SynMax Research:
Antero Resources (AR)
Antero Resources set new efficiency records in Q3 2025 on both the drilling and completions side. For Q3 2025, the company drilled its longest lateral in company history at more than 22,000 lateral feet, averaged the highest completion stages per day for a quarter at 14.5 completion stages per day, and established a company record for continuous pumping hours at 349 hours.
The company added a spot rig on a dry gas pad to be completed in early 2026. Antero spud a pad during the fourth quarter of 2025, which highlights the company’s ability to quickly increase dry gas production to supply power for datacenters, other power generation projects or to sell into the local market if Northeast basis were to tighten meaningfully.
Q3 2025 natural gas production was in line with midpoint guidance. Full year 2025 production guidance is unchanged from the prior reporting quarter.
Some Additional Notes From the Expand Energy Conference Call
1) Today we can deliver with 7 rigs the same production it took 13 rigs to deliver in 2023.
2) Will increase production 4.5% in 2026 with the same CapEx level as in 2025.
3) They can hold 7.5 Bcfe/d through 2026 and going forward with the same CapEx as in 2025.
4) Expand Energy is now well under $3.00 / MMBtu for breakeven.
5) They have the ability to be at 7.5 Bcfe/d pretty early in 2026.
6) They are carrying forward curtailments in the Northeast for Q4 2025.
7) They had curtailments in the Northeast in Q3 2025.