Antero Resources reports Q2 EPS (21c), consensus (18c)

Reports Q2 revenue $978.65M, consensus $969.95M. Net production averaged 3.4 Bcfe/d, an increase of 1% from the year ago period Paul Rady, Chairman, CEO, commented, “During Q2 we continued to deliver strong capital efficiency results. We set a new quarterly completion record of nearly 12 stages per day…Despite this activity deferral, we increased our full year 2024 production guidance for the second consecutive quarter as we continue to see strong capital efficiency gains and well performance.” CFO Michael Kennedy said, “Our quarterly financial results continue to benefit from our significant exposure to liquids prices. Although natural gas production was down 4% from the year ago period, our liquids production increased 10% year-over-year, and now represents a record high 56% of our total revenue. This increase in liquids production drove 34% Adjusted EBITDAX growth from the prior year period, despite natural gas prices being down 10% over that time. In 2024, we made a strategic decision to increase C3+ NGL exposure to spot international prices where spreads have increased to near record levels. Antero’s unconstrained access to international markets allows us to capture premiums to Mont Belvieu and leads us to an additional increase in C3+ NGL pricing guidance for this year.”