Antero Resources
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Antero Resources (AR) investor relations material

Antero Resources Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

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.

What triggers discretionary growth capital deployment?
Detail HG acquisition's impact on cash costs?
How are PUDs prioritized for development?
NGL supply growth moderating: price impact?
What triggers the 2026 growth capital spend?
HG acquisition: cost structure improvement outlook?
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Frequently asked questions

Antero Resources Corporation, an independent oil and natural gas company, engages in the acquisition, development, and production of natural gas, natural gas liquids, and oil properties in the United States. The company's principal asset is its ownership of approximately 1 million net acres of oil and natural gas properties located in the Appalachian Basin in West Virginia and Ohio. The company also owns approximately 8,900 net acres in Colorado primarily in Garfield County. As of December 31, 2019, it had estimated proved reserves of 15,836 billion cubic feet equivalent consisting of 11,984 billion cubic feet of natural gas; 3,222 thousand barrels of NGLs; and 1,622 thousand barrels of oil. Antero Resources Corporation was founded in 2002 and is based in Denver, Colorado

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