Profits Soar for Independent Gas Producers for Q4, Full-Year 2025

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Written by John Egan for IIR News Intelligence (Sugar Land, Texas)

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Summary

Strong demand, coupled with higher natural gas prices, derivative gains, asset sales and continued efficiency gains, boosted the fourth-quarter and full-year 2025 results for four large, independent, gas-oriented exploration and production companies.

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Strong Demand, Higher Prices Lifted Results

Spot gas prices at Henry Hub, Louisiana, averaged about $3.75 per million British thermal units (MMBtu) in the October-December 2025 period, approximately 54% more than the comparable year-earlier quarter, according to the U.S. Energy Information Administration. Full-year price gains were more muted, the agency said.


Fourth-quarter and full-year average cash spot prices for natural gas at Henry Hub, Louisiana.

Higher prices, stronger demand and derivative gains led to improved fourth-quarter and full-year 2025 profits for four large, independent, gas-oriented producers: EQT Corporation, Range Resources Corporation, Antero Resources Corporation and Coterra Energy Incorporated.


Four years of fourth-quarter earnings for the four companies.

Each company's results are summarized below.

EQT

Quarterly and full-year 2025 earnings soared for this Pittsburgh integrated gas major. For the October-December period, the company earnings rose about 62%, to $677 million from $418 million in the comparable year-earlier quarter. Full-year results rose even more dramatically, to slightly more than $2 billion for 2025 compared to $230 million for 2004, a gain of 787%. The company reported earnings February 17.

Revenue also jumped for the quarter and year: $8.5 billion in 2025 compared to $5.3 billion in 2024. Fourth-quarter revenue also rose, to $2.4 billion in the just-completed period from $1.6 billion for the comparable year-earlier quarter.

EQT's results were boosted by derivative gains in 2025 and 2024: Last year, the company booked a $291 million gain on derivatives, sharply higher than the $51 million gain it reported in 2024.

The company, which operates mainly in the Appalachian Basin, credited "strong well performance, system pressure optimization and lower-than-expected price related curtailments" for its financial and operational results. Capital spending for the year came to $655 million, slightly less than the mid-point of guidance, stemming from operational efficiency gains and lower-than-expected spending on infrastructure, the company said. Its proved reserves at December 31, 2025, increased about 7% to about 28 trillion cubic feet of gas equivalent (Tcfe).


Proved reserves for four large gas-prone independent drillers.

Antero

This Denver-based driller also reported sharply higher full year and fourth-quarter 2025 earnings: Full-year profits ballooned to $634 million from $57 million in 2024. Full-year sales also shot up about 25%, to $5.3 billion in 2025 from $4.3 billion in 2024.

On a quarterly basis, Antero's gains were more muted: Profits rose to $195 million on revenue of $1.4 billion in the October-December 2025 period, up from $150 million of earnings on $1.2 billion of sales, company officials told investors February 11.

Full-year 2025 results were boosted by a $111 million derivatives gain, most of which came in the fourth-quarter. By contrast, 2024 results had less than a $1 million gain in derivatives.

In the fourth quarter of 2025, revenue from gas sales jumped 42%, but revenue generated by sales of natural gas liquids (NGLs) and crude oil fell by 15% and 29%, respectively. The company expects strong global NGL demand growth in 2026 and lower NGL production from the Permian Basin, which could boost its results. In 2025, about 38% of Antero's revenue, slightly less than $2 billion, came from NGL sales.

In December 2025, Antero announced its largest-ever acquisition, buying the upstream and midstream assets of HG Energy, a privately held West Virginia dry-gas driller, for approximately $3.9 billion in cash. The company said that transaction, which closed last month, should raise production from about 3.4 billion cubic feet of gas equivalent per day (Bcfe/d) to approximately 4.1 Bcfe/d in 2026. The transaction positions the company to "capture the significant demand opportunities that are expected from LNG exports, data centers and natural gas-fired power plants," it said February 11.

The company also sold its Utica Shale assets in Ohio for about $800 million during the just-completed quarter. It repurchased about $136 million of its common stock last year and paid down roughly $300 million in debt. Proved gas reserves at the end of 2025 were approximately 19.1 Tcfe.

Range

Fourth-quarter 2025 profits nearly doubled at this Fort Worth, Texas-based independent producer, reaching $179 million on sales of $820 million, the company said February 24 in reporting earnings. For the comparable year-earlier quarter, profits stood at approximately $95 million on revenue of $626 million.

For the full year, Range earnings more than doubled in 2025, to $658 million on sales of $3.1 billion, an improvement over 2024 results, when earnings totaled $266 million on revenue of $2.4 billion.

Results for both years were plumped by gains in derivatives: The gain in 2025 was about $121 million, more than double 2024's gain of $57 million. Asset sales also goosed up earnings in both years: by $261 million in 2025 and $311 million in 2024.

During 2025, Range said it repurchased about $231 million of its stock, paid approximately $86 million in dividends, and reduced net debt by $186 million. In its earnings announcement, it said it increased its share repurchase authorization to $1.5 billion. The company's Board of Directors is expected to approve an 11% increase to the quarterly cash dividend to $0.10 per share.

In the just-completed year, Range signed a 10-year supply agreement to provide 75 million cubic feet of gas day (MMcf/d) to a Midwest power plant that is expected to finish construction in late 2027. For 2025, production averaged 2.24 Bcfe/d, approximately 69% of which was natural gas. At yearend 2025, the company's proved reserves were flat at approximately 18.1 Tcfe, the company reported.

Coterra

On February 26, Coterra reported fourth-quarter 2025 earnings of $368 million on sales of slightly under $2 billion, a significant gain over comparable year-earlier results of $297 million in profits on sales of $1.4 billion.

For all of 2025, Houston-based Coterra earned $1.7 billion on $7.6 billion of revenue, up from $1.1 billion of profits on $4.5 billion of sales in 2024.

Full-year and quarterly results included derivatives gains: $351 million for all of 2025 compared to a loss of $3 million for full-year 2024. In the fourth quarter of 2025, derivative gains totaled about $169 million compared to a loss of $51 million in the October-December 2024 period.

At the end of 2025, Coterra reported a 13% increase in proved reserves, to approximately 15.4 Tcfe. The company operates in the Marcellus Shale, Permian Basin and Anadarko Basin.

Commenting on the company's results, Tom Jorden, chairman, CEO and president, said, Coterra's strong fourth-quarter and full-year 2025 results were driven by "efficient capital allocation and strong execution." Prioritizing safety, financial strength, and shareholder value creation, Coterra is well positioned for a highly capital efficient 2026."

Last month, Coterra and Devon Energy Corporation agreed to merge in an all- stock transaction expected to close to later this year. For more on that, see February 3, 2026, article - Devon-Coterra $58 Billion Tie-up Targets Large Inventory of Sub-$40 Wells. In the merger announcement, the companies highlighted how the deal would be "anchored" by the combined companies' position in the Delaware Basin in Texas, suggesting that Coterra's assets in the Marcellus could go on the selling block.

Once the Devon-Coterra merger is complete, the combined company expects to produce about 9.6 Bcfe/d of gas by yearend 2026, of which 44% will be in natural gas, 34% oil and 22% NGLs, company officials projected last week. The combined company is expected to reap about $1 billion of pre-tax synergies. Coterra officials predicted the new entity's competitive position would be strengthened by their "combined artificial intelligence (AI) capabilities (which) establish (a) strong technology platform. AI is expected to enhance capital efficiency, operational performance and decision-making."

Key Takeaways

• Four large, gas-oriented, independent U.S. oil and gas exploration and production companies reported significantly higher earnings for the fourth quarter of 2025 and the year in full.
• Improved results stemmed from higher prices, stronger demand, better operational efficiencies and derivative gains.
• Proved reserved generally increased or held steady compared to 2024 reserves.
• Asset rotation continued throughout 2025 and early 2026, with some companies buying others while others engaged in selected asset sales or purchases.

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IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).