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Antero Resources Corp
NYSE:AR

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Antero Resources Corp
NYSE:AR
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Price: 33.19 USD -5.47% Market Closed
Market Cap: $10.2B

Antero Resources Corp
Investor Relations

Nestled in the Appalachian Basin, Antero Resources Corp. stands as one of the leading independent exploration and production companies in the United States, with its core operations deeply rooted in the rich Marcellus and Utica Shale formations. These regions are renowned for their abundant deposits of natural gas and natural gas liquids (NGLs), which have attracted energy companies keen on harnessing these resources. Antero's success story is intertwined with its strategic focus on acquiring high-quality acreage and deploying advanced drilling technologies to efficiently extract hydrocarbons. This meticulous approach to resource development not only maximizes production but also optimizes operational costs, enabling the company to keep a sharp competitive edge in a crowded marketplace.

The revenue model of Antero Resources is centered on the exploration, extraction, and sale of natural gas and NGLs, leveraging both domestic and international market opportunities. While the company directly sells these raw energy products to utilities and industrial consumers, it also benefits from strategic midstream partnerships that enhance its distribution capabilities, notably through Antero Midstream Corporation. These partnerships facilitate the transportation, processing, and storage of its products, ensuring that Antero can efficiently deliver energy to where it's needed most. In addition to these operations, Antero's financial health is reinforced through a hedging strategy that helps them navigate the volatility of energy prices, securing relatively predictable cash flows and further buttressing its standing as a robust player in the energy sector.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 12, 2026
AI Summary
Q4 2025

Strong Free Cash Flow: Antero generated over $750 million in free cash flow in 2025, exceeding expectations and allowing for significant debt reduction, stock buybacks, and investment in acquisitions.

HG Energy Acquisition: The HG Energy acquisition was closed ahead of schedule, expanding Antero's core Marcellus position, increasing production by over 30%, and reducing cash costs by nearly 10%.

Production Growth Outlook: Production averaged 3.4 Bcfe/day in 2025 and is forecasted to rise to 4.1 Bcfe/day in 2026, with optional growth to 4.3–4.5 Bcfe/day in 2027 depending on gas prices and demand.

Capital Flexibility: Management emphasized a flexible, capital-efficient program, with growth spending contingent on $3+ NYMEX gas prices and strong local basis differentials.

Improving Market Conditions: Management cited tightening gas storage, record winter demand, and stronger NGL/LPG fundamentals as supportive of higher prices and margins going forward.

Balance Sheet Strength: Leverage is expected to return to below 1x by end of 2026, and no specific debt target restricts further opportunistic buybacks.

Key Financials
Free Cash Flow
Over $750 million
Debt Reduction
Over $300 million
Share Buybacks
$136 million
Production (2025 average)
3.4 Bcfe/day
Production (2026 guidance)
4.1 Bcfe/day
Production (2027 growth option)
Up to 4.5 Bcfe/day
Drilling & Completion Capital (2026)
$1 billion
Maintenance Capital
$900 million
Growth Capital Option (2026)
Up to $200 million
Hedged 2026 Natural Gas Volume
Approximately 60% at high-$3/MMBtu
Hedged 2027 Natural Gas Volume
About 30% at high-$3/MMBtu
Cash Cost Reduction
Nearly 10%
Margin Improvement
$0.25 per Mcf
Stages Per Day (2025 record)
19 stages in a day
Average Stages Per Day (2025)
Over 14
Drilling Days per 10,000 feet (2025)
Under 5 days
Leverage (expected end of 2026)
Below 1x
Other Earnings Calls

Management

Mr. Paul M. Rady
Co-Founder, President, Chairman & CEO
No Bio Available
Mr. Michael N. Kennedy
Senior VP of Finance & CFO
No Bio Available
Ms. Yvette K. Schultz J.D.
Chief Compliance Officer, Senior VP of Legal, General Counsel & Corporate Secretary
No Bio Available
Mr. Jon S. McEvers
Senior Vice President of Operations
No Bio Available
Ms. Sheri L. Pearce
Senior VP of Accounting & Chief Accounting Officer
No Bio Available
Mr. Steven M. Woodward
Senior Vice President of Business Development
No Bio Available
Mr. J. Kevin Ellis
Regional Senior Vice President
No Bio Available
Mr. W. Patrick Ash
Senior Vice President of Reserves, Planning & Midstream
No Bio Available
Mr. Robert H. Krcek
Senior Vice President of Midstream
No Bio Available
Mr. Timothy J. C. Rady
Senior Vice President of Land
No Bio Available

Contacts

Address
COLORADO
Denver
1615 Wynkoop St
Contacts