EarningsQ2 2026 Earnings Report
MX:AR Q2 2026 EPS Results
Actual EPS$13.06
Consensus EPS$14.32
Beat/MissMissed by -$1.25
One Year Ago EPS$6.02
MX:AR Q2 2026 Revenue Results
Actual Revenue$23.99B
Expected Revenue$26.15B
Beat/MissMissed by -$2.16B
YoY Revenue Growth+12.47%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
MX:AR Upcoming Earnings
Antero Resources's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:AR Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple operational and financial improvements — record production, a 57% adjusted EBITDA increase, $220M free cash flow, strong NGL pricing, accretive bolt-ons and demonstrable dry‑gas well outperformance — alongside a formal plan to reduce cash costs >25% to $2/Mcfe and $300M of margin enhancements. Offsetting items include weaker Henry Hub pricing (down ~16% YoY), expected lower in‑basin price realizations (~$0.35/Mcfe), shipping cost headwinds, and execution/timing risk around in‑basin demand projects and the phased nature of contractual optimizations. Overall, the company presented substantial progress and optionality with identifiable near‑ and multi‑year levers to improve margins and cash flow, while acknowledging timing and price dependencies that could moderate near‑term upside.Company Guidance
Record Production and Strong Volume Growth
Company record quarterly production averaged >4.1 Bcfe/d, up 21% year-over-year; net production increased from 3.3 Bcfe/d at the start of 2025 to an expected 4.5 Bcfe/d exit in 2026 (≈36% growth).
Material Profitability Improvement
Adjusted EBITDA increased 57% year-over-year; generated $220 million of free cash flow in the quarter and used a portion to repurchase 1.1 million shares for $38 million.
Ambitious Cost Reduction Target
Announced a cost reduction initiative forecasting cash costs to decline by over 25% to $2.00 per Mcfe by year-end 2028; total cash operating costs declined $0.29 per Mcfe (≈11%) versus prior-year quarter and were at the low end of guidance.
$300 Million of Annual Margin Improvement Plan
Company laid out $300 million of annualized margin enhancements: $60 million from termination of an overriding royalty interest (effective Q3 2026), $30 million from VPP expiry (July 2027), $105 million from liquids firm-transport optimization, and $105 million from natural gas firm-transport optimization / increased dry-gas development.
Strong NGL Pricing and Market Tailwinds
Realized C3+ price of $44.26/ barrel in Q2-26, up $6.41 versus Q2-25 (highest quarterly realized price since 2022); company noted Mont Belvieu strength and an NGL realized barrel around $45; U.S. propane exports averaged 2.03 million bpd in Q2 (+170k bpd vs. prior year) with record weekly and monthly export metrics cited.
Successful Dry-Gas Pad Results and Well-Level Gains
First modern dry-gas pad delivered a >67% improvement in EUR, 90-day cumulative production >3x prior results, and cost per foot down ~28% to about $900/ft (significantly better drilling/completion efficiency using longer laterals and higher sand intensity).
Accretive Acquisitions and HG Integration Upside
Closed $315 million of bolt-on acquisitions in core West Virginia Marcellus adding ~125 MMcfe/d net production and 15 net drilling locations at a combined ~4x EBITDA and >20% free cash flow yield; HG Energy integration is outperforming expectations with ~$80 million of synergies largely locked for 2026 and potential upside as rigs and pads accelerate.
Favorable Long-Term Gas Demand Outlook & Optionality
Company highlights robust demand outlook through 2030 (announced U.S. demand growth from LNG +19 Bcf/d and Mexico exports +23 Bcf/d = incremental ~42 Bcf/d) and regional Appalachian demand (public projects >9 Bcf/d plus incremental ~3 Bcf/d in discussions). Long-haul firm transport portfolio provides optionality to capture higher-margin in-basin offtake.
Hedging and Balance Sheet Actions
Ahead of prior-year pace on 2027 hedges with ~34% of 2027 volumes hedged (mix of swaps and collars) and management expects debt to return to pre-HG acquisition levels in the coming quarters.
MX:AR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed