Antero Resources

Antero Resources produces natural gas, natural gas liquids (NGLs) and some oil from the Marcellus Shale in West Virginia. It is one of the largest gas producers in the Appalachian Basin. On February 3, 2026, it bought HG Energy II Production Holdings, with about 385,000 net acres in the core of the Marcellus Shale, for $2.8 billion in cash.

Net production was a record 4.2 Bcfe per day in Q3 2026. Antero uses firm transport contracts to move its gas and NGLs out of the basin, and it uses hedges to reduce the effect of price changes.

The market prices Antero for weak natural gas prices and for the debt from its 2026 purchases. In Q3 2026, Antero's average realized gas price before hedges was $2.63 per Mcf, and low prices in the region made it curtail about 10 Bcfe of production. Total debt rose to $2.78 billion at September 30, 2026, from $1.40 billion at December 31, 2025, because Antero borrowed to buy HG Energy and other properties in its area. For the gap to close, three things must be true.

Gas prices must stay at or above the levels of 2026, helped by new LNG export plants and data center demand. Antero must reach its plan to cut cash costs by $0.70 per Mcfe from 2025 to the end of 2028, so that margins grow even if prices stay low. Free cash flow must pay down debt and keep the buybacks going. The Q3 2026 report showed progress on costs: cash production expense fell to $2.05 per Mcfe, from $2.44 a year earlier.

Winter gas prices and the Q4 2026 report with the 2027 plan, expected in early 2027, give the next test. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a long period of low gas prices, which Antero cannot control.

1. Oct 28, 2026Failed

   Q3 2026 earnings: production and costsProduction within the guidance of 4.25 to 4.3 Bcfe per day, lower unit costs and free cash flow that reduces debt pass; a large fall in cash flow or higher costs fail.Outcome: Costs fell below guidance and adjusted EBITDAX almost doubled, but production of 4.23 Bcfe per day was below the 4.25 to 4.3 guidance after curtailments, and debt rose to $2.78 billion after the July purchase.
2. Jan 28, 2027 · est.Pending

   Full-year 2026 report and 2027 planA 2027 plan with lower costs, steady production and debt repayment pass; higher capital spending without more cash flow, or rising debt, fail.

Every passed and failed checkpoint across all picks

• October 28, 2026Antero reported Q3 2026 results. Net production was a record 4.2 Bcfe per day, up 23% from a year earlier, after curtailments of about 10 Bcfe because of low regional prices. Net income was $367 million and adjusted EBITDAX was $634 million, up 99%. Adjusted free cash flow was $215 million, and Antero bought back 1.6 million shares for about $56 million. Cash production expense fell to $2.05 per Mcfe, from $2.44 a year earlier. Antero expects Q4 2026 production of about 4.3 Bcfe per day, with 15 to 20 Bcfe of curtailments, and high single digit production growth in 2027.
• October 28, 2026Antero said that new firm transport agreements in Q3 2026 for about 400 MMcf per day of gas add about $20 million of free cash flow each year. It expects $140 million of its $300 million margin plan by mid-2027. It also signed supply contracts for 265 MMcf per day of gas at Clarington, Ohio.
• October 14, 2026Antero said it will report Q3 2026 results on October 28, 2026, after the market closes, and hold its call on October 29, 2026.

Last earnings

October 28, 2026 (8-K on sec.gov)

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 8-KEarnings releaseFiled October 28, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · ar-20260930x10q
• 8-KEarnings releaseFiled July 29, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 29, 2026 · ar-20260630x10q
• 8-KInvestor disclosureFiled June 23, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled June 17, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled June 4, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled May 12, 2026 · Read it on sec.gov
• 8-KEarnings releaseFiled April 29, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 29, 2026 · ar-20260331x10q

Every filing on SEC EDGAR (CIK 1433270)

• Results depend on the prices of natural gas and NGLs, which Antero cannot control. In Q3 2026, Antero's realized gas price before hedges was $2.63 per Mcf, $0.32 below the index price. Hedges for 2027 cover only part of production.
• Debt rose to $2.78 billion at September 30, 2026, after the HG Energy purchase and the July 2026 purchase of properties. If prices stay low, it takes longer to repay the term loan, and less cash is left for buybacks.
• Antero needs pipeline and processing capacity to move its gas and NGLs. Outages, curtailments or limits on new pipelines in the Appalachian Basin can lower production and prices. Antero curtailed about 10 Bcfe in Q3 2026 because of low regional prices, and it expects 15 to 20 Bcfe of curtailments in Q4 2026.
• The cost plan expects savings of $0.70 per Mcfe by the end of 2028. If the integration of HG Energy or the changes to transport contracts give less than planned, margins grow more slowly.

Antero funds itself with senior notes, a term loan, commercial paper and a revolving credit facility. Total debt was $2.78 billion at September 30, 2026, up from $2.61 billion at June 30, 2026 and $1.40 billion at December 31, 2025. Read more

Antero Resources does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.