Antero Earnings: Realized Natural Gas Prices Slightly Weaker Than Expected

In the first quarter of 2023 Antero delivered production of 3,274 mmcfe/d, of which 2,152 mmcf/d was natural gas. That's 2% higher sequentially and almost exactly in line with the firm's guidance for full-year volumes. And that guidance—along with the $1.05 billion capital budget—was unchanged. But realized natural gas pricing was slightly softer than expected, with a premium of just $0.03/mcf over the Nymex benchmark (Antero sells all of its gas outside the Marcellus region where it is produced, giving it a structural pricing advantage). Management shaved off $0.05/mcf from its full-year guidance for this natural gas price premium, with no adjustment to its liquids pricing estimates. Given slightly disappointing gas realizations the firm's first-quarter financials were a little lower than FactSet consensus estimates.