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    Antero Resources Announces Second Quarter 2025 Financial and Operating Results

    7/30/25 4:15:00 PM ET
    $AR
    Oil & Gas Production
    Energy
    Get the next $AR alert in real time by email

    DENVER, July 30, 2025 /PRNewswire/ -- Antero Resources Corporation (NYSE:AR) ("Antero Resources," "Antero," or the "Company") today announced its second quarter 2025 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, 2025. 

    Antero Resources logo. (PRNewsFoto/Antero Resources Corporation)

    Highlights:

    • Net production averaged 3.4 Bcfe/d
      • Natural gas production averaged 2.2 Bcf/d
      • Liquids production averaged 200 MBbl/d
    • Realized a pre-hedge natural gas equivalent price of $3.85 per Mcfe, which is a $0.41 per Mcfe premium to NYMEX
    • Realized a pre-hedge C3+ NGL price of $37.92 per barrel
    • Net income was $157 million and Adjusted Net Income was $110 million (Non-GAAP)
    • Adjusted EBITDAX was $379 million (Non-GAAP) and net cash provided by operating activities was $492 million, increases of 151% and 243% compared to the prior year period, respectively
    • Free Cash Flow was $262 million (Non-GAAP)
    • Net Debt during the quarter was reduced by $187 million, to $1.1 billion (Non-GAAP)
    • Purchased 3.6 million shares for approximately $126 million from April 1st through July 30th
    • Published Antero's Annual ESG Report highlighting emissions reduction progress and significant local economic impacts

    2025 Full-Year Guidance Highlights:

    • Increasing production guidance to 3.4 to 3.45 Bcfe/d, driven by strong well performance
    • Decreasing drilling and completion capital guidance to $650 to $675 million, due to continuing capital efficiency gains

    Paul Rady, Chairman, CEO and President of Antero Resources commented, "For the second consecutive year we increased production guidance, while also reducing our drilling and completion capital budget. This reflects continued strong well performance combined with improving on our peer leading capital efficiency."

    Mr. Rady continued, "Looking ahead, natural gas demand is expected to grow by more than 25% by 2030 driven by LNG export growth and increasing power demand fueled by AI Data Centers. With firm transportation capacity to the Gulf Coast LNG corridor and over 20 years of premium drilling inventory, Antero is uniquely positioned to benefit from both the significant new LNG capacity and the strong regional power demand growth that is anticipated by the end of the decade."

    Michael Kennedy, CFO of Antero Resources said, "Our best-in-class low maintenance capital requirements allows us to generate substantial Free Cash Flow in 2025. During the second quarter, we used this Free Cash Flow to pay down nearly $200 million of debt and purchase $85 million of stock. Year-to-date through July 30th, we purchased 4.4 million shares, or $152 million of stock. In addition, we have paid down approximately $400 million or 30% of our total debt in the first two quarters of the year. Going forward, we plan to actively manage our return of capital strategy, continuing to use buybacks opportunistically, while maintaining our focus on further debt reduction."

    For a discussion of the non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDAX, Free Cash Flow and Net Debt please see "Non-GAAP Financial Measures."

    2025 Guidance Update 

    Antero is increasing its full year 2025 production guidance to 3.4 to 3.45 Bcfe/d. The higher than expected volumes are driven by stronger well performance. Antero is decreasing its full year 2025 drilling and completion capital budget to $650 to $675 million. The lower expected spend is a result of continued capital efficiency gains.

    Antero is updating its full year C3+ NGL realized price guidance to a premium of $1.00 to $2.00 per barrel to reflect second quarter 2025 actuals. Antero still expects the company's C3+ NGL pricing premium to average $1.50 to $2.50 per barrel during the second half of 2025.  







     Full Year 2025







    Revised



    Full Year 2025 Guidance







    Low



     High

    Net Daily Natural Gas Equivalent Production (Bcfe/d)







    3.4



    3.45

    Drilling and Completion Capital Budget ($MM)







    $650



    $675

    C3+ NGL Realized Price Premium vs Mont Belvieu ($/Bbl)







    $1.00



    $2.00

















    Note: Any 2025 guidance items not discussed in this release are unchanged from previously stated guidance.



    Free Cash Flow

    During the second quarter of 2025, Free Cash Flow was $262 million.





















    Three Months Ended

    June 30,







    2024



    2025



    Net cash provided by operating activities



    $

    143,499





    492,358



    Less: Capital expenditures





    (192,385)





    (208,409)



    Less: Distributions to non-controlling interests in Martica





    (19,282)





    (21,512)



    Free Cash Flow



    $

    (68,168)





    262,437



    Changes in Working Capital (1)





    (11,700)





    (106,165)



    Free Cash Flow before Changes in Working Capital



    $

    (79,868)





    156,272







    (1)

    Working capital adjustments in the second quarter of 2024 includes $11 million in net increases in current assets and liabilities and less than $1 million in net increases in accounts payable and accrued liabilities for additions to property and equipment.  Working capital adjustments in the second quarter of 2025 includes $116 million in net increases in current assets and liabilities and $10 million in net decreases in accounts payable and accrued liabilities for additions to property and equipment.





    Share Purchase Program

    From April 1, 2025 to July 30, 2025 Antero purchased 3.6 million shares at an average weighted price of $34.49 per share, or an aggregate $126 million. Antero's share purchases were at an 8% discount to the volume weighted average price per share of $37.29 per share during that same period. This illustrates the opportunistic strategy around the share buyback program. Antero has approximately $900 million of capacity remaining on its current share purchase program.

    Debt Reduction

    As of June 30, 2025 Antero's total debt was $1.1 billion. Net Debt to trailing twelve month Adjusted EBITDAX was 0.8x. During the quarter, Antero reduced total debt by $187 million. Year-to-date, as of the end of the second quarter, Antero reduced debt by approximately $400 million, or 30% of total debt.

    Natural Gas Hedge Program

    Antero added new natural gas costless collars for 2026. These wide collars lock in attractive rates of returns with a floor price of $3.14 per MMBtu and a ceiling price of $6.31 per MMBtu. Antero did not enter into any new natural gas hedges for 2025. For more detail please see the presentation titled "Hedges and Guidance Presentation" on Antero's website. 









    Natural Gas

    MMBtu/d





    Weighted

    Average Index

    Price ($/MMBtu)



    % of Estimated

    Natural Gas

    Production (1)



    2025 NYMEX Henry Hub Swap



    100,000



    $

    3.12



    4 %



































    Weighted Average Index













    Natural

    Gas

    (MMBtu/d)





     Floor Price

    ($/MMBtu)





    Ceiling Price

    ($/MMBtu)



    % of Estimated

    Natural Gas

    Production (1)

    2026 NYMEX Henry Hub Costless Collars



    500,000



    $

    3.14



    $

    6.31



    21 %











































    (1)   Based on the midpoint of 2025 natural gas guidance (including BTU upgrade)

    Second Quarter 2025 Financial Results

    Net daily natural gas equivalent production in the second quarter averaged 3.4 Bcfe/d, including 200 MBbl/d of liquids. Antero's average realized natural gas price before hedges was $3.39 per Mcf, a $0.05 per Mcf discount to the benchmark index price. Antero's realized natural gas price during the quarter was negatively impacted by maintenance in June on a Gulf Coast directed pipeline. This resulted in increased sales at a regional hub that is priced at a discount to the benchmark. Antero's average realized C3+ NGL price before hedges was $37.92 per barrel.

    The following table details average net production and average realized prices for the three months ended June 30, 2025:







































    Three Months Ended June 30, 2025







    Natural Gas

    (MMcf/d)



    Oil

    (Bbl/d)



    C3+ NGLs

    (Bbl/d)



    Ethane

    (Bbl/d)



    Combined

    Natural Gas

    Equivalent

    (MMcfe/d)



    Average Net Production





    2,230





    7,385





    116,571





    76,088





    3,430



     









































    Three Months Ended June 30, 2025





    Natural

    Gas



    Oil



    C3+ NGLs



    Ethane



    Combined

    Natural Gas

    Equivalent



    Average Realized Prices



    ($/Mcf)



    ($/Bbl)



    ($/Bbl)



    ($/Bbl)



    ($/Mcfe)



    Average realized prices before settled derivatives



    $

    3.39





    50.15





    37.92





    11.34





    3.85



    Index price (1)



    $

    3.44





    63.74





    38.07





    10.11





    3.44



    Premium / (Discount) to Index price



    $

    (0.05)





    (13.59)





    (0.15)





    1.23





    0.41





































    Settled commodity derivatives



    $

    (0.03)





    —





    —





    —





    (0.02)



    Average realized prices after settled derivatives



    $

    3.36





    50.15





    37.92





    11.34





    3.83



    Premium / (Discount) to Index price



    $

    (0.08)





    (13.59)





    (0.15)





    1.23





    0.39



    (1)

    Please see Antero's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, for more information on these index and average realized prices.

    All-in cash expense, which includes lease operating, gathering, compression, processing and transportation and production and ad valorem taxes was $2.48 per Mcfe in the second quarter, as compared to $2.36 per Mcfe during the second quarter of 2024. The increase was due primarily to higher gathering, compression, processing and transportation costs related to increased fuel costs as a result of higher natural gas prices. Net marketing expense was $0.06 per Mcfe during the second quarter of 2025, compared to $0.07 per Mcfe during the second quarter of 2024.

    Second Quarter 2025 Operating Results

    Antero placed 18 horizontal Marcellus wells to sales during the second quarter with an average lateral length of 13,500 feet. Eleven of these wells have been on line for approximately 60 days with an average rate per well of 24 MMcfe/d, including 1,200 Bbl/d of liquids per well assuming 25% ethane recovery.

    Second Quarter 2025 Capital Investment

    Antero's drilling and completion capital expenditures for the three months ended June 30, 2025 were $171 million. In addition to capital invested in drilling and completion activities, the Company leased $26 million in land during the second quarter. Through this leasing, Antero added approximately 5,000 net acres, representing 20 incremental drilling locations, replenishing the 18 wells brought on line during the second quarter at an average cost of approximately $820,000 per location. In addition to the incremental locations, Antero also acquired minerals in its Marcellus area of development to increase its net revenue interest in future drilling locations.

    2024 ESG Report Highlights

    Antero published its 2024 ESG Report, marking the Company's 8th year reporting on its environmental, social and governance (ESG) performance. This year's report highlights the Company's emissions reduction progress, significant local economic impacts, increased water recycling rate and continued commitment to safety across our operations. The report can be found at www.anteroresources.com/esg.

    • Decreased absolute methane emissions (metric tons) by 77% and methane intensity by 79% since 2019
    • Reduced overall Scope 1 emissions and Scope 1 GHG intensity by 63% since 2019
    • Recycled 89% of the wastewater during the year
    • On track to achieve its 2025 Net Zero Scope 1 GHG emission goal due to the reduction in overall emissions and supplemented by the LPG stove initiative in Ghana that creates premium certified carbon offsets

    Conference Call

    A conference call is scheduled on Thursday, July 31, 2025 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference "Antero Resources." A telephone replay of the call will be available until Thursday, August 7, 2025 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13750396. To access the live webcast and view the related earnings conference call presentation, visit Antero's website at www.anteroresources.com.  The webcast will be archived for replay until Thursday, August 7, 2025 at 9:00 am MT.

    Presentation

    An updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteroresources.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release.

    Non-GAAP Financial Measures

    Adjusted Net Income

    Adjusted Net Income as set forth in this release represents net income, adjusted for certain items. Antero believes that Adjusted Net Income is useful to investors in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Adjusted Net Income is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for net income as an indicator of financial performance. The GAAP measure most directly comparable to Adjusted Net Income is net income. The following table reconciles net income to Adjusted Net Income (in thousands):





















    Three Months Ended June 30,







    2024



    2025



    Net income (loss) and comprehensive income (loss) attributable to Antero Resources

         Corporation



    $

    (79,806)





    156,585



    Net income and comprehensive income attributable to noncontrolling interests





    5,208





    9,988



    Unrealized commodity derivative (gains) losses





    11,479





    (59,763)



    Amortization of deferred revenue, VPP





    (6,739)





    (6,298)



    Loss (gain) on sale of assets





    (18)





    546



    Impairment of property and equipment





    313





    6,297



    Equity-based compensation





    17,151





    15,855



    Loss on early extinguishment of debt





    —





    729



    Equity in earnings of unconsolidated affiliate





    (20,881)





    (30,563)



    Contract termination, loss contingency and settlements





    3,009





    13,596



    Tax effect of reconciling items (1)





    (938)





    13,021









    (71,222)





    119,993



    Martica adjustments (2)





    (3,225)





    (9,988)



    Adjusted Net Income (Loss)



    $

    (74,447)





    110,005



















    Diluted Weighted Average Common Shares Outstanding (3)





    310,806





    313,184







    (1)

    Deferred taxes were approximately 22% for 2024 and 2025.

    (2)

    Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above

    (3)

    Diluted weighted average shares outstanding does not include securities that would have had an anti-dilutive effect on the computation of diluted earnings per share. Anti-dilutive weighted average shares outstanding were 5.8 million for the three months ended June 30, 2024. There were no material anti-dilutive weighted average shares outstanding for the three months ended June 30, 2025.





    Net Debt

    Net Debt is calculated as total long-term debt less cash and cash equivalents. Management uses Net Debt to evaluate the Company's financial position, including its ability to service its debt obligations.

    The following table reconciles consolidated total long-term debt to Net Debt as used in this release (in thousands):





















    December 31,



    June 30,







    2024



    2025



    Credit Facility



    $

    393,200





    140,000



    8.375% senior notes due 2026





    96,870





    —



    7.625% senior notes due 2029





    407,115





    365,353



    5.375% senior notes due 2030





    600,000





    600,000



    Unamortized debt issuance costs





    (7,955)





    (6,684)



    Total long-term debt



    $

    1,489,230





    1,098,669



    Less: Cash and cash equivalents





    —





    —



    Net Debt



    $

    1,489,230





    1,098,669



    Free Cash Flow

    Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow or as a measure of liquidity. The Company defines Free Cash Flow as net cash provided by operating activities, less capital expenditures, which includes additions to unproved properties, drilling and completion costs and additions to other property and equipment, less distributions to non-controlling interests in Martica.

    The Company has not provided projected net cash provided by operating activities or a reconciliation of Free Cash Flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts.

    Free Cash Flow is a useful indicator of the Company's ability to internally fund its activities, service or incur additional debt and estimate our ability to return capital to shareholders. There are significant limitations to using Free Cash Flow as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company's net income, the lack of comparability of results of operations of different companies and the different methods of calculating Free Cash Flow reported by different companies. Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations.

    Adjusted EBITDAX

    Adjusted EBITDAX is a non-GAAP financial measure that we define as net income, adjusted for certain items detailed below. 

    Adjusted EBITDAX as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. Adjusted EBITDAX should not be considered in isolation or as a substitute for operating income or loss, net income or loss, cash flows provided by operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. Adjusted EBITDAX provides no information regarding our capital structure, borrowings, interest costs, capital expenditures, working capital movement, or tax position. Adjusted EBITDAX does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations. However, our management team believes Adjusted EBITDAX is useful to an investor in evaluating our financial performance because this measure:

    • is widely used by investors in the oil and natural gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially from company to company depending upon accounting methods and the book value of assets, capital structure and the method by which assets were acquired, among other factors;
    • helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital and legal structure from our operating structure;
    • is used by our management team for various purposes, including as a measure of our operating performance, in presentations to our Board of Directors, and as a basis for strategic planning and forecasting: and
    • is used by our Board of Directors as a performance measure in determining executive compensation.

    There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies.

    The GAAP measures most directly comparable to Adjusted EBITDAX are net income and net cash provided by operating activities. The following table represents a reconciliation of Antero's net income, including noncontrolling interest, to Adjusted EBITDAX and a reconciliation of Antero's Adjusted EBITDAX to net cash provided by operating activities per our condensed consolidated statements of cash flows, in each case, for the three months ended June 30, 2024 and 2025 (in thousands). Adjusted EBITDAX also excludes the noncontrolling interests in Martica, and these adjustments are disclosed in the table below as Martica related adjustments.























    Three Months Ended June 30,









    2024



    2025





    Reconciliation of net income (loss) to Adjusted EBITDAX:

















    Net income (loss) and comprehensive income (loss) attributable to Antero Resources

         Corporation



    $

    (79,806)





    156,585





    Net income and comprehensive income attributable to noncontrolling interests





    5,208





    9,988





    Unrealized commodity derivative (gains) losses





    11,479





    (59,763)





    Amortization of deferred revenue, VPP





    (6,739)





    (6,298)





    Loss (gain) on sale of assets





    (18)





    546





    Interest expense, net





    32,681





    19,954





    Loss on early extinguishment of debt





    —





    729





    Income tax expense (benefit)





    (17,288)





    48,190





    Depletion, depreciation, amortization and accretion





    189,413





    188,531





    Impairment of property and equipment





    313





    6,297





    Exploration expense





    643





    648





    Equity-based compensation expense





    17,151





    15,855





    Equity in earnings of unconsolidated affiliate





    (20,881)





    (30,563)





    Dividends from unconsolidated affiliate





    31,284





    31,314





    Contract termination, loss contingency, transaction expense and other





    3,020





    13,627











    166,460





    395,640





    Martica related adjustments (1)





    (15,058)





    (16,176)





    Adjusted EBITDAX



    $

    151,402





    379,464























    Reconciliation of our Adjusted EBITDAX to net cash provided by operating activities:

















    Adjusted EBITDAX



    $

    151,402





    379,464





    Martica related adjustments (1)





    15,058





    16,176





    Interest expense, net





    (32,681)





    (19,954)





    Amortization of debt issuance costs and other





    613





    356





    Exploration expense





    (643)





    (648)





    Changes in current assets and liabilities





    11,392





    116,475





    Contract termination, loss contingency, transaction expense and other





    (214)





    (318)





    Other items





    (1,428)





    807





    Net cash provided by operating activities



    $

    143,499





    492,358







    (1)   Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above. 

     













    Twelve





    Months Ended





    June 30, 2025

    Reconciliation of net income to Adjusted EBITDAX:







    Net income and comprehensive income attributable to Antero Resources Corporation



    $

    478,858

    Net income and comprehensive income attributable to noncontrolling interests





    40,804

    Unrealized commodity derivative losses





    6,913

    Amortization of deferred revenue, VPP





    (26,152)

    Loss on sale of assets





    663

    Interest expense, net





    98,661

    Loss on early extinguishment of debt





    4,156

    Income tax benefit





    (4,534)

    Depletion, depreciation, amortization, and accretion





    760,985

    Impairment of property and equipment





    53,845

    Exploration





    2,689

    Equity-based compensation expense





    64,234

    Equity in earnings of unconsolidated affiliate





    (108,783)

    Dividends from unconsolidated affiliate





    125,256

    Contract termination, loss contingency, transaction expense and other





    13,983







    1,511,578

    Martica related adjustments (1)





    (63,850)

    Adjusted EBITDAX



    $

    1,447,728



    (1)   Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above.

    Drilling and Completion Capital Expenditures

    For a reconciliation between cash paid for drilling and completion capital expenditures and drilling and completion accrued capital expenditures during the period, please see the capital expenditures section below (in thousands):



















    Three Months Ended

    June 30,





    2024



    2025

    Drilling and completion costs (cash basis)



    $

    173,323





    181,200

    Change in accrued capital costs





    (9,116)





    (10,531)

    Adjusted drilling and completion costs (accrual basis)



    $

    164,207





    170,669

    Notwithstanding their use for comparative purposes, the Company's non-GAAP financial measures may not be comparable to similarly titled measures employed by other companies.

    This release includes "forward-looking statements." Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," "goal," "target," and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources' control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding our financial strategy, future operating results, financial position, estimated revenues and losses, projected costs, estimated realized natural gas, NGL and oil prices, prospects, plans and objectives of management,  return of capital program, expected results, impacts of geopolitical, including the conflicts in Ukraine and in the Middle East, and world health events, future commodity prices, future production targets, including those related to certain levels of production, future earnings, leverage targets and debt repayment, future capital spending plans, improved and/or increasing capital efficiency, expected drilling and development plans, projected well costs and cost savings initiatives, operations of Antero Midstream, future financial position, the participation level of our drilling partner and the financial and production results to be achieved as a result of that drilling partnership, the other key assumptions underlying our projections, the impact of recently enacted legislation, and future marketing opportunities, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

    Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incidental to our business, most of which are difficult to predict and many of which are beyond the Antero Resources' control. These risks include, but are not limited to, commodity price volatility, inflation, supply chain or other disruption, availability and cost of drilling, completion and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes or changes in law, changes in emission calculation methods, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical, including the conflicts in Ukraine and the Middle East, and world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading " Risk Factors" in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2024 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

     

    ANTERO RESOURCES CORPORATION

    Condensed Consolidated Balance Sheets

    (In thousands, except per share amounts)



























    (Unaudited)







    December 31,



    June 30,







    2024



    2025



    Assets



    Current assets:















    Accounts receivable



    $

    34,413





    31,650



    Accrued revenue





    453,613





    367,895



    Derivative instruments





    1,050





    1,137



    Prepaid expenses





    12,423





    9,591



    Other current assets





    6,047





    17,261



    Total current assets





    507,546





    427,534



    Property and equipment:















    Oil and gas properties, at cost (successful efforts method):















    Unproved properties





    879,483





    883,170



    Proved properties





    14,395,680





    14,540,908



    Gathering systems and facilities





    5,802





    5,802



    Other property and equipment





    105,871





    109,318









    15,386,836





    15,539,198



    Less accumulated depletion, depreciation and amortization





    (5,699,286)





    (5,883,318)



    Property and equipment, net





    9,687,550





    9,655,880



    Operating leases right-of-use assets





    2,549,398





    2,397,054



    Derivative instruments





    1,296





    947



    Investment in unconsolidated affiliate





    231,048





    249,163



    Other assets





    33,212





    35,495



    Total assets



    $

    13,010,050





    12,766,073



    Liabilities and Equity



    Current liabilities:















    Accounts payable



    $

    62,213





    39,901



    Accounts payable, related parties





    111,066





    107,293



    Accrued liabilities





    402,591





    312,832



    Revenue distributions payable





    315,932





    364,053



    Derivative instruments





    31,792





    34,019



    Short-term lease liabilities





    493,894





    514,292



    Deferred revenue, VPP





    25,264





    24,390



    Other current liabilities





    3,175





    7,949



    Total current liabilities





    1,445,927





    1,404,729



    Long-term liabilities:















    Long-term debt





    1,489,230





    1,098,669



    Deferred income tax liability, net





    693,341





    795,816



    Derivative instruments





    17,233





    15,635



    Long-term lease liabilities





    2,050,337





    1,878,718



    Deferred revenue, VPP





    35,448





    23,794



    Other liabilities





    62,001





    64,205



    Total liabilities





    5,793,517





    5,281,566



    Commitments and contingencies















    Equity:















    Stockholders' equity:















    Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued





    —





    —



    Common stock, $0.01 par value; authorized - 1,000,000 shares; 311,165 and 309,869 shares issued

         and outstanding as of December 31, 2024 and June 30, 2025, respectively





    3,111





    3,098



    Additional paid-in capital





    5,909,373





    5,867,226



    Retained earnings





    1,109,166





    1,435,298



    Total stockholders' equity





    7,021,650





    7,305,622



    Noncontrolling interests





    194,883





    178,885



    Total equity





    7,216,533





    7,484,507



    Total liabilities and equity



    $

    13,010,050





    12,766,073



     

    ANTERO RESOURCES CORPORATION

    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)

    (In thousands, except per share amounts)





















    Three Months Ended June 30,







    2024



    2025



    Revenue and other:















    Natural gas sales



    $

    374,568





    688,753



    Natural gas liquids sales





    489,191





    480,757



    Oil sales





    63,458





    33,700



    Commodity derivative fair value gains (losses)





    (5,585)





    53,409



    Marketing





    49,418





    33,743



    Amortization of deferred revenue, VPP





    6,739





    6,298



    Other revenue and income





    865





    833



    Total revenue





    978,654





    1,297,493



    Operating expenses:















    Lease operating





    29,759





    37,244



    Gathering, compression, processing and transportation





    663,442





    701,722



    Production and ad valorem taxes





    41,933





    34,830



    Marketing





    70,807





    51,988



    Exploration





    643





    648



    General and administrative (including equity-based compensation expense of $17,151 and

         $15,855 in 2024 and 2025, respectively)





    59,428





    57,183



    Depletion, depreciation and amortization





    188,633





    187,589



    Impairment of property and equipment





    313





    6,297



    Accretion of asset retirement obligations





    780





    942



    Contract termination, loss contingency and settlements





    3,009





    13,596



    Loss (gain) on sale of assets





    (18)





    546



    Other operating expense





    11





    25



    Total operating expenses





    1,058,740





    1,092,610



    Operating income (loss)





    (80,086)





    204,883



    Other income (expense):















    Interest expense, net





    (32,681)





    (19,954)



    Equity in earnings of unconsolidated affiliate





    20,881





    30,563



    Loss on early extinguishment of debt





    —





    (729)



    Total other income (expense)





    (11,800)





    9,880



    Income (loss) before income taxes





    (91,886)





    214,763



    Income tax benefit (expense)





    17,288





    (48,190)



    Net income (loss) and comprehensive income (loss) including noncontrolling interests





    (74,598)





    166,573



    Less: net income and comprehensive income attributable to noncontrolling interests





    5,208





    9,988



    Net income (loss) and comprehensive income (loss) attributable to Antero Resources

         Corporation



    $

    (79,806)





    156,585



















    Net income (loss) per common share—basic



    $

    (0.26)





    0.50



    Net income (loss) per common share—diluted



    $

    (0.26)





    0.50



















    Weighted average number of common shares outstanding:















    Basic





    310,806





    310,323



    Diluted





    310,806





    313,184



     

    ANTERO RESOURCES CORPORATION

    Condensed Consolidated Statements of Cash Flows (Unaudited)

    (In thousands)





















    Six Months Ended June 30,







    2024



    2025



    Cash flows provided by (used in) operating activities:















    Net income (loss) including noncontrolling interests



    $

    (39,926)





    386,039



    Adjustments to reconcile net income (loss) to net cash provided by operating activities:















    Depletion, depreciation, amortization and accretion





    380,664





    375,822



    Impairments





    5,503





    11,915



    Commodity derivative fair value losses (gains)





    (3,861)





    18,262



    Gains (losses) on settled commodity derivatives





    7,262





    (17,371)



    Deferred income tax expense (benefit)





    (11,202)





    102,475



    Equity-based compensation expense





    33,228





    31,000



    Equity in earnings of unconsolidated affiliate





    (44,228)





    (59,224)



    Dividends of earnings from unconsolidated affiliate





    62,569





    62,628



    Amortization of deferred revenue





    (13,477)





    (12,528)



    Amortization of debt issuance costs and other





    1,328





    823



    Settlement of asset retirement obligations





    (1,680)





    (71)



    Contract termination, loss contingency and settlements





    3,006





    12,001



    Loss (gain) on sale of assets





    170





    (29)



    Loss on early extinguishment of debt





    —





    3,628



    Changes in current assets and liabilities:















    Accounts receivable





    19,067





    2,763



    Accrued revenue





    38,354





    85,718



    Prepaid expenses and other current assets





    6,547





    (8,382)



    Accounts payable including related parties





    6,616





    (15,139)



    Accrued liabilities





    (14,830)





    (85,528)



    Revenue distributions payable





    (32,406)





    48,121



    Other current liabilities





    2,405





    7,174



    Net cash provided by operating activities





    405,109





    950,097



    Cash flows provided by (used in) investing activities:















    Additions to unproved properties





    (43,571)





    (56,640)



    Drilling and completion costs





    (362,228)





    (356,334)



    Additions to other property and equipment





    (9,035)





    (1,580)



    Proceeds from asset sales





    418





    11,522



    Change in other assets





    291





    (2,348)



    Net cash used in investing activities





    (414,125)





    (405,380)



    Cash flows provided by (used in) financing activities:















    Repurchases of common stock





    —





    (84,966)



    Repayment of senior notes





    —





    (141,733)



    Borrowings on Credit Facility





    1,950,000





    2,291,800



    Repayments on Credit Facility





    (1,871,200)





    (2,545,000)



    Distributions to noncontrolling interests in Martica Holdings LLC





    (42,899)





    (37,481)



    Employee tax withholding for settlement of equity-based compensation awards





    (26,355)





    (26,618)



    Other





    (530)





    (719)



    Net cash provided by (used in) financing activities





    9,016





    (544,717)



    Net increase in cash and cash equivalents





    —





    —



    Cash and cash equivalents, beginning of period





    —





    —



    Cash and cash equivalents, end of period



    $

    —





    —



















    Supplemental disclosure of cash flow information:















    Cash paid during the period for interest



    $

    63,512





    48,043



    Decrease in accounts payable and accrued liabilities for additions to property and equipment



    $

    (2,967)





    (29,581)



    The following table sets forth selected financial data for the three months ended June 30, 2024 and 2025 (in thousands):

































    (Unaudited)

















    Three Months Ended



    Amount of











    June 30,



    Increase



    Percent







    2024



    2025



    (Decrease)



    Change



    Revenue:

























    Natural gas sales



    $

    374,568





    688,753





    314,185



    84

    %

    Natural gas liquids sales





    489,191





    480,757





    (8,434)



    (2)

    %

    Oil sales





    63,458





    33,700





    (29,758)



    (47)

    %

    Commodity derivative fair value gains (losses)





    (5,585)





    53,409





    58,994



    *



    Marketing





    49,418





    33,743





    (15,675)



    (32)

    %

    Amortization of deferred revenue, VPP





    6,739





    6,298





    (441)



    (7)

    %

    Other revenue and income





    865





    833





    (32)



    (4)

    %

    Total revenue





    978,654





    1,297,493





    318,839



    33

    %

    Operating expenses:

























    Lease operating





    29,759





    37,244





    7,485



    25

    %

    Gathering and compression





    222,139





    236,830





    14,691



    7

    %

    Processing





    269,985





    284,040





    14,055



    5

    %

    Transportation





    171,318





    180,852





    9,534



    6

    %

    Production and ad valorem taxes





    41,933





    34,830





    (7,103)



    (17)

    %

    Marketing





    70,807





    51,988





    (18,819)



    (27)

    %

    Exploration





    643





    648





    5



    1

    %

    General and administrative (excluding equity-based compensation)





    42,277





    41,328





    (949)



    (2)

    %

    Equity-based compensation





    17,151





    15,855





    (1,296)



    (8)

    %

    Depletion, depreciation and amortization





    188,633





    187,589





    (1,044)



    (1)

    %

    Impairment of property and equipment





    313





    6,297





    5,984



    1,912

    %

    Accretion of asset retirement obligations





    780





    942





    162



    21

    %

    Contract termination and loss contingency





    3,009





    13,596





    10,587



    352

    %

    Loss (gain) on sale of assets





    (18)





    546





    564



    *



    Other operating expense





    11





    25





    14



    127

    %

    Total operating expenses





    1,058,740





    1,092,610





    33,870



    3

    %

    Operating income (loss)





    (80,086)





    204,883





    284,969



    *



    Other earnings (expenses):

























    Interest expense, net





    (32,681)





    (19,954)





    12,727



    (39)

    %

    Equity in earnings of unconsolidated affiliate





    20,881





    30,563





    9,682



    46

    %

    Loss on early extinguishment of debt





    —





    (729)





    (729)



    *



    Total other income (expense)





    (11,800)





    9,880





    21,680



    *



    Income (loss) before income taxes





    (91,886)





    214,763





    306,649



    *



    Income tax (expense) benefit





    17,288





    (48,190)





    (65,478)



    *



    Net income (loss) and comprehensive income (loss) including noncontrolling

         interests





    (74,598)





    166,573





    241,171



    *



    Less: net income and comprehensive income attributable to noncontrolling

         interests





    5,208





    9,988





    4,780



    92

    %

    Net income (loss) and comprehensive income (loss) attributable to Antero

         Resources Corporation



    $

    (79,806)





    156,585





    236,391



    *





























    Adjusted EBITDAX



    $

    151,402





    379,464





    228,062



    151

    %



    *   Not meaningful

     

    The following table sets forth selected financial data for the three months ended June 30, 2024 and 2025:

































    (Unaudited)

















    Three Months Ended



    Amount of











    June 30,



    Increase



    Percent







    2024



    2025



    (Decrease)



    Change



    Production data (1) (2):

























    Natural gas (Bcf)





    196





    203





    7



    4

    %

    C2 Ethane (MBbl)





    7,811





    6,924





    (887)



    (11)

    %

    C3+ NGLs (MBbl)





    10,514





    10,608





    94



    1

    %

    Oil (MBbl)





    952





    672





    (280)



    (29)

    %

    Combined (Bcfe)





    311





    312





    1



    *



    Daily combined production (MMcfe/d)





    3,420





    3,430





    10



    *



    Average prices before effects of derivative settlements (3):

























    Natural gas (per Mcf)



    $

    1.92





    3.39





    1.47



    77

    %

    C2 Ethane (per Bbl) (4)



    $

    8.42





    11.34





    2.92



    35

    %

    C3+ NGLs (per Bbl)



    $

    40.27





    37.92





    (2.35)



    (6)

    %

    Oil (per Bbl)



    $

    66.66





    50.15





    (16.51)



    (25)

    %

    Weighted Average Combined (per Mcfe)



    $

    2.98





    3.85





    0.87



    29

    %

    Average realized prices after effects of derivative settlements (3):

























    Natural gas (per Mcf)



    $

    1.94





    3.36





    1.42



    73

    %

    C2 Ethane (per Bbl) (4)



    $

    8.42





    11.34





    2.92



    35

    %

    C3+ NGLs (per Bbl)



    $

    40.44





    37.92





    (2.52)



    (6)

    %

    Oil (per Bbl)



    $

    66.50





    50.15





    (16.35)



    (25)

    %

    Weighted Average Combined (per Mcfe)



    $

    3.00





    3.83





    0.83



    28

    %

    Average costs (per Mcfe):

























    Lease operating



    $

    0.10





    0.12





    0.02



    20

    %

    Gathering and compression



    $

    0.71





    0.76





    0.05



    7

    %

    Processing



    $

    0.87





    0.91





    0.04



    5

    %

    Transportation



    $

    0.55





    0.58





    0.03



    5

    %

    Production and ad valorem taxes



    $

    0.13





    0.11





    (0.02)



    (15)

    %

    Marketing expense, net



    $

    0.07





    0.06





    (0.01)



    (14)

    %

    General and administrative (excluding equity-based compensation)



    $

    0.14





    0.13





    (0.01)



    (7)

    %

    Depletion, depreciation, amortization and accretion



    $

    0.61





    0.60





    (0.01)



    (2)

    %

    *   Not meaningful

    (1)

    Production data excludes volumes related to VPP transaction.

    (2)

    Oil and NGLs production was converted at 6 Mcf per Bbl to calculate total Bcfe production and per Mcfe amounts.  This ratio is an estimate of the equivalent energy content of the products and may not reflect their relative economic value.

    (3)

    Average sales prices shown in the table reflect both the before and after effects of the Company's settled commodity derivatives.  The calculation of such after effects includes gains on settlements of commodity derivatives, which do not qualify for hedge accounting because the Company does not designate or document them as hedges for accounting purposes.  Oil and NGLs production was converted at 6 Mcf per Bbl to calculate total Bcfe production and per Mcfe amounts.  This ratio is an estimate of the equivalent energy content of the products and does not necessarily reflect their relative economic value.

    (4)

    The average realized price for the three months ended June 30, 2024 and 2025 includes $0.1 million and $0.5 million, respectively, of proceeds related to a take-or-pay contract.  Excluding the effect of these proceeds, the average realized price for ethane before and after the effects of derivatives for the three months ended June 30, 2024 and 2025 would have been $8.41 per Bbl and $11.27 per Bbl, respectively.

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/antero-resources-announces-second-quarter-2025-financial-and-operating-results-302517739.html

    SOURCE Antero Resources Corporation

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    • Director Tyree Thomas B Jr was granted 1,499 shares, increasing direct ownership by 2% to 98,011 units (SEC Form 4)

      4 - ANTERO RESOURCES Corp (0001433270) (Issuer)

      7/14/25 4:57:42 PM ET
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    • Antero Resources Announces Second Quarter 2025 Financial and Operating Results

      DENVER, July 30, 2025 /PRNewswire/ -- Antero Resources Corporation (NYSE:AR) ("Antero Resources," "Antero," or the "Company") today announced its second quarter 2025 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, 2025.  Highlights: Net production averaged 3.4 Bcfe/dNatural gas production averaged 2.2 Bcf/d Liquids production averaged 200 MBbl/d Realized a pre-hedge natural gas equivalent price of $3.85 per Mcfe, which is a $0.41 per Mcfe premium to NY

      7/30/25 4:15:00 PM ET
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    • Antero Midstream Announces Second Quarter 2025 Financial and Operating Results and Increased Guidance

      DENVER, July 30, 2025 /PRNewswire/ -- Antero Midstream Corporation (NYSE:AM) ("Antero Midstream" or the "Company") today announced its second quarter 2025 financial and operating results. The relevant unaudited condensed consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the three months ended June 30, 2025. Second Quarter 2025 Highlights: Low pressure gathering and processing volumes increased by 6% compared to the prior year quarterNet Income was $125 million, or $0.26 per diluted share, a 44% per share increase compared to

      7/30/25 4:15:00 PM ET
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    • Antero Resources Announces Second Quarter 2025 Earnings Release Date and Conference Call

      DENVER, July 9, 2025 /PRNewswire/ -- Antero Resources (NYSE:AR) ("Antero" or the "Company") announced today that the Company plans to issue its second quarter 2025 earnings release on Wednesday, July 30, 2025 after the close of trading on the New York Stock Exchange. A conference call is scheduled on Thursday, July 31, 2025 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and

      7/9/25 4:15:00 PM ET
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    • Amendment: SEC Form SC 13G/A filed by Antero Resources Corporation

      SC 13G/A - ANTERO RESOURCES Corp (0001433270) (Subject)

      11/12/24 9:50:11 AM ET
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    • SEC Form SC 13G filed by Antero Resources Corporation

      SC 13G - ANTERO RESOURCES Corp (0001433270) (Subject)

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    • SEC Form SC 13G filed by Antero Resources Corporation

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    • Argonaut Gold Announces Voting Results of Annual General & Special Meeting of Shareholders

      TORONTO, May 5, 2023 /CNW/ - Argonaut Gold Inc. (TSX:AR) (the "Company", "Argonaut Gold" or "Argonaut") is pleased to announce the voting results obtained at the Company's Annual General and Special Meeting of Shareholders held earlier today. A total of 521,935,132 shares, representing 62.22% of the Company's issued and outstanding shares, were voted at the meeting. The voting results are as follows: Set the Number of Directors to Seven Votes "For" % For Votes "Against" % Against 493,392,070 99.90 % 506,595 0.10 % Election of Directors Director Votes "For" % For Votes "Withheld" % Withheld James E. Kofman 479,652,658 97.12 % 14,246,007 2.88 % Richard Young 493,254,274 99.87 % 644,391 0.13 %

      5/5/23 4:47:00 PM ET
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    • Antero Resources Announces Appointment of Brenda R. Schroer to the Board of Directors

      DENVER, May 5, 2021 /PRNewswire/ -- Antero Resources Corporation (NYSE:AR) ("Antero Resources" or the "Company") today announced that Brenda R. Schroer has been appointed to its Board of Directors (the "Board"), as a Class I director, effective as of April 30, 2021.  Ms. Schroer is an independent director under the director independence standards set forth in the rules and regulations of the Securities and Exchange Commission and the applicable listing standards of the New York Stock Exchange. Ms. Schroer's appointment brings the size of the Board to eight directors, seven of whom are independent for service on the Board.

      5/5/21 4:15:00 PM ET
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