Earnings Releases·Oct 28, 2026, 5:15 PM ET

Antero Resources — Third Quarter 2026 Earnings Summary

Net income surged to $367 million from $76 million in Q3 2025, while Adjusted EBITDAX and Adjusted Free Cash Flow increased 99% and 137% year-over-year to $634 million and $215 million, respectively, driven by a 23% production increase to a record 4.2 Bcfe/d and a 16% reduction in total cash operating costs to $2.05 per Mcfe.
Total debt rose to $2.78 billion from $1.31 billion following the issuance of a $1 billion term loan and $750 million in senior notes, offset by the repayment of existing facilities; the company also repurchased 1.6 million shares for $56 million, leaving $821 million of capacity under its share repurchase program.
Full-year 2026 drilling and completion capital budget is targeted at $1.2 billion, with Q4 2026 production guidance set at approximately 4.3 Bcfe/d (reflecting 15–20 Bcfe/d of estimated curtailments) and realized natural gas prices expected to trade at a $(0.15) to $(0.25) per Mcf discount to NYMEX.
Strategic initiatives include the July 2026 acquisition of West Virginia properties for $315 million adding 125 MMcfe/d of production, the reversion of 85% of ORRI distributions to Antero in July 2026 adding $60 million in annualized FCF, and a target to optimize over 1 Bcf/d of firm transportation in 2027.