Antero Resources Corporation (AR) Earnings
Antero Resources Corporation is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.92. AR has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -7.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $1.17 | $1.15 | -1.7% | $1.9B | +16.8% |
| Feb 11, 2026 | $0.52 | $0.62 | +19.2% | $1.5B | +14.9% |
| Oct 29, 2025 | $0.22 | $0.15 | -31.8% | $1.2B | -16.8% |
| Jul 30, 2025 | $0.42 | $0.35 | -16.5% | $1.2B | -3.1% |
| Apr 30, 2025 | $0.83 | $0.78 | -6.5% | $1.4B | -3.2% |
| Feb 12, 2025 | $0.40 | $0.58 | +45.0% | $1.2B | +4.5% |
| Oct 30, 2024 | $-0.04 | $-0.12 | -172.7% | $1.1B | -10.0% |
| Jul 31, 2024 | $-0.18 | $-0.19 | -7.3% | $984M | +1.4% |
| Feb 14, 2024 | $0.21 | $0.23 | +9.5% | $1.2B | +0.2% |
| Oct 25, 2023 | $0.04 | $0.08 | +79.5% | $1.1B | -1.0% |
| Jul 26, 2023 | $-0.27 | $-0.28 | -3.7% | $894M | -15.2% |
| Feb 15, 2023 | $0.83 | $1.04 | +25.3% | $1.8B | +16.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Praised operations team for 100% uptime during winter storm. - Closed HG acquisition and Ohio Utica shale divestiture. HG acquisition drives cash costs down, margin enhancement. Integration ahead of schedule, first HG pad turned in line. - Production growth expected to continue. - Free cash flow used to accelerate debt reduction. - Natural gas hedge strategy targets 25-50% of annual production. - Liquids marketing discusses global NGL market impact of Middle East events, U.S. NGL export capacity expansions. - Natural gas marketing talks about LNG export demand increase, EU storage issues, regional power demand projects. - CFO discusses cash cost reductions, progress on funding HG acquisition.
Guidance
- Expected full-year production 4.1 BCFE per day, ~20% increase from 2025. - Target to hit leveraged target of one times by mid-2026, six months ahead of prior expectations. - Free cash flow used to accelerate debt reduction on HG acquisition. - CurrentSRIP expects to fully fund HG acquisition by early next year, nearly a year ahead of initial expectations.
Segment performance
Production was a record 3.9 BCFE per day in Q1, 13% above year-ago. Full-year production expected to be 4.1 BCFE per day, ~20% increase from 2025. HG acquisition added production, cash flow, ~400k net acres and 400 drilling locations. Cash costs down 30 cents per MCFE. Quarterly free cash flow $657 million, second highest in company history. Over 60% of natural gas volumes hedged for 2026, one-third for 2027. Unhedged on liquids. Intero has highest LNG exposure among Appalachian producers, largest producer-exporter of NGLs.
Risks & headwinds
- Uncertainties in global energy markets from Middle East events, including ongoing conflict affecting NGL and oil product prices, supply disruptions, and transit through Strait of Hormuz. - Difficulty in providing updated guidance with high confidence due to too many uncertainties in current financial market and supply shock.
Analyst Q&A
Q: Arun Jayaram from JPMorgan Chase & Company asked about marketing arrangements and NGL realization guidance.
A: Dave responded on international exposure, ethane break-out for transparency, and conservativeness in guidance.
Q: Kevin McCurdy from Pickering Energy Partners asked about cash production expenses and CapEx budget.
A: Brendan responded majority of cash cost reduction from HG acquisition, and CapEx is $1 billion with potential to spend extra $200 million discretionary.
Q: John Freeman from Raymond James asked about gas supply arrangements mix and free cash flow.
A: Brendan responded on regional local demand, and assumption of share buybacks with term loan paid off.
Q: Gabe Dowd from Truly Showriders asked about future M&As and AM's advantage.
A: Mike responded on evaluating West Virginia acreage and AM's water system advantage.
Q: Jacob Roberts from TPH asked about liquids cut and processing cost reduction.
A: Brendan responded on balanced development and recontracting potential.
Q: Josh Silverstein from EBS for Writers.Live asked about power capacity and HG acquisition synergies.
A: Josh was responded on local demand and efficiency improvements in HG acquisition.
Q: Neil Maytop from Goldman Sachs asked about propane dock capacity and expansions.
A: Dave responded on export potential and tracking of dock expansions.
Q: Philip Youngworth from BMO asked about West Virginia's advantage and regional gas demand projects.
A: Mike responded on West Virginia's advantages and project timings.
Q: Leo Beriani from Roth asked about capital and synergies.
A: Brendan responded on capital spending in second half and synergy realization.
Q: Doug McGrath from Wolf Research asked about Mount Bellevue premium and data center negotiations.
A: Dave responded on premium relation to exports and request for proposal nature of negotiations.
Q: Paul Diamond from City asked about AI power contracts and balance between gas and liquids.
A: Paul was responded on deal nature and balance in production structure.