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Antero Resources Q1 Earnings Miss Estimates, Revenues Increase Y/Y
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Key Takeaways
Antero Resources reported Q1 EPS of $1.15, missing estimates but improving from 78 cents y/y.
Antero Resources' revenues increased to $1,945 million, driven by higher natural gas production.
AR's output rose to 347 Bcfe, but higher costs along with weaker oil and ethane volumes hurt earnings.
Antero Resources (AR - Free Report) , a leading natural gas producer, reported first-quarter 2026 adjusted earnings of $1.15 per share, which missed the Zacks Consensus Estimate of $1.22. The bottom line improved from the year-ago quarter’s level of 78 cents.
Total quarterly revenues of $1,945 million beat the Zacks Consensus Estimate of $1,669 million. The top line increased from the year-ago figure of $1,353 million.
The lower-than-expected quarterly earnings can be attributed to lower oil and C2 Ethane production and higher operating expenses. Higher natural gas production partially offset the negatives.
Antero Resources Corporation Price, Consensus and EPS Surprise
Total production in the first quarter was 347 billion cubic feet equivalent (Bcfe), an increase from 306 Bcfe recorded a year ago. The figure beat our estimate of 341 Bcfe.
Natural gas production (accounting for 68% of the total production) was 236 billion cubic feet equivalent (Bcf), up 21% from 195 Bcf recorded a year ago. Our estimate for the same was pinned at 230 Bcf.
Oil production in the first quarter amounted to 816 thousand barrels (MBbls), down 4% from 852 MBbls registered in the year-ago period. Our estimate for the same was pegged at 587 MBbls.
Antero Resources reported production of 6,836 MBbls of C2 Ethane, down 8% from the year-ago quarter’s recorded figure of 7,442 MBbls. Production of 10,872 MBbls of C3+ NGLs was 6% higher than the 10,229 MBbls registered a year ago.
Weighted natural-gas-equivalent price realization in the quarter was $5.37 per thousand cubic feet equivalent (Mcfe), higher than the year-ago quarter’s figure of $4.55.
Realized prices for natural gas increased 39% to $5.57 per Mcf from $4.01 recorded a year ago.
The company’s oil price realization in the quarter was $57.22 per barrel (Bbl), lower than the $59.08 recorded a year ago.
The realized price for C3+ NGLs declined to $37.83 per Bbl from $45.65 reported a year ago. However, the realized price for C2 Ethane increased to $13.51 per Bbl from $12.70 in the year-ago quarter.
AR’s Operating Expenses
Total operating expenses increased to $1,216 million from $1,081 million in the year-ago period.
Average lease operating costs were 13 cents per Mcfe, higher than the 11 cents reported in the year-ago quarter. Gathering and compression costs were 78 cents per Mcfe, 1% higher than the prior-year recorded number.
Transportation expenses rose 3% year over year to 67 cents per Mcfe, while processing costs declined 2% to 83 cents per Mcfe. Production and ad valorem taxes were 23 cents per Mcfe, which is 28% higher than the prior-year figure.
Capex & Financials of AR
In the first quarter, Antero Resources spent $222 million on drilling and completion operations. As of March 31, 2026, the company had a long-term debt of $2.7 billion.
Outlook of Antero Resources
Antero Resources expects production in the second quarter of 2026 to average 4.1 Bcfe/d. For 2026, net production is expected to come in at 4.1 Bcfe/d. The company projects modest production increases beginning in the second quarter, driven by contributions from HG Energy. The company has raised its ethane realized price premium to Mont Belvieu to a range of $2.00 to $3.00 per barrel, indicating a $1.00 increase in the midpoint compared to prior guidance. At the same time, it has lowered its cash production expense outlook to $2.25-$2.35 per Mcfe, which is a $0.10 per Mcfe reduction at the midpoint.
Chevron is an integrated energy giant involved in exploration, production, refining and marketing. As one of the world's largest integrated energy firms, it operates globally with assets in North America, Kazakhstan, Australia, Nigeria and many other countries.
In the United States, CVX maintains a strong presence in the Permian Basin, with more than 1.75 million net acres in the Delaware and Midland sub-basins. With sustained future demand for oil and gas, Chevron is positioning itself as a key provider by expanding its oil and gas supply to fulfill the rising global energy needs. CVX is set to release first-quarter 2026 earnings on May 1, 2026.
BP reported first-quarter 2026 earnings of $1.24 per American Depositary Share, which beat the Zacks Consensus Estimate of 91 cents.
As of March 31, 2026, BP reported $35.7 million in cash and cash equivalents. At the quarter's end, its long-term debt amounted to $25.3 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion, and cash and cash equivalents of €8.3 billion.
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Antero Resources Q1 Earnings Miss Estimates, Revenues Increase Y/Y
Key Takeaways
Antero Resources (AR - Free Report) , a leading natural gas producer, reported first-quarter 2026 adjusted earnings of $1.15 per share, which missed the Zacks Consensus Estimate of $1.22. The bottom line improved from the year-ago quarter’s level of 78 cents.
Total quarterly revenues of $1,945 million beat the Zacks Consensus Estimate of $1,669 million. The top line increased from the year-ago figure of $1,353 million.
The lower-than-expected quarterly earnings can be attributed to lower oil and C2 Ethane production and higher operating expenses. Higher natural gas production partially offset the negatives.
Antero Resources Corporation Price, Consensus and EPS Surprise
Antero Resources Corporation price-consensus-eps-surprise-chart | Antero Resources Corporation Quote
Overall Production of AR
Total production in the first quarter was 347 billion cubic feet equivalent (Bcfe), an increase from 306 Bcfe recorded a year ago. The figure beat our estimate of 341 Bcfe.
Natural gas production (accounting for 68% of the total production) was 236 billion cubic feet equivalent (Bcf), up 21% from 195 Bcf recorded a year ago. Our estimate for the same was pinned at 230 Bcf.
Oil production in the first quarter amounted to 816 thousand barrels (MBbls), down 4% from 852 MBbls registered in the year-ago period. Our estimate for the same was pegged at 587 MBbls.
Antero Resources reported production of 6,836 MBbls of C2 Ethane, down 8% from the year-ago quarter’s recorded figure of 7,442 MBbls. Production of 10,872 MBbls of C3+ NGLs was 6% higher than the 10,229 MBbls registered a year ago.
AR: Realized Prices (Excluding Derivative Settlements)
Weighted natural-gas-equivalent price realization in the quarter was $5.37 per thousand cubic feet equivalent (Mcfe), higher than the year-ago quarter’s figure of $4.55.
Realized prices for natural gas increased 39% to $5.57 per Mcf from $4.01 recorded a year ago.
The company’s oil price realization in the quarter was $57.22 per barrel (Bbl), lower than the $59.08 recorded a year ago.
The realized price for C3+ NGLs declined to $37.83 per Bbl from $45.65 reported a year ago. However, the realized price for C2 Ethane increased to $13.51 per Bbl from $12.70 in the year-ago quarter.
AR’s Operating Expenses
Total operating expenses increased to $1,216 million from $1,081 million in the year-ago period.
Average lease operating costs were 13 cents per Mcfe, higher than the 11 cents reported in the year-ago quarter. Gathering and compression costs were 78 cents per Mcfe, 1% higher than the prior-year recorded number.
Transportation expenses rose 3% year over year to 67 cents per Mcfe, while processing costs declined 2% to 83 cents per Mcfe. Production and ad valorem taxes were 23 cents per Mcfe, which is 28% higher than the prior-year figure.
Capex & Financials of AR
In the first quarter, Antero Resources spent $222 million on drilling and completion operations. As of March 31, 2026, the company had a long-term debt of $2.7 billion.
Outlook of Antero Resources
Antero Resources expects production in the second quarter of 2026 to average 4.1 Bcfe/d. For 2026, net production is expected to come in at 4.1 Bcfe/d. The company projects modest production increases beginning in the second quarter, driven by contributions from HG Energy. The company has raised its ethane realized price premium to Mont Belvieu to a range of $2.00 to $3.00 per barrel, indicating a $1.00 increase in the midpoint compared to prior guidance. At the same time, it has lowered its cash production expense outlook to $2.25-$2.35 per Mcfe, which is a $0.10 per Mcfe reduction at the midpoint.
AR’s Zacks Rank and Other Key Picks
AR currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are Chevron Corporation (CVX - Free Report) , BP plc (BP - Free Report) and Eni S.p.A. (E - Free Report) . While Chevron and Eni eachsport a Zacks Rank #1, BP has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chevron is an integrated energy giant involved in exploration, production, refining and marketing. As one of the world's largest integrated energy firms, it operates globally with assets in North America, Kazakhstan, Australia, Nigeria and many other countries.
In the United States, CVX maintains a strong presence in the Permian Basin, with more than 1.75 million net acres in the Delaware and Midland sub-basins. With sustained future demand for oil and gas, Chevron is positioning itself as a key provider by expanding its oil and gas supply to fulfill the rising global energy needs. CVX is set to release first-quarter 2026 earnings on May 1, 2026.
BP reported first-quarter 2026 earnings of $1.24 per American Depositary Share, which beat the Zacks Consensus Estimate of 91 cents.
As of March 31, 2026, BP reported $35.7 million in cash and cash equivalents. At the quarter's end, its long-term debt amounted to $25.3 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion, and cash and cash equivalents of €8.3 billion.