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Antero Resources — Feb 11, 2026 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001104659-26-013420
Open on SEC.gov ↗
Showing in the filing
Cash Production Expense ($/Mcfe) (1)
“$2.35”
Period
No period stated
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 40
Net Daily Natural Gas Equivalent Production … for FY2026
“4.1”
Capital associated with not entering into a … for FY2026
“$100 million”
Drilling & Completion No Drilling JV Capital for FY2026
“$100”
Land Capital for FY2026
“$100 million”
Production (incremental capital) for FY2027
“increase 2027 production to 4.3 Bcfe/d”
Production for FY2027
“4.3 Bcfe/d”
Production base for FY2026
“more than 4.2 Bcfe/d”
Year-end Production for FY2026
“more than 4.2 Bcfe/d”
Drilling Rigs for FY2026
“3”
Completion Crews for FY2026
“2”
Leverage for FY2026
“under 1.0x”
Ohio Utica Shale divestiture
“expected to close by the end of February 2026”
D&C Capital Budget for FY2026
“$1 billion”
Drilling & Completion Discretionary Growth C… for FY2026
“Up to $200”
Discretionary growth capital
“up to $200 million”
Discretionary Growth Capital Production Impact for FY2027
“could increase production to approximately 4.5 Bcfe/d”
Production for Q1 FY2026
“approximately 3.8 Bcfe/d”
Production for Q2 FY2026
“increasing to 4.1 Bcfe/d”
Production for Q2 FY2026
“4.1 Bcfe/d”
H2 2026 Production for H2 FY2026
“expected to average approximately 4.2 Bcfe/d”
Second half of 2026 production for H2 FY2026
“approximately 4.2 Bcfe/d”
Production for FY2026
“full year average of approximately 4.1 Bcfe/d”
Drilling & Completion Maintenance Capital for FY2026
“$900”
Total D&C Capital for FY2026
“$1,000”
Completed Wells (Net) for FY2026
“70 to 80”
Average Lateral Length (Feet) for FY2026
“14,600”
Completed Wells (Net)
“14,600”
Net Daily Natural Gas Production (Bcf/d) for FY2026
“2.8”
Total Net Daily Liquids Production (MBbl/d) for FY2026
“213”
Net Daily C3+ NGL Production (MBbl/d) for FY2026
“125”
Net Daily Ethane Production (MBbl/d) for FY2026
“80”
Natural Gas Realized Price Premium vs. NYMEX…
“$0.10”
C3+ NGL Realized Price Premium/(Discount) vs…
“$(0.50)”
Ethane Realized Price Premium vs. Mont Belvi…
“$1.00”
Oil Realized Price Differential vs. WTI Oil …
“$(12.00)”
Cash Production Expense ($/Mcfe) (1)
“$2.35”
Marketing Expense, Net of Marketing Revenue …
“$0.02”
G&A Expense ($/Mcfe) (2)
“$0.11”
Net Daily Oil Production (MBbl/d) for FY2026
“8”
Future development capital for proved undeve…
“$2.3 billion”
Exhibit 99.1 · the passage around this item
… earlier in the release
Mont Belvieu ($/Bbl)   $ 1.00     $ 2.00   Oil Realized Price (Differential) vs. WTI Oil ($/Bbl)   $ (12.00 )   $ (16.00 )   Cash Expense Guidance   Low     High   Cash Production Expense ($/Mcfe) (1)   $ 2.35     $ 2.45   Marketing Expense, Net of Marketing Revenue ($/Mcfe)   $ 0.02     $ 0.04   G&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.   2     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 Results   Net daily natural gas equivalent
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.