Antero Resources: Continuity in D&C Activity Heading Into 2026

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Key Takeaways

• Initial 2026 production guidance anticipated to average ~3.5Bcpf based on a two-rig drilling and completion (D&C) program equating to ~55 wells

• Buoyed by the success of its longest lateral to-date of 22,000 feet (with 14.5 completion stages per day), an average lateral length of 14,100 feet is estimated for 2026, equating to ~$855/Lateral Foot and FY26 Capex estimated at ~$775MM

• Antero Resources (AR) appears intent on maintaining efficiency while capturing incremental gas demand from continued LNG growth and power markets

Operational & Production Highlights

AR continues to post leading D&C metrics with 3Q25 results including two company records, (1) quarterly average of 14.5 completion stages per day, and (2) its longest lateral of 22,000 feet. These records correspond with a material reduction in drilling days per well and lower cost per lateral length. On a throughput basis, AR expects to hold volumes at maintenance levels averaging ~$3.5Bcfpd, but the operational mix could potentially shift to drier gas due to a new dry gas pad set to turn in line for early 2026. The dry gas element appears to signal AR’s belief that datacenter power demand growth through Virginia and the northeast region could lead to improved regional differentials.

Assumptions & 2026 Outlook

The 2026 analysis assumes: (1) $3.50MMbtu Henry Hub, $68/bbl WTI, and $30.60/bbl Mt. Belvieu NGLs; (2) ~$855/cost per lateral foot (3) flat rig activity of 2 rigs and ~1 frac crew equating to $55 wells forecasted to be drilled and TIL’ed next year. The key swing factors remain gas prices and basis differentials. Upside lies in the rapid pull-through of datacenter demand across the Appalachian–Gulf corridor, while downside rests on cost inflation or a delayed LNG export ramp.

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Companies Mentioned

• Antero Resources (AR)

_{Disclaimer: All information contained in this publication has been researched and compiled from sources believed to be accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Patrick Enwright accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affecting any part of the publication. All information is provided without warranty, and Patrick Enwright makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained.}