Antero Resources Q3 adjusted profit misses estimates despite record output

Antero Resources

28/10/2026 20:33

Overview
U.S. natural gas producer's Q3 adjusted net income and adjusted EBITDA missed analyst expectations
Net production rose 23% yr/yr to a company record 4.2 Bcfe/d
Company repurchased 1.6 mln shares for $56 mln during the quarter

Outlook
Antero expects Q4 production of about 4.3 Bcfe/d, including 15-20 Bcfe of curtailments
Company guides Q4 cash production expense at $2.10-$2.20 per Mcfe
Q4 drilling and completion capital budget forecast at $325-$350 mln

Result Drivers
RECORD PRODUCTION - Net production rose 23% yr/yr to a company record 4.2 Bcfe/d, driven by accretive transactions and efficiency gains, per CEO Michael Kennedy
LOWER COSTS - Cash operating costs fell 16% yr/yr to $2.05 per Mcfe, attributed to integration of HG Energy and optimization of firm transportation agreements, per CFO Brendan Krueger

Company press release: ID:nPn9ZTG0Wa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Adjusted Net Income
Miss
$256 mln
$311.78 mln (11 Analysts)
Q3 Net Income
 
$367 mln
 
Q3 Adjusted EBITDA
Miss
$634 mln
$666.19 mln (14 Analysts)
Q3 Adjusted Free Cash Flow
 
$215 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 16 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Antero Resources Corporation is $47.50, about 12.8% above its October 27 closing price of $42.10
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

Reuters Recommended Reads
Oct 26 - EQT to buy Range Resources in $13 billion deal to create top US gas producer
Oct 27 - Natgas producer EQT's Q3 profit beats expectations on lower operating costs
Oct 27 - Natural gas producer Range Resources' Q3 adjusted EPS, net income beat estimates

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)