Antero Resources (AR) came out with quarterly earnings of $0.15 per share, missing the Zacks Consensus Estimate of $0.22 per share. This compares to a loss of $0.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -31.82%. A quarter ago, it was expected that this oil and natural gas producer would post earnings of $0.48 per share when it actually produced earnings of $0.35, delivering a surprise of -27.08%.Over the last four qu ...

Production and Operations - Net production averaged 3.4 Bcfe/d, including 2.2 Bcf/d of natural gas and 206 MBbl/d of liquids[4] - Fourth quarter 2025 production is expected to increase to a range of 3.5 to 3.525 Bcfe/d, with full year 2025 production now expected at the high end of the 3.4 to 3.45 Bcfe/d range[11] - The company set a record for the longest lateral drilled in its history at over 22,000 feet and averaged 14.5 completion stages per day[4] - Achieved a record of 22,000 lateral feet drilled, the longest in company history[21] - Averaged 14.5 completion stages per day, the highest for a quarter[21] - Established a record for continuous pumping hours at 349 hours[21] - Natural gas production increased by 1% from 200 Bcf in Q3 2024 to 202 Bcf in Q3 2025[51] Financial Performance - Net income was $76 million, with Adjusted Net Income of $48 million, and Adjusted EBITDAX of $318 million, reflecting increases of 70% and 87% compared to the prior year period[4] - Total revenue for the three months ended September 30, 2025, was $1,213,994, an increase of 14.9% compared to $1,055,920 for the same period in 2024[46] - Natural gas sales increased to $630,887 for the three months ended September 30, 2025, up from $425,802 in 2024, representing a growth of 48.2%[46] - Net income attributable to Antero Resources Corporation for the three months ended September 30, 2025, was $76,179, compared to a net loss of $35,347 in the same period of 2024[46] - Operating income for the three months ended September 30, 2025, was $118,117, a significant recovery from an operating loss of $24,972 in 2024[46] - Cash flows provided by operating activities for the nine months ended September 30, 2025, were $1,260,187, compared to $571,286 for the same period in 2024, indicating a substantial increase[48] - Total revenue increased by 15% from $1,055,920 in Q3 2024 to $1,213,994 in Q3 2025, with natural gas sales rising by 48% to $630,887[50] - Adjusted EBITDAX grew by 70% from $186,900 in Q3 2024 to $318,240 in Q3 2025[50] Cash Flow and Debt Management - Free Cash Flow for the third quarter was $91 million, contributing to debt reduction of $182 million and stock repurchases of $163 million during 2025[4][5] - Net Debt decreased from $1,489,230,000 in December 2024 to $1,307,220,000 by September 2025[25] - Total long-term debt decreased from $1,489,230,000 in December 2024 to $1,307,220,000 in September 2025[25] - The company experienced a significant increase in cash flows from financing activities, with a net cash used of $(405,998) in 2025 compared to $16,965 provided in 2024[48] Costs and Expenses - The all-in cash expense was $2.44 per Mcfe in the third quarter, slightly up from $2.42 per Mcfe during the same period in 2024[17] - Drilling and completion costs on a cash basis increased from $147,075,000 in Q3 2024 to $166,968,000 in Q3 2025[38] - Total operating expenses increased by 1% from $1,080,892 in Q3 2024 to $1,095,877 in Q3 2025[50] - Average costs for lease operating increased by 11% to $0.10 per Mcfe in Q3 2025[51] Strategic Initiatives - Antero completed approximately $260 million in strategic acquisitions, adding 75-100 MMcfe/d of net production and 10 net undeveloped locations[5] - The company is increasing its land capital budget by $50 million to expand its position in the Marcellus Fairway, adding 79 incremental drilling locations year-to-date[6] - Antero added natural gas swaps for 2026 and 2027, increasing its fourth quarter 2025 natural gas swaps to approximately 646 BBtu/d at $3.70/MMBtu[9] - The company expects continued improvements in capital efficiency and production targets in the future[39] Market and Pricing - Antero's average realized natural gas price before hedges was $3.12 per Mcf, a $0.05 per Mcf premium to the benchmark index price[15] - Average realized price for natural gas before derivative settlements rose by 46% to $3.12 per Mcf in Q3 2025[51] - Oil sales decreased by 41% from $52,724 in Q3 2024 to $31,351 in Q3 2025[50] - The company reported a significant increase in commodity derivative fair value gains, rising by 114% to $39,243 in Q3 2025[50] Taxation - The company reported a decrease in production and ad valorem taxes from $47,423 in 2024 to $28,884 in 2025, a reduction of 39.2%[46] - Production and ad valorem taxes decreased by 39% from $47,423 in Q3 2024 to $28,884 in Q3 2025[50]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 (State or other jurisdiction of incorporation or organization) Delaware 80-0162034 (IRS Employer Identification No.) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file ...

Michael Kennedy, CEO and President of Antero Resources commented, "Antero's third quarter results yet again raised the bar for operational performance, as we set numerous drilling and completion records during the period. In addition, we completed several bolt-on acquisitions located in our core Marcellus acreage position in West Virginia. The transactions increase Antero's production and inventory and enhance our ability to capitalize on the significant demand increases expected for natural gas. Further, ...

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Core Viewpoint - Adamera Minerals Corp. is offering its Talisman Copper-Silver-Tungsten Property for joint venture, highlighting the project's potential for exploration due to increased demand for critical minerals, despite it not being core to the company's business [1] Group 1: Project Overview - The Talisman Property includes the historic Talisman tungsten mine and has reported mineral grades of 0.35–1.0% WO₃ [1] - The property has shown significant mineralization of copper, silver, lead, zinc, and bismuth, with high-grade copper and silver averaging 5% and 103 g/t respectively [3][4] - Historical production of tungsten at the Talisman Mine was significant during World War II, supplying strategic materials for military applications [3] Group 2: Mineralization and Exploration - Recent exploration has identified a polymetallic mineralized system that extends beyond the old tungsten mine workings, indicating potential for a larger deposit [3] - Surface sampling and geophysical interpretation suggest that mineralization of copper, silver, zinc, and lead extends well beyond the historic mine, with significant values reported [4][5] - The mineralized corridor is approximately 1.5 kilometers long, with multiple magnetic anomalies coinciding with surface mineralization [5] Group 3: Future Plans - The company plans to conduct a drill program to test beneath and along the strike of the former mine workings, targeting high-grade scheelite zones and associated copper-silver-bearing sulphides [6] - A systematic soil and rock geochemistry study focusing on tungsten and a detailed electromagnetic survey are also planned [6] - The Talisman Property is recognized as a strategic exploration asset in a geopolitically secure jurisdiction, with the company seeking joint venture proposals to continue exploration while focusing on its gold assets [6]

Group 1 - The article discusses a portfolio consisting of 16 stocks that the author believes are crucial for their financial future, highlighting a strategy based on high conviction investment ideas [1] - The author expresses a beneficial long position in the shares of specific companies, indicating a personal investment interest [1] Group 2 - The article emphasizes that past performance does not guarantee future results, and no specific investment recommendations are provided [2] - It notes that the views expressed may not reflect those of the entire platform, indicating a diversity of opinions among analysts [2]

Industry Overview - The global demand for cleaner fuel is increasing, leading to a rise in natural gas demand, particularly driven by the growth of data centers requiring substantial natural gas-powered electricity [1] - U.S. LNG exports are on the rise, indicating a growing global appetite for natural gas [1] Price Projections - The U.S. Energy Information Administration (EIA) forecasts natural gas spot prices to reach $3.40 per million BTU by 2025, an increase from $2.20 per million BTU last year, which is expected to benefit exploration and production companies [2][6] Company Highlights - EQT Corporation is a leading natural gas producer in the U.S., with a strong presence in the Appalachian basin, reporting $2 billion in cumulative free cash flows over the past three quarters, indicating robust financial health [3][6] - Kinder Morgan Inc. operates a vast pipeline network of approximately 66,000 miles, transporting about 40% of the natural gas produced in the U.S., positioning the company to benefit from the increasing demand for clean energy [4][6] - Antero Resources is a prominent upstream energy company in the Appalachian Basin, with a favorable production outlook due to its extensive drilling inventories, likely to benefit from rising natural gas prices [5]