Overview

• Natural gas producer's Q4 adjusted net income missed analyst expectations

• Adjusted EBITDA for Q4 missed analyst estimates

• Company completed HG Energy acquisition, enhancing production capabilities

Outlook

• Antero expects 2026 production to average 4.1 Bcfe/d

• Company plans up to $200 mln discretionary growth capital based on commodity prices

• Antero sees 2027 production increasing to 4.5 Bcfe/d with additional capital

Result Drivers

• PRODUCTION INCREASE - Antero's net production rose by 2% in Q4 2025, reaching 3.5 Bcfe/d, driven by operational efficiencies

• HG ENERGY ACQUISITION - The acquisition of HG Energy was completed ahead of schedule, enhancing Antero's scale and dry gas exposure

• OPERATIONAL RECORDS - Antero set records in completion activities, averaging 16.1 stages per day over a pad and completing 19 stages in a single day

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 14 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

• Wall Street's median 12-month price target for Antero Resources Corp is $46.00, about 36.1% above its February 10 closing price of $33.80

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release: ID:nPn3R6Hzja

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)