Earnings Highlights AR, CRK, NFG & PDS

Antero Resources (AR)

Antero is increasing its full year 2025 production guidance due to strong well performance. The company is simultaneously decreasing its drilling and completion capital guidance because of continuing capital efficiency gains.

For the second consecutive year, Antero increased its production guidance, while also reducing its drilling and completion capital budget. This reflects continued strong well performance combined with improving capital efficiency.

Looking ahead, natural gas demand is expected to grow by more than 25% by 2030 driven by LNG export growth and increasing power demand fueled by AI Data Centers.

Comstock Resources (CRK)

Comstock turned to sales five Western Haynesville wells in Q2 2025. The average lateral length was 10,897 feet and the average per well initial production rate was 36 MMcf per day.

Q2 2025 natural gas production came in below the midpoint of guidance. Full year 2025 natural gas production guidance was revised lower from the prior reporting quarter.

National Fuel (NFG)

Strong well results in the EDA continue to confirm the unique depth of National Fuel’s inventory and operational outperformance in Northeast Pennsylvania. It also confirms the company’s mid-single-digit production growth expectations over the next few years.

National Fuel’s ongoing trend of improving capital efficiency is projected to continue in fiscal 2026 with capital expenditures expected to decrease by $20 million, or 4% at the midpoint, while production is expected to increase by 6% at the midpoint.

Full year 2025 natural gas production guidance was revised higher from the prior reporting quarter.  

Precision Drilling (PDS)

Canada averaged 50 active drilling rigs compared to 49 active rigs in the second quarter of 2024, outpacing Canadian industry activity that declined 5%. The U.S. averaged 33 active rigs versus 36 in the second quarter of 2024, reflecting a similar decline in industry activity. Service rig operating hours decreased 23% compared to the same quarter in 2024 due to customer driven project deferrals, the impact of weather, and lower U.S. activity. 

Precision’s growth was the result of capitalizing on emerging opportunities in U.S. natural gas plays as customers are becoming more constructive on LNG off-take and AI demand, which is driving additional drilling. With a strong reputation for drilling in natural gas basins such as the Haynesville and Marcellus, the company expects their U.S. rig activity to further increase as they deploy additional natural gas drilling rigs through the remainder of 2025.