Antero Resources(US:AR)2026-02-11 21:34Production and Sales Performance - Antero Resources reported a net production average of 3.5 Bcfe/d in Q4 2025, a 2% increase from the previous year[4] - Antero's 2026 production guidance is set to average approximately 4.1 Bcfe/d, with potential growth to 4.5 Bcfe/d depending on commodity prices[6] - The company plans to run 3 drilling rigs and 2 completion crews in 2026, allowing for further production growth if market conditions permit[3] - Daily combined production rose by 2% from 3,431 MMcfe/d in Q4 2024 to 3,511 MMcfe/d in Q4 2025[53] - Natural gas sales increased to $2,873,241 for the year ended December 31, 2025, up 58% from $1,818,297 in 2024[48] - Natural gas sales increased by 42% from $543,794,000 in Q4 2024 to $773,596,000 in Q4 2025[52] Financial Performance - The company achieved a net income of $194 million and an Adjusted Net Income of $133 million for Q4 2025[4] - Adjusted Net Income for Q4 2025 was $132.863 million, a decrease of 26.5% from $180.653 million in Q4 2024[26] - The company reported a net income attributable to Antero Resources Corporation of $193.683 million in Q4 2025, an increase of 29.4% from $149.649 million in Q4 2024[36] - Net income attributable to Antero Resources Corporation for the year ended December 31, 2025, was $634,418, compared to $57,226 in 2024, representing a significant increase[48] - Operating income for the year ended December 31, 2025, was $883,646, compared to $460 in 2024, indicating a substantial improvement[48] - The company reported a net income per common share—diluted of $2.03 for the year ended December 31, 2025, up from $0.18 in 2024[48] Cash Flow and Expenses - Adjusted Free Cash Flow before changes in working capital for Q4 2025 was $204 million[10] - Net cash provided by operating activities for Q4 2025 was $370.743 million, compared to $278.002 million in Q4 2024, an increase of 33.4%[36] - Total operating expenses for Q4 2025 were $1,122,455,000, a slight increase of 1% from $1,110,972,000 in Q4 2024[52] - Cash flows provided by operating activities for the year ended December 31, 2023, were $994,721,000[50] - Net cash used in investing activities for the year ended December 31, 2023, was $(1,140,767,000)[50] Debt and Reserves - Net Debt decreased to $1.188 billion in 2025 from $1.489 billion in 2024, reflecting a reduction of approximately 20.2%[27] - Total long-term debt decreased to $1.398 billion in 2025 from $1.489 billion in 2024, a reduction of approximately 6.1%[27] - Long-term debt decreased to $1,397,976 in 2025 from $1,489,230 in 2024, a decline of about 6%[45] - Estimated proved reserves increased by 7% to 19.1 Tcfe at the end of 2025, with 61% being natural gas[20] Strategic Initiatives - The company closed the HG Energy acquisition in February 2026, which is expected to enhance its competitive positioning and reduce costs[5] - Antero's 2026 capital budget is $1 billion, including $900 million for maintenance and $100 million for not entering a drilling joint venture[6] - The company plans to continue focusing on operational efficiency and strategic planning to enhance financial performance in the upcoming quarters[40] - Future capital spending plans are expected to be aligned with improved capital efficiency and operational targets[40] Revenue Growth - Total revenue for the year ended December 31, 2025, was $5,275,823, an increase of 22% from $4,325,596 in 2024[48] - Total revenue for the three months ended December 31, 2025, reached $1,411,629,000, reflecting a 21% increase from $1,168,751,000 in 2024[52] Price Realization - Antero's average realized natural gas price before hedges was $3.71 per Mcf, a $0.16 per Mcf premium to the benchmark[12] - Average realized price for natural gas increased by 35% from $2.76 per Mcf in Q4 2024 to $3.72 per Mcf in Q4 2025[53] Cost Management - Drilling and completion costs on a cash basis increased to $162.166 million in Q4 2025 from $105.552 million in Q4 2024, representing a rise of 53.4%[37] - Adjusted EBITDAX for Q4 2025 was $422.145 million, up 27.1% from $331.936 million in Q4 2024[36]