A month has gone by since the last earnings report for Antero Resources (AR). Shares have lost about 6.5% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Antero Resources due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Antero Resources Q2 Earnings and Revenues Miss Estimates

Antero Resources reported second-quarter 2024 adjusted loss of 19 cents per share, wider than the Zacks Consensus Estimate of a loss of 16 cents. The bottom line, however, improved from the year-ago quarter’s adjusted loss of 28 cents.

Total quarterly revenues of $978.7 million increased from the year-ago quarter’s figure of $953.3 million. The top line, however, missed the Zacks Consensus Estimate of $980 million.

The weaker-than-expected quarterly results were primarily due to decreased natural gas and oil production in the quarter. Softer natural gas price also contributed to the same.

Overall Production

Total production in the second quarter was 311 billion cubic feet equivalent (Bcfe), marginally higher than 309 Bcfe recorded a year ago. Our estimate for the same was pinned at 303 Bcfe.

Natural gas production (accounting for 63% of the total production) was 196 Bcf, down 4% from 204 Bcf recorded a year ago. The figure was above our estimate of 192 Bcf.

Oil production in the quarter amounted to 952 thousand barrels (MBbls), down 2% from 971 MBbls registered in the year-ago period. Our estimate for the same was pegged at 1,083 MBbls.

Antero Resources reported production of 7,811 MBbls of C2 Ethane, up 22% from 6,414 MBbls recorded a year ago. Our estimate for the same was pinned at 7,189 MBbls.

The company’s production of 10,514 MBbls of C3+ NGLs was 3% higher than 10,175 MBbls reported in the year-ago period. The figure was also above our estimate of 10,181 MBbls.

Realized Prices (Excluding Derivative Settlements)

Weighted natural-gas-equivalent price realization in the quarter was $2.98 per thousand cubic feet equivalent (Mcfe), higher than the year-ago quarter’s figure of $2.89. The reported figure was in line with our estimate.

Realized prices for natural gas declined 10% to $1.92 per Mcf from $2.14 recorded a year ago. Our estimate for the same was pinned at $2.30 per Mcf.

The company’s oil price realization in the quarter was $66.66 per barrel (Bbl), higher than $59.69 registered a year ago. The figure was below our estimate of $67.27 per Bbl.