Antero Resources (AR.N): 2Q2026 Earnings – Well Positioned for Growth; Timing of Ramp Uncertain

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Antero Resources (AR.N): 2Q2026 Earnings – Well Positioned for Growth; Timing of Ramp Uncertain

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31 Jul 2026 16:20:07 ET │ 13 pages

Antero Resources (AR.N)

2Q2026 Earnings – Well Positioned for Growth; Timing of Ramp

Uncertain

CITI'S TAKE Buy

Price (31 Jul 26 16:00) US$36.14 AR reported 2Q2026 earnings with adjusted cash flow of ~$565.9mm,

Target price US$45.00↓ which was slightly below both VA consensus and our estimate. This was

a solid operational print with their slight miss on cash flow largely driven from US$53.00

by in-line production and capital spending with operating expenses within Expected share price return 24.5%

the range but marginally weaker than expected pricing. They raised full- Expected dividend yield 0.0%

year production guidance marginally on unchanged capital spending with Expected total return 24.5%

small adjustments to operating expenses and some minor differential Market Cap US$11,111M

adjustments. Ultimately, we continue to view AR favorably and maintain

our Buy rating but with a lower target price of $45/share given macro

uncertainty and the likely impact on medium-term pricing and cash

flows. Paul DiamondAC

+1-212-816-0638

paul.diamond@citi.comKey Takeaways — AR reported 2Q2026 earnings with adjusted cash flow of

~$565.9mm, which was slightly below both VA consensus for ~$569.4mm and our Scott Gruber

estimate of ~$588.9mm. This was a solid operational print with their slight miss on +1-212-816-8919

cash flow largely driven by in-line production and capital spending with operating scott.gruber@citi.com

expenses within the range but marginally weaker than expected pricing. They raised

full-year production guidance by ~2% on unchanged capital spending with

operating expenses lowered ~1% and some minor differential adjustments. The call