Earnings Highlights AR, CRK, & NFG

Antero Resources (AR)
For Antero Resources, first quarter 2025 total production averaged right at the midpoint of the guidance range. However, dry natural gas production was at the low end of the guidance range at 2.16 Bcf/d, while ethane production was above the high end of the guidance range at 82,700 Bbls/d.   

The company plans to actively manage its share repurchase program, accelerating buybacks when there are market opportunities. Antero’s plan also maintains the company’s focus on further debt reduction. Antero Resources’ full year 2025 production guidance is unchanged from the prior reporting quarter for dry natural gas, ethane and all other liquids.


Comstock Resources (CRK)
Comstock Resources continues to have strong success in their Bossier Western Haynesville acreage. Since its last operational update in February 2025, Comstock has turned 14 Haynesville/Bossier wells to sales. These wells had initial production rates that averaged 25 MMcf per day. The completed lateral length of these wells averaged 12,220 feet.

Q1 2025 natural gas production was close to the midpoint of production guidance. Comstock’s full year 2025 production guidance is unchanged from the prior reporting quarter.


National Fuel (NFG)
National Fuel’s recent well results have shown the highest productivity recorded to date, allowing the company to increase its production guidance for fiscal 2025 from the prior reporting quarter. National Fuel’s Q1 2025 natural gas production was significantly higher than the midpoint of the guidance range. The company’s Tioga Pathway Project is expected to come online in late 2026.