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Antero Resources Reports Third Quarter 2021 Financial and Operational Results Denver , Colorado , October 27 , 2021 - Antero Resources Corporation ( NY SE : AR ) ( " Antero Resources " , " Antero " , or the " Company " ) today announced its third quarter 2021 financial and operational results . The relevant consolidated financial statements are included in Antero Resource's Quarterly Report on Form 10 - Q for the quarter ended September 30 , 2021 . Third Quarter 2021 Highlights Include : ● ● ● Net production averaged 3.25 Bcfe / d , including 169 M Bbl / d of liquids ● Antero Resources Realized pre - hedge natural gas equivalent price of $ 5.15 per Mcfe , a $ 1.14 per Mcfe premium to NYMEX pricing o Realized pre - hedge C3 + NGL price of $ 52.68 per barrel , or 75 % of WTI , a 139 % increase from the prior year period o Realized pre - hedge natural gas price of $ 4.31 per Mcf , a $ 0.30 per Mcf premium to NYMEX Henry Hub pricing Net loss was $ 549 million , Adjusted Net Income was $ 61 million ( Non - GAAP ) Adjusted EBITDAX was $ 358 million ( Non - GAAP ) ; net cash provided by operating activities was $ 313 million Free Cash Flow was $ 91 million ( Non - GAAP ) Subsequent Events Include : Net Debt at quarter end was $ 2.3 billion , a $ 660 million reduction from year end 2020 ( Non - GAAP ) Net Debt to last twelve months Adjusted EBITDAX declined to 1.6x ( Non - GAAP ) Released 200 M Mcf / d of firm transportation commitments on October 1 , 2021 o Year - to - date released 400 MMcf / d of firm transportation commitments including the above , reducing annual transportation demand fees by $ 60 million Received corporate ratings upgrades from Moody's and S & P Global to Ba2 and BB , respectively Extended credit facility to 2026 , borrowing base increased 23 % to $ 3.5 billion and elected to reduce commitments to $ 1.5 billion Published annual ESG report citing industry - low greenhouse gas intensity and methane leak loss rate , with no routine gas flaring , and reiterated environmental reduction goals for 2025 Paul Rady , Chairman , President and Chief Executive Officer of Antero Resources commented , " Antero's third quarter financial results benefited from our significant C3 + NGL exposure . We produced over 110,000 B bls / d of C3 + NGLs with a realized pre - hedge price of over $ 52 per barrel , a 139 % increase from the prior year period . Antero's unique business strategy has positioned us as the second largest NGL producer in the U.S. with a firm transportation portfolio that delivered peer - leading EBITDAX margins during the quarter . Based on today's strip prices , we are targeting over $ 900 million of Free Cash Flow in 2021 , including over $ 300 million during the fourth quarter , despite being over 90 % hedged on natural gas . This 90 % hedged position on natural gas is reduced to 50 % beginning in January of 2022 , increasing our natural gas exposure to rising prices . In addition , we do not have any liquids hedges in 2022. " Mr. Rady continued , " This year's ESG report highlights the foundation of Antero Resources ' success- a focus on People , Performance , and Purpose . Our relentless focus on these principals has allowed us to successfully navigate the ever - changing global economy , while continuing to deliver stakeholder value . As a substantial LPG producer and exporter , we are uniquely positioned to positively impact global energy poverty . For the last several years , approximately one - third of our LPG exports have gone to developing nations , including the nations of Nigeria , Peru and India , improving people's health , safety and livelihood through the displacement of more expensive and more carbon - intensive sources of energy . " Michael Kennedy , Chief Financial Officer and Senior Vice President of Finance of Antero Resources said , “ During the third quarter we continued to make progress toward our absolute debt target of $ 2.0 billion . Since the beginning of the year , we have reduced debt by nearly $ 700 million , driving our leverage down to 1.6x . Based on today's strip prices , we anticipate achieving our debt target in early 2022 , with leverage falling below 1.0x during the first quarter of 2022. Looking ahead and using today's backwardated commodity strips , we anticipate Free Cash flow in 2022 to be well in excess of 2021 , which we intend to use for additional debt reduction and return of capital to our shareholders . "