Antero Resources (AR.N): Efficiencies & Growth Remain The Story - A Solid Print Despite Some Pricing Weakness

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Antero Resources (AR.N): Efficiencies & Growth Remain The Story - A Solid Print Despite Some Pricing Weakness

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29 Jul 2026 19:10:20 ET │ 13 pages

Antero Resources (AR.N)

Efficiencies & Growth Remain The Story - A Solid Print Despite Some

Pricing Weakness

CITI'S TAKE Buy

Price (29 Jul 26 16:00) US$35.14 After the close, AR reported 1Q2026 earnings with adjusted cash flow of

Target price US$53.00 ~$565.9mm, which was slightly below both consensus for ~$569.4mm

and our estimate of ~$588.9mm. This was a solid operational print. Their Expected share price return 50.8%

slight miss on cash flow was largely driven by in line production and Expected dividend yield 0.0%

capital spending with operating expenses within the range but weakened Expected total return 50.8%

by lower than expected pricing. They continue to lean-in on their cost Market Cap US$10,888M

efficiency story with full year production guidance being raised ~2% on

unchanged capital spending totaling ~$1.2bn (including the $200mm we

still anticipate them spending on growth for the year) with operating

expenses lowered ~1% and some minor differential adjustments. Despite Paul DiamondAC

their operational stability we expect minimal reaction into the call given +1-212-816-0638

these uncertainties and retain our Buy rating with a $53/share target paul.diamond@citi.com

price. Scott Gruber

+1-212-816-8919

Operations - After the close, AR reported 1Q2026 earnings with adjusted cash flow scott.gruber@citi.com

of ~$565.9mm, which was slightly below both consensus for ~$569.4mm and our

estimate of ~$588.9mm. Production totaled ~4.14 bcfe/d with ~68.7% from natural

gas which was incrementally above consensus for ~4.12 bcfe/d (~68.8%) and our

estimate of ~4.13 bcfe/d (~67.6%). D&C capital spending of ~$297mm was roughly