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Sep 30, 2025
Antero Q3 2025 Earnings Report
Antero Resources reported strong third quarter 2025 financial and operating results, setting new operational records and completing strategic acquisitions.
Key Takeaways
Antero Resources delivered a robust third quarter in 2025, marked by significant operational achievements including new drilling and completion records. The company reported a net income of $76 million and an adjusted net income of $48 million, alongside a substantial increase in Adjusted EBITDAX and Free Cash Flow compared to the prior year. Strategic acquisitions totaling $260 million were completed, expanding the company's Marcellus footprint and production capacity, funded by 2025 Free Cash Flow. Antero also initiated dry gas development and continued its share repurchase program.
Net income reached $76 million, with Adjusted Net Income at $48 million, reflecting strong financial performance.
Adjusted EBITDAX increased by 70% to $318 million, and Free Cash Flow rose to $91 million, demonstrating improved cash generation.
The company completed $260 million in strategic acquisitions within its core Marcellus acreage, adding 75-100 MMcfe/d of net production and 10 net undeveloped locations.
Antero set multiple operational records, including the longest lateral drilled (over 22,000 feet) and the highest completion stages per day (14.5).
Revenue by Segment
Forward Guidance
Antero Resources anticipates increased production in Q4 2025 due to recent acquisitions, targeting the high end of its full-year production guidance. The company is also increasing its full-year land capital budget to expand its Marcellus footprint and expects a higher C3+ NGL realized price premium in Q4.
Positive Outlook
- Fourth quarter 2025 production is expected to increase to 3.5 to 3.525 Bcfe/d, reflecting the impact of recent acquisitions.
- Full year 2025 production is projected to be at the high end of the 3.4 to 3.45 Bcfe/d range, establishing a new maintenance production level.
- Increased full year 2025 land capital budget to $125 million to $150 million for expanded leasing in the core liquids-rich Marcellus Fairway.
- Expected C3+ NGL realized price premium to Mont Belvieu for Q4 2025 is in the range of $1.25 to $1.75 per barrel, higher than the full-year revised guidance.
- Initiated dry gas development with a spot rig spudding a pad in Q4 2025, expected to turn in line in Q1 2026, demonstrating ability to quickly increase dry gas activity.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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