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Antero Resources Corporation

AR

Antero Resources Corporation • NYSE
$36.43 ▲ 3.73% (+1.31)
Market Cap $11.24 B
52w High $44.02
52w Low $29.10
Dividend Yield 0%
P/E 19.28
Volume 2.86M
Outstanding Shares 308.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.175B ▼ $56.969M ▲ $76.179M ▼ 6.485% ▼ $0.25 ▼ $335.95M ▼
Q2-2025 $1.204B ▼ $37.775M ▼ $156.585M ▼ 13.005% ▼ $0.5 ▼ $423.248M ▼
Q1-2025 $1.393B ▲ $150.464M ▲ $207.971M ▲ 14.934% ▲ $0.67 ▲ $484.525M ▲
Q4-2024 $1.149B ▲ $125.606M ▲ $106.988M ▲ 9.308% ▲ $0.48 ▲ $276.603M ▲
Q3-2024 $983.58M $57.083M $-20.444M -2.079% $-0.07 $154.88M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 $12.912B ▲ $5.394B ▲ $7.346B ▲
Q2-2025 $0 $12.766B ▼ $5.282B ▼ $7.306B ▲
Q1-2025 $0 $13.049B ▲ $5.641B ▼ $7.218B ▲
Q4-2024 $0 $13.01B ▼ $5.794B ▼ $7.022B ▲
Q3-2024 $0 $13.224B $6.042B $6.98B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $85.61M ▼ $310.09M ▼ $-448.809M ▼ $138.719M ▲ $0 $341.101M ▲
Q2-2025 $166.573M ▼ $492.358M ▲ $-197.489M ▲ $-294.869M ▼ $0 $283.949M ▼
Q1-2025 $219.466M ▲ $457.739M ▲ $-207.891M ▼ $-249.848M ▼ $0 $426.728M ▲
Q4-2024 $116.152M ▲ $278.002M ▲ $-125.902M ▲ $-152.1M ▼ $0 $255.239M ▼
Q3-2024 $17.471M $166.177M $-174.126M $7.949M $0 $387.382M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Marketings
Marketings
 $80.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Natural Gas Liquids Sales
Natural Gas Liquids Sales
 $1.07Bn ▲$560.00M ▼$480.00M ▼$470.00M ▼
Natural Gas Production
Natural Gas Production
 $1.02Bn ▲$780.00M ▼$690.00M ▼$630.00M ▼
Oil and Condensate
Oil and Condensate
 $110.00M ▲$50.00M ▼$30.00M ▼$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Antero’s income statement shows just how tied the company is to commodity prices. Earnings surged when gas and liquids prices were strong, then dropped sharply as prices cooled. Revenue has fallen back from its peak, and profit margins have narrowed a lot, leaving the company only modestly profitable in the most recent year. The good news is that it has moved from deep losses a few years ago to at least staying in the black; the risk is that profitability is thin and could swing quickly with gas and NGL prices.

Balance Sheet

Balance Sheet The balance sheet looks steadier than the income statement. Total assets have held fairly stable, while equity has gradually built up, which suggests the company has repaired a lot of past damage. Debt has been worked down over time, improving leverage and lowering financial risk, although it is still meaningful for a cyclical, commodity‑driven business. The lack of visible cash cushion means the company relies heavily on ongoing cash generation and credit access, so maintaining that discipline remains important.

Cash Flow

Cash Flow Cash flow is a relative strength. Even in tougher pricing years, Antero has generally generated solid cash from its operations, and its spending on new wells and infrastructure has been kept at a level that still leaves room for positive free cash flow. The standout year was the commodity upcycle, but even as prices softened, the company remained cash‑generative. This pattern supports debt reduction and shareholder returns, but it is still highly exposed to future swings in gas and liquids prices.

Competitive Edge

Competitive Edge Antero occupies a strong niche as a low‑cost natural gas and NGL producer in the core Marcellus and Utica plays. Its tight link with midstream infrastructure, especially through Antero Midstream, and its sophisticated water handling system help keep operating costs low and reliability high. A key edge is its ability to reach premium markets, including LNG export channels and Gulf Coast hubs, which can lift realized prices versus many regional peers. The flip side is concentration risk in one basin, exposure to pipeline and export infrastructure, and the broader pressures facing fossil fuel producers from policy, regulation, and energy transition trends.

Innovation and R&D

Innovation and R&D Innovation at Antero is mostly about doing the same core activities faster, cheaper, and with a smaller footprint. The company has pushed drilling and completion efficiency well beyond typical peer levels, which supports its low‑cost status. Its closed‑loop water system and advanced treatment facility are notable differentiators, reducing trucking needs, lowering environmental impacts, and tightening control over a critical input. On top of that, the company is leaning into data and digital tools to fine‑tune well designs and operations. These are practical, incremental innovations rather than flashy R&D, but they compound over time into a meaningful cost and ESG advantage.

Summary

Overall, Antero looks like a lean, efficiency‑driven gas and NGL producer that has cleaned up its balance sheet and built a more resilient business model than it had before the pandemic downturn. The company’s main levers are cost leadership, integrated infrastructure, and access to premium LNG‑linked and NGL markets, all supported by ongoing operational innovation. At the same time, its earnings remain highly sensitive to commodity cycles, with recent results showing just how quickly strong profits can compress. Future performance will hinge on gas and liquids prices, the growth and stability of LNG exports, continued cost control, and how effectively it navigates environmental and regulatory expectations in a carbon‑constrained world.

NEWS

October 29, 2025 · 4:15 PM UTC

Antero Midstream Announces Third Quarter 2025 Financial and Operating Results

Read more

October 8, 2025 · 4:15 PM UTC

Antero Resources Announces Third Quarter 2025 Earnings Release Date and Conference Call

Read more