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Guidance history, every release

Antero Resources (AR) · 8 releases, Oct 30, 2024 to Jul 29, 2026 · rows are metrics, columns are releases

Raised · a change from the previous releaseSame · restated unchanged— · not stated in that releaseEvery value links to its sentence in the filing

Metric	Oct 30, 2024 FY24 Q3	Feb 12, 2025 FY24 Q4	Apr 30, 2025 FY25 Q1	Jul 30, 2025 FY25 Q2	Oct 29, 2025 FY25 Q3	Feb 11, 2026 FY25 Q4	Apr 29, 2026 FY26 Q1	Jul 29, 2026 FY26 Q2
For FY2028
EBITDAX margin improvement from cost reduction initiative	—	—	—	—	—	—	—	New“$0.35 per Mcfe”
Cash cost reduction initiative target	—	—	—	—	—	—	—	New“$0.70 per Mcfe from 2025 levels, or 25% in total by year-end 2028”
For FY2027
Discretionary Growth Capital Production Impact	—	—	—	—	—	New“could increase production to approximately 4.5 Bcfe/d”	—	—
Production	—	—	—	—	—	New“4.3 Bcfe/d”	—	—
Production (incremental capital)	—	—	—	—	—	New“increase 2027 production to 4.3 Bcfe/d”	—	—
For FY2026
Per Mcfe margin uplift	—	—	—	—	—	—	—	New“$0.04”
Annual production growth	—	—	—	—	—	—	New“approximately 20%”	—
Annual production growth (year-over-year)	—	—	—	—	—	—	New“approximately 20%”	—
Average Lateral Length (Feet)	—	—	—	—	—	New“14,600”	—	—
C2 NGL Realized Price Premium to Mont Belvieu ($/Bbl)	—	—	—	—	—	—	—	New“$2.50 to $3.00”
Capital associated with not entering into a drilling joint venture	—	—	—	—	—	New“$100 million”	—	—
Cash costs per Mcfe reduction from full HG quarter impact	—	—	—	—	—	—	New“15% lower cash costs per Mcfe”	—
Cash production expense	—	—	—	—	—	—	New“$2.20 to $2.30 per Mcfe”	Reiterated“$2.20 to $2.30 per Mcfe”
Cash Production Expense ($/Mcfe) - 2026 Revised	—	—	—	—	—	—	New“$ 2.25” – “$ 2.35”	—
Cash Production Expense ($/Mcfe) (1)	—	—	—	—	—	—	New“$2.45”	—
Completed Wells (Net)	—	—	—	—	—	New“70 to 80”	—	—
Completion Crews	—	—	—	—	—	New“2”	—	—
D&C Capital Budget	—	—	—	—	—	New“$1 billion”	—	—
Drilling & Completion Discretionary Growth Capital	—	—	—	—	—	New“Up to $200”	—	—
Drilling & Completion Maintenance Capital	—	—	—	—	—	New“$900”	—	—
Drilling & Completion No Drilling JV Capital	—	—	—	—	—	New“$100”	—	—
Drilling Rigs	—	—	—	—	—	New“3”	—	—
Ethane realized price premium to Mont Belvieu	—	—	—	—	—	—	New“$2.00 to $3.00 per barrel”	—
Ethane Realized Price Premium vs. Mont Belvieu ($/Bbl)	—	—	—	—	—	—	New“$1.00”	—
Ethane Realized Price Premium vs. Mont Belvieu ($/Bbl) - 2026 Revised	—	—	—	—	—	—	New“$ 2.00” – “$ 3.00”	—
Forecasted curtailments	—	—	—	—	—	—	—	New“5 Bcfe of curtailments”
H2 2026 Production	—	—	—	—	—	New“expected to average approximately 4.2 Bcfe/d”	—	—
Increase in annualized cash flow to Antero	—	—	—	—	—	—	—	New“$60 million”
Land Capital	—	—	—	—	—	New“$100 million”	—	—
Lean gas natural gas collars floor/ceiling	—	—	New“a floor price of $3.07 per MMBtu with a ceiling of $5.96 per MMBtu”	—	—	—	—	—
Leverage	—	—	—	—	—	New“under 1.0x”	—	—
Lower cash costs per Mcfe	—	—	—	—	—	—	New“15%”	—
Martica override reversion cash flow increase	—	—	—	—	—	—	—	New“$60 million increase in annualized cash flow to Antero, or a $0.04 per Mcfe margin uplift”
Natural Gas Realized Price Premium vs. NYMEX Henry Hub ($/Mcf)	—	—	—	—	—	—	—	New“$0.05 to $0.15”
Net Daily C3+ NGL Production (MBbl/d)	—	—	—	—	—	New“125”	—	—
Net Daily Ethane Production (MBbl/d)	—	—	—	—	—	New“80”	—	—
Net Daily Natural Gas Equivalent Production	—	—	—	—	—	—	—	New“4.15 to 4.2 Bcfe/d”
Net Daily Natural Gas Equivalent Production (Bcfe/d)	—	—	—	—	—	New“4.1”	—	—
Net Daily Natural Gas Production (Bcf/d)	—	—	—	—	—	New“2.8”	—	—
Net Daily Oil Production (MBbl/d)	—	—	—	—	—	New“8”	—	—
Net production increase	—	—	—	—	—	—	New“approximately 700 MMcfe/d”	—
NYMEX Henry Hub Collars - % of Estimated Natural Gas Production	—	—	New“14%”	—	—	—	—	—
NYMEX Henry Hub Collars - Ceiling Price ($/MMBtu)	—	—	New“$5.96”	—	—	—	—	—
NYMEX Henry Hub Collars - Floor Price ($/MMBtu)	—	—	New“$3.07”	—	—	—	—	—
NYMEX Henry Hub Collars - Natural Gas MMBtu/d	—	—	New“320,000”	—	—	—	—	—
Production	—	—	—	—	—	—	—	New“4.15 to 4.2 Bcfe/d”
Production	—	—	—	—	—	—	—	New“4.4 to 4.5 Bcfe/d”
Production	—	—	—	—	—	New“4.1 Bcfe/d”	Reiterated“4.1 Bcfe/d”	—
Production	—	—	—	—	—	New“approximately 3.8 Bcfe/d”	—	—
Production	—	—	—	—	—	New“increasing to 4.1 Bcfe/d”	—	—
Production	—	—	—	—	—	New“full year average of approximately 4.1 Bcfe/d”	—	—
Production average	—	—	—	—	—	—	New“approximately 4.1 Bcfe/d”	—
Production base	—	—	—	—	—	New“more than 4.2 Bcfe/d”	—	—
Production forecast	—	—	—	—	—	—	—	New“4.25 to 4.3 Bcfe/d”
Production forecast	—	—	—	—	—	—	—	New“4.4 to 4.5 Bcfe/d”
Production growth	—	—	—	—	—	—	New“6%”	—
Production growth from full HG quarter impact	—	—	—	—	—	—	New“6% production growth”	—
Second half of 2026 production	—	—	—	—	—	New“approximately 4.2 Bcfe/d”	—	—
Second half production average	—	—	—	—	—	—	New“approximately 4.2 Bcfe/d”	—
Total D&C Capital	—	—	—	—	—	New“$1,000”	—	—
Total Net Daily Liquids Production (MBbl/d)	—	—	—	—	—	New“213”	—	—
Year-end Production	—	—	—	—	—	New“more than 4.2 Bcfe/d”	—	—
For FY2025
C3+ NGL prices premium to Mont Belvieu pricing	—	—	New“$1.50 to $2.50 per barrel”	—	—	—	—	—
C3+ NGL pricing premium to Mont Belvieu	—	—	—	New“$1.50 to $2.50 per barrel”	—	—	—	—
C3+ NGL realized price premium to Mont Belvieu	—	—	—	—	New“$0.75 to $1.00 per barrel”	—	—	—
C3+ NGL realized price premium to Mont Belvieu	—	—	—	—	New“$1.25 to $1.75 per barrel”	—	—	—
C3+ NGL realized price premium to Mont Belvieu	—	—	—	New“$1.00 to $2.00 per barrel”	—	—	—	—
C3+ NGL Realized Price Premium vs Mont Belvieu ($/Bbl)	—	—	—	New“$1.00”	Lowered“$0.75”	—	—	—
C3+ NGL Realized Price Premium vs. Mont Belvieu ($/Bbl)	—	—	—	—	New“$1.25”	—	—	—
Cash cost reduction	—	—	—	—	—	—	—	New“$0.70 per Mcfe”
Completed Wells (Net)	—	New“60 to 65”	—	—	—	—	—	—
Completed Wells Average Lateral Length (Feet)	—	New“13,700”	—	—	—	—	—	—
Contracted LPG pricing premium to Mont Belvieu	—	—	New“$2.00 per barrel”	—	—	—	—	—
Drilled Wells (Net)	—	New“50 to 55”	—	—	—	—	—	—
Drilled Wells Average Lateral Length (Feet)	—	New“13,100”	—	—	—	—	—	—
Drilling and completion capital budget	—	—	—	New“$650 to $675 million”	—	—	—	—
Drilling and completion capital budget	—	New“$650 to $700 million”	—	—	—	—	—	—
Drilling and Completion Capital Budget ($MM)	—	—	—	New“$650”	—	—	—	—
First DUC pad turn-to-sales timing	—	New“the first quarter of 2025”	—	—	—	—	—	—
Land capital	—	New“$75 million to $100 million”	—	—	—	—	—	—
Land capital budget	—	—	—	—	New“$125 to $150 million”	—	—	—
Land Capital Budget ($MM)	—	—	—	—	New“$125”	—	—	—
Land capital expenditures	—	—	—	—	New“$25 to $50 million”	—	—	—
Land Capital Expenditures ($MM)	—	—	—	—	New“$25”	—	—	—
LPG contracted premium rate to Mont Belvieu pricing	—	—	New“a double-digit per cent per gallon premium to Mont Belvieu pricing”	—	—	—	—	—
LPG export volumes contracted at Marcus Hook dock	—	—	New“approximately 90%”	—	—	—	—	—
Maintenance production targets	—	New“3.35 to 3.45 Bcfe/d”	—	—	—	—	—	—
Net Daily Natural Gas Equivalent Production (Bcfe/d)	—	—	—	—	New“3.5 to 3.525”	—	—	—
Net Daily Natural Gas Equivalent Production (Bcfe/d)	—	—	—	New“3.4 to 3.45”	—	—	—	—
Net production	—	—	—	—	New“3.5 to 3.525 Bcfe/d”	—	—	—
Net production	—	New“3.35 and 3.45 Bcfe/d”	—	—	—	—	—	—
NYMEX Henry Hub Swap - % of Estimated Natural Gas Production	—	—	New“4%”	—	—	—	—	—
NYMEX Henry Hub Swap - Natural Gas MMBtu/d	—	—	New“100,000”	—	—	—	—	—
NYMEX Henry Hub Swap - Weighted Average Index Price ($/MMBtu)	—	—	New“$3.12”	—	—	—	—	—
Production	—	—	—	New“3.4 to 3.45 Bcfe/d”	Reiterated“at the high end of the 3.4 to 3.45 Bcfe/d range”	—	—	—
Realized C3+ NGL price premium to Mont Belvieu	—	New“$1.50 to $2.50 per barrel”	—	—	—	—	—	—
Realized natural gas price premium to NYMEX	—	New“$0.10 to $0.20 per Mcf”	—	—	—	—	—	—
Second DUC pad turn-to-sales timing	—	New“the third quarter of 2025”	—	—	—	—	—	—
For FY2024
D&C Capital Expenditures	New“$650”	—	—	—	—	—	—	—
D&C Capital Expenditures - High (Revised)	New“$ 660”	—	—	—	—	—	—	—
D&C Capital Expenditures - Low (Revised)	New“$ 640”	—	—	—	—	—	—	—
Drilling and completion capital budget	New“$640 million to $660 million”	—	—	—	—	—	—	—
No period stated
Marketing Expense, Net of Marketing Revenue ($/Mcfe)	—	New“$0.04”	—	—	—	Lowered“$0.02”	—	—
EBITDAX margin improvement	—	—	—	—	—	—	—	New“$0.35 per Mcfe”
C2 NGL realized price premium to Mont Belvieu	—	—	—	—	—	—	—	New“$2.50 to $3.00 per Bbl”
C2 NGL Realized Price Premium to Mont Belvieu ($/Bbl)	—	—	—	—	—	—	—	New“$2.50”
C3+ NGL Realized Price Premium vs. Mont Belvieu ($/Bbl)	—	New“$1.50”	—	—	—	—	—	—
C3+ NGL Realized Price Premium/(Discount) vs. Mont Belvieu ($/Bbl)	—	—	—	—	—	New“$(0.50)”	—	—
Cash Production Expense ($/Mcfe)	—	—	—	—	—	—	—	New“$2.20”
Cash Production Expense ($/Mcfe) (1)	—	New“$2.55”	—	—	—	Lowered“$2.35”	—	—
Completed Wells (Net)	—	New“13,700”	—	—	—	Raised“14,600”	—	—
Debt reduction / credit facility target	—	—	New“targeting an undrawn credit facility”	—	—	—	—	—
Discretionary growth capital	—	—	—	—	—	New“up to $200 million”	—	—
Drilled Wells (Net)	—	New“13,100”	—	—	—	—	—	—
Drilling & Completion	—	New“$650”	—	—	—	—	—	—
Dry gas pad turn in line	—	—	—	—	New“first quarter of 2026”	—	—	—
Ethane Realized Price Premium vs. Mont Belvieu ($/Bbl)	—	New“$1.00”	—	—	—	Reiterated“$1.00”	—	—
Future development capital for proved undeveloped reserves	—	—	—	—	—	New“$2.3 billion”	—	—
G&A Expense ($/Mcfe) (2)	—	New“$0.12”	—	—	—	Lowered“$0.11”	—	—
Land	—	New“$100”	—	—	—	—	—	—
Maintenance production level	New“3.3 to 3.4 Bcfe/d”	—	—	—	—	—	—	—
Natural Gas Realized Price Premium vs. NYMEX Henry Hub ($/Mcf)	—	New“$0.10”	—	—	—	Reiterated“$0.10”	—	Lowered“$0.05”
Net Daily C3+ NGL Production (MBbl/d)	—	New“113”	—	—	—	—	—	—
Net Daily Ethane Production (MBbl/d)	—	New“76”	—	—	—	—	—	—
Net Daily Natural Gas Equivalent Production (Bcfe/d)	—	New“3.35”	—	—	—	—	—	Raised“4.15”
Net Daily Natural Gas Production (Bcf/d)	—	New“2.16”	—	—	—	—	—	—
Net Daily Oil Production (MBbl/d)	—	New“11”	—	—	—	—	—	—
Net production exit rate	—	—	—	—	—	—	—	New“over 25% higher than the prior year”
Ohio Utica Shale divestiture	—	—	—	—	—	New“expected to close by the end of February 2026”	—	—
Oil Realized Price Differential vs. WTI Oil ($/Bbl)	—	New“$(12.00)”	—	—	—	Reiterated“$(12.00)”	—	—
Production	New“3.3 to 3.4 Bcfe/d”	—	—	—	—	—	—	—
Realized natural gas price premium to NYMEX	—	—	—	—	—	—	—	New“$0.05 to $0.15 per Mcfe”
Share repurchase program management plan	—	—	New“we plan to actively manage our share repurchase program, accelerating buybacks when there are market opportunities”	—	—	—	—	—
Share repurchase program remaining capacity	—	—	New“approximately $1 billion”	—	Lowered“$915 million”	—	—	Lowered“approximately $880 million of capacity remaining”
Total cost reduction inclusive of G&A and net marketing expense	—	—	—	—	—	—	New“$0.30 per Mcfe”	—
Total E&P Capital	—	New“$725”	—	—	—	—	—	—
Total Net Daily Liquids Production (MBbl/d)	—	New“198”	—	—	—	—	—	—
Turn-to-sales second DUC pad	—	New“third quarter of 2025”	—	—	—	—	—	—

Values in quotation marks are the company’s words. Change labels compare each statement with the same metric and target year in the previous release. HighGravityData does not judge whether guidance was met.