winter residential and commercial natural gas demand averaged +2.9 Bcf/d above the 5-year average in 2025/2026.

Feb 12, 2026, 4:00 PM

Presentation

Antero Resources Reports Strong 2025 Financials, Details 2026 Production and Capital Outlook, and Discusses HG Energy Acquisition Impact

Earnings

M&A

Guidance Update

Antero Resources generated over $750 million in free cash flow in 2025, which was allocated to reducing debt by over $300 million, repurchasing $136 million of stock, and investing over $250 million in accretive acquisitions.
The company closed the HG Energy acquisition, which added 385,000 net acres and over 400 drilling locations, extending its core inventory life by 5 years and reducing its cost structure by nearly 10%. The divestiture of its Ohio Utica assets is expected to close in February 2026.
Antero forecasts 2026 production at 4.1 Bcfe per day, up from 3.4 Bcfe per day in 2025, with a drilling and completion capital budget of $1 billion. A discretionary growth option could increase 2027 production up to 4.5 Bcfe per day, contingent on natural gas prices.
Approximately 40% of 2026 natural gas volumes are hedged with swaps at $3.92 per MMBtu, and another 20% with wide collars between $3.24 and $5.70 per MMBtu, providing downside protection while maintaining exposure to higher prices.

Feb 12, 2026, 4:00 PM

Transcript

Antero Resources Reports Strong 2025 Financials and Outlines 2026 Outlook

Earnings

M&A

Guidance Update

Antero Resources reported strong 2025 financial results, generating over $750 million in free cash flow, which was allocated to debt reduction (over $300 million), stock repurchases ($136 million), and accretive acquisitions (more than $250 million).
The company closed the HG Energy acquisition in early February 2026, which added 385,000 net acres and over 400 drilling locations, extending core inventory life by 5 years, and is expected to reduce the cost structure by nearly 10%. This acquisition, combined with the sale of its Ohio Utica asset, solidifies Antero's position in West Virginia.
For 2026, Antero forecasts 4.1 Bcfe a day of production and a drilling and completion capital budget of $1 billion. An optional growth plan could increase 2027 production to 4.5 Bcfe a day.
Antero has hedged approximately 40% of its 2026 natural gas volumes with swaps at $3.92 per MMBtu and an additional 20% with wide collars between $3.24 and $5.70 per MMBtu, aiming to protect free cash flow while maintaining exposure to higher prices.

Feb 12, 2026, 4:00 PM

Transcript

Antero Resources Provides 2026 Guidance and Hedge Positions

Guidance Update

Earnings

New Projects/Investments

Antero Resources (AR) has provided its 2026 guidance, projecting net production of 4.1 Bcfe/d, which includes 2.8 Bcf/d of net natural gas production and 213,000 Bbl/d of net liquids production.
The company anticipates 2026 D&C Capital Expenditures of $1.0 billion and a cash production expense ranging from $2.35 to $2.45 per Mcfe.
For 2026, AR has significant natural gas hedge positions, including NYMEX Henry Hub swaps for January at 770,000 MMBtu/d with a weighted average index price of $3.90/MMBtu, and for February-December at 1,286,000 MMBtu/d with a weighted average index price of $3.92/MMBtu.
Additionally, 2026 NYMEX Henry Hub collars are in place, with January volumes of 500,000 MMBtu/d having a floor price of $3.22/MMBtu and a ceiling price of $5.83/MMBtu.

Feb 12, 2026, 4:00 PM

Presentation

Antero Resources Closes HG Energy Acquisition, Reports Strong 2025 Financials, and Provides 2026 Guidance

M&A

Guidance Update

Earnings

Antero Resources closed the HG Energy acquisition ahead of schedule, which added 385,000 net acres and over 400 drilling locations, extending core inventory life by 5 years, and is expected to reduce cash costs by nearly 10%. The divestiture of the Ohio Utica asset is expected to close in February 2026.
In 2025, the company generated over $750 million in free cash flow, which was allocated to debt reduction ($300 million), stock repurchases ($136 million), and acquisitions ($250 million).
For 2026, Antero forecasts production of 4.1 Bcfe per day and a drilling and completion capital budget of $1 billion, with an optional $200 million growth capital that could increase 2027 production to 4.5 Bcfe per day.
The company has hedged approximately 40% of its 2026 natural gas volumes with swaps at $3.92 per MMBtu and another 20% with wide collars.

Feb 12, 2026, 4:00 PM

Transcript

Antero Resources Announces Fourth Quarter 2025 Results and 2026 Guidance

Earnings

Guidance Update

M&A

Antero Resources reported net income of $194 million and Adjusted EBITDAX of $422 million for Q4 2025, with net production averaging 3.5 Bcfe/d.
The company provided 2026 guidance, expecting production to average 4.1 Bcfe/d with a $1 billion Drilling & Completion capital budget, including $100 million for not entering a drilling joint venture.
The HG Energy acquisition closed in early February 2026, which is expected to increase scale, dry gas exposure, significantly boost Adjusted Free Cash Flow, and reduce leverage to under 1.0x in 2026.

Feb 11, 2026, 9:34 PM

8-K

Antero Resources Announces Fourth Quarter 2025 Results and 2026 Guidance

Earnings

Guidance Update

M&A

Antero Resources reported fourth quarter 2025 net income of $194 million and Adjusted EBITDAX of $422 million, with net production averaging 3.5 Bcfe/d, a 2% increase from the year-ago period.
At year-end 2025, estimated proved reserves increased by 7% to 19.1 Tcfe, composed of 61% natural gas, 38% NGLs, and 1% oil.
For 2026, the company projects average production of 4.1 Bcfe/d and a drilling and completion capital budget of $1 billion, which includes $900 million for maintenance capital.
The HG Energy acquisition closed in early February 2026, expected to enhance scale, dry gas exposure, reduce costs, and significantly increase Adjusted Free Cash Flow.

Feb 11, 2026, 9:15 PM

Press Release

Antero Resources Completes Acquisition and Secures New Debt Facility

M&A

Debt Issuance

New Projects/Investments

Antero Resources Corporation completed the acquisition of HG Energy II Production Holdings, LLC from HG Energy II LLC for approximately $2.8 billion in cash consideration on February 3, 2026.
To partially fund this acquisition, Antero Resources Corporation borrowed $1.5 billion under a new unsecured Term Loan A Facility on February 3, 2026.
The Term Loan A Facility matures on February 3, 2029, and requires the company to maintain a total indebtedness to capitalization ratio of 65% or less at the end of each fiscal quarter.

Feb 3, 2026, 9:29 PM

8-K

Antero Resources Prices $750 Million Senior Notes Offering

Debt Issuance

M&A

New Projects/Investments

Antero Resources Corporation priced an underwritten public offering of $750 million in aggregate principal amount of 5.40% senior unsecured notes due 2036 at 99.869% of their principal amount.
The offering is expected to close on January 28, 2026, with estimated net proceeds of approximately $743 million.
The net proceeds from the offering are intended to partially fund the HG Acquisition.

Jan 13, 2026, 11:10 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for ANTERO RESOURCES.

Q4 2025

Feb 12, 2026

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Q3 2025

Oct 30, 2025

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Q2 2025

Jul 31, 2025

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ANTERO RESOURCES (AR)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Executives

Michael N. Kennedy

Brendan E. Krueger

Yvette K. Schultz

Board Members

Benjamin A. Hardesty

Brenda R. Schroer

Jacqueline C. Mutschler

Jeffrey S. Muñoz

Robert J. Clark

Thomas B. Tyree, Jr.

Vasiliki (Vicky) Sutil

W. Howard Keenan, Jr.

Analyst Coverage

Arun Jayaram

Kevin MacCurdy

Leo Mariani

John Freeman

David Deckelbaum

John Abbott

Phillip Jungwirth

Bertrand Donnes

Greta Dreska

Josh Silverstein

Neil Mehta

Paul Diamond

Roger Read

Sam Margolin

Subash Chandra

Ati Modak

Betty Jiang

Betty John

Carlos de Alba

Doug Leggate

Greta Drefke

Joshua Silverstein

Kale Akamina

Kale Akamine

Kaleinoheaokealaula Akamine

Nitin Kumar

Wei Jiang

Latest news

Earnings Transcripts

Q4 2025

Q3 2025

Q2 2025

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