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Dec 31, 2024
Antero Q4 2024 Earnings Report
Antero Resources reported its financial and operating results for the fourth quarter of 2024, including year-end 2024 estimated proved reserves and 2025 guidance.
Key Takeaways
Antero Resources delivered strong fourth quarter 2024 results, with production exceeding initial guidance and capital expenditures coming in below the midpoint. The company achieved a record in completion stages per day and reported significant free cash flow, driven by strong liquids production and a favorable firm transportation portfolio.
Net production averaged 3.4 Bcfe/d, with liquids production increasing by 14% year-over-year.
The company reported a net income of $150 million and Adjusted Net Income of $181 million.
Drilling and completion capital was $120 million, a 27% decrease from the prior year period.
Free Cash Flow reached $159 million, and the company averaged a record 13.2 completion stages per day.
Antero
Antero
Antero Revenue by Segment
Revenue by Segment
Natural Gas Sales Revenue
CapyFin.comNatural Gas Liquids Sales Revenue
CapyFin.comOil Sales Revenue
CapyFin.comCommodity Derivative Fair Value Gains (Losses) Revenue
CapyFin.comMarketing Revenue
CapyFin.comAmortization of Deferred Revenue, VPP Revenue
CapyFin.comOther Revenue and Income Revenue
CapyFin.com Forward Guidance
Antero Resources has raised its maintenance production targets for 2025, driven by anticipated growth in liquids production, and expects higher premium price realizations for natural gas. The company also reduced its drilling and completion capital budget.
Positive Outlook
- Raised maintenance production targets by 50 MMcfe/d to 3.35 to 3.45 Bcfe/d, driven by growth in liquids production.
- Realized natural gas price expected to average a premium of $0.10 to $0.20 per Mcf to NYMEX.
- Realized C3+ NGL price expected to average a premium of $1.50 to $2.50 per barrel to Mont Belvieu.
- Reduced drilling and completion capital budget by $25 million at the midpoint to $650 million to $700 million.
- Firm transportation portfolio delivers 75% of natural gas to the LNG corridor, expected to result in higher premium price realizations.
Challenges Ahead
- No specific negative forward guidance points were highlighted in the provided text.
- Potential for commodity price volatility to impact realized prices.
- Inflationary pressures could affect future operating and capital costs.
- Supply chain disruptions could impact drilling and completion schedules.
- Regulatory changes or changes in law could affect operations and costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income