Antero Resources Reports Strong Q1 2025 Results

By Tamara Parker • Thursday, May 01 06:10 • Permanent Link

Antero Resources Corporation (NYSE: AR) has released its first-quarter 2025 financial and operating results, showcasing several key highlights. The company's net production averaged 3.4 billion cubic feet equivalent per day (bcfe/d), with natural gas production averaging 2.2 billion cubic feet per day (bcf/d) and liquids production averaging 206 thousand barrels per day (mbbl/d).

In terms of pricing, Antero realized a pre-hedge natural gas equivalent price of $4.55 per thousand cubic feet equivalent (mcfe), representing a $0.90 per mcfe premium to the NYMEX index. Additionally, the pre-hedge C3+ natural gas liquids (NGL) price was $45.65 per barrel, marking a $1.66 per barrel premium to Mont Belvieu pricing.

The company reported a net income of $208 million and adjusted net income of $247 million (non-GAAP). Adjusted EBITDAX stood at $549 million (non-GAAP), and net cash provided by operating activities was $458 million, representing increases of 110% and 75% compared to the prior year period, respectively.

Antero's drilling and completion capital for the quarter was $157 million, marking a 16% decrease from the prior year period. The company also achieved free cash flow of $337 million (non-GAAP) and reduced net debt by $204 million, bringing it to $1.29 billion (non-GAAP) by the end of the quarter.

Moreover, from January 1st, 2025, to April 30th, 2025, Antero purchased 2.7 million shares for approximately $92 million. The company's total debt as of March 31, 2025, was $1.29 billion, with net debt to trailing twelve month adjusted EBITDAX at 1.1x.

Antero also entered into sales agreements for approximately 90% of its LPG export volumes for 2025 at a double-digit percentage per gallon premium to Mont Belvieu pricing. The firm sales contracts, which do not have cancellation rights, are expected to contribute to an average full-year 2025 C3+ NGL price premium in the range of $1.50 to $2.50 per barrel.

Looking forward, Antero added new natural gas collars for 2026, tied to expected volumes from its lean gas pads planned through the end of 2026, with floor and ceiling prices set at $3.07 and $5.96 per million British thermal units (MMBtu), respectively.

The market has reacted to these announcements by moving the company's shares -3.7% to a price of $34.83. For more information, read the company's full 8-K submission here.

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