Antero Resources Announces Third Quarter 2025 Financial and Operating Results

Core Insights - Antero Resources Corporation reported strong operational performance in Q3 2025, achieving multiple drilling and completion records while completing strategic acquisitions to enhance production capacity and inventory [2][3][4] Financial Performance - Net production averaged 3.4 Bcfe/d, with natural gas production at 2.2 Bcf/d and liquids production at 206 MBbl/d [4][13] - Net income was $76 million, with Adjusted Net Income at $48 million, reflecting significant year-over-year increases of 70% and 87% in Adjusted EBITDAX and net cash provided by operating activities, respectively [4][12][22] - Free Cash Flow for the quarter was $91 million, contributing to debt reduction and stock repurchases [4][11][24] Strategic Acquisitions - Antero completed three acquisitions in West Virginia for approximately $260 million, adding 75-100 MMcfe/d of net production and 10 net undeveloped locations, funded by 2025 Free Cash Flow [3][4][9] - The acquisitions were made at attractive valuations, exceeding 20% on a 2026 expected Free Cash Flow Yield basis [3] Operational Highlights - The company drilled the longest lateral in its history at over 22,000 feet and achieved a record of 14.5 completion stages per day [4][20] - Antero placed 16 Marcellus wells to sales during the quarter, with an average rate of 30 MMcfe/d per well [17] Future Outlook - Antero expects Q4 2025 production to increase to a range of 3.5 to 3.525 Bcfe/d, with full-year production anticipated at the high end of the 3.4 to 3.45 Bcfe/d range [9][10] - The company is increasing its land capital budget to $125 to $150 million to expand its position in the Marcellus Fairway [9][10] Share Repurchase Program - In Q3 2025, Antero repurchased 1.5 million shares for approximately $51 million, with a total of 4.7 million shares repurchased year-to-date for $163 million [7][9] Natural Gas Hedge Program - Antero added natural gas swaps for Q4 2025 and for 2026 and 2027, increasing its hedged volumes to support acquisitions and development programs [8][9]