Antero Resources Corporation (AR)

Antero Resources Announces First Quarter 2026 Financial and Operating ResultsApril 29, 2026 4:15 PM
PR Newswire (US)

DENVER, April 29, 2026 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources," "Antero," or the "Company") today announced its first quarter 2026 financial and operating results. The relevant consolidated financial statements are included in Antero Resources' Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. 







Highlights:Net production averaged a company record 3.9 Bcfe/d, an increase of 13% from the year ago periodNatural gas production averaged 2.6 Bcf/d, an increase of 21% from the year ago periodLiquids production averaged 206 MBbl/d, in line with the year ago period Realized a pre-hedge natural gas price of $5.57 per Mcf, a $0.53 per Mcf premium to NYMEX Realized a pre-hedge C3+ NGL price of $37.83 per barrel, a $0.94 per barrel premium to the benchmarkNet income was $535 million and Adjusted Net Income was $357 million (Non-GAAP)Adjusted EBITDAX was $723 million (Non-GAAP) and net cash provided by operating activities was $859 million, increases of 32% and 88% compared to the prior year period, respectively Adjusted Free Cash Flow was $657 million (Non-GAAP)Closed HG acquisition in early February and completed the Ohio Utica Shale divestiture in late FebruaryFull HG quarter impact during the second quarter of 2026 is expected to result in 6% production growth and 15% lower cash costs per Mcfe from the first quarter of 2026Michael Kennedy, CEO and President of Antero Resources commented, "During the first quarter we achieved record production, which was 13% above the year ago period. This production growth drove one of the highest quarterly EBITDAX and Free Cash Flow results in company history. These results reflect a tremendous performance from our operations team which navigated the harsh conditions of Winter Storm Fern without having to shut-in any volumes. This enabled Antero to deliver critical natural gas to the various regions that needed it most, a truly remarkable achievement by our people in the field."Mr. Kennedy continued, "Looking ahead, the recent geopolitical events have highlighted the advantages of Antero's corporate strategy. We are the largest producer exporter of NGLs in the U.S., selling the majority of our NGL barrels into international markets.  We expect recent global supply outages and disruptions to lead to increasing risk premiums for U.S. NGL barrels both in the near term and in the years ahead. At the same time, we have the highest LNG exposure among Appalachian producers, selling 2.3 Bcf/d of production to sales points along the LNG fairway. We are seeing growing interest from global NGL and LNG buyers that are looking to increase exposure to U.S. supply. This prioritization toward U.S. supply supports higher export utilization and more attractive price premiums at our sales points along the coasts. These attributes uniquely position us to benefit from today's rising global demand for U.S. energy."Brendan Krueger, CFO of Antero Resources said, "During the first quarter we closed on the HG acquisition and began integration of the new asset. The impressive operational and financial achievements mentioned above led to realizations for natural gas, NGLs and ethane all coming in ahead of expectations during the quarter. This allowed us to reduce debt related to the HG acquisition ahead of our previously communicated targets. Importantly, as a result of the transactions, we expect our net production to increase by approximately 700 MMcfe/d on an annual basis. Additionally, the HG acquisition added 385,000 net acres and 400 drilling locations, while only increasing our Net Debt by $1.5 billion from the year-end 2025 level."For a discussion of the non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDAX, Adjusted Free Cash Flow and Net Debt please see "Non-GAAP Financial Measures."Cash Cost Reduction Antero expects cash production expense for the remainder of 2026 to be $2.20 to $2.30 per Mcfe. This reduced range reflects a $0.25 per Mcfe, or 10% reduction from the full-year average in 2025 and a $0.39 per Mcfe, or 15% reduction from the first quarter of 2026. Inclusive of G&A and net marketing expense the total cost reduction is expected to be $0.30 per Mcfe. The production and development of the HG assets are expected to result in cash production expenses remaining in that range going forward, assuming current natural gas strip pricing.Second Quarter and Full-Year 2026 Guidance UpdateAntero expects second quarter production to average 4.1 Bcfe/d, a 6% increase from the first quarter of 2026, driven by a full quarter of production from the HG acquisition. The second half of 2026 is expected to average approximately 4.2 Bcfe/d. This results in a full year average of approximately 4.1 Bcfe/d, unchanged from prior guidance. This annual guidance reflects approximately 20% growth year-over-year. The Company is increasing its ethane realized price premium to Mont Belvieu to $2.00 to $3.00 per barrel, reflecting a $1.00 per barrel increase at the midpoint from the prior guidance range. The Company is reducing its cash production expense guidance to a range of $2.25 to $2.35 per Mcfe, a $0.10 per Mcfe reduction at the midpoint. The lower cash production expense is due primarily to the impact of the integration of the lower production costs associated with the HG assets.


2026 Initial
2026 RevisedFull Year 2026 Guidance Updates

LowHigh
Low
HighEthane Realized Price Premium vs. Mont Belvieu ($/Bbl)

$1.00
$2.00
$2.00
$3.00Cash Production Expense ($/Mcfe)(1)

$2.35
$2.45
$2.25
$2.35(1)Includes lease operating, gathering, compression, processing and transportation expenses ("GP&T") and production and ad valorem taxes.Note: Any 2026 guidance items not discussed in this release are unchanged from previously stated guidance.Natural Gas Hedge Program The following tables detail Antero's swap and collar hedge position as of the publication of April 24, 2026. For more information on Antero's hedge portfolio, including basis hedges, please see the presentation titled "Hedges and Guidance Presentation" on the Company's website.Swaps


Natural Gas
(MMBtu/d)

Weighted
Average
Index Price
($/MMBtu)


April – December 2026 NYMEX Henry Hub Swap
1,300,000
$3.91


2027 NYMEX Henry Hub Swap
935,000
$3.86


















Weighted Average Index

Collars


Natural Gas
(MMBtu/d)

 Floor
Price
($/MMBtu)

Ceiling Price
($/MMBtu)

April – December 2026 NYMEX Henry Hub Costless Collars
575,000
$3.25
$5.66

2027 NYMEX Henry Hub Costless Collars
80,000
$3.52
$4.64






















Adjusted Free Cash Flow During the first quarter of 2026, Adjusted Free Cash Flow was $657 million.









Three Months Ended
March 31,


2025
2026
Net cash provided by operating activities
$457,739

859,058
Less: Capital expenditures

(206,145)

(206,101)
Less: Distributions to non-controlling interests in Martica

(15,969)

(17,650)
Plus: Transaction expense

—

22,144
Adjusted Free Cash Flow
$235,625

657,451
Changes in Working Capital

101,019

(224,134)
Adjusted Free Cash Flow before Changes in Working Capital
$336,644

433,317
First Quarter 2026 Financial ResultsNet daily natural gas equivalent production in the first quarter averaged 3.9 Bcfe/d, including 206 MBbl/d of liquids. Antero's average realized natural gas price before hedges was $5.57 per Mcf, a $0.53 per Mcf premium to the benchmark Henry Hub index price. Antero's average realized C3+ NGL price before hedges was $37.83 per barrel, representing a $0.94 per barrel premium to the benchmark index price.The following table details average net production and average realized prices for the three months ended March 31, 2026:


















Three Months Ended March 31, 2026


Natural
Gas
(MMcf/d)
Oil (Bbl/d)
C3+ NGLs
(Bbl/d)
Ethane
(Bbl/d)
Combined
Natural
Gas
Equivalent
(MMcfe/d)
Average Net Production

2,617

9,067

120,800

75,956

3,852






















Three Months Ended March 31, 2026















Combined





Natural









Natural Gas




Gas
Oil
C3+ NGLs
Ethane
Equivalent


Average Realized Prices
($/Mcf)
($/Bbl)
($/Bbl)
($/Bbl)
($/Mcfe)


Average realized prices before settled derivatives
$5.57

57.22

37.83

13.51

5.37


Index price (1)
$5.04

71.93

36.89

9.87

5.04


Premium / (Discount) to Index price
$0.53

(14.71)

0.94

3.64

0.33





















Settled commodity derivatives
$(0.71)

—

0.07

—

(0.48)


Average realized prices after settled derivatives
$4.86

57.22

37.90

13.51

4.89


Premium / (Discount) to Index price
$(0.18)

(14.71)

1.01

3.64

(0.15)



































(1)Please see Antero's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, for more information on these index and average realized prices.All-in cash expense, which includes lease operating, gathering, compression, processing and transportation and production and ad valorem taxes was $2.64 per Mcfe in the first quarter, as compared to $2.56 per Mcfe during the first quarter of 2025. The increase compared to the prior year was due to higher fuel costs related to higher natural gas prices during the quarter. Net marketing expense was $0.06 per Mcfe during the first quarter of 2026, unchanged from the first quarter of 2025.Operating ResultsAntero placed 20 Marcellus wells to sales during the first quarter with an average lateral length of 11,652 feet. Thirteen of these wells have been on line for approximately 60 days with an average rate per well of 25 MMcfe/d, including 1,457 Bbl/d of liquids per well assuming 25% ethane recovery. In addition, Antero had a number of notable company operating achievements, including:Averaged 13.8 stages per day during the quarter, an increase from 13.4 completion stages per day average in 2025Established a company record for drilling days per well of just under 9 days, a 9% improvement from the average in 2025Turned-in-line first HG pad in late April, a 6-well pad located in the liquids-rich window with total lateral length drilled of 110,000 feetFirst Quarter 2026 Capital Investment Antero's drilling and completion capital expenditures for the three months ended March 31, 2026 were $222 million. In addition to capital invested in drilling and completion activities, the Company invested $25 million in land during the first quarter. Through this investment, Antero added approximately 5,400 net acres, representing 24 incremental drilling locations at an average cost of approximately $900,000 per location.Conference CallA conference call is scheduled on Thursday, April 30, 2026 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference "Antero Resources." A telephone replay of the call will be available until Thursday, May 7, 2026 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758944. To access the live webcast and view the related earnings conference call presentation, visit Antero's website at www.anteroresources.com.  The webcast will be archived for replay until Thursday, May 7, 2026 at 9:00 am MT.PresentationAn updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteroresources.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release.Non-GAAP Financial MeasuresAdjusted Net Income Adjusted Net Income as set forth in this release represents net income, adjusted for certain items. Antero believes that Adjusted Net Income is useful to investors in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Adjusted Net Income is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for net income as an indicator of financial performance. The GAAP measure most directly comparable to Adjusted Net Income is net income. The following table reconciles net income to Adjusted Net Income (in thousands):









Three Months Ended March 31,


2025
2026
Net income and comprehensive income attributable to Antero Resources Corporation
$207,971

535,216
Net income and comprehensive income attributable to noncontrolling interests

11,495

12,997
Unrealized commodity derivative (gains) losses

60,654

(200,158)
Amortization of deferred revenue, VPP

(6,230)

(5,795)
Gain on sale of assets

(575)

(45,950)
Impairment of property and equipment

5,618

948
Equity-based compensation

15,145

11,733
Loss on early extinguishment of debt

2,899

6,742
Equity in earnings of unconsolidated affiliate

(28,661)

(30,118)
Contract termination and loss contingency

(1,308)

12,035
Transaction expense

—

22,144
Tax effect of reconciling items (1)

(10,387)

50,240



256,621

370,034
Martica adjustments (2)

(9,963)

(12,997)
Adjusted Net Income
$246,658

357,037








Diluted Weighted Average Common Shares Outstanding (3)

314,798

311,426
(1)Deferred taxes were approximately 22% for 2025 and 2026.(2)Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above(3)Diluted weighted average shares outstanding does not include securities that would have had an anti-dilutive effect on the computation of diluted earnings per share. Anti-dilutive weighted average shares outstanding for the three months ended March 31, 2025 were 0.3 million.Net DebtNet Debt is calculated as total long-term debt less cash and cash equivalents. Management uses Net Debt to evaluate the Company's financial position, including its ability to service its debt obligations.The following table reconciles consolidated total long-term debt to Net Debt as used in this release (in thousands):









December 31,
March 31,


2025
2026
Credit Facility
$438,600

72,500
Term Loan

—

1,264,000
7.625% senior notes due 2029

365,353

—
5.375% senior notes due 2030

600,000

600,000
5.400% senior notes due 2036

—

750,000
Unamortized debt issuance costs

(5,977)

(21,703)
Total long-term debt
$1,397,976

2,664,797
Less: Cash, cash equivalents and restricted cash

(210,000)

—
Net Debt
$1,187,976

2,664,797
Adjusted Free Cash FlowAdjusted Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow or as a measure of liquidity. The Company defines Adjusted Free Cash Flow as net cash provided by operating activities, less capital expenditures, which includes additions to unproved properties, drilling and completion costs and additions to other property and equipment, less distributions to non-controlling interests in Martica, plus transaction expenses.The Company has not provided projected net cash provided by operating activities or a reconciliation of Adjusted Free Cash Flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts.Adjusted Free Cash Flow is a useful indicator of the Company's ability to internally fund its activities, service or incur additional debt and estimate our ability to return capital to shareholders. There are significant limitations to using Adjusted Free Cash Flow as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company's net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted Free Cash Flow reported by different companies. Adjusted Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations.Adjusted EBITDAX Adjusted EBITDAX is a non-GAAP financial measure that we define as net income, adjusted for certain items detailed below. Adjusted EBITDAX as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. Adjusted EBITDAX should not be considered in isolation or as a substitute for operating income or loss, net income or loss, cash flows provided by operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. Adjusted EBITDAX provides no information regarding our capital structure, borrowings, interest costs, capital expenditures, working capital movement, or tax position. Adjusted EBITDAX does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations. However, our management team believes Adjusted EBITDAX is useful to an investor in evaluating our financial performance because this measure:is widely used by investors in the oil and natural gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially from company to company depending upon accounting methods and the book value of assets, capital structure and the method by which assets were acquired, among other factors;helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital and legal structure from our operating structure;is used by our management team for various purposes, including as a measure of our operating performance, in presentations to our Board of Directors, and as a basis for strategic planning and forecasting; andis used by our Board of Directors as a performance measure in determining executive compensation. There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies.The GAAP measures most directly comparable to Adjusted EBITDAX are net income and net cash provided by operating activities. The following table represents a reconciliation of Antero's net income, including noncontrolling interest, to Adjusted EBITDAX and a reconciliation of Antero's Adjusted EBITDAX to net cash provided by operating activities per our condensed consolidated statements of cash flows, in each case, for the three months ended March 31, 2025 and 2026 (in thousands). Adjusted EBITDAX also excludes the noncontrolling interests in Martica, and these adjustments are disclosed in the table below as Martica related adjustments.









Three Months Ended March 31,


2025
2026
Reconciliation of net income to Adjusted EBITDAX:






Net income and comprehensive income attributable to Antero Resources Corporation
$207,971

535,216
Net income and comprehensive income attributable to noncontrolling interests

11,495

12,997
Unrealized commodity derivative (gains) losses

60,654

(200,158)
Amortization of deferred revenue, VPP

(6,230)

(5,795)
Gain on sale of assets

(575)

(45,950)
Interest expense, net

23,368

36,963
Loss on early extinguishment of debt

2,899

6,742
Income tax expense

54,400

145,508
Depletion, depreciation, amortization and accretion

187,291

207,302
Impairment of property and equipment

5,618

948
Exploration expense

668

792
Equity-based compensation expense

15,145

11,733
Equity in earnings of unconsolidated affiliate

(28,661)

(30,118)
Dividends from unconsolidated affiliate

31,314

31,314
Contract termination, loss contingency and settlements

(1,308)

12,035
Transaction expense and other

1,771

22,179



565,820

741,708
Martica related adjustments (1)

(16,392)

(18,290)
Adjusted EBITDAX
$549,428

723,418








Reconciliation of our Adjusted EBITDAX to net cash provided by operating
activities:






Adjusted EBITDAX
$549,428

723,418
Martica related adjustments (1)

16,392

18,290
Interest expense, net

(23,368)

(36,963)
Amortization of debt issuance costs and other

466

420
Exploration expense

(668)

(792)
Changes in current assets and liabilities

(81,748)

179,857
Contract termination, loss contingency and settlements

—

(1,198)
Transaction expense and other

(2,763)

(23,974)
Net cash provided by operating activities
$457,739

859,058
(1)Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above.  





Twelve

Months Ended

March 31, 2026Reconciliation of net income to Adjusted EBITDAX:


Net income and comprehensive income attributable to Antero Resources Corporation
$961,663Net income and comprehensive income attributable to noncontrolling interests

41,651Unrealized commodity derivative gains

(388,929)Amortization of deferred revenue, VPP

(24,829)Gain on sale of assets

(45,641)Interest expense, net

97,277Loss on early extinguishment of debt

7,471Income tax expense

306,975Depletion, depreciation, amortization, and accretion

773,578Impairment of property and equipment

24,688Exploration

3,114Equity-based compensation expense

57,400Equity in earnings of unconsolidated affiliate

(99,941)Dividends from unconsolidated affiliate

125,255Contract termination, loss contingency and settlements

41,355Transaction expense and other

26,948


1,908,035Martica related adjustments (1)

(64,768)Adjusted EBITDAX
$1,843,267(1)Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above.Drilling and Completion Capital ExpendituresFor a reconciliation between cash paid for drilling and completion capital expenditures and drilling and completion accrued capital expenditures during the period, please see the capital expenditures section below (in thousands):








Three Months Ended
March 31,

2025
2026Drilling and completion costs (cash basis)
$175,134

184,551Change in accrued capital costs

(17,982)

37,073Adjusted drilling and completion costs (accrual basis)
$157,152

221,624Notwithstanding their use for comparative purposes, the Company's non-GAAP financial measures may not be comparable to similarly titled measures employed by other companies.This release includes "forward-looking statements." Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," "goal," "target," and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources' control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding our financial strategy, future operating results, financial position, estimated revenues and losses, our ability to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, estimated realized natural gas, NGL and oil prices, prospects, plans and objectives of management, return of capital program, expected results, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and in the Middle East, and world health events, future commodity prices, future production targets, including those related to certain levels of production, future earnings, leverage targets and debt repayment, future capital spending plans, improved and/or increasing capital efficiency, expected drilling and development plans, projected well costs and cost savings initiatives, operations of Antero Midstream, future financial position, the participation level of our drilling partner and the financial and production results to be achieved as a result of that drilling partnership, the other key assumptions underlying our projections, the impact of recently enacted legislation, and future marketing opportunities, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incidental to our business, most of which are difficult to predict and many of which are beyond the Antero Resources' control. These risks include, but are not limited to, risks associated with the successful integration and future performance of acquired assets and operations, commodity price volatility, inflation, supply chain or other disruption, availability and cost of drilling, completion and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes or changes in law, changes in emission calculation methods, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical, including the conflicts in Ukraine and the Middle East, and world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading "Risk Factors" in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. ANTERO RESOURCES CORPORATIONCondensed Consolidated Balance Sheets(In thousands, except per share amounts)











(Unaudited)


December 31,
March 31,


2025
2026
Assets
Current assets:






Restricted cash
$210,000

—
Accounts receivable

33,773

32,449
Accrued revenue

473,453

454,199
Derivative instruments

68,913

163,386
Prepaid expenses

14,554

13,621
Current assets held for sale

20,269

—
Other current assets

10,818

14,273
Total current assets

831,780

677,928
Property and equipment:






Oil and gas properties, at cost (successful efforts method):






Unproved properties

796,705

1,110,301
Proved properties

14,049,003

16,936,783
Other property and equipment

113,020

118,728



14,958,728

18,165,812
Less accumulated depletion, depreciation and amortization

(5,753,416)

(5,956,634)
Property and equipment, net

9,205,312

12,209,178
Operating leases right-of-use assets

2,132,509

2,090,310
Derivative instruments

12,524

50,812
Investment in unconsolidated affiliate

245,653

253,164
Assets held for sale

754,737

—
Other assets

62,892

68,054
Total assets
$13,245,407

15,349,446
Liabilities and Equity
Current liabilities:






Accounts payable
$49,514

77,965
Accounts payable, related parties

101,454

138,084
Accrued liabilities

338,847

372,850
Revenue distributions payable

384,777

521,927
Derivative instruments

—

5,143
Short-term lease liabilities

516,256

536,304
Deferred revenue, VPP

23,502

23,647
Current liabilities held for sale

62,310

—
Other current liabilities

26,653

17,262
Total current liabilities

1,503,313

1,693,182
Long-term liabilities:






Long-term debt

1,397,976

2,664,797
Deferred income tax liability, net

907,306

1,141,934
Derivative instruments

—

7,380
Long-term lease liabilities

1,612,288

1,549,564
Deferred revenue, VPP

11,946

6,006
Liabilities held for sale

39,789

—
Other liabilities

57,140

63,370
Total liabilities

5,529,758

7,126,233
Commitments and contingencies






Equity:






Stockholders' equity:






Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued

—

—
Common stock, $0.01 par value; authorized - 1,000,000 shares; 308,510 and 309,825 shares issued and
     outstanding as of December 31, 2025 and March 31, 2026, respectively

3,085

3,098
Additional paid-in capital

5,865,447

5,842,435
Retained earnings

1,682,295

2,217,511
Total stockholders' equity

7,550,827

8,063,044
Noncontrolling interests

164,822

160,169
Total equity

7,715,649

8,223,213
Total liabilities and equity
$13,245,407

15,349,446
 ANTERO RESOURCES CORPORATIONCondensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)(In thousands, except per share amounts)









Three Months Ended March 31,


2025
2026
Revenue and other:






Natural gas sales
$780,005

1,311,476
Natural gas liquids sales

561,432

503,649
Oil sales

50,335

46,695
Commodity derivative fair value gains (losses)

(71,671)

35,023
Marketing

25,558

41,661
Amortization of deferred revenue, VPP

6,230

5,795
Other revenue and income

818

827
Total revenue

1,352,707

1,945,126
Operating expenses:






Lease operating

33,986

44,529
Gathering, compression, processing and transportation

695,017

789,106
Production and ad valorem taxes

55,299

80,997
Marketing

42,770

62,553
Exploration

668

792
General and administrative (including equity-based compensation expense of $15,145 and
     $11,733 in 2025 and 2026, respectively)

62,445

63,340
Depletion, depreciation and amortization

186,352

206,239
Impairment of property and equipment

5,618

948
Accretion of asset retirement obligations

939

1,063
Contract termination, loss contingency and settlements

(1,308)

12,035
Gain on sale of assets

(575)

(45,950)
Other operating expense

24

22
Total operating expenses

1,081,235

1,215,674
Operating income

271,472

729,452
Other income (expense):






Interest expense, net

(23,368)

(36,963)
Equity in earnings of unconsolidated affiliate

28,661

30,118
Loss on early extinguishment of debt

(2,899)

(6,742)
Transaction expense

—

(22,144)
Total other income (expense)

2,394

(35,731)
Income before income taxes

273,866

693,721
Income tax expense

(54,400)

(145,508)
Net income and comprehensive income including noncontrolling interests

219,466

548,213
Less: net income and comprehensive income attributable to noncontrolling interests

11,495

12,997
Net income and comprehensive income attributable to Antero Resources Corporation
$207,971

535,216








Net income per common share—basic
$0.67

1.73
Net income per common share—diluted
$0.66

1.72








Weighted average number of common shares outstanding:






Basic

311,328

308,933
Diluted

314,798

311,426
 ANTERO RESOURCES CORPORATIONCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands)









Three Months Ended March 31,


2025
2026
Cash flows provided by (used in) operating activities:






Net income including noncontrolling interests
$219,466

548,213
Adjustments to reconcile net income to net cash provided by operating activities:






Depletion, depreciation, amortization and accretion

187,291

207,302
Impairment of property and equipment

5,618

948
Commodity derivative fair value losses (gains)

71,671

(35,023)
Losses on settled commodity derivatives

(11,017)

(165,135)
Deferred income tax expense

53,462

143,820
Equity-based compensation expense

15,145

11,733
Equity in earnings of unconsolidated affiliate

(28,661)

(30,118)
Dividends of earnings from unconsolidated affiliate

31,314

31,314
Amortization of deferred revenue

(6,230)

(5,795)
Amortization of debt issuance costs and other

466

420
Settlement of asset retirement obligations

(54)

(107)
Contract termination, loss contingency and settlements

(1,308)

10,837
Gain on sale of assets

(575)

(45,950)
Loss on early extinguishment of debt

2,899

6,742
Changes in current assets and liabilities:






Accounts receivable

(5,972)

1,302
Accrued revenue

(59,769)

49,149
Prepaid expenses and other current assets

(2,190)

4,596
Accounts payable including related parties

11,995

60,720
Accrued liabilities

(86,552)

(46,571)
Revenue distributions payable

48,286

120,021
Other current liabilities

12,454

(9,360)
Net cash provided by operating activities

457,739

859,058
Cash flows provided by (used in) investing activities:






Additions to unproved properties

(30,407)

(16,922)
Drilling and completion costs

(175,134)

(184,551)
Additions to other property and equipment

(604)

(4,628)
Acquisition of HG Production

—

(2,794,308)
Acquisitions of oil and gas properties

—

(7,631)
Proceeds from asset sales

575

737,123
Change in other assets

(2,321)

(12,569)
Net cash used in investing activities

(207,891)

(2,283,486)
Cash flows provided by (used in) financing activities:






Issuance of senior notes

—

750,000
Repayment of senior notes

(118,046)

(369,997)
Borrowings on Term Loan

—

1,500,000
Repayments on Term Loan

—

(236,000)
Borrowings on Credit Facility

1,308,400

2,079,800
Repayments on Credit Facility

(1,397,500)

(2,445,900)
Repurchases of common stock

(10,094)

—
Payment of debt issuance costs

—

(10,838)
Distributions to noncontrolling interests in Martica Holdings LLC

(15,969)

(17,650)
Employee tax withholding for settlement of equity-based compensation awards

(16,298)

(34,732)
Other

(341)

(255)
Net cash provided by (used in) financing activities

(249,848)

1,214,428
Net decrease in cash, cash equivalents and restricted cash

—

(210,000)
Cash, cash equivalents and restricted cash, beginning of period

—

210,000
Cash, cash equivalents and restricted cash, end of period
$—

—








Supplemental disclosure of cash flow information:






Cash paid during the period for interest
$43,078

50,616
Increase (decrease) in accounts payable, accrued liabilities and other current liabilities for additions to property
     and equipment
$(19,271)

44,277
Increase in accounts payable, related parties for acquisition of HG Production
$—

10,809
The following table sets forth selected financial data for the three months ended March 31, 2025 and 2026 (in thousands):














Three Months Ended
Amount of




March 31,
Increase
Percent


2025
2026
(Decrease)
Change
Operating revenues and other:











Natural gas sales
$780,005

1,311,476

531,471
68%Natural gas liquids sales

561,432

503,649

(57,783)
(10)%Oil sales

50,335

46,695

(3,640)
(7)%Commodity derivative fair value gains (losses)

(71,671)

35,023

106,694
*
Marketing

25,558

41,661

16,103
63%Amortization of deferred revenue, VPP

6,230

5,795

(435)
(7)%Other revenue and income

818

827

9
1%Total revenue

1,352,707

1,945,126

592,419
44%Operating expenses:











Lease operating

33,986

44,529

10,543
31%Gathering and compression

236,134

269,113

32,979
14%Processing

261,155

287,768

26,613
10%Transportation

197,728

232,225

34,497
17%Production and ad valorem taxes

55,299

80,997

25,698
46%Marketing

42,770

62,553

19,783
46%Exploration

668

792

124
19%General and administrative (excluding equity-based compensation)

47,300

51,607

4,307
9%Equity-based compensation

15,145

11,733

(3,412)
(23)%Depletion, depreciation and amortization

186,352

206,239

19,887
11%Impairment of property and equipment

5,618

948

(4,670)
(83)%Accretion of asset retirement obligations

939

1,063

124
13%Contract termination, loss contingency and settlements

(1,308)

12,035

13,343
*
Gain on sale of assets

(575)

(45,950)

(45,375)
7,891%Other expense

24

22

(2)
(8)%Total operating expenses

1,081,235

1,215,674

134,439
12%Operating income

271,472

729,452

457,980
169%Other income (expense):











Interest expense, net

(23,368)

(36,963)

(13,595)
58%Equity in earnings of unconsolidated affiliate

28,661

30,118

1,457
5%Loss on early extinguishment of debt

(2,899)

(6,742)

(3,843)
133%Transaction expenses

—

(22,144)

(22,144)
*
Total other income (expense)

2,394

(35,731)

(38,125)
*
Income before income taxes

273,866

693,721

419,855
153%Income tax expense

(54,400)

(145,508)

(91,108)
167%Net income and comprehensive income including noncontrolling interests

219,466

548,213

328,747
150%Less: net income and comprehensive income attributable to noncontrolling interests

11,495

12,997

1,502
13%Net income and comprehensive income attributable to Antero Resources
     Corporation

207,971

535,216

327,245
157%












Adjusted EBITDAX
$549,428

723,418

173,990
32%*   Not meaningfulThe following table sets forth selected financial data for the three months ended March 31, 2025 and 2026:















Three Months Ended
Amount of





March 31,
Increase
Percent



2025
2026
(Decrease)
Change

Production data (1) (2):












Natural gas (Bcf)

195

236

41
21%
C2 Ethane (MBbl)

7,442

6,836

(606)
(8)%
C3+ NGLs (MBbl)

10,229

10,872

643
6%
Oil (MBbl)

852

816

(36)
(4)%
Combined (Bcfe)

306

347

41
13%
Daily combined production (MMcfe/d)

3,397

3,852

455
13%
Average prices before effects of derivative settlements (3):












Natural gas (per Mcf)
$4.01

5.57

1.56
39%
C2 Ethane (per Bbl)
$12.70

13.51

0.81
6%
C3+ NGLs (per Bbl)
$45.65

37.83

(7.82)
(17)%
Oil (per Bbl)
$59.08

57.22

(1.86)
(3)%
Weighted Average Combined (per Mcfe)
$4.55

5.37

0.82
18%
Average realized prices after effects of derivative settlements (3):












Natural gas (per Mcf)
$3.95

4.86

0.91
23%
C2 Ethane (per Bbl)
$12.70

13.51

0.81
6%
C3+ NGLs (per Bbl)
$45.65

37.90

(7.75)
(17)%
Oil (per Bbl)
$58.97

57.22

(1.75)
(3)%
Weighted Average Combined (per Mcfe)
$4.52

4.89

0.37
8%
Average costs (per Mcfe):












Lease operating
$0.11

0.13

0.02
18%
Gathering and compression
$0.77

0.78

0.01
1%
Processing
$0.85

0.83

(0.02)
(2)%
Transportation
$0.65

0.67

0.02
3%
Production and ad valorem taxes
$0.18

0.23

0.05
28%
Marketing expense, net
$0.06

0.06

—
*

General and administrative (excluding equity-based compensation)
$0.15

0.15

—
*

Depletion, depreciation, amortization and accretion
$0.61

0.60

(0.01)
(2)%
*   Not meaningful(1)Production data excludes volumes related to VPP transaction.(2)Oil and NGLs production was converted at 6 Mcf per Bbl to calculate total Bcfe production and per Mcfe amounts.  This ratio is an estimate of the equivalent energy content of the products and may not reflect their relative economic value.(3)Average prices reflect the before and after effects of our settled commodity derivatives.  Our calculation of such after effects includes gains (losses) on settlements of commodity derivatives, which do not qualify for hedge accounting because we do not designate or document them as hedges for accounting purposes. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/antero-resources-announces-first-quarter-2026-financial-and-operating-results-302757804.htmlSOURCE Antero Resources Corporation

Original: Antero Resources Announces First Quarter 2026 Financial and Operating Results

Antero Midstream Announces First Quarter 2026 Financial and Operating ResultsApril 29, 2026 4:15 PM
PR Newswire (US)

DENVER, April 29, 2026 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its first quarter 2026 financial and operating results.  The relevant consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the three months ended March 31, 2026.







First Quarter 2026 Highlights:Gathering volumes increased by 14% compared to the prior year quarterNet Income was $118 million, or $0.25 per diluted share, in line with the prior year quarterAdjusted Net Income was $138 million, or $0.29 per diluted share, a 4% per share increase compared to the prior year quarter (non-GAAP measure)Adjusted EBITDA was $288 million, a 5% increase compared to the prior year quarter (non-GAAP measure)Capital expenditures were $42 millionAdjusted Free Cash Flow after dividends was $85 million, an 8% increase compared to the prior year quarter (non-GAAP measure)Repurchased 1.0 million shares for $18 millionMichael Kennedy, CEO and President said, "Antero Midstream delivered another quarter of volume and EBITDA growth while closing the Company's largest acquisition to-date.  Our ability to close the HG acquisition and integrate operations while avoiding any outages during Winter Storm Fern, is a testament to the hard work and dedication of our team."Mr. Kennedy continued, "In addition to the integration efforts that remain on schedule, we continue to invest capital to improve the connectivity and market outlets on our gathering systems. These capital projects supported our first dry gas Marcellus Shale pad in over a decade, as well as our first pad on the acquired assets, that were connected during the second quarter. These pads deliver volumetric growth and position Antero Midstream to help supply the rising demand for U.S. Energy."Justin Agnew, CFO of Antero Midstream, said, "Antero Midstream's strong balance sheet and consistent Free Cash Flow generation, combined with the sale of our Ohio Utica Shale assets, allowed us to finance the HG Energy acquisition while maintaining leverage in the low 3-times range. Looking ahead we expect our just-in-time organic strategy, bolstered by the highly accretive HG Energy acquisition, to continue delivering high-single digit EBITDA growth in the future."For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, and Adjusted Free Cash Flow after dividends please see "Non-GAAP Financial Measures."Share RepurchasesDuring the first quarter of 2026, Antero Midstream repurchased 1.0 million shares for $18 million.  Antero Midstream had approximately $318 million of remaining capacity under its share repurchase program as of March 31, 2026. Strategic and Operating Updates Antero Midstream completed its two previously announced strategic transactions during the first quarter.  The Company closed on the HG Energy acquisition in early February and closed on the divestiture of its Ohio Utica Shale assets in late February.  Operating and financial results include contributions based on the closing dates of each transaction.Upon closing of the acquisition, Antero Midstream immediately commenced asset integration operations and cost-effective water blending solutions. This included initial facilities and connectivity work that successfully supported the first pad turn-in-line on the acquired assets in the second quarter.  In addition, the Company initiated the construction of a pipeline to connect its water system with the acquired water system, which supports additional fresh water delivery volumes and growth in 2027 and beyond.During the first quarter of 2026, Antero Midstream connected 20 wells to its gathering system and serviced 26 wells with its fresh water delivery system.  Capital expenditures were $42 million during the first quarter of 2026.  The Company invested $26 million in gathering and compression, $15 million in water infrastructure, and $1 million in the Stonewall Joint Venture.First Quarter 2026 Financial ResultsGathering volumes increased by 14% compared to the prior year quarter. Fresh water delivery volumes averaged 83 MBbl/d during the quarter, a 21% decrease compared to the first quarter of 2025.  Processing volumes from the processing and fractionation joint venture (the "Joint Venture") increased by 4% compared to the prior year quarter. Joint Venture fractionation volumes averaged 40 MBbl/d, in line with the prior year quarter.  Processing and fractionation capacity were both 100% utilized during the quarter. 

Three Months EndedMarch 31,


Average Daily Volumes:
2025
2026
% Change
Gathering (MMcf/d)
3,348
3,805
14 %
Centralized Compression (MMcf/d)
3,330
3,370
1 %
High Pressure Gathering (MMcf/d)
3,106
3,133
1 %
Fresh Water Delivery (MBbl/d)
105
83
(21) %
Joint Venture Processing (MMcf/d)
1,650
1,708
4 %
Joint Venture Fractionation (MBbl/d)
40
40
—










For the three months ended March 31, 2026, revenues were $314 million, comprised of $250 million from the Gathering and Processing segment and $64 million from the Water Handling segment, net of $21 million of amortization of customer relationships.  Water Handling revenues include $40 million from other water handling and high rate water transfer services.Direct operating expenses were $30 million for the Gathering and Processing segment and $41 million for the Water Handling segment for a total of $71 million.  Water Handling operating expenses include $35 million from other water handling and high rate water transfer services.  General and administrative expenses excluding equity-based compensation were $12 million during the first quarter of 2026.  Total operating expenses during the first quarter of 2026 included $11 million of equity-based compensation expense and $35 million of depreciation expense. Transaction expense was $9 million related to the HG Midstream acquisition.Net Income was $118 million, or $0.25 per diluted share, in line with the prior year quarter.  Net Income adjusted for amortization of customer relationships, impairment of property and equipment, gain on long-lived assets, transaction expense and other, net of tax effects of reconciling items, or Adjusted Net Income, was $138 million.  Adjusted Net Income was $0.29 per diluted share, a 4% per share increase compared to the prior year quarter.The following table reconciles Net Income to Adjusted Net Income (in thousands):

Three Months EndedMarch 31,


2025

2026
Net Income
$120,737

118,266
Amortization of customer relationships

17,668

21,210
Impairment of property and equipment

817

—
Gain on long-lived assets

—

(2,658)
Transaction expense

—

8,689
Other(1)

(5)

(13)
Tax effect of reconciling items(2)

(4,773)

(7,047)
Adjusted Net Income
$134,444

138,447
(1) Other represents gain on asset sale.(2) The statutory tax rate for each of the three months ended March 31, 2025 and 2026 was approximately 26%.Adjusted EBITDA was $288 million, a 5% increase compared to the prior year quarter.  Interest expense was $54 million, a 12% increase compared to the prior year quarter driven by financing for the HG Energy acquisition.  Capital expenditures were $42 million during the first quarter of 2026.  Adjusted Free Cash Flow before dividends was $192 million and Adjusted Free Cash Flow after dividends was $85 million, an 8% increase compared to the prior year quarter.The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands):

Three Months EndedMarch 31,


2025

2026
Net Income
$120,737

118,266
Interest expense, net

48,410

54,029
Income tax expense

36,096

37,639
Depreciation expense

32,748

34,635
Amortization of customer relationships

17,668

21,210
Equity-based compensation

12,402

10,579
Equity in earnings of unconsolidated affiliates

(28,020)

(30,012)
Distributions from unconsolidated affiliates

33,375

35,720
Impairment of property and equipment

817

—
Gain on long-lived assets

—

(2,658)
Transaction expense

—

8,689
Other operating expense, net(1)

44

34
Adjusted EBITDA
$274,277

288,131
Interest expense, net

(48,410)

(54,029)
Capital expenditures (accrual-based)

(37,288)

(41,952)
  Current income tax expense

(1,680)

—
Adjusted Free Cash Flow before dividends
$186,899

192,150
Dividends declared (accrual-based)

(107,836)

(106,871)
Adjusted Free Cash Flow after dividends
$79,063

85,279








(1) Other operating expense represents accretion of asset retirement obligations and gain on asset sale.The following table reconciles net cash provided by operating activities to Adjusted Free Cash Flow before and after dividends (in thousands):








Three Months EndedMarch 31,


2025

2026Net cash provided by operating activities
$198,942

238,624Amortization of deferred financing costs

(1,307)

(1,512)Settlement of asset retirement obligations

210

34Transaction expense

—

8,689Changes in working capital

26,342

(11,733)Capital expenditures (accrual-based)

(37,288)

(41,952)Adjusted Free Cash Flow before dividends
$186,899

192,150Dividends declared (accrual-based)

(107,836)

(106,871)Adjusted Free Cash Flow after dividends
$79,063

85,279Conference CallA conference call is scheduled on Thursday, April 30, 2026 at 10:00 am MT to discuss the financial and operational results.  A brief Q&A session for security analysts will immediately follow the discussion of the results.  To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference "Antero Midstream."  A telephone replay of the call will be available until Thursday, May 7, 2026 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758947. To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com.  The webcast will be archived for replay until Thursday, May 7, 2026 at 10:00 am MT.PresentationAn updated presentation will be posted to the Company's website before the conference call.  The presentation can be found at www.anteromidstream.com on the homepage.  Information on the Company's website does not constitute a portion of, and is not incorporated by reference into, this press release.Non-GAAP Financial Measures and DefinitionsAntero Midstream uses certain non-GAAP financial measures.  Antero Midstream defines Adjusted Net Income as Net Income adjusted for certain items.  Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets.  Antero Midstream defines Adjusted EBITDA as Net Income adjusted for certain items.Antero Midstream uses Adjusted EBITDA to assess:the financial performance of Antero Midstream's assets, without regard to financing methods, capital structure or historical cost basis;its operating performance and return on capital as compared to other publicly traded companies in the midstream energy sector, without regard to financing or capital structure; andthe viability of acquisitions and other capital expenditure projects.Antero Midstream defines Adjusted Free Cash Flow before dividends as Adjusted EBITDA less net interest expense, accrual-based capital expenditures, and current income tax expense.  Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates.  Capital expenditures exclude acquisitions and Adjusted Free Cash Flow excludes transaction expense related to acquisitions. Adjusted Free Cash Flow after dividends is defined as Adjusted Free Cash Flow before dividends less accrual-based dividends declared for the quarter.  Antero Midstream uses Adjusted Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period.Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow before and after dividends are non-GAAP financial measures.  The GAAP measure most directly comparable to these measures is Net Income.  Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities.  The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by (used in) operating activities.  You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP.  Antero Midstream's definitions of such measures may not be comparable to similarly titled measures of other companies.The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):

Three Months EndedMarch 31,



2025

2026
Capital expenditures (as reported on a cash basis)
$32,276

38,806
Change in accrued capital costs

5,012

3,146
Capital expenditures (accrual basis)
$37,288

41,952
Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash, cash equivalents and restricted cash.  Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream's financial leverage.  Antero Midstream defines Leverage as Net Debt divided by Adjusted EBITDA for the last twelve months.  The GAAP measure most directly comparable to Net Debt is total debt, excluding unamortized debt premiums and debt issuance costs.The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands):









March 31, 2026

Bank credit facility
$442,400

5.75% senior notes due 2028

650,000

5.375% senior notes due 2029

750,000

6.625% senior notes due 2032

600,000

5.75% senior notes due 2033

650,000

5.75% senior notes due 2034

600,000

Consolidated total debt
$3,692,400

Less: Cash, cash equivalents and restricted cash

—

Consolidated net debt
$3,692,400

Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation's (NYSE: AR) ("Antero Resources") properties. This release includes "forward-looking statements." Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words.  Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream's control.  All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position, estimated revenues and losses, Antero Resources' and Antero Midstream's respective ability to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, prospects, plans and objectives of management, Antero Resources' expected production and development plan, natural gas, NGLs and oil prices, Antero Midstream's ability to realize the anticipated benefits of its investments in unconsolidated affiliates, Antero Midstream's ability to execute its share repurchase and dividend program, Antero Midstream's ability to execute its business strategy, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and in the Middle East, and world health events, information regarding long-term financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources' expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources' drilling partner, the impact on demand for Antero Midstream's services as a result of incremental production by Antero Resources, the impact of recently enacted legislation, and expectations regarding the amount and timing of litigation awards are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events.  All forward-looking statements speak only as of the date of this release.  Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved.  Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.  Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond Antero Midstream's control.  These risks include, but are not limited to, risks associated with the successful integration and future performance of acquired assets and operations, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources' drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources' future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading "Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026..ANTERO MIDSTREAM CORPORATIONCondensed Consolidated Balance Sheets (In thousands, except per share amounts)












(Unaudited)


December31,
March31,


2025
2026
AssetsCurrent assets:






Cash and cash equivalents
$180,435

—
Restricted cash

82,500

—
Accounts receivable–Antero Resources

106,771

147,086
Accounts receivable–third party

993

3,156
Income tax receivable

1,896

1,896
Current assets held for sale

4,600

—
Other current assets

2,669

2,804
Total current assets

379,864

154,942
Long-term assets:






Property and equipment, net

3,454,572

3,931,657
Investments in unconsolidated affiliates

585,778

580,970
Customer relationships

1,074,087

1,682,303
Operating leases right-of-use assets

—

46,156
Assets held for sale

379,036

—
Other assets, net

10,779

9,836
Total assets
$5,884,116

6,405,864








Liabilities and Stockholders' EquityCurrent liabilities:






Accounts payable–Antero Resources
$5,366

9,003
Accounts payable–third party

10,368

15,862
Accrued liabilities

91,527

117,576
Short-term lease liabilities

—

13,176
Current liabilities held for sale

2,297

—
Other current liabilities

1,924

1,633
Total current liabilities

111,482

157,250
Long-term liabilities:






Long-term debt

3,222,530

3,665,937
Deferred income tax liability, net

562,996

600,634
Long-term lease liabilities

—

33,415
Liabilities held for sale

3,021

—
Other

12,046

12,179
Total liabilities

3,912,075

4,469,415
Stockholders' equity:






Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2025 and
March 31, 2026






Series A non-voting perpetual preferred stock; 12 designated and 10 issued and
outstanding as of December 31, 2025 and March 31, 2026

—

—
Common stock, $0.01 par value; 2,000,000 authorized; 474,060 and 475,028 issued and
outstanding as of December 31, 2025 and March 31, 2026, respectively

4,741

4,750
Additional paid-in capital

1,952,524

1,827,496
Retained earnings

14,776

104,203
Total stockholders' equity

1,972,041

1,936,449
Total liabilities and stockholders' equity
$5,884,116

6,405,864
 ANTERO MIDSTREAM CORPORATIONCondensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)(In thousands, except per share amounts)




Three Months Ended March 31,


2025
2026
Revenue:






Gathering and compression–Antero Resources
$238,017

261,999
Gathering and compression–third party

—

295
Water handling–Antero Resources

70,275

72,816
Water handling–third party

505

311
Amortization of customer relationships

(17,668)

(21,210)
Total revenue

291,129

314,211
Operating expenses:






Direct operating

56,830

70,697
General and administrative (including $12,402 and $10,579 of equity-based
compensation in 2025 and 2026, respectively)

23,024

22,347
Facility idling

443

545
Depreciation

32,748

34,635
Impairment of property and equipment

817

—
Gain on long-lived assets

—

(2,658)
Other operating expense, net

44

34
Total operating expenses

113,906

125,600
Operating income

177,223

188,611
Other income (expense):






Interest expense, net

(48,410)

(54,029)
Equity in earnings of unconsolidated affiliates

28,020

30,012
Transaction expense

—

(8,689)
Total other expense

(20,390)

(32,706)
Income before income taxes

156,833

155,905
Income tax expense

(36,096)

(37,639)
Net income and comprehensive income
$120,737

118,266








Net income per common share–basic
$0.25

0.25
Net income per common share–diluted
$0.25

0.25








Weighted average common shares outstanding:






Basic

479,064

473,866
Diluted

484,378

477,963
 ANTERO MIDSTREAM CORPORATIONSelected Operating Data (Unaudited)







Amount of






Three Months Ended March 31,
 Increase
Percentage


2025
2026
or Decrease
Change
Operating Data:













Gathering (MMcf)

301,298

342,446

41,148

14%
Centralized compression (MMcf)

299,718

303,328

3,610

1%
High pressure gathering (MMcf)

279,579

281,950

2,371

1%
Fresh water delivery (MBbl)(1)

9,415

7,506

(1,909)

(20)%
Other water handling (MBbl)(2)

5,179

8,359

3,180

61%
Wells serviced by fresh water delivery

28

26

(2)

(7)%
Gathering (MMcf/d)

3,348

3,805

457

14%
Centralized compression (MMcf/d)

3,330

3,370

40

1%
High pressure gathering (MMcf/d)

3,106

3,133

27

1%
Fresh water delivery (MBbl/d)(1)

105

83

(22)

(21)%
Other water handling (MBbl/d)(2)

58

93

35

60%
Average Realized Fees(3):













Gathering ($/Mcf)
$0.36

0.37

0.01

3%
Centralized compression ($/Mcf)
$0.22

0.22

—

*

High pressure gathering ($/Mcf)
$0.23

0.23

—

*

Fresh water delivery ($/Bbl)(1)
$4.38

4.44

0.06

1%
Joint Venture Operating Data:













Processing (MMcf)

148,523

153,722

5,199

4%
Fractionation (MBbl)

3,600

3,600

—

*

Processing (MMcf/d)

1,650

1,708

58

4%
Fractionation (MBbl/d)

40

40

—

*







*Not meaningful or applicable.(1)Fresh water delivery includes fresh water charged at a fixed fee under our water services agreement with Antero Resources.(2)Other water handling includes fresh water charged at cost plus 3% for services provided to Antero Resources on its acreage acquired from HG Production and our other fluid handling services charged at cost plus 3% or cost of service.(3)The average realized fees for the three months ended March 31, 2026 include annual CPI-based adjustments of approximately 1.5%. ANTERO MIDSTREAM CORPORATION Condensed Consolidated Results of Segment Operations (Unaudited)(In thousands)
















Three Months Ended March 31, 2026


Gathering and
Water


Consolidated
(in thousands)
Processing
Handling
Unallocated (1)
Total
Revenues:












Revenue–Antero Resources
$261,999

72,816

—

334,815
Revenue–third-party

295

311

—

606
Amortization of customer relationships

(12,384)

(8,826)

—

(21,210)
Total revenues

249,910

64,301

—

314,211
Operating expenses:












Direct operating

30,030

40,667

—

70,697
General and administrative (excluding equity-based compensation)

7,226

3,281

1,261

11,768
Equity-based compensation

7,596

2,669

314

10,579
Facility idling

—

545

—

545
Depreciation

17,844

16,791

—

34,635
Loss on long-lived assets

(3,229)

571

—

(2,658)
Other operating expense, net

—

34

—

34
Total operating expenses

59,467

64,558

1,575

125,600
Operating income (loss)

190,443

(257)

(1,575)

188,611
Other income (expense):












Interest expense, net

—

—

(54,029)

(54,029)
Equity in earnings of unconsolidated affiliates

30,012

—

—

30,012
Transaction expense

—

—

(8,689)

(8,689)
Total other income (expense)

30,012

—

(62,718)

(32,706)
Income (loss) before income taxes

220,455

(257)

(64,293)

155,905
Income tax expense

—

—

(37,639)

(37,639)
Net income (loss) and comprehensive income (loss)
$220,455

(257)

(101,932)

118,266
(1) Corporate expenses that are not directly attributable to either the gathering and processing or water handling segments. ANTERO MIDSTREAM CORPORATIONCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands)









Three Months Ended March 31,


2025
2026
Cash flows provided by (used in) operating activities:






Net income
$120,737

118,266
Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation

32,748

34,635
Impairment of property and equipment

817

—
Deferred income tax expense

34,416

37,639
Equity-based compensation

12,402

10,579
Equity in earnings of unconsolidated affiliates

(28,020)

(30,012)
Distributions from unconsolidated affiliates

33,375

35,720
Amortization of customer relationships

17,668

21,210
Amortization of deferred financing costs

1,307

1,512
Settlement of asset retirement obligations

(210)

(34)
Gain on long-lived assets

—

(2,658)
Other operating activities

44

34
Changes in assets and liabilities:






Accounts receivable–Antero Resources

(8,825)

(8,450)
Accounts receivable–third party

35

(246)
Other current assets

(695)

(99)
Accounts payable–Antero Resources

1,629

982
Accounts payable–third party

1,056

6,350
Income taxes payable

1,783

—
Accrued liabilities

(21,325)

13,196
Net cash provided by operating activities

198,942

238,624
Cash flows provided by (used in) investing activities:






Additions to gathering systems, facilities and other

(22,081)

(19,437)
Additions to water handling systems

(8,447)

(18,469)
Additional investments in unconsolidated affiliate

(1,748)

(900)
Acquisition of HG Midstream

—

(1,120,593)
Proceeds from asset sales

5

378,628
Net cash used in investing activities

(32,271)

(780,771)
Cash flows provided by (used in) financing activities:






Dividends to common stockholders

(112,615)

(111,096)
Dividends to preferred stockholders

(138)

(138)
Repurchases of common stock

(28,569)

(18,013)
Borrowings on Credit Facility

304,300

1,076,900
Repayments on Credit Facility

(311,200)

(634,500)
Payments of deferred financing costs

—

(1,319)
Employee tax withholding for settlement of equity-based compensation awards

(18,449)

(32,536)
Payments on capital lease obligations

—

(86)
Net cash provided by (used in) financing activities

(166,671)

279,212
Net decrease in cash, cash equivalents and restricted cash

—

(262,935)
Cash, cash equivalents and restricted cash, beginning of period

—

262,935
Cash, cash equivalents and restricted cash, end of period
$—

—








Supplemental disclosure of cash flow information:






Cash paid during the period for interest

65,272

44,525
Increase in accrued capital expenditures and accounts payable for property and equipment

5,012

3,146
Increase in accounts receivable–Antero Resources and accounts receivable–third party for the acquisition of HG Midstream

—

11,830
Right-of-use assets obtained in exchange for new operating lease obligations

351

47,473
 



View original content to download multimedia:https://www.prnewswire.com/news-releases/antero-midstream-announces-first-quarter-2026-financial-and-operating-results-302757819.htmlSOURCE Antero Midstream Corporation

Original: Antero Midstream Announces First Quarter 2026 Financial and Operating Results

Antero Resources Announces First Quarter 2026 Earnings Release Date and Conference CallApril 15, 2026 4:15 PM
PR Newswire (US)

DENVER, April 15, 2026 /PRNewswire/ -- Antero Resources (NYSE: AR) ("Antero" or the "Company") today announced that the Company plans to issue its first quarter 2026 earnings release on Wednesday, April 29, 2026 after the close of trading on the New York Stock Exchange.







A conference call is scheduled on Thursday, April 30, 2026 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference "Antero Resources." A telephone replay of the call will be available until Thursday, May 7, 2026 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758944. To access the live webcast and view the related earnings conference call presentation, visit Antero's website at www.anteroresources.com. The webcast will be archived for replay until Thursday, May 7, 2026 at 9:00 am MT.Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia. In conjunction with its affiliate, Antero Midstream (NYSE: AM), Antero is one of the most integrated natural gas producers in the U.S. The Company's website is located at www.anteroresources.com.



View original content to download multimedia:https://www.prnewswire.com/news-releases/antero-resources-announces-first-quarter-2026-earnings-release-date-and-conference-call-302743669.htmlSOURCE Antero Resources Corporation

Original: Antero Resources Announces First Quarter 2026 Earnings Release Date and Conference Call

Antero Resources Announces Fourth Quarter 2025 Results and 2026 GuidanceFebruary 11, 2026 4:15 PM
PR Newswire (US)

DENVER, Feb. 11, 2026 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources," "Antero," or the "Company") today announced its fourth quarter 2025 financial and operating results, year end 2025 estimated proved reserves and 2026 guidance. The relevant consolidated financial statements are included in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2025. 







Fourth Quarter 2025 Highlights:Net production averaged 3.5 Bcfe/d, 2% increase from the year ago periodRealized a pre-hedge natural gas equivalent price of $3.97 per Mcfe, a $0.42 per Mcfe premium to NYMEX Realized a pre-hedge C3+ NGL price of $35.41 per barrel, a $1.52 per barrel premium to Mont Belvieu Net income was $194 million and Adjusted Net Income was $133 million (Non-GAAP)Adjusted EBITDAX was $422 million (Non-GAAP); net cash provided by operating activities was $371 millionAdjusted Free Cash Flow before changes in working capital was $204 million (Non-GAAP)Achieved a company record averaging 16.1 stages per day over an entire pad2026 Guidance Highlights: Closed previously announced HG acquisition in early February Production expected to average 4.1 Bcfe/d on $1 billion of D&C capital, including $900 million of maintenance capital and $100 million associated with not entering into a drilling joint venture in 2026 The $100 million of incremental capital is expected to increase 2027 production to 4.3 Bcfe/d In addition to the $1.0 billion, depending on commodity prices, Antero could invest up to $200 million of discretionary growth capital, which could increase production up to 4.5 Bcfe/d in 2027Michael Kennedy, CEO and President of Antero Resources commented, "2025 was a pivotal year for Antero as we took significant steps in increasing our production and drilling inventory. During the year we completed a transaction to acquire higher working interest in our wells, followed by the largest acquisition in our company's history, acquiring our West Virginia peer, HG Energy. The recent closing of the HG Energy acquisition was ahead of schedule and will increase our scale and dry gas exposure. This larger production base and inventory positions Antero to capture the significant demand opportunities that are expected from LNG exports, data centers and natural gas fired power plants."Mr. Kennedy continued, "Our 2026 budget highlights these transformational changes as our production base increases from 3.4 Bcfe/d in 2025 to more than 4.2 Bcfe/d by year end 2026. We intend to run 3 drilling rigs and 2 completion crews, which provides us with the optionality to grow our production base further if supported by the commodity price backdrop and in basin demand opportunities."Brendan Krueger, CFO of Antero Resources added, "The closing of the HG Energy acquisition immediately improves our competitive positioning by significantly reducing our cost structure and increases our local dry gas exposure. These higher margins are hedged and are expected to drive a substantial increase in Adjusted Free Cash Flow and reduce leverage to under 1.0x during the year. We intend to remain focused on debt reduction and continuing to opportunistically repurchase shares." For a discussion of the non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDAX, Adjusted Free Cash Flow and Net Debt, please see "Non-GAAP Financial Measures."Transaction UpdatesThe HG Energy acquisition closed in February 2026. The Ohio Utica Shale divestiture is expected to close by the end of February 2026. The timing of these transactions are reflected in the below 2026 guidance.2026 GuidanceAntero's 2026 drilling and completion capital budget is $1 billion and includes $900 million for maintenance capital and $100 million of capital related to not electing to enter into a drilling joint venture during the year. Discretionary growth capital up to $200 million will be based on the commodity price outlook and in basin demand needs throughout the year. This growth capital reflects completing an additional two to three pads in 2026, which could increase production to approximately 4.5 Bcfe/d in 2027. First quarter 2026 production is expected to average approximately 3.8 Bcfe/d, with the second quarter increasing to 4.1 Bcfe/d driven by a full quarter of HG contribution. The second half of 2026 is expected to average approximately 4.2 Bcfe/d. This results in a full year average of approximately 4.1 Bcfe/d. The Company's land capital guidance is $100 million.The following is a summary of Antero Resources' 2026 capital budget. 
 Capital Budget ($ in Millions)



2026


Drilling & Completion Maintenance Capital



$900


Drilling & Completion No Drilling JV Capital



$100


    Total D&C Capital



$1,000











Drilling & Completion Discretionary Growth Capital



Up to $200


Land Capital



$100


 # of Wells

Net Wells
Average
Lateral
Length (Feet)

Completed Wells (Net)

70 to 80
14,600

The following is a summary of Antero Resources' 2026 production, pricing and cash expense guidance:Production Guidance 



2026Net Daily Natural Gas Equivalent Production (Bcfe/d)



4.1   Net Daily Natural Gas Production (Bcf/d)



2.8   Total Net Daily Liquids Production (MBbl/d): 



213      Net Daily C3+ NGL Production (MBbl/d) 



125      Net Daily Ethane Production (MBbl/d)



80      Net Daily Oil Production (MBbl/d)



8






Realized Pricing Guidance (Before Hedges) 

Low
HighNatural Gas Realized Price Premium vs. NYMEX Henry Hub ($/Mcf)

$0.10
$0.20C3+ NGL Realized Price Premium/(Discount) vs. Mont Belvieu ($/Bbl)

($0.50)
$0.50Ethane Realized Price Premium vs. Mont Belvieu ($/Bbl)

$1.00
$2.00Oil Realized Price (Differential) vs. WTI Oil ($/Bbl)

($12.00)
($16.00)






 
Cash Expense Guidance

Low
HighCash Production Expense ($/Mcfe)(1)

$2.35
$2.45Marketing Expense, Net of Marketing Revenue ($/Mcfe)

$0.02
$0.04G&A Expense ($/Mcfe)(2)

$0.11
$0.13(1) Includes lease operating, gathering, compression, processing and transportation expenses ("GP&T") and production and ad valorem taxes.(2) Excludes equity-based compensation.Adjusted Free Cash Flow During the fourth quarter of 2025, Adjusted Free Cash Flow before Changes in Working Capital was $204 million.









Three Months Ended
December 31,


2024
2025
Net cash provided by operating activities
$278,002

370,743
Less: Capital expenditures

(128,315)

(202,909)
Less: Distributions to non-controlling interests in Martica

(15,651)

(16,204)
Plus: Transaction expense

—

4,386
Adjusted Free Cash Flow
$134,036

156,016
Changes in Working Capital

24,845

47,910
Adjusted Free Cash Flow before Changes in Working Capital
$158,881

203,926
Fourth Quarter 2025 Financial ResultsNet daily natural gas equivalent production in the fourth quarter averaged 3.5 Bcfe/d, including 208 MBbl/d of liquids. Antero's average realized natural gas price before hedges was $3.71 per Mcf, a $0.16 per Mcf premium to the benchmark index price. Antero's average realized C3+ NGL price before hedges was $35.41 per barrel, representing a $1.52 per barrel premium to the benchmark index price.The following table details average net production and average realized prices for the three months ended December 31, 2025:


















Three Months Ended December 31, 2025


Natural
Gas
Oil
C3+ NGLs
Ethane
Combined
Natural Gas
Equivalent


(MMcf/d)
(Bbl/d)
(Bbl/d)
(Bbl/d)
(MMcfe/d)
Average Net Production

2,265

8,217

116,065

83,348

3,511
 



















Three Months Ended December 31, 2025

Natural
Gas
Oil
C3+ NGLs
Ethane
Combined
Natural Gas
Equivalent
Average Realized Prices
($/Mcf)
($/Bbl)
($/Bbl)
($/Bbl)
($/Mcfe)
Average realized prices before settled derivatives (1)
$3.71

45.99

35.41

12.54

3.97
Index price (1)
$3.55

59.14

33.89

11.16

3.55
Premium / (Discount) to Index price
$0.16

(13.15)

1.52

1.38

0.42

















Settled commodity derivatives
$0.01

—

—

—

0.01
Average realized prices after settled derivatives (1)
$3.72

45.99

35.41

12.54

3.98
Premium / (Discount) to Index price
$0.17

(13.15)

1.52

1.38

0.43
(1)Please see the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for more information on these index and average realized prices. All-in cash expense, which includes lease operating, gathering, compression, processing and transportation and production and ad valorem taxes was $2.56 per Mcfe in the fourth quarter, as compared to $2.45 per Mcfe during the fourth quarter of 2024. Net marketing expense was $0.04 per Mcfe during the fourth quarter of 2025, compared to $0.06 during the fourth of 2024.Fourth Quarter 2025 Operating ResultsAntero placed 18 Marcellus wells to sales during the fourth quarter with an average lateral length of 12,500 feet. Twelve of these wells have been on line for approximately 60 days with an average rate per well of 25 MMcfe/d, including 1,410 Bbl/d of liquids per well assuming 25% ethane recovery. In addition, Antero set a number of company operational records, including:One completion crew completed 19 stages in a single dayAveraged 16.1 stages per day for an entire padOne completion crew recorded 457 stages completed in a calendar month with 651 pumping hoursFourth Quarter 2025 Capital Investment Antero's drilling and completion capital expenditures for the three months ended December 31, 2025 were $159 million. In addition to capital invested in drilling and completion activities, the Company invested $33 million in land during the fourth quarter. Through this investment, Antero added approximately 7,000 net acres, representing 26 incremental drilling locations at an average cost of approximately $900,000 per location. During 2025, Antero's organic leasing program has added 102 incremental drilling locations at an average cost of approximately $925,000 per location, more than offsetting the 78 gross locations drilled during the year.Natural Gas Hedge Program Antero added natural gas swaps and basis hedges for the full years 2026 and 2027, including positions acquired from HG Energy, in order to support its acquisition and development program. For more information on our hedge portfolio, please see the presentation titled "Hedges and Guidance Presentation" on Antero's website. The hedges below include positions executed through February 6, 2026 and reflect Antero stand-alone for the month of January 2026 and inclusive of HG hedges from February to December 2026.Swaps


Natural Gas
(MMBtu/d)

Weighted
Average
Index Price
($/MMBtu)


January 2026 NYMEX Henry Hub Swap
770,000
$3.90


February – December 2026 NYMEX Henry Hub Swap
1,286,000
$3.92


2027 NYMEX Henry Hub Swap
845,000
$3.88


















Weighted Average Index

Collars


Natural
Gas
(MMBtu/d)

 Floor Price
($/MMBtu)

Ceiling Price
($/MMBtu)

January 2026 NYMEX Henry Hub Costless Collars
500,000
$3.22
$5.83

February – December 2026 NYMEX Henry Hub Costless Collars
553,000
$3.24
$5.70

2027 NYMEX Henry Hub Costless Collars
57,000
$3.46
$4.62






















Year End Proved Reserves At December 31, 2025, Antero's estimated proved reserves were 19.1 Tcfe, a 7% increase from the prior year. Estimated proved reserves were comprised of 61% natural gas, 38% NGLs and 1% oil. Estimated proved developed reserves were 14.4 Tcfe. At year end 2025, Antero's five year development plan included 296 gross PUD locations.  Antero's proved undeveloped locations have an average estimated BTU of 1215, with an average lateral length of 14,650 feet.Antero's 4.7 Tcfe of estimated proved undeveloped reserves will require an estimated $2.3 billion of future development capital over the next five years, resulting in an estimated average future development cost for proved undeveloped reserves of $0.49 per Mcfe.The following table presents a summary of changes in estimated proved reserves (in Tcfe).



Proved reserves, December 31, 2024
17.9
Extensions, discoveries and other additions
0.7
Revisions of previous estimates
0.5
Revisions to five-year development plan
0.7
Price revisions
0.1
Acquisition of reserves
0.5
Production
(1.3)
Proved reserves, December 31, 2025
19.1
Conference CallA conference call is scheduled on Thursday, February 12, 2026 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference "Antero Resources." A telephone replay of the call will be available until Thursday, February 19, 2026 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758128. To access the live webcast and view the related earnings conference call presentation, visit Antero's website at www.anteroresources.com. The webcast will be archived for replay until Thursday, February 19, 2026 at 9:00 am MT.PresentationAn updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteroresources.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release.Non-GAAP Financial MeasuresAdjusted Net Income Adjusted Net Income as set forth in this release represents net income, adjusted for certain items. Antero believes that Adjusted Net Income is useful to investors in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Adjusted Net Income is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for net income as an indicator of financial performance. The GAAP measure most directly comparable to Adjusted Net Income is net income. The following table reconciles net income to Adjusted Net Income (in thousands):









Three Months Ended December 31,


2024
2025
Net income and comprehensive income attributable to Antero Resources Corporation
$149,649

193,683
Net income and comprehensive income attributable to noncontrolling interests

9,164

9,235
Unrealized commodity derivative (gains) losses

20,122

(88,196)
Amortization of deferred revenue, VPP

(6,812)

(6,368)
Loss (gain) on sale of assets

1,989

(408)
Impairment of property and equipment

28,475

5,215
Equity-based compensation

17,169

14,311
Equity in earnings of unconsolidated affiliate

(23,925)

(10,205)
Contract termination and loss contingency

937

3,153
Transaction expense

—

4,386
Tax effect of reconciling items (1)

(8,257)

17,292



188,511

142,098
Martica adjustments (2)

(7,858)

(9,235)
Adjusted Net Income
$180,653

132,863








Diluted Weighted Average Common Shares Outstanding (3)

314,165

311,077
(1)Deferred taxes were approximately 22% for 2024 and 2025.(2)Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above(3)Diluted weighted average shares outstanding does not include securities that would have had an anti-dilutive effect on the computation of diluted earnings per share. Anti-dilutive weighted average shares outstanding for the three months ended December 31, 2024 were 0.3 million.  There were no anti-dilutive weighted average shares outstanding for the three months ended December 31, 2025.Net DebtNet Debt is calculated as total long-term debt less cash and cash equivalents. Management uses Net Debt to evaluate the Company's financial position, including its ability to service its debt obligations.The following table reconciles consolidated total long-term debt to Net Debt as used in this release (in thousands):









December 31,


2024
2025
Credit Facility
$393,200

438,600
8.375% senior notes due 2026

96,870

—
7.625% senior notes due 2029

407,115

365,353
5.375% senior notes due 2030

600,000

600,000
Unamortized debt issuance costs

(7,955)

(5,977)
Total long-term debt
$1,489,230

1,397,976
Less: Cash, cash equivalents and restricted cash

—

(210,000)
Net Debt
$1,489,230

1,187,976
Adjusted Free Cash FlowAdjusted Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow or as a measure of liquidity. The Company defines Adjusted Free Cash Flow as net cash provided by operating activities, less capital expenditures, which includes additions to unproved properties, drilling and completion costs and additions to other property and equipment, less distributions to non-controlling interests in Martica, plus transaction expenses.The Company has not provided projected net cash provided by operating activities or a reconciliation of Adjusted Free Cash Flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts.Adjusted Free Cash Flow is a useful indicator of the Company's ability to internally fund its activities, service or incur additional debt and estimate our ability to return capital to shareholders. There are significant limitations to using Adjusted Free Cash Flow as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company's net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted Free Cash Flow reported by different companies. Adjusted Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations.Adjusted EBITDAX Adjusted EBITDAX is a non-GAAP financial measure that we define as net income, adjusted for certain items detailed below. Adjusted EBITDAX as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. Adjusted EBITDAX should not be considered in isolation or as a substitute for operating income or loss, net income or loss, cash flows provided by operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. Adjusted EBITDAX provides no information regarding our capital structure, borrowings, interest costs, capital expenditures, working capital movement, or tax position. Adjusted EBITDAX does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations. However, our management team believes Adjusted EBITDAX is useful to an investor in evaluating our financial performance because this measure:is widely used by investors in the oil and natural gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially from company to company depending upon accounting methods and the book value of assets, capital structure and the method by which assets were acquired, among other factors;helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital and legal structure from our operating structure;is used by our management team for various purposes, including as a measure of our operating performance, in presentations to our Board of Directors, and as a basis for strategic planning and forecasting: andis used by our Board of Directors as a performance measure in determining executive compensation.There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies.The GAAP measures most directly comparable to Adjusted EBITDAX are net income and net cash provided by operating activities. The following table represents a reconciliation of Antero's net income, including noncontrolling interest, to Adjusted EBITDAX and a reconciliation of Antero's Adjusted EBITDAX to net cash provided by operating activities per our condensed consolidated statements of cash flows, in each case, for the three months ended December 31, 2024 and 2025 (in thousands). Adjusted EBITDAX also excludes the noncontrolling interests in Martica, and these adjustments are disclosed in the table below as Martica related adjustments.(1)Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above.










Three Months Ended December 31,



2024
2025

Reconciliation of net income to Adjusted EBITDAX:







Net income and comprehensive income attributable to Antero Resources Corporation
$149,649

193,683

Net income and comprehensive income attributable to noncontrolling interests

9,164

9,235

Unrealized commodity derivative (gains) losses

20,122

(88,196)

Amortization of deferred revenue, VPP

(6,812)

(6,368)

Loss (gain) on sale of assets

1,989

(408)

Interest expense, net

27,061

22,128

Loss on early extinguishment of debt

—

—

Income tax expense (benefit)

(104,170)

69,947

Depletion, depreciation, amortization and accretion

194,899

188,021

Impairment of property and equipment

28,475

5,215

Exploration expense

702

830

Equity-based compensation expense

17,169

14,311

Equity in earnings of unconsolidated affiliate

(23,925)

(10,205)

Dividends from unconsolidated affiliate

31,314

31,314

Contract termination, loss contingency and settlements

937

3,153

Transaction expense and other

467

4,424




347,041

437,084

Martica related adjustments (1)

(15,105)

(14,939)

Adjusted EBITDAX
$331,936

422,145










Reconciliation of our Adjusted EBITDAX to net cash provided by operating activities:







Adjusted EBITDAX
$331,936

422,145

Martica related adjustments (1)

15,105

14,939

Interest expense, net

(27,061)

(22,128)

Amortization of debt issuance costs and other

520

24

Exploration expense

(702)

(830)

Changes in current assets and liabilities

(39,944)

(37,833)

Contract termination, loss contingency and settlements

(736)

788

Transaction expense and other

(1,116)

(6,362)

Net cash provided by operating activities
$278,002

370,743

(1)Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above.Drilling and Completion Capital ExpendituresFor a reconciliation between cash paid for drilling and completion capital expenditures and drilling and completion accrued capital expenditures during the period, please see the capital expenditures section below (in thousands):








Three Months Ended
December 31,

2024
2025Drilling and completion costs (cash basis)
$105,552

162,166Change in accrued capital costs

14,912

(3,284)Adjusted drilling and completion costs (accrual basis)
$120,464

158,882Notwithstanding their use for comparative purposes, the Company's non-GAAP financial measures may not be comparable to similarly titled measures employed by other companies.This release includes "forward-looking statements." Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," "goal," "target," and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources' control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding our financial strategy, future operating results, financial position, estimated revenues and losses, potential acquisitions, dispositions or other strategic transactions, including the pending Ohio Utica Shale divestiture, the timing thereof, and our ability to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, estimated realized natural gas, NGL and oil prices, prospects, plans and objectives of management,  return of capital program, expected results, impacts of geopolitical, including the conflicts in Ukraine and in the Middle East, and world health events, future commodity prices, future production targets, including those related to certain levels of production, future earnings, leverage targets and debt repayment, future capital spending plans, improved and/or increasing capital efficiency, expected drilling and development plans, projected well costs and cost savings initiatives, operations of Antero Midstream, future financial position, the participation level of our drilling partner and the financial and production results to be achieved as a result of that drilling partnership, the other key assumptions underlying our projections, the impact of recently enacted legislation, and future marketing opportunities, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incidental to our business, most of which are difficult to predict and many of which are beyond the Antero Resources' control. These risks include, but are not limited to, commodity price volatility, inflation, supply chain or other disruption, availability and cost of drilling, completion and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes or changes in law, changes in emission calculation methods, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical, including the conflicts in Ukraine and the Middle East, and world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading " Risk Factors" in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2025. ANTERO RESOURCES CORPORATIONConsolidated Balance Sheets(In thousands, except per share amounts)









December 31,


2024
2025
Assets
Current assets:






Restricted cash
$—

210,000
Accounts receivable

34,413

33,773
Accrued revenue

453,613

473,453
Derivative instruments

1,050

68,913
Prepaid expenses

12,423

14,554
Current assets held for sale

—

20,269
Other current assets

6,047

10,818
Total current assets

507,546

831,780
Property and equipment:






Oil and gas properties, at cost (successful efforts method):






Unproved properties

879,483

796,705
Proved properties

14,395,680

14,049,003
Gathering systems and facilities

5,802

—
Other property and equipment

105,871

113,020



15,386,836

14,958,728
Less accumulated depletion, depreciation and amortization

(5,699,286)

(5,753,416)
Property and equipment, net

9,687,550

9,205,312
Operating leases right-of-use assets

2,549,398

2,132,509
Derivative instruments

1,296

12,524
Investment in unconsolidated affiliate

231,048

245,653
Assets held for sale

—

754,737
Other assets

33,212

62,892
Total assets
$13,010,050

13,245,407
Liabilities and Equity
Current liabilities:






Accounts payable
$62,213

49,514
Accounts payable, related parties

111,066

101,454
Accrued liabilities

402,591

338,847
Revenue distributions payable

315,932

384,777
Derivative instruments

31,792

—
Short-term lease liabilities

493,894

516,256
Deferred revenue, VPP

25,264

23,502
Current liabilities held for sale

—

62,310
Other current liabilities

3,175

26,653
Total current liabilities

1,445,927

1,503,313
Long-term liabilities:






Long-term debt

1,489,230

1,397,976
Deferred income tax liability, net

693,341

907,306
Derivative instruments

17,233

—
Long-term lease liabilities

2,050,337

1,612,288
Deferred revenue, VPP

35,448

11,946
Liabilities held for sale

—

39,789
Other liabilities

62,001

57,140
Total liabilities

5,793,517

5,529,758
Commitments and contingencies






Equity:






Stockholders' equity:






Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued

—

—
Common stock, $0.01 par value; authorized - 1,000,000 shares; 311,165 and 308,510 shares issued and
     outstanding as of December 31, 2024 and December 31, 2025, respectively

3,111

3,085
Additional paid-in capital

5,909,373

5,865,447
Retained earnings

1,109,166

1,682,295
Total stockholders' equity

7,021,650

7,550,827
Noncontrolling interests

194,883

164,822
Total equity

7,216,533

7,715,649
Total liabilities and equity
$13,010,050

13,245,407
 ANTERO RESOURCES CORPORATIONConsolidated Statements of Operations and Comprehensive Income  (In thousands, except per share amounts)















(Unaudited)








Three Months Ended
Year Ended


December 31,
December 31,


2024
2025
2024
2025
Revenue and other:












Natural gas sales
$543,794

773,596

1,818,297

2,873,241
Natural gas liquids sales

555,722

474,259

2,066,975

1,986,840
Oil sales

49,128

34,772

230,027

150,158
Commodity derivative fair value gains (losses)

(21,498)

90,068

731

111,049
Marketing

33,971

31,697

179,069

125,900
Amortization of deferred revenue, VPP

6,812

6,368

27,101

25,264
Other revenue and income

822

869

3,396

3,371
Total revenue

1,168,751

1,411,629

4,325,596

5,275,823
Operating expenses:












Lease operating

30,216

31,479

118,693

135,124
Gathering, compression, processing and transportation

682,024

749,684

2,702,930

2,857,426
Production and ad valorem taxes

60,147

44,122

207,671

163,135
Marketing

52,142

44,380

244,906

190,206
Exploration and mine expenses

702

830

2,618

2,990
General and administrative (including equity-based compensation expense)

59,421

55,954

229,338

232,526
Depletion, depreciation and amortization

193,694

186,956

762,068

749,675
Impairment of property and equipment

28,475

5,215

47,433

29,358
Accretion of asset retirement obligations

1,205

1,065

3,759

3,892
Contract termination, loss contingency and settlements

937

3,153

4,468

28,012
Gain on sale of assets

1,989

(408)

862

(266)
Other operating expense

20

25

390

99
Total operating expenses

1,110,972

1,122,455

4,325,136

4,392,177
Operating income

57,779

289,174

460

883,646
Other income (expense):












Interest expense, net

(27,061)

(22,128)

(118,207)

(83,682)
Equity in earnings of unconsolidated affiliate

23,925

10,205

93,787

98,484
Loss on early extinguishment of debt

—

—

(528)

(3,628)
Transaction expense

—

(4,386)

—

(4,386)
Total other expense

(3,136)

(16,309)

(24,948)

6,788
Income before income taxes

54,643

272,865

(24,488)

890,434
Income tax benefit (expense)

104,170

(69,947)

118,185

(215,867)
Net income and comprehensive income including noncontrolling interests

158,813

202,918

93,697

674,567
Less: net income and comprehensive income attributable to noncontrolling
     interests

9,164

9,235

36,471

40,149
Net income and comprehensive income attributable to Antero Resources
     Corporation
$149,649

193,683

57,226

634,418














Net income per common share—basic
$0.48

0.63

0.18

2.05
Net income per common share—diluted
$0.48

0.62

0.18

2.03














Weighted average number of common shares outstanding:












Basic

311,145

308,486

309,489

309,719
Diluted

314,165

311,077

313,414

312,361
 ANTERO RESOURCES CORPORATIONConsolidated Statements of Cash Flows(In thousands)












Year Ended December 31,


2023
2024
2025
Cash flows provided by (used in) operating activities:









Net income including noncontrolling interests
$297,329

93,697

674,567
Adjustments to reconcile net income to net cash provided by operating activities:









Depletion, depreciation, amortization and accretion

750,093

765,827

753,567
Impairment of property and equipment

51,302

47,433

29,358
Commodity derivative fair value gains

(166,324)

(731)

(111,049)
Settled commodity derivative gains (losses)

(25,383)

10,154

(17,068)
Payments for derivative monetizations

(202,339)

—

—
Deferred income tax expense (benefit)

62,039

(118,640)

213,965
Equity-based compensation expense

59,519

66,462

60,812
Equity in earnings of unconsolidated affiliate

(82,952)

(93,787)

(98,484)
Dividends of earnings from unconsolidated affiliate

125,138

125,197

125,255
Amortization of deferred revenue

(30,552)

(27,101)

(25,264)
Amortization of debt issuance costs and other

2,264

2,420

937
Settlement of asset retirement obligations

(718)

(3,571)

(270)
Contract termination, loss contingency and settlements

12,100

5,344

15,370
Loss (gain) on sale of assets

(447)

862

(266)
Loss on early extinguishment of debt

—

528

3,628
Loss on convertible note inducements

374

—

—
Changes in current assets and liabilities:









Accounts receivable

7,550

25,410

(142)
Accrued revenue

306,880

(52,808)

(39,239)
Prepaid expenses and other current assets

14,890

8,680

(6,990)
Accounts payable including related parties

(16,837)

35,301

(2,345)
Accrued liabilities

(62,419)

1,280

(44,984)
Revenue distributions payable

(106,429)

(45,849)

85,975
Other current liabilities

(357)

3,180

13,597
Net cash provided by operating activities

994,721

849,288

1,630,930
Cash flows provided by (used in) investing activities:









Additions to unproved properties

(151,135)

(90,995)

(129,247)
Drilling and completion costs

(964,346)

(614,855)

(685,468)
Additions to other property and equipment

(16,382)

(10,929)

(5,407)
Acquisitions of oil and gas properties

—

—

(253,128)
Proceeds from asset sales

447

9,499

16,277
Change in other assets

(9,351)

(6,873)

(20,840)
Net cash used in investing activities

(1,140,767)

(714,153)

(1,077,813)
Cash flows provided by (used in) financing activities:









Repurchases of common stock

(75,355)

—

(136,404)
Repayment of senior notes

—

—

(141,733)
Borrowings on Credit Facility

4,501,400

4,130,900

4,909,000
Repayments on Credit Facility

(4,119,000)

(4,154,900)

(4,863,600)
Payment of debt issuance costs

(605)

(6,138)

(8,983)
Distributions to noncontrolling interests

(128,823)

(74,286)

(70,210)
Employee tax withholding for settlement of equity-based compensation awards

(30,367)

(29,605)

(29,649)
Convertible note inducements

(374)

—

—
Other

(830)

(1,106)

(1,538)
Net cash provided by (used in) financing activities

146,046

(135,135)

(343,117)
Net increase in cash, cash equivalents and restricted cash

—

—

210,000
Cash, cash equivalents and restricted cash, beginning of period

—

—

—
Cash, cash equivalents and restricted cash, end of period
$—

—

210,000











Supplemental disclosure of cash flow information:









Cash paid during the period for interest
$113,910

120,058

88,079
Increase (decrease) in accounts payable and accrued liabilities for additions to property and
     equipment
$(60,762)

10,525

(27,325)
Increase in other current liabilities for acquisitions of oil and gas properties
$—

—

7,479
The following table sets forth selected financial data for the three months ended December 31, 2024 and 2025 (in thousands):















(Unaudited)







Three Months Ended
Amount of




December 31,
Increase
Percent


2024
2025
(Decrease)
Change
Revenue:











Natural gas sales
$543,794

773,596

229,802
42%Natural gas liquids sales

555,722

474,259

(81,463)
(15)%Oil sales

49,128

34,772

(14,356)
(29)%Commodity derivative fair value gains (losses)

(21,498)

90,068

111,566
*
Marketing

33,971

31,697

(2,274)
(7)%Amortization of deferred revenue, VPP

6,812

6,368

(444)
(7)%Other revenue and income

822

869

47
6%Total revenue

1,168,751

1,411,629

242,878
21%Operating expenses:











Lease operating

30,216

31,479

1,263
4%Gathering and compression

225,267

242,523

17,256
8%Processing

267,538

291,128

23,590
9%Transportation

189,219

216,033

26,814
14%Production and ad valorem taxes

60,147

44,122

(16,025)
(27)%Marketing

52,142

44,380

(7,762)
(15)%Exploration

702

830

128
18%General and administrative (excluding equity-based compensation)

42,252

41,643

(609)
(1)%Equity-based compensation

17,169

14,311

(2,858)
(17)%Depletion, depreciation and amortization

193,694

186,956

(6,738)
(3)%Impairment of property and equipment

28,475

5,215

(23,260)
(82)%Accretion of asset retirement obligations

1,205

1,065

(140)
(12)%Contract termination and loss contingency

937

3,153

2,216
236%Loss (gain) on sale of assets

1,989

(408)

(2,397)
*
Other operating expense

20

25

5
25%Total operating expenses

1,110,972

1,122,455

11,483
1%Operating income

57,779

289,174

231,395
400%Other earnings (expenses):











Interest expense, net

(27,061)

(22,128)

4,933
(18)%Equity in earnings of unconsolidated affiliate

23,925

10,205

(13,720)
(57)%Transaction expenses

—

(4,386)

(4,386)
*
Total other expense

(3,136)

(16,309)

(13,173)
420%Income before income taxes

54,643

272,865

218,222
399%Income tax (expense) benefit

104,170

(69,947)

(174,117)
*
Net income and comprehensive income including noncontrolling interests

158,813

202,918

44,105
28%Less: net income and comprehensive income attributable to noncontrolling
     interests

9,164

9,235

71
1%Net income and comprehensive income attributable to Antero Resources
     Corporation
$149,649

193,683

44,034
29%












Adjusted EBITDAX
$331,936

422,145

90,209
27%*   Not meaningfulThe following table sets forth selected financial data for the three months ended December 31, 2024 and 2025:














Unaudited






Three Months Ended
Amount of




December 31,
Increase
Percent


2024
2025
(Decrease)
Change
Production data (1) (2):











Natural gas (Bcf)

196

208

12
6%C2 Ethane (MBbl)

8,518

7,668

(850)
(10)%C3+ NGLs (MBbl)

10,563

10,678

115
1%Oil (MBbl)

850

756

(94)
(11)%Combined (Bcfe)

316

323

7
2%Daily combined production (MMcfe/d)

3,431

3,511

80
2%Average prices before effects of derivative settlements (3):











Natural gas (per Mcf)
$2.77

3.71

0.94
34%C2 Ethane (per Bbl)
$10.31

12.54

2.23
22%C3+ NGLs (per Bbl)
$44.29

35.41

(8.88)
(20)%Oil (per Bbl)
$57.80

45.99

(11.81)
(20)%Weighted Average Combined (per Mcfe)
$3.64

3.97

0.33
9%Average realized prices after effects of derivative settlements (3):











Natural gas (per Mcf)
$2.76

3.72

0.96
35%C2 Ethane (per Bbl)
$10.31

12.54

2.23
22%C3+ NGLs (per Bbl)
$44.43

35.41

(9.02)
(20)%Oil (per Bbl)
$57.69

45.99

(11.70)
(20)%Weighted Average Combined (per Mcfe)
$3.63

3.98

0.35
10%Average costs (per Mcfe):











Lease operating
$0.10

0.10

—
*
Gathering and compression
$0.71

0.75

0.04
6%Processing
$0.85

0.90

0.05
6%Transportation
$0.60

0.67

0.07
12%Production and ad valorem taxes
$0.19

0.14

(0.05)
(26)%Marketing expense, net
$0.06

0.04

(0.02)
(33)%General and administrative (excluding equity-based compensation)
$0.13

0.13

—
*
Depletion, depreciation, amortization and accretion
$0.62

0.58

(0.04)
(6)%*   Not meaningful(1)Production data excludes volumes related to VPP transaction.(2)Oil and NGLs production was converted at 6 Mcf per Bbl to calculate total Bcfe production and per Mcfe amounts.  This ratio is an estimate of the equivalent energy content of the products and may not reflect their relative economic value.(3)Average prices reflect the before and after effects of our settled commodity derivatives.  Our calculation of such after effects includes gains (losses) on settlements of commodity derivatives, which do not qualify for hedge accounting because we do not designate or document them as hedges for accounting purposes. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/antero-resources-announces-fourth-quarter-2025-results-and-2026-guidance-302685639.htmlSOURCE Antero Resources Corporation

Original: Antero Resources Announces Fourth Quarter 2025 Results and 2026 Guidance

Antero Midstream Announces Fourth Quarter 2025 Results and 2026 GuidanceFebruary 11, 2026 4:15 PM
PR Newswire (US)

DENVER, Feb. 11, 2026 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its fourth quarter 2025 financial and operating results and 2026 guidance.  The relevant consolidated financial statements are included in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2025.







Fourth Quarter 2025 Highlights:Low pressure gathering and compression volumes increased by 5% compared to the prior year quarterNet Income was $52 million, or $0.11 per diluted share, a 52% per share decrease compared to the prior year quarterAdjusted Net Income was $133 million, or $0.28 per diluted share, an 8% per share increase compared to the prior year quarter (non-GAAP measure)Adjusted EBITDA was $285 million, a 4% increase compared to the prior year quarter (non-GAAP measure)Capital expenditures were $45 million and Adjusted Free Cash Flow after dividends was $86 million (non-GAAP measure)Leverage was 2.7x as of December 31, 2025 (non-GAAP measure)Repurchased 2.7 million shares for $48 million2026 Guidance Highlights:Closed acquisition of HG Midstream in early FebruaryNet Income of $485 to $535 million, a 23% increase compared to 2025 at the midpoint of guidanceAdjusted EBITDA of $1.19 to $1.24 billion, an 8% increase compared to 2025 at the midpoint (non-GAAP measure)Capital expenditures of $190 to $220 millionAdjusted Free Cash Flow after dividends of $330 to $390 million assuming an annualized dividend of $0.90 per share, an 11% increase compared to 2025 at the midpoint (non-GAAP measure)Michael Kennedy, CEO said, "Antero Midstream reported another year of gathering and compression, Adjusted EBITDA, and Adjusted Free Cash Flow growth in 2025. This consistent strategy of organic growth, supplemented by attractive bolt-on acquisitions, positions us well for continued capital efficient growth in 2026 and beyond."Mr. Kennedy continued, "The capital budget in 2026 is focused on high rate of return infrastructure projects in the core of the Marcellus Shale. These include the buildout of our rich gas gathering system, integration of recently acquired assets, and new expansion projects to support additional dry gas growth on Antero Midstream dedicated acreage. These projects will provide incremental outlet market opportunities and further unlock development optionality across Antero Midstream's diverse portfolio of rich and dry gas assets."Justin Agnew, CFO of Antero Midstream, said, "Antero Midstream's cash flow growth, driven by operational and capital efficiencies, allowed us to reduce net debt and leverage to 2.7x at year-end 2025. Looking ahead to 2026, we expect to maintain a strong balance sheet with leverage near 3-times and a balanced approach of debt reduction and opportunistic share repurchases. This return of capital approach, enhanced by the recently announced transactions, positions us well to deliver additional shareholder value."For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, and Adjusted Free Cash Flow after dividends please see "Non-GAAP Financial Measures."Share RepurchasesDuring the fourth quarter of 2025, Antero Midstream repurchased 2.7 million shares for $48 million.  Antero Midstream had approximately $336 million of remaining capacity under its share repurchase program as of December 31, 2025.  Total shares purchased under the share repurchase program and for tax withholding obligations in 2025 were 9.4 million shares at a weighted average price of $17.28 per share. Fourth Quarter 2025 Operating and Strategic UpdatesDuring the fourth quarter of 2025, Antero Midstream connected 18 wells to its gathering system and serviced 19 wells with its fresh water delivery system.  Capital expenditures were $45 million during the fourth quarter of 2025.  The Company invested $21 million in gathering and compression and $24 million in water infrastructure.  Capital during the fourth quarter included well connect capital, capital to relocate and expand compression in the dry gas area, and the completion of the Patriot Water Blending Facility. This facility expands the water blending capabilities on the southern portion of the liquids-rich midstream corridor, allowing nearly the entire field to be connected via water pipelines.2026 GuidanceAntero Midstream's 2026 guidance includes the impact of the previously announced HG Midstream acquisition and Ohio Utica Shale divestiture based on closing dates in early and late February of 2026, respectively, and contributions to guidance after closing.For full year 2026, Antero Midstream is forecasting Net Income of $485 to $535 million.  The Company is forecasting Adjusted EBITDA of $1.19 to $1.24 billion, which represents an 8% increase compared to 2025 at the midpoint.   Antero Midstream expects to service 65 to 75 wells with its fresh water delivery system, with the wells having an average lateral length of approximately 13,700 feet. Antero Midstream's water system will service Antero Resources legacy acreage completions in 2026 before integrating the water systems and providing incremental water services in 2027 and beyond on the acreage acquired in Antero Resources' acquisition of HG Energy II.Antero Midstream is forecasting a capital budget of $190 to $220 million.  The midpoint of the 2026 capital budget includes approximately $145 million of investment in gathering and compression infrastructure for both the legacy Antero Midstream and acquired HG Midstream assets. The 2026 capital budget also includes expansion capital on the dry gas portion of Antero Midstream's assets to enhance the downstream deliverability to various dry gas outlets.  The Company has budgeted an investment of $60 million for water infrastructure in 2026.Antero Midstream is forecasting Adjusted Free Cash Flow before dividends of $755 to $815 million and Adjusted Free Cash Flow after dividends of $330 to $390 million for 2026, assuming an annualized dividend of $0.90 per share.  This represents an 11% increase in Adjusted Free Cash Flow after dividends at the midpoint of guidance compared to 2025.The following is a summary of Antero Midstream's 2026 guidance ($ in millions, except per share amounts):

Year EndedDecember 31, 2026


Low

HighNet Income
$485

535Adjusted Net Income

540

590Adjusted EBITDA

1,185

1,235Capital Expenditures

190

220Interest Expense

210

230Current Income Tax Expense

—

—Adjusted Free Cash Flow Before Dividends

755

815Dividend Per Share

 $0.90 Per ShareAdjusted Free Cash Flow After Dividends

330

390Fourth Quarter 2025 Financial ResultsLow pressure gathering, compression, and high pressure gathering volumes increased by 5% compared to the prior year quarter. Fresh water delivery volumes averaged 93 MBbl/d during the quarter, an 18% decrease compared to the fourth quarter of 2024.  Gross processing volumes from the processing and fractionation joint venture (the "Joint Venture") also increased by 5% compared to the prior year quarter. Gross Joint Venture fractionation volumes averaged 40 MBbl/d, in line with the prior year quarter. 

Three Months EndedDecember 31,

Average Daily Volumes:
2024
2025
%
Change
Low Pressure Gathering (MMcf/d)
3,276
3,435
5 %
Compression (MMcf/d)
3,266
3,424
5 %
High Pressure Gathering (MMcf/d)
3,045
3,193
5 %
Fresh Water Delivery (MBbl/d)
114
93
(18) %
Gross Joint Venture Processing (MMcf/d)
1,622
1,695
5 %
Gross Joint Venture Fractionation (MBbl/d)
40
40
-
For the three months ended December 31, 2025, revenues were $297 million, comprised of $241 million from the Gathering and Processing segment and $56 million from the Water Handling segment, net of $18 million of amortization of customer relationships.  Water Handling revenues include $27 million from wastewater handling and high rate water transfer services.Direct operating expenses for the Gathering and Processing and Water Handling segments were both $27 million for a total of $54 million.  Water Handling operating expenses include $22 million from wastewater handling and high rate water transfer services.  General and administrative expenses excluding equity-based compensation were $10 million during the fourth quarter of 2025.  Total operating expenses during the fourth quarter of 2025 included $11 million of equity-based compensation expense and $34 million of depreciation expense. Transaction expense was $5 million related to the HG Midstream acquisition.Net Income was $52 million, or $0.11 per diluted share, a 52% per share decrease compared to the prior year quarter.  Net Income adjusted for amortization of customer relationships, loss on long-lived assets, transaction expense and other, net of tax effects of reconciling items, or Adjusted Net Income, was $133 million.  Adjusted Net Income was $0.28 per diluted share, an 8% per share increase compared to the prior year quarter.The following table reconciles Net Income to Adjusted Net Income (in thousands):

Three Months EndedDecember 31,


2024

2025
Net Income
$111,189

51,929
Amortization of customer relationships

17,668

17,668
Loss on long-lived assets(1)

—

86,626
Transaction expense

—

5,195
Other

(183)

—
Tax effect of reconciling items(2)

(4,574)

(28,363)
Adjusted Net Income
$124,100

133,055


(1)Related to non-cash write-down of Utica Shale net assets held for sale relative to cash consideration expected to be received. (2)The statutory tax rate for each of the three months ended December 31, 2024 and 2025 was approximately 26%.Adjusted EBITDA was $285 million, a 4% increase compared to the prior year quarter.  Interest expense was $47 million, a 6% decrease compared to the prior year quarter.  Capital expenditures were $45 million during the fourth quarter of 2025. Adjusted Free Cash Flow before dividends was $192 million and Adjusted Free Cash Flow after dividends was $86 million.The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands):

Three Months EndedDecember 31,


2024

2025
Net Income
$111,189

51,929
Interest expense, net

49,721

46,836
Income tax expense

44,603

25,264
Depreciation expense

32,795

33,733
Amortization of customer relationships

17,668

17,668
Equity-based compensation

11,461

11,123
Equity in earnings of unconsolidated affiliates

(27,778)

(28,715)
Distributions from unconsolidated affiliates

34,749

35,175
Loss on long-lived assets(1)

—

86,626
Transaction expense

—

5,195
Other operating expense (income), net(2)

(134)

49
Adjusted EBITDA
$274,274

284,883
Interest expense, net

(49,721)

(46,836)
Capital expenditures (accrual-based)

(24,011)

(45,234)
  Current income tax expense

—

(348)
Adjusted Free Cash Flow before dividends
$200,542

192,465
Dividends declared (accrual-based)

(107,735)

(106,485)
Adjusted Free Cash Flow after dividends
$92,807

85,980


(1)Related to non-cash write-down of Utica Shale net assets held for sale relative to cash consideration expected to be received. (2)Other operating expense represents accretion of asset retirement obligations and loss on asset sale.The following table reconciles net cash provided by operating activities to Adjusted Free Cash Flow before and after dividends (in thousands):

Three Months EndedDecember 31,


2024

2025Net cash provided by operating activities
$232,691

255,503Amortization of deferred financing costs

(1,283)

(1,317)Settlement of asset retirement obligations

282

150Transaction expense

—

5,195Changes in working capital

(7,137)

(21,832)Capital expenditures (accrual-based)

(24,011)

(45,234)Adjusted Free Cash Flow before dividends
$200,542

192,465Dividends declared (accrual-based)

(107,735)

(106,485)Adjusted Free Cash Flow after dividends
$92,807

85,980









Conference CallA conference call is scheduled on Thursday, February 12, 2026 at 10:00 am MT to discuss the financial and operational results.  A brief Q&A session for security analysts will immediately follow the discussion of the results.  To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference "Antero Midstream."  A telephone replay of the call will be available until Thursday, February 19, 2026 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758129. To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com.  The webcast will be archived for replay until Thursday, February 19, 2026 at 10:00 am MT.PresentationAn updated presentation will be posted to the Company's website before the conference call.  The presentation can be found at www.anteromidstream.com on the homepage.  Information on the Company's website does not constitute a portion of, and is not incorporated by reference into, this press release.Non-GAAP Financial Measures and DefinitionsAntero Midstream uses certain non-GAAP financial measures.  Antero Midstream defines Adjusted Net Income as Net Income adjusted for certain items.  Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets.  Antero Midstream defines Adjusted EBITDA as Net Income adjusted for certain items.Antero Midstream uses Adjusted EBITDA to assess:the financial performance of Antero Midstream's assets, without regard to financing methods, capital structure or historical cost basis;its operating performance and return on capital as compared to other publicly traded companies in the midstream energy sector, without regard to financing or capital structure; andthe viability of acquisitions and other capital expenditure projects.Antero Midstream defines Adjusted Free Cash Flow before dividends as Adjusted EBITDA less net interest expense, accrual-based capital expenditures, and current income tax expense.  Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates.  Capital expenditures exclude acquisitions and Adjusted Free Cash Flow excludes transaction expense related to acquisitions. Adjusted Free Cash Flow after dividends is defined as Adjusted Free Cash Flow before dividends less accrual-based dividends declared for the quarter.  Antero Midstream uses Adjusted Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period.Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow before and after dividends are non-GAAP financial measures.  The GAAP measure most directly comparable to these measures is Net Income.  Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities.  The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by (used in) operating activities.  You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP.  Antero Midstream's definitions of such measures may not be comparable to similarly titled measures of other companies.Antero Midstream has not included a reconciliation of Adjusted Net Income, Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends to the nearest GAAP financial measures for 2026 because it cannot do so without unreasonable effort and any attempt to do so would be inherently imprecise.  Antero Midstream is able to forecast the following reconciling items between such measures and Net Income (in millions):

Twelve Months Ended
December 31, 2026


Low
High

Equity based compensation expense
45
55

Amortization of customer relationships
70
75

Distributions from unconsolidated affiliates
140
155









The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):

Three Months EndedDecember 31,



2024

2025
Capital expenditures (as reported on a cash basis)
$39,840

48,818
Change in accrued capital costs

(15,829)

(3,584)
Capital expenditures (accrual basis)
$24,011

45,234
Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash, cash equivalents and restricted cash.  Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream's financial leverage.  Antero Midstream defines Leverage as Net Debt divided by Adjusted EBITDA for the last twelve months.  The GAAP measure most directly comparable to Net Debt is total debt, excluding unamortized debt premiums and debt issuance costs.The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands):

December 31,



2024

2025
Bank credit facility
$484,300

—
5.75% senior notes due 2027

650,000

—
5.75% senior notes due 2028

650,000

650,000
5.375% senior notes due 2029

750,000

750,000
6.625% senior notes due 2032

600,000

600,000
5.75% senior notes due 2033

—

650,000
5.75% senior notes due 2034

—

600,000
Consolidated total debt

3,134,300

3,250,000
Less: Cash, cash equivalents and restricted cash

—

(262,935)
Consolidated net debt
$3,134,300

2,987,065
The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow for the years ended December 31, 2024 and 2025 as used in this release (in thousands):

Twelve Months EndedDecember 31,


2024

2025Net Income
$400,892

413,163Interest expense, net

207,027

190,404Income tax expense

147,729

151,033Depreciation expense

140,000

134,310Amortization of customer relationships

70,672

70,672Impairment of property and equipment

332

984Loss on long-lived assets(1)

—

86,626Loss on early extinguishment of debt

14,091

1,313Equity-based compensation

44,332

45,958Equity in earnings of unconsolidated affiliates

(110,573)

(116,439)Distributions from unconsolidated affiliates

135,660

141,270Transaction expense

—

5,195Other operating expense, net(2)

912

192Adjusted EBITDA
$1,051,074

1,124,681Interest expense, net

(207,027)

(190,404)Capital expenditures (accrual-based)

(161,324)

(178,705)Current income tax expense

—

(1,646)Adjusted Free Cash Flow before dividends
$682,723

753,926Dividends declared (accrual-based)

(432,596)

(429,186)Adjusted Free Cash Flow after dividends
$250,127

324,740

(1)Related to non-cash write-down of Utica Shale net assets held for sale relative to cash consideration expected to be received. (2)Other operating expense represents accretion of asset retirement obligations and loss on asset sale.Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation's (NYSE: AR) ("Antero Resources") properties. This release includes "forward-looking statements." Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words.  Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream's control.  All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position, estimated revenues and losses, potential acquisitions, dispositions or other strategic transactions of Antero Midstream and Antero Resources, including the pending Ohio Utica Shale divestitures, the timing thereof, and Antero Resources' and Antero Midstream's respective ability to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, prospects, plans and objectives of management, Antero Resources' expected production and development plan, natural gas, NGLs and oil prices, Antero Midstream's ability to realize the anticipated benefits of its investments in unconsolidated affiliates, Antero Midstream's ability to execute its share repurchase and dividend program, Antero Midstream's ability to execute its business strategy, impacts of geopolitical events, including the conflicts in Ukraine and in the Middle East, and world health events, information regarding long-term financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources' expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources' drilling partner, the impact on demand for Antero Midstream's services as a result of incremental production by Antero Resources, the impact of recently enacted legislation, and expectations regarding the amount and timing of litigation awards are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events.  All forward-looking statements speak only as of the date of this release.  Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved.  Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.  Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond Antero Midstream's control.  These risks include, but are not limited to, risks associated with the HG Midstream acquisition and Utica Shale divestiture, including the risk that the disposition is not consummated on the terms expected or on the anticipated schedule, or at all, and risks associated with the successful integration and future performance of the acquired assets and operations, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources' drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources' future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading "Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2025.ANTERO MIDSTREAM CORPORATIONConsolidated Balance Sheets (In thousands, except per share amounts) 










December 31,


2024
2025
AssetsCurrent assets:






Cash and cash equivalents
$—

180,435
Restricted cash

—

82,500
Accounts receivable–Antero Resources

115,180

106,771
Accounts receivable–third party

832

993
Income tax receivable

—

1,896
Current assets held for sale

—

4,600
Other current assets

2,052

2,669
Total current assets

118,064

379,864
Long-term assets:






Property and equipment, net

3,881,621

3,454,572
Investments in unconsolidated affiliates

603,956

585,778
Customer relationships

1,144,759

1,074,087
Assets held for sale

—

379,036
Other assets, net

13,348

10,779
Total assets
$5,761,748

5,884,116








Liabilities and Stockholders' EquityCurrent liabilities:






Accounts payable–Antero Resources
$4,114

5,366
Accounts payable–third party

12,308

10,368
Accrued liabilities

83,555

91,527
Current liabilities held for sale

—

2,297
Other current liabilities

635

1,924
Total current liabilities

100,612

111,482
Long-term liabilities:






Long-term debt

3,116,958

3,222,530
Deferred income tax liability, net

413,608

562,996
Liabilities held for sale

—

3,021
Other

15,399

12,046
Total liabilities

3,646,577

3,912,075
Stockholders' equity:






Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2024 and
December 31, 2025






Series A non-voting perpetual preferred stock; 12 designated and 10 issued and
outstanding as of December 31, 2024 and December 31, 2025

—

—
Common stock, $0.01 par value; 2,000,000 authorized; 479,422 and 474,060 issued and
outstanding as of December 31, 2024 and December 31, 2025, respectively

4,794

4,741
Additional paid-in capital

2,019,830

1,952,524
Retained earnings

90,547

14,776
Total stockholders' equity

2,115,171

1,972,041
Total liabilities and stockholders' equity
$5,761,748

5,884,116
 ANTERO MIDSTREAM CORPORATIONCondensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)(In thousands, except per share amounts) 









Three Months Ended December 31,


2024
2025
Revenue:






Gathering and compression–Antero Resources
$234,630

250,539
Water handling–Antero Resources

70,053

63,222
Water handling–third party

462

911
Amortization of customer relationships

(17,668)

(17,668)
Total revenue

287,477

297,004
Operating expenses:






Direct operating

55,925

54,080
General and administrative (including $11,461 and $11,123 of equity-based
compensation in 2024 and 2025, respectively)

20,774

21,469
Facility idling

382

538
Depreciation

32,795

33,733
Loss on long-lived assets

—

86,626
Other operating (income) expense, net

(134)

49
Total operating expenses

109,742

196,495
Operating income

177,735

100,509
Other income (expense):






Interest expense, net

(49,721)

(46,836)
Equity in earnings of unconsolidated affiliates

27,778

28,715
Transaction expense

—

(5,195)
Total other expense

(21,943)

(23,316)
Income before income taxes

155,792

77,193
Income tax expense

(44,603)

(25,264)
Net income and comprehensive income
$111,189

51,929








Net income per common share–basic
$0.23

0.11
Net income per common share–diluted
$0.23

0.11








Weighted average common shares outstanding:






Basic

480,991

475,496
Diluted

486,133

479,887
 ANTERO MIDSTREAM CORPORATIONSelected Operating Data (Unaudited)







Amount of






Three Months Ended December 31,
 Increase
Percentage


2024
2025
or Decrease
Change
Operating Data:













Gathering—low pressure (MMcf)

301,418

316,046

14,628

5%
Compression (MMcf)

300,453

315,052

14,599

5%
Gathering—high pressure (MMcf)

280,115

293,776

13,661

5%
Fresh water delivery (MBbl)

10,476

8,514

(1,962)

(19)%
Other fluid handling (MBbl)

4,659

5,362

703

15%
Wells serviced by fresh water delivery

16

19

3

19%
Gathering—low pressure (MMcf/d)

3,276

3,435

159

5%
Compression (MMcf/d)

3,266

3,424

158

5%
Gathering—high pressure (MMcf/d)

3,045

3,193

148

5%
Fresh water delivery (MBbl/d)

114

93

(21)

(18)%
Other fluid handling (MBbl/d)

51

58

7

14%
Average Realized Fees(1):













Average gathering—low pressure fee ($/Mcf)
$0.36

0.36

—

*

Average compression fee ($/Mcf)
$0.21

0.22

0.01

5%
Average gathering—high pressure fee ($/Mcf)
$0.23

0.23

—

*

Average fresh water delivery fee ($/Bbl)
$4.31

4.37

0.06

1%
Joint Venture Operating Data:













Processing—Joint Venture (MMcf)

149,266

155,909

6,643

4%
Fractionation—Joint Venture (MBbl)

3,680

3,680

—

*

Processing—Joint Venture (MMcf/d)

1,622

1,695

73

5%
Fractionation—Joint Venture (MBbl/d)

40

40

—

*














*Not meaningful or applicable.(1)The average realized fees for the three months ended December 31, 2025 include annual CPI-based adjustments of approximately 1.6%. ANTERO MIDSTREAM CORPORATION Condensed Consolidated Results of Segment Operations (Unaudited)(In thousands) 

















Three Months Ended December 31, 2025


Gathering and

Water


Consolidated


Processing

Handling
Unallocated (1)
Total
Revenues:













Revenue–Antero Resources
$250,539


63,222

—

313,761
Revenue–third-party

—


911

—

911
Amortization of customer relationships

(9,272)


(8,396)

—

(17,668)
Total revenues

241,267


55,737

—

297,004
Operating expenses:













Direct operating

26,914


27,166

—

54,080
General and administrative (excluding equity-based
compensation)

5,354


3,783

1,209

10,346
Equity-based compensation

7,251


3,572

300

11,123
Facility idling

—


538

—

538
Depreciation

18,773


14,960

—

33,733
Loss on long-lived assets

82,960


3,666

—

86,626
Other operating expense, net

—


49

—

49
Total operating expenses

141,252


53,734

1,509

196,495
Operating income

100,015


2,003

(1,509)

100,509
Other income (expense):













Interest expense, net

—


—

(46,836)

(46,836)
Equity in earnings of unconsolidated affiliates

28,715


—

—

28,715
Transaction expense

—


—

(5,195)

(5,195)
Total other income (expense)

28,715


—

(52,031)

(23,316)
Income before income taxes

128,730


2,003

(53,540)

77,193
Income tax expense

—


—

(25,264)

(25,264)
Net income and comprehensive income
$128,730


2,003

(78,804)

51,929


















(1)Corporate expenses that are not directly attributable to either the gathering and processing or water handling segments. ANTERO MIDSTREAM CORPORATIONConsolidated Statements of Cash Flows(In thousands)













Year Ended December 31,


2023
2024
2025
Cash flows provided by (used in) operating activities:









Net income
$371,786

400,892

413,163
Adjustments to reconcile net income to net cash provided by operating activities:









Depreciation

136,059

140,000

134,310
Impairment of property and equipment

146

332

984
Deferred income tax expense

134,664

147,729

149,387
Equity-based compensation

31,606

44,332

45,958
Equity in earnings of unconsolidated affiliates

(105,456)

(110,573)

(116,439)
Distributions from unconsolidated affiliates

131,835

135,660

141,270
Amortization of customer relationships

70,672

70,672

70,672
Amortization of deferred financing costs

5,979

6,004

5,255
Settlement of asset retirement obligations

(1,258)

(795)

(467)
Loss on early extinguishment of debt

—

14,091

1,313
Loss on long-lived assets

—

—

86,626
Other operating activities

7,012

912

192
Changes in assets and liabilities:









Accounts receivable–Antero Resources

(2,458)

(26,571)

3,809
Accounts receivable–third party

359

748

325
Income tax receivable

940

—

(1,896)
Other current assets

(2,041)

(781)

(737)
Accounts payable–Antero Resources

(1,267)

(54)

1,141
Accounts payable–third party

(7,766)

3,722

(2,077)
Income taxes payable

—

—

942
Accrued liabilities

8,251

17,674

(1,267)
Net cash provided by operating activities

779,063

843,994

932,464
Cash flows provided by (used in) investing activities:









Additions to gathering systems, facilities and other

(130,305)

(141,832)

(91,533)
Additions to water handling systems

(53,428)

(30,515)

(70,722)
Additional investments in unconsolidated affiliate

(262)

(2,393)

(6,653)
Acquisitions of gathering systems and facilities

(266)

(69,992)

—
Other investing activities

1,055

1,999

(304)
Net cash used in investing activities

(183,206)

(242,733)

(169,212)
Cash flows provided by (used in) financing activities:









Dividends to common stockholders

(434,846)

(437,634)

(439,007)
Dividends to preferred stockholders

(550)

(550)

(550)
Repurchases of common stock

—

(28,690)

(134,981)
Issuance of Senior Notes

—

600,000

1,250,000
Redemption of Senior Notes

—

(560,862)

(650,000)
Payments of deferred financing costs

—

(12,793)

(13,877)
Borrowings on Credit Facility

1,037,700

1,565,000

1,768,700
Repayments on Credit Facility

(1,189,600)

(1,710,800)

(2,253,000)
Employee tax withholding for settlement of equity-based compensation awards

(8,495)

(14,998)

(27,602)
Net cash used in financing activities

(595,791)

(601,327)

(500,317)
Net increase (decrease) in cash, cash equivalents and restricted cash

66

(66)

262,935
Cash and cash equivalents, beginning of period

—

66

—
Cash, cash equivalents and restricted cash, end of period
$66

—

262,935











Supplemental disclosure of cash flow information:









Cash paid during the period for interest
$213,955

189,908

187,656
Income taxes refunded (paid) during the period
$9,626

104

(2,600)
Increase (decrease) in accrued capital expenditures and accounts payable for property and equipment
$1,288

(13,416)

9,797
 



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Original: Antero Midstream Announces Fourth Quarter 2025 Results and 2026 Guidance