as of 11-03-2026 3:50pm EST
Antero Resources is an exploration and production firm whose operations represent a pure play in the Marcellus Shale, located in northern West Virginia. The company started in 2002 as an E&P focused on the Barnett Shale (Fort Worth, Texas). Antero redefined itself in Appalachia's Marcellus Shale in 2005. In 2012, shortly before Antero's 2013 IPO, Antero Midstream Partners was formed to handle the company's rapidly growing gas volumes. In 2026, the firm narrowed its focus further by selling its Ohio Utica assets and using the proceeds to acquire additional Marcellus acreage from HG Energy. Just over half of its production and earning power is tied to natural gas, with the remainder mostly NGLs, where it holds a leading position, and some crude oil.
| Founded: | 2002 | Country: | United States |
| Employees: | N/A | City: | DENVER |
| Market Cap: | 11.0B | IPO Year: | 2013 |
| Target Price: | $50.59 | AVG Volume (30 days): | 4.3M |
| Analyst Decision: | Buy | Number of Analysts: | 22 |
| Dividend Yield: | N/A | Dividend Payout Frequency: | N/A |
| EPS: | 3.81 | EPS Growth: | 1027.78 |
| 52 Week Low/High: | $31.15 - $45.75 | Next Earning Date: | 10-28-2026 |
| Revenue: | $5,275,823,000 | Revenue Growth: | 21.97% |
| Revenue Growth (this year): | 30.53% | Revenue Growth (next year): | 2.08% |
| P/E Ratio: | 10.70 | Index: | N/A |
| Free Cash Flow: | 687.0M | FCF Growth: | +45.05% |
SEC 8-K filings with transcript text
Oct 28, 2026 · 100% conf.
1D
+1.35%
$42.58
Act: -2.30%
5D
+5.24%
$44.21
20D
+6.01%
$44.53
2 tm2628427d1_ex99-1.htm
Exhibit 99.1
Antero Resources Announces Third Quarter 2026 Financial and Operating Results
Denver, Colorado, October 28, 2026—Antero Resources Corporation (NYSE: AR) (“Antero Resources,” “Antero,” or the “Company”) today announced its third quarter 2026 financial and operating results. The relevant consolidated financial statements are included in Antero Resources’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
Highlights:
·Net production was a company record at over 4.2 Bcfe/d, an increase of 23% from the year ago period
·Net income was $367 million and Adjusted Net Income was $256 million (Non-GAAP)
·Adjusted EBITDAX was $634 million (Non-GAAP), an increase of 99% compared to the prior year period
·Net cash provided by operating activities was $575 million
·Adjusted Free Cash Flow was $215 million (Non-GAAP), an increase of 137% compared to the year ago period
·Total cash operating costs were below the low end of the guidance range at $2.05 per Mcfe, a decrease of $0.39 per Mcfe, or 16%, from the year ago period
·Purchased 1.6 million shares for approximately $56 million
·Completed longest horizontal lateral length in company history at approximately 25,000 feet
Strategic Updates:
·Completed 265 MMcf/d of premium priced supply contracts tied to growing in-basin demand at Clarington, Ohio
·Optimized 400 MMcf/d of firm transportation in the third quarter of 2026; targeting 1 Bcf/d of optimization in 2027
Michael Kennedy, CEO and President of Antero Resources commented, “It has been a remarkable year for Antero. Over the last twelve months we have grown our net production by nearly 1 Bcfe/d though accretive transactions and efficiency gains. We also reduced our cost structure by approximately $0.40 per Mcfe, driving higher margins for our business. We accomplished all of this while also reducing our share count by over 5 million shares and maintaining leverage at approximately 1.0x. We believe our business strategy of product diversity, reduced cost structure and prudent hedging will decrease earnings volatility and drive peer-leading Free Cash Flow per share growth.”
Brendan Krueger, CFO of Antero Resources said, “In just the first year of our margin enhancement initiative, we have made substantial progress. For the third quarter of 2026, we reduced our cash cost structure to $2.05 per Mcfe, compared to $2.44 per Mcfe in the third quarter of 2025, a decrease of $0.39 per Mcfe. This drove a 27% improvement in our unhedged EBITDAX margin to $1.28 per Mcfe for the third quarter of 2026 from $1.01 per Mcfe in the third quarter of 2025. This increase in margin was achieved despite NYMEX natural gas prices declining 4%.”
For a discussion of the non-GAAP financial
measures including Adjusted Net Income, Adjusted EBITDAX, Adjusted Free Cash Flow and Net Debt please see “Non-GAAP Financial Measures.”
1
Margin Enhancement Update
During the third quarter Antero began executing on its margin enhancement initiatives. Antero expects to achieve $140 million of its $300 million target by mid-2027. This includes $50 million through the optimization of its firm transportation portfolio, $60 million from the reversion of the Overriding Royalty Interest and $30 million from the expiration of the Volumetric Production Payment.
Natural Gas Firm Transportation Optimization - During the third quarter, driven by significant end-user demand, Antero entered into firm transportation optimization agreements related to approximately 400 MMcf/d of natural gas. The impact of these agreements is a $20 million annualized increase of Free Cash Flow. Antero is commencing a formal process in the fourth quarter of 2026, targeting the optimization of over 1 Bcf/d of natural gas, which is expected to result in an annualized Free Cash Flow increase of $50 million.
Overriding Royalty Interests Reversion – The Overriding Royalty Interest (“ORRI”) sold in 2020 achieved its return hurdles in the second quarter of 2026. As of July 1, 2026, 85% of the ORRI distributions have reverted to Antero. The estimated impact of the reversion on annualized Free Cash Flow is approximately $60 million.
Volumetric Production Payment - The Volumetric
Production Payment (“VPP”) transaction sold in 2020 expires on August 1, 2027. At expiration, VPP volumes will revert to Antero, resulting in an increase in net production of approximately 35 MMcf/d of natural gas. The estimated impact of the reversion on annualized Free Cash Flow is approximately $30 million.
Regional Natural Gas Sales Agreements
In addition to the progress made on the $300 million margin enhancement initiatives detailed above, Antero entered into 265 MMcf/d of supply contracts that support the growing in-basin demand at the Clarington, Ohio market. These transactions highlight Antero’s ability to achieve significant incremental margin improvement driven by demand-pull sales agreements.
Share Repurchase Prog
Jul 29, 2026 · 100% conf.
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+1.35%
$35.62
Act: +0.46%
5D
+5.25%
$36.98
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2 tm2621397d1_ex99-1.htm
Exhibit 99.1
Antero Resources Announces Second Quarter 2026 Financial and Operating Results
Denver, Colorado, July 29, 2026—Antero Resources Corporation (NYSE: AR) (“Antero Resources,” “Antero,” or the “Company”) today announced its second quarter 2026 financial and operating results. The relevant consolidated financial statements are included in Antero Resources’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
Highlights:
●Net production was a company record and above guidance at over 4.1 Bcfe/d, an increase of 21% from the year ago period
●Net income was $279 million and Adjusted Net Income was $236 million (Non-GAAP)
●Adjusted EBITDAX was $595 million (Non-GAAP), an increase of 57% compared to the prior year period
●Net cash provided by operating activities was $439 million
●Total cash operating costs were at the low end of the guidance range at $2.38 per Mcfe, a decrease of $0.29 per Mcfe, or 11%, from the year ago period
●Adjusted Free Cash Flow before changes in working capital was $220 million (Non-GAAP), an increase of 41% compared to the year ago period
●Purchased 1.1 million shares for approximately $38 million during the quarter
●Completed $315 million of strategic acquisitions in July 2026 in Antero’s core Marcellus footprint, including 125 MMcfe/d of net production and 15 net drilling locations
●Reversion of the overriding royalty interests results in an expected $60 million increase in annualized future cash, or a $0.04 per Mcfe margin uplift
2026 Guidance Updates:
●Increasing production guidance to a range of 4.15 to 4.2 Bcfe/d for the full year 2026
●Increasing C2 NGL realized price premium to Mont Belvieu to $2.50 to $3.00 per Bbl
●Decreasing cash production expense guidance to a range of $2.20 to $2.30 per Mcfe
●Decreasing the realized natural gas price premium to NYMEX to a range of $0.05 to $0.15 per Mcfe
Michael Kennedy, CEO and President of Antero Resources commented, “The second quarter of 2026 reflects the first full quarter following our acquisition of HG Energy. Our quarterly results highlight the substantial benefits from this transaction. Our production base increased by more than 20% from a year ago and our cost structure declined by over 10%. In combination with the strategic acquisitions we completed this July, we expect our per unit costs to continue to decline into year end. Further, while the region’s gross production has remained flat, net production to Antero is expected to exit the year over 25% higher than the prior year.”
Mr. Kennedy continued, “Our improved competitive position provides us with great visibility and confidence in our Free Cash Flow, which supported the accelerated timing of our share repurchase program. During the second quarter we purchased 1.1 million shares for $38 million and we plan to continue being countercyclical with our buybacks when we see opportunities.”
Brendan Krueger, CFO of Antero Resources said, “Our recently announced cost reduction initiative is expected to decrease our cost structure by $0.70 per Mcfe from 2025 levels, or 25% in total by year-end 2028. With the integration of HG Energy, we are already nearly halfway towards achieving this target. Lower cash costs will drive significant increases in per unit margins. Additionally, when combining this lower cost structure with our liquids product diversification and hedging strategy, we expect a substantial reduction in cash flow volatility going forward. This was highlighted through our second quarter 2026 results where the Henry Hub natural gas price declined 16% from the year ago period, while our adjusted EBITDAX increased 57%.”
For a discussion of the non-GAAP financial
measures including Adjusted Net Income, Adjusted EBITDAX, Adjusted Free Cash Flow and Net Debt please see “Non-GAAP Financial Measures.”
1
2026 Guidance Update
Antero is increasing its full year 2026 production guidance to a range of 4.15 to 4.2 Bcfe/d, to reflect strong performance year-to-date and the acquisitions made in July 2026. Antero is forecasting 5 Bcfe of curtailments in the third quarter of 2026 and expects third quarter production to average 4.25 to 4.3 Bcfe/d with fourth quarter production increasing to an average of 4.4 to 4.5 Bcfe/d.
Cash production expense guidance was lowered to a range of $2.20 to $2.30 per Mcfe, reflecting the HG Energy integration and optimization of firm transportation agreements. Realized natural gas price premium to NYMEX was lowered primarily to reflect the optimization of the firm transportation arrangements.
Revised 2026 Guidance Low High
Net Daily Natural Gas Equivalent Production (Bcfe/d) 4.15 4.2
Cash Production Expense ($/Mcfe) $2.20 $2.30
Natural Gas Realized Price Premium vs. NYMEX Henry Hub ($/Mcf) $0.05 $0.15
C2 NGL Realized Price Premium to Mont Belvieu ($/Bbl) $2.50 $3.00
Note: Any 2026 guidance items not discussed in this release are unchanged from previously state
Apr 29, 2026 · 100% conf.
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-1.08%
$38.59
Act: +0.64%
5D
-6.30%
$36.55
Act: -5.56%
20D
-0.24%
$38.92
Act: -8.20%
2 tm2612870d1_ex99-1.htm
Exhibit 99.1
Antero Resources Announces First Quarter 2026 Financial and Operating Results
Denver, Colorado, April 29, 2026—Antero Resources Corporation (NYSE: AR) (“Antero Resources,” “Antero,” or the “Company”) today announced its first quarter 2026 financial and operating results. The relevant consolidated financial statements are included in Antero Resources’ Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
Highlights:
·Net production averaged a company record 3.9 Bcfe/d, an increase of 13% from the year ago period
oNatural gas production averaged 2.6 Bcf/d, an increase of 21% from the year ago period
oLiquids production averaged 206 MBbl/d, in line with the year ago period
·Realized a pre-hedge natural gas price of $5.57 per Mcf, a $0.53 per Mcf premium to NYMEX
·Realized a pre-hedge C3+ NGL price of $37.83 per barrel, a $0.94 per barrel premium to the benchmark
·Net income was $535 million and Adjusted Net Income was $357 million (Non-GAAP)
·Adjusted EBITDAX was $723 million (Non-GAAP) and net cash provided by operating activities was $859 million, increases of 32% and 88% compared to the prior year period, respectively
·Adjusted Free Cash Flow was $657 million (Non-GAAP)
·Closed HG acquisition in early February and completed the Ohio Utica Shale divestiture in late February
·Full HG quarter impact during the second quarter of 2026 is expected to result in 6% production growth and 15% lower cash costs per Mcfe from the first quarter of 2026
Michael Kennedy, CEO and President of Antero Resources commented, “During the first quarter we achieved record production, which was 13% above the year ago period. This production growth drove one of the highest quarterly EBITDAX and Free Cash Flow results in company history. These results reflect a tremendous performance from our operations team which navigated the harsh conditions of Winter Storm Fern without having to shut-in any volumes. This enabled Antero to deliver critical natural gas to the various regions that needed it most, a truly remarkable achievement by our people in the field.”
Mr. Kennedy continued, “Looking ahead, the recent geopolitical events have highlighted the advantages of Antero’s corporate strategy. We are the largest producer exporter of NGLs in the U.S., selling the majority of our NGL barrels into international markets. We expect recent global supply outages and disruptions to lead to increasing risk premiums for U.S. NGL barrels both in the near term and in the years ahead. At the same time, we have the highest LNG exposure among Appalachian producers, selling 2.3 Bcf/d of production to sales points along the LNG fairway. We are seeing growing interest from global NGL and LNG buyers that are looking to increase exposure to U.S. supply. This prioritization toward U.S. supply supports higher export utilization and more attractive price premiums at our sales points along the coasts. These attributes uniquely position us to benefit from today’s rising global demand for U.S. energy.”
Brendan Krueger, CFO of Antero Resources said, “During the first quarter we closed on the HG acquisition and began integration of the new asset. The impressive operational and financial achievements mentioned above led to realizations for natural gas, NGLs and ethane all coming in ahead of expectations during the quarter. This allowed us to reduce debt related to the HG acquisition ahead of our previously communicated targets. Importantly, as a result of the transactions, we expect our net production to increase by approximately 700 MMcfe/d on an annual basis. Additionally, the HG acquisition added 385,000 net acres and 400 drilling locations, while only increasing our Net Debt by $1.5 billion from the year-end 2025 level.”
For a discussion of the non-GAAP financial
measures including Adjusted Net Income, Adjusted EBITDAX, Adjusted Free Cash Flow and Net Debt please see “Non-GAAP Financial Measures.”
1
Cash Cost Reduction
Antero expects cash production expense for the remainder of 2026 to be $2.20 to $2.30 per Mcfe. This reduced range reflects a $0.25 per Mcfe, or 10% reduction from the full-year average in 2025 and a $0.39 per Mcfe, or 15% reduction from the first quarter of 2026. Inclusive of G&A and net marketing expense the total cost reduction is expected to be $0.30 per Mcfe. The production and development of the HG assets are expected to result in cash production expenses remaining in that range going forward, assuming current natural gas strip pricing.
Second Quarter and Full-Year 2026 Guidance
Update
Antero expects second quarter production to average 4.1 Bcfe/d, a 6% increase from the first quarter of 2026, driven by a full quarter of production from the HG acquisition. The second half of 2026 is expected to average approximately 4.2 Bcfe/d. This results in a full year average of approximately 4.1 Bcfe/d, unchanged from prior guidance. This annual guidance reflect
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