Antero Resources Announces First Quarter 2025 Financial and Operating Results

Core Insights - Antero Resources Corporation reported strong first quarter 2025 results, driven by a differentiated strategy in securing firm transportation capacity along the Gulf Coast LNG corridor, leading to record LNG demand and premium pricing for natural gas and NGLs [3][8][9] Financial Performance - Free Cash Flow for Q1 2025 was $337 million, a significant increase from $15.5 million in Q1 2024 [4][8] - Net cash provided by operating activities rose to $458 million, up 75% from $261.6 million in the prior year [5][8] - Total revenue increased by 21% to $1.35 billion compared to $1.12 billion in Q1 2024 [41] Production and Pricing - Average net production for the quarter was 3.4 Bcfe/d, including 2.2 Bcf/d of natural gas and 206 MBbl/d of liquids [8][12] - The realized natural gas equivalent price was $4.55 per Mcfe, reflecting a $0.90 premium to NYMEX [8][12] - Average realized C3+ NGL price was $45.65 per barrel, a $1.66 premium to Mont Belvieu pricing [8][12] Debt Management - Antero reduced total debt by $204 million during the quarter, bringing total debt to $1.29 billion [7][8] - The Net Debt to trailing twelve month Adjusted EBITDAX ratio was 1.1x, indicating strong financial health [7][8] Share Repurchase Program - The company repurchased 2.7 million shares for approximately $92 million from January 1 to April 30, 2025, with $1 billion remaining in the share repurchase capacity [6][8] Capital Expenditures - Drilling and completion capital expenditures for Q1 2025 were $157 million, which is 16% lower than the previous year [8][18] - Antero added approximately 6,000 net acres through land leasing, representing 26 incremental drilling locations [18] Future Outlook - The company expects full year 2025 C3+ NGL prices to average a premium to Mont Belvieu pricing in the range of $1.50 to $2.50 per barrel due to firm sales agreements for 90% of LPG export volumes [9][12] - Antero has implemented a lean gas hedge program for 2026, locking in attractive rates with a floor price of $3.07 per MMBtu and a ceiling of $5.96 per MMBtu [10][11]