AR · Antero Resources Corporation

Antero Resources delivered exceptional Q1 2026 results with record net production of 3.9 Bcfe/d, a 13% increase from the year-ago quarter, propelled by 21% higher natural gas output at 2.6 Bcf/d and stable liquids at 206 MBbl/d. Realized natural gas prices achieved a $0.53/Mcf premium to NYMEX at $5.57/Mcf pre-hedge, while C3+ NGLs fetched $37.83/Bbl, $0.94/Bbl above benchmark. This drove GAAP net income to $535 million and non-GAAP Adjusted Net Income to $357 million, with Adjusted EBITDAX surging 32% YoY to $723 million. Operating cash flow more than doubled to $859 million, yielding Adjusted Free Cash Flow of $657 million after $206 million in capex. CEO Michael Kennedy highlighted the operations team's resilience during Winter Storm Fern, maintaining full production without shut-ins and supporting critical gas delivery. The early February closure of the HG acquisition integrated seamlessly, adding 385,000 net acres and 400 drilling locations for $1.5 billion net debt increase from year-end 2025, enabling debt reduction ahead of targets. Operational efficiencies shone with a company-record 9 drilling days per well and 13.8 stages per day. Guidance reflects optimism: Q2 production rises 6% to 4.1 Bcfe/d with full HG impact, full-year at 4.1 Bcfe/d (20% YoY growth), cash production costs cut 10% from 2025 to $2.25-$2.35/Mcfe, and ethane premium guidance lifted to $2.00-$3.00/Bbl vs. Mont Belvieu. CFO Brendan Krueger noted realizations exceeded expectations, bolstering liquidity. Hedging covers 1.3 Bcf/d swaps at $3.91/MMBtu for the rest of 2026, mitigating price volatility amid geopolitical tailwinds favoring U.S. LNG and NGL exports.