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Jun 30, 2025
Antero Q2 2025 Earnings Report
Antero Resources reported strong second quarter 2025 financial and operating results, with significant increases in net income and free cash flow, alongside a reduction in net debt.
Key Takeaways
Antero Resources delivered a robust second quarter in 2025, with net income reaching $157 million and Adjusted Net Income at $110 million. The company generated $262 million in Free Cash Flow and reduced its net debt by $187 million to $1.1 billion. Production averaged 3.4 Bcfe/d, and the company increased its full-year production guidance while simultaneously decreasing its drilling and completion capital budget due to strong well performance and capital efficiency gains.
Net income for Q2 2025 was $157 million, with Adjusted Net Income at $110 million.
Free Cash Flow for the quarter was $262 million, contributing to a $187 million reduction in net debt.
Net daily natural gas equivalent production averaged 3.4 Bcfe/d, with full-year production guidance increased to 3.4 to 3.45 Bcfe/d.
Drilling and completion capital guidance for the full year 2025 was decreased to $650 million to $675 million, reflecting improved capital efficiency.
Revenue by Segment
Forward Guidance
Antero Resources has updated its full-year 2025 guidance, increasing production targets while reducing capital expenditure, driven by strong well performance and capital efficiency.
Positive Outlook
- Increased full-year 2025 production guidance to 3.4 to 3.45 Bcfe/d due to strong well performance.
- Decreased full-year 2025 drilling and completion capital guidance to $650 million to $675 million, reflecting continued capital efficiency gains.
- Expects C3+ NGL pricing premium to average $1.50 to $2.50 per barrel during the second half of 2025.
- Anticipates significant natural gas demand growth by more than 25% by 2030, driven by LNG export growth and increasing power demand from AI Data Centers.
- Maintains firm transportation capacity to the Gulf Coast LNG corridor and possesses over 20 years of premium drilling inventory.
Challenges Ahead
- No new natural gas hedges were entered for 2025, potentially exposing the company to price volatility.
- Realized natural gas price was negatively impacted by maintenance on a Gulf Coast directed pipeline in June, leading to sales at a discounted regional hub.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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