ANTERO RESOURCES (AR) Company Report

Antero Resources generated over $90 million in free cash flow during Q3 2025, contributing to a year-to-date total of almost $600 million.
The company utilized its year-to-date free cash flow for $180 million in debt reduction, $163 million in stock repurchases, and $242 million in asset acquisitions.
Antero achieved record operating performance in Q3 2025, including an average of 14.5 completion stages per day and a world record of 15 days of continuous pumping hours.
The company anticipates significant demand growth for natural gas from LNG exports and power generation, and improving NGL fundamentals due to slowing U.S. production growth and increased export capacity.
For 2026, Antero has hedged 24% of expected natural gas volumes at $3.82 per MMBtu and 28% with collars, aiming for a free cash flow break-even of $1.75 per MCF.

Oct 30, 2025, 3:00 PM

Transcript

Antero Resources Reports Q3 2025 Operational Achievements and Financial Performance

Earnings

Guidance Update

Share Buyback

Antero Resources achieved significant operational improvements in Q3 2025, including a 17% increase in Drillout Feet per Day and an 8% decrease in Total Drilling Days per Well quarter-over-quarter. The company also set new records for longest lateral (>22,000') and Drillout Feet per Day (4,980).
For Q3 2025, the company reported $318,240 in Adjusted EBITDAX and $90,906 in Free Cash Flow.
Year-to-date through September 30, 2025, Antero generated $588,968 MM in Free Cash Flow, which was allocated to $163 MM in stock purchases, $184 MM in debt repayment, and $242 MM for acquisitions.
The company provided 2025 guidance, projecting Net Production between 3.40-3.45 Bcfe/d and D&C Capital Expenditures between $650 - $675 MM.
Antero maintains a strong balance sheet with $1,307,220 in total long-term debt as of September 30, 2025, and no near-term maturities, supported by investment-grade ratings from S&P (BBB-), Fitch (BBB-), and Moody's (Ba1).

Oct 30, 2025, 3:00 PM

Presentation

Antero Resources Reports Strong Q3 2025 Operating Performance and Strategic Initiatives

Earnings

New Projects/Investments

Share Buyback

Antero Resources reported over $90 million in free cash flow for Q3 2025, contributing to almost $600 million year-to-date, which has been allocated to $180 million in debt reduction, $163 million in stock repurchases, and $242 million in asset acquisitions.
The company achieved its most impressive operating performance to date in Q3 2025, setting numerous company records in drilling and completion results.
Antero is strategically returning to dry gas development in Harrison County, West Virginia, with expectations of a 50% improvement in well performance, from 1.3 Bcf per day to 2 Bcf per thousand foot, driven by increasing regional demand from data centers and power generation.
The natural gas market is expected to see significant demand growth, with LNG exports increasing by 4.5 Bcf from the beginning to the end of 2025 and another 10 Bcf per day over the next four months from new facilities.
Antero has hedged 24% of its expected 2026 natural gas volumes with swaps at $3.82 per MMBtu and 28% with wide collars between $3.22 and $5.83 per MMBtu, resulting in a 2026 free cash flow break-even at $1.75 per MCF.

Oct 30, 2025, 3:00 PM

Transcript

Antero Resources Reports Strong Q3 2025 Operating Performance and Strategic Capital Allocation

Earnings

Share Buyback

M&A

Antero Resources achieved its most impressive operating performance to date in Q3 2025, setting company records including an average of 14.5 completion stages per day and a world record of 15 days of continuous pumping hours.
The company generated over $90 million in free cash flow during Q3 2025, contributing to $600 million year-to-date, which was allocated to $180 million in debt reduction, $163 million in stock repurchases, and $242 million in asset acquisitions.
Antero has hedged 24% of its expected 2026 natural gas volumes with swaps at $3.82 per MMBtu and 28% with wide collars, aiming to lock in free cash flow yields of 6%-9% and achieve a 2026 free cash flow break-even of $1.75 per MCF.
Management anticipates significant natural gas demand growth driven by LNG exports (expected to increase by 4.5 Bcf from early to end of 2025, and another 10 Bcf/day over the next four months) and power generation. The company is also conducting a market check for its Ohio assets.

Oct 30, 2025, 3:00 PM

Transcript

Antero Resources Reports Strong Q3 2025 Results and Strategic Capital Allocation

Earnings

Guidance Update

M&A

Antero Resources reported strong financial results for Q3 2025, with net income of $76 million, Adjusted EBITDAX of $318 million (a 70% increase from the prior year period), and Free Cash Flow of $91 million.
Net production averaged 3.4 Bcfe/d in Q3 2025, and the company updated its full year 2025 production guidance to the high end of the 3.4 to 3.45 Bcfe/d range.
The company actively managed capital by completing $260 million in strategic acquisitions , purchasing 1.5 million shares for $51 million during the quarter , and reducing debt by $182 million year-to-date.
Antero also increased its full year 2025 land capital budget to $125 to $150 million for expanded leasing and added a spot rig for dry gas development.

Oct 29, 2025, 8:51 PM

8-K

Antero Resources Announces Third Quarter 2025 Results

Earnings

Guidance Update

Share Buyback

Antero Resources reported net income of $76 million and Adjusted EBITDAX of $318 million for the third quarter of 2025, with Free Cash Flow reaching $91 million.
The company achieved strong operational performance in Q3 2025, with net production averaging 3.4 Bcfe/d and setting company records for drilling and completion activities, including the longest lateral drilled at over 22,000 feet.
Strategic initiatives included $260 million in Marcellus acquisitions and the repurchase of 1.5 million shares for $51 million during Q3 2025, contributing to $163 million in share repurchases year-to-date.
Antero updated its 2025 guidance, projecting Q4 2025 net daily natural gas equivalent production to increase to a range of 3.5 to 3.525 Bcfe/d and raising the full year 2025 land capital budget to $125 million to $150 million.

Oct 29, 2025, 8:15 PM

Press Release

Antero Resources 8-K Reports Annual Meeting Vote Outcomes

Proxy Vote Outcomes

Auditor Change

Executive Compensation

Annual meeting held on June 4, 2025 where stockholders voted on key proposals including board director elections, auditor ratification, and executive compensation decisions.
Class III board director nominees received detailed vote counts, with significant support evident in the votes cast for each nominee.
KPMG LLP was ratified as the independent auditor for 2025 with over 270 million votes in favor, and the advisory vote on executive compensation also provided clear results.

Jun 6, 2025, 12:00 AM

8-K

Antero Resources Q1 2025 Earnings & Results Update

Earnings

Share Buyback

Guidance Update

Debt Issuance

Financial & Production Performance: Q1 2025 net production averaged 3.4 Bcfe/d, generating $337 million in free cash flow, with net income of $208 million (adjusted $247 million) and over $200 million in debt reduction to $1.29 billion.
Operational Highlights: Achieved improved efficiency with average completed feet per day at 2,452 and set a record of 18 completion stages on one pad in March.
Hedging Strategy: Updated strategy for 2026 using natural gas collars with a floor of $3.07 and a ceiling of $5.96, executed via structured swap arrangements (320,000 MMBtu/d) to hedge about 9% of expected volumes.
Liquids & NGL Fundamentals: Strengthened outlook with improved LPG premium guidance of $1.50 to $2.50 per barrel versus $1.41 in 2024, supported by robust export positioning.
Production Pricing Breakdown: Realized a pre-hedge natural gas equivalent price of $4.55 per Mcfe and a C3+ NGL price of $45.65 per barrel from production comprising 2.2 Bcf/d natural gas and 206 MBbl/d liquids.
Guidance & Share Buyback: Updated Q1 guidance targeting production of 3.35–3.45 Bcfe/d and repurchased 2.7 million shares for approximately $92 million, with further buybacks planned when market opportunities arise.
Legal Disclaimer: Includes comprehensive legal disclaimer with forward-looking statements addressing commodity price volatility and operational uncertainties.

May 1, 2025, 3:01 PM

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