Highlights:
Net production averaged a company record 3.9 Bcfe/d, an increase of 13% from the year ago period
Natural gas production averaged 2.6 Bcf/d, an increase of 21% from the year ago period
Liquids 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."
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 reflects approximately 20% growth year-over-year. The Company is increasing its ethane realized price premium to Mont Belvieu to $2.00 to $3.00 per barrel, reflecting a $1.00 per barrel increase at the midpoint from the prior guidance range. The Company is reducing its cash production expense guidance to a range of $2.25 to $2.35 per Mcfe, a $0.10 per Mcfe reduction at the midpoint. The lower cash production expense is due primarily to the impact of the integration of the lower production costs associated with the HG assets.
2026 Initial
2026 Revised
Full Year 2026 Guidance Updates
Low
High
Low
High
Ethane Realized Price Premium vs. Mont Belvieu ($/Bbl)
$1.00
$2.00
$2.00
$3.00
Cash Production Expense ($/Mcfe)(1)
$2.35
$2.45
$2.25
$2.35
(1)
Includes lease operating, gathering, compression, processing and transportation expenses ("GP&T") and production and ad valorem taxes.
Note: Any 2026 guidance items not discussed in this release are unchanged from previously stated guidance.
Natural Gas Hedge Program
The following tables detail Antero's swap and collar hedge position as of the publication of April 24, 2026. For more information on Antero's hedge portfolio, including basis hedges, please see the presentation titled "Hedges and Guidance Presentation" on the Company's website.
Swaps
Natural Gas (MMBtu/d)
Weighted Average Index Price ($/MMBtu)
April, December 2026 NYMEX Henry Hub Swap
1,300,000
$
3.91
2027 NYMEX Henry Hub Swap
935,000
$
3.86
Weighted Average Index
Collars
Natural Gas (MMBtu/d)
Floor Price ($/MMBtu)
Ceiling Price ($/MMBtu)
April, December 2026 NYMEX Henry Hub Costless Collars
575,000
$
3.25
$
5.66
2027 NYMEX Henry Hub Costless Collars
80,000
$
3.52
$
4.64
Adjusted Free Cash Flow
During the first quarter of 2026, Adjusted Free Cash Flow was $657 million.
Three Months Ended March 31,
2025
2026
Net cash provided by operating activities
$
457,739
859,058
Less: Capital expenditures
(206,145)
(206,101)
Less: Distributions to non-controlling interests in Martica
(15,969)
(17,650)
Plus: Transaction expense
—
22,144
Adjusted Free Cash Flow
$
235,625
657,451
Changes in Working Capital
101,019
(224,134)
Adjusted Free Cash Flow before Changes in Working Capital
$
336,644
433,317
First Quarter 2026 Financial Results
Net daily natural gas equivalent production in the first quarter averaged 3.9 Bcfe/d, including 206 MBbl/d of liquids. Antero's average realized natural gas price before hedges was $5.57 per Mcf, a $0.53 per Mcf premium to the benchmark Henry Hub index price. Antero's average realized C3+ NGL price before hedges was $37.83 per barrel, representing a $0.94 per barrel premium to the benchmark index price.
The following table details average net production and average realized prices for the three months ended March 31, 2026:
Three Months Ended March 31, 2026
Natural Gas (MMcf/d)
Oil
(Bbl/d)
C3+ NGLs (Bbl/d)
Ethane (Bbl/d)
Combined Natural Gas Equivalent (MMcfe/d)
Average Net Production
2,617
9,067
120,800
75,956
3,852
Three Months Ended March 31, 2026
Combined
Natural
Natural Gas
Gas
Oil
C3+ NGLs
Ethane
Equivalent
Average Realized Prices
($/Mcf)
($/Bbl)
($/Bbl)
($/Bbl)
($/Mcfe)
Average realized prices before settled derivatives
$
5.57
57.22
37.83
13.51
5.37
Index price (1)
$
5.04
71.93
36.89
9.87
5.04
Premium / (Discount) to Index price
$
0.53
(14.71)
0.94
3.64
0.33
Settled commodity derivatives
$
(0.71)
—
0.07
—
(0.48)
Average realized prices after settled derivatives
$
4.86
57.22
37.90
13.51
4.89
Premium / (Discount) to Index price
$
(0.18)
(14.71)
1.01
3.64
(0.15)
(1)
Please see Antero's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, 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 $2.64 per Mcfe in the first quarter, as compared to $2.56 per Mcfe during the first quarter of 2025. The increase compared to the prior year was due to higher fuel costs related to higher natural gas prices during the quarter. Net marketing expense was $0.06 per Mcfe during the first quarter of 2026, unchanged from the first quarter of 2025.
Operating Results
Antero placed 20 Marcellus wells to sales during the first quarter with an average lateral length of 11,652 feet. Thirteen of these wells have been on line for approximately 60 days with an average rate per well of 25 MMcfe/d, including 1,457 Bbl/d of liquids per well assuming 25% ethane recovery. In addition, Antero had a number of notable company operating achievements, including:
Averaged 13.8 stages per day during the quarter, an increase from 13.4 completion stages per day average in 2025
Established a company record for drilling days per well of just under 9 days, a 9% improvement from the average in 2025
Turned-in-line first HG pad in late April, a 6-well pad located in the liquids-rich window with total lateral length drilled of 110,000 feet
First Quarter 2026 Capital Investment
Antero's drilling and completion capital expenditures for the three months ended March 31, 2026 were $222 million. In addition to capital invested in drilling and completion activities, the Company invested $25 million in land during the first quarter. Through this investment, Antero added approximately 5,400 net acres, representing 24 incremental drilling locations at an average cost of approximately $900,000 per location.
Conference Call
A conference call is scheduled on Thursday, April 30, 2026 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, May 7, 2026 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758944. 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, May 7, 2026 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 March 31,
2025
2026
Net income and comprehensive income attributable to Antero Resources Corporation
$
207,971
535,216
Net income and comprehensive income attributable to noncontrolling interests
11,495
12,997
Unrealized commodity derivative (gains) losses
60,654
(200,158)
Amortization of deferred revenue, VPP
(6,230)
(5,795)
Gain on sale of assets
(575)
(45,950)
Impairment of property and equipment
5,618
948
Equity-based compensation
15,145
11,733
Loss on early extinguishment of debt
2,899
6,742
Equity in earnings of unconsolidated affiliate
(28,661)
(30,118)
Contract termination and loss contingency
(1,308)
12,035
Transaction expense
—
22,144
Tax effect of reconciling items (1)
(10,387)
50,240
256,621
370,034
Martica adjustments (2)
(9,963)
(12,997)
Adjusted Net Income
$
246,658
357,037
Diluted Weighted Average Common Shares Outstanding (3)
314,798
311,426
(1)
Deferred taxes were approximately 22% for 2025 and 2026.
(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 for the three months ended March 31, 2025 were 0.3 million.
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,
March 31,
2025
2026
Credit Facility
$
438,600
72,500
Term Loan
—
1,264,000
7.625% senior notes due 2029
365,353
—
5.375% senior notes due 2030
600,000
600,000
5.400% senior notes due 2036
—
750,000
Unamortized debt issuance costs
(5,977)
(21,703)
Total long-term debt
$
1,397,976
2,664,797
Less: Cash, cash equivalents and restricted cash
(210,000)
—
Net Debt
$
1,187,976
2,664,797
Adjusted Free Cash Flow
Adjusted 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 Adjusted 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, plus transaction expenses.
The Company has not provided projected net cash provided by operating activities or a reconciliation of Adjusted 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.
Adjusted 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 Adjusted 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 Adjusted Free Cash Flow reported by different companies. Adjusted 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 March 31, 2025 and 2026 (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 March 31,
2025
2026
Reconciliation of net income to Adjusted EBITDAX:
Net income and comprehensive income attributable to Antero Resources Corporation
$
207,971
535,216
Net income and comprehensive income attributable to noncontrolling interests
11,495
12,997
Unrealized commodity derivative (gains) losses
60,654
(200,158)
Amortization of deferred revenue, VPP
(6,230)
(5,795)
Gain on sale of assets
(575)
(45,950)
Interest expense, net
