Antero Resources Announces Fourth Quarter 2025 Results and 2026 Guidance

Core Insights - Antero Resources reported a record production and financial performance for Q4 2025, with significant increases in production and cash flow metrics, setting a strong foundation for 2026 growth [1][2][5] Financial Performance - Q4 2025 Adjusted Free Cash Flow before changes in working capital was $204 million, with Adjusted EBITDAX at $422 million and net income of $194 million [1][2] - The company achieved a net production average of 3.5 Bcfe/d, a 2% increase from the previous year, and realized a pre-hedge natural gas equivalent price of $3.97 per Mcfe, a $0.42 premium to NYMEX [1][2] Production and Operational Highlights - Antero set operational records, averaging 16.1 stages per day over an entire pad and placing 18 Marcellus wells to sales with an average lateral length of 12,500 feet [2] - The company plans to increase production to an average of 4.1 Bcfe/d in 2026, supported by a $1 billion capital budget, including $900 million for maintenance and $100 million for additional drilling activities [1][2] Strategic Acquisitions - The acquisition of HG Energy, completed ahead of schedule, is expected to enhance Antero's competitive positioning and increase its dry gas exposure, contributing to a larger production base [1][2] - The company also plans to divest its Ohio Utica Shale assets, with the transaction expected to close by the end of February 2026 [1][2] Reserves and Development Plans - As of December 31, 2025, Antero's estimated proved reserves increased by 7% to 19.1 Tcfe, with 61% being natural gas and 38% NGLs [2] - The five-year development plan includes 296 gross proved undeveloped (PUD) locations, with an estimated future development cost of $2.3 billion for 4.7 Tcfe of proved undeveloped reserves [2] Capital Expenditure and Guidance - Antero's 2026 capital budget includes $1 billion for drilling and completion, with potential discretionary growth capital of up to $200 million based on commodity prices [1][2] - The company anticipates first quarter 2026 production to average approximately 3.8 Bcfe/d, increasing to 4.1 Bcfe/d in the second quarter due to the full contribution from the HG Energy acquisition [1][2]