第99.1展示文本
Antero Resources宣布2024年第三季度的财务和运营结果
2024年10月30日，科罗拉多州丹佛Antero Resources公司(纽交所: AR) 《Antero Resources》（简称“Antero”或“公司”）今日宣布了其2024年第三季度财务和营运业绩。相关未经审计的简明合并基本报表已包含在公司截至2024年9月30日的第十季度报告10-Q中。
2024年第三季度 重点亮点:
| · | 净产量平均为3.4亿立方英尺当量/天，比去年同期减少2% |
| o | 天然气产量平均为2.2 Bcf/d，较去年同期减少4% |
| o | 液体生产平均为206 MBbl/d，比去年同期增加2%，占总产量的36% |
| · | 实现了每Mcfe 3.14美元的天然气等效价格，比nymex高出每Mcfe 0.98美元。 |
| · | 公司历史上以每桶2.29美元的价格创下了最高的C3+ NGL与蒙贝尔维优势价差。 |
| · | 净亏损为2000万美元，调整后净亏损为3700万美元（非通用会计准则） |
| · | 调整后的EBITDAX为18700万美元（非GAAP）；经营活动产生的净现金为16600万美元 |
| · | 平均每日完成12.1个阶段，其中包括8月份创下的每日完成13.3个阶段的月度纪录。 |
| · | 在9月份实现了每台钻机每月钻探记录的突破，比2023年平均值增加了17% |
| · | 宣布将Jeffrey Muñoz添加到董事会 |
| 2024 | 全年指导意见更新： |
| · | 2024年钻井和完井资本预算降低至640万至66000万美元的区间，受资本效率提高和延迟一个油区完井的驱动。 |
安泰默资源主席、首席执行官兼总裁Paul Rady表示：“在第三季度，我们继续提高我们的资本效率。过去两年里，我们将钻井一个井的平均天数减少了20%，仅仅用了11天，相比之下之前要用14天。这些有意义的收益导致我们有一个高效的维持生产计划，只需要两台钻机就能维持每天3.3至3.4亿立方英尺的产量。我们继续推迟原计划于2024年启用的一个已经钻好但未完成的钻井块的投产日期。展望2025年，由于天然气价格低，我们现在也推迟了第二块已经钻好但未完成的钻井块的投产日期，原定于2025年初完成，现在推迟到该年晚些时候。这些效率提升加上活动推迟，使我们能够减少资本支出预算，同时保持我们的2024年产量指导。”
Rady先生进一步表示：“我们也很高兴宣布任命Jeffrey Muñoz加入董事会。Muñoz先生在能源行业拥有超过30年的丰富背景，专注于法律和会计专业知识。他的任命拓展了我们董事会的知识和独立性。”
安泰石油首席财务官Michael Kennedy表示，"我们第三季度的业绩受益于我们对国际液体价格的重大暴露，因为我们实现了公司历史上最高的C3+ NGL价格溢价。受到墨西哥湾岸出口能力受限以及强劲的国际需求推动的国际现货溢价在宾夕法尼亚州马库斯胡克达到了历史新高。安泰通过马库斯胡克液体码头进入国际市场，以及我们今年初战略性地增加暴露于国际现货价格的决定，使我们能够充分捕捉这些溢价。我们预计这些溢价将在接下来的几个季度继续存在，为我们的实现价格提供有吸引力的提升。
关于非GAAP财务指标的讨论，包括调整后的净利润（损失），调整后的EBITDAX，自由现金流和净债务，请参阅“非GAAP财务指标。”
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2024 年指南更新
安泰公司将其2024年的钻井和完钻资本预算降至6,4000万到6,6000万元，之前为6,5000万到7,0000万元的区间。这一降低是由持续的运营效率提升以及由于天然气价格低延迟完钻活动进一步推迟所致。
| 2024年全年 – | 2024年全年 – | |||||||||||||||
| 初始 | 修改 | |||||||||||||||
| 2024年全年指导 | 收盘最低价 | 高 | 收盘最低价 | 高 | ||||||||||||
| D&C资本支出 | $ | 650 | $ | 700 | $ | 640 | $ | 660 | ||||||||
注意：本公告中未讨论的2024年指引项目与先前声明的指引保持不变。
自由现金流
2024年第三季度，自由现金 流出赤字为1900万美元。
| 截至三个月结束 9月30日 | ||||||||
| 2023 | 2024 | |||||||
| 经营活动产生的现金流量净额 | $ | 183,381 | 166,177 | |||||
| 减少：投资活动中使用的净现金 | (276,097 | ) | (174,126 | ) | ||||
| 减少：资产出售收益，净额 | (136 | ) | (7,066 | ) | ||||
| 减少：分配给Martica非控股权益 | (21,161 | ) | (15,736 | ) | ||||
| 自由现金流 | $ | (114,013 | ) | (30,751 | ) | |||
| 营运资本变动 (1) | 90,755 | 12,222 | ||||||
| 变动前自由现金流 | $ | (23,258 | ) | (18,529 | ) | |||
| (1) | 营运资本调整包括流动资产和流动负债的变化，以及应付账款和应计负债的净减少 用于固定资产和设备的增加。 |
2024年第三季度财务结果
第三季度净天然气当量日产量平均为3.4 Bcfe/d，包括206 MBbl/d的液体。 安泰公司不考虑对冲的平均实现天然气价格为每千立方英尺2.13美元，比基准指数价格低0.03美元。安泰公司C3+天然气液体不考虑对冲的平均实现价格为每桶41.30美元，比基准指数价格高2.29美元，这是公司历史上最高的涨幅。
下表详细说明了截至2024年9月30日的三个月的平均净产量和平均实现价格：
| 2024年9月30日结束的三个月 | ||||||||||||||||||||
| 天然气（MMcf/d） | 原油（桶/天） | 天然气液（桶/天） | 乙烷（桶/天） | 天然气当量（百万立方英尺等效/天） | ||||||||||||||||
| 平均净产量 | 2,170 | 9,304 | 117,315 | 79,370 | 3,406 | |||||||||||||||
| 2024年9月30日止三个月 | ||||||||||||||||||||
| 天然气 | 石油 | C3+ NGLs | 乙烷 | 综合天然气当量 | ||||||||||||||||
| 平均实现价格 | （每千立方英尺的美元） | （每桶的美元） | （每桶的美元） | （每桶的美元） | （美元/千立方英尺天然气当量） | |||||||||||||||
| 结算衍生品前的平均实现价格 | $ | 2.13 | 61.59 | 41.30 | 8.01 | 3.14 | ||||||||||||||
| 指数价格 | $ | 2.16 | 75.09 | 39.01 | 6.61 | 2.16 | ||||||||||||||
| 指数价格溢价/(折价) | $ | (0.03 | ) | (13.50 | ) | 2.29 | 1.40 | 0.98 | ||||||||||||
| 已结算商品衍生品 | $ | 0.01 | (0.13 | ) | 0.26 | — | 0.01 | |||||||||||||
| 结算衍生品后的平均实现价格 | $ | 2.14 | 61.46 | 41.56 | 8.01 | 3.15 | ||||||||||||||
| 溢价/（折价）指数价格 | $ | (0.02 | ) | (13.63 | ) | 2.55 | 1.40 | 0.99 | ||||||||||||
注意：请查阅安泰罗2024年9月30日结束的第三季度Form 10-Q季度报告，以获取有关这些指数和平均实现价格的更多信息。
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所有板块现金支出，包括租赁操作、收集、压缩、加工和运输、生产和广告税，在第三季度为每Mcfe 2.42美元，而2023年第三季度为每Mcfe 2.31美元。主要原因是2024年CPI调整所致，以及2022年大宗商品价格上涨导致压缩和加工成本上升以及按照更高商品价格计算的广告税增加。 净营销费用为每Mcfe 0.05美元，与2023年第三季度的每Mcfe 0.05美元持平。
2024年第三季度 运营结果
| · | 安特罗在第三季度销售了23口水平马塞卢斯井，平均水平长度为14,800英尺 |
| · | 这些井中有12口已连续在线约60天，每口井的平均产量为29MMcfe/d，其中包括每口井的1,292桶/天的液体产量，假设回收率为25%的乙烷，平均水平井长为13,300英尺。 |
| · | 其余11口井于9月完成，平均水平段长度为16,500英尺 |
| · | 最近的一个六口井平台，每口井的平均产量为35百万立方英尺当量/天，液态约1,728桶/天，假设乙烷回收率为25%。这些井的平均水平长度为18,200英尺。 |
2024年第三季度资本投资
安特罗截至2024年9月30日三个月的钻井和完井资本支出为$14800万。此外，除了在钻井和完井活动中投资的资本外，公司在第三季度还投资了$2300万用于购置土地。在该季度，安特罗新增了约4200英亩，代表了大约12个额外的钻井地点，平均成本约为每个地点$850,000。到目前为止，安特罗已经新增了44个地点，这大约弥补了安特罗在此期间转售的井数。
商品衍生头寸
安泰罗在2024年第三季度没有进行任何新的天然气或液体的对冲交易。
任命Jeffrey Muñoz为董事会成员
2024年10月29日，公司任命Jeffrey Muñoz担任其董事会II类董事。Muñoz先生在能源行业拥有超过30年的经验，具有法律和会计背景。Muñoz先生在Latham and Watkins LLP担任合伙人长达十年，并担任该公司的多元化委员会成员。在那之前，他在Vinson and Elkins, LLP工作了20年，最后11年担任合伙人。在获得学士学位后，Muñoz先生在Arthur Andersen LLP的燃料币审计部门工作了几年。他获得斯坦福大学的法学博士学位，以及德克萨斯大学的工商管理学士学位。Muñoz先生将服务于审计委员会、提名和治理委员会。此任命使董事会扩大至9名董事，其中8名为独立董事。
电话会议
一场看涨已于2024年10月31日星期四上午9:00点（M为准）安排，讨论财务和运营业绩。安防-半导体分析师在讨论结果后将立即进行简短的问答环节。要参与电话会议，请拨打877-407-9079（美国）或201-493-6746（国际），并提及“ antero resources”。电话重播将持续到2024年11月7日星期四上午9:00点（M为准），拨打877-660-6853（美国）或201-612-7415（国际），使用会议ID: 13743805。要访问直播网络和查看相关的业绩会议演示，请访问Antero Resources的网站www.anteroresources.com。网络直播将存档以供重播，直到2024年11月7日星期四上午9:00点（M为准）。
介绍
公司的网站将在电话会议之前发布更新的演示文稿。演示文稿可以在以下网址找到 www.anteroresources.com 在主页上。公司网站上的信息并不构成任何部分，并未纳入本新闻发布内容。
非依照普遍公认会计准则的财务措施
调整后的净利润（损失）
根据本公告中所述，调整后的净利润（损失）代表经过调整的净利润（损失），排除了某些项目。安泰罗认为调整后的净利润（损失）对投资者评估公司运营趋势及其业绩与其他石油和天然气生产公司的相对表现是有用的。调整后的净利润（损失）不是根据通用会计准则的财务绩效指标，不应孤立或作为财务绩效指标的替代考虑。最直接可比较调整后的净利润（损失）的通用会计准则财务指标是净利润（损失）。以下表格显示净损失与调整后净损失（以千计）的调节情况：
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| Three Months Ended September 30, | ||||||||
| 2023 | 2024 | |||||||
| Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation | $ | 17,808 | (20,444 | ) | ||||
| Net income and comprehensive income attributable to noncontrolling interests | 14,834 | 10,157 | ||||||
| Unrealized commodity derivative gains | (9,172 | ) | (14,100 | ) | ||||
| Amortization of deferred revenue, VPP | (7,701 | ) | (6,812 | ) | ||||
| Gain on sale of assets | (136 | ) | (1,297 | ) | ||||
| Impairment of property and equipment | 13,476 | 13,455 | ||||||
| Equity-based compensation | 18,458 | 16,065 | ||||||
| Loss on early extinguishment of debt | — | 528 | ||||||
| Equity in earnings of unconsolidated affiliate | (22,207 | ) | (25,634 | ) | ||||
| Contract termination, loss contingency and settlements | 13,659 | (1,517 | ) | |||||
| Tax effect of reconciling items (1) | (1,371 | ) | 4,199 | |||||
| 37,648 | (25,400 | ) | ||||||
| Martica adjustments (2) | (12,161 | ) | (11,467 | ) | ||||
| Adjusted Net Income (Loss) | $ | 25,487 | (36,867 | ) | ||||
| Diluted Weighted Average Common Shares Outstanding (3) | 311,534 | 311,025 | ||||||
| (1) | Deferred taxes were approximately 21% and 22% for 2023 and 2024, respectively. |
| (2) | Adjustments reflect noncontrolling interest in Martica not otherwise adjusted in amounts above. |
| (3) | Diluted weighted average shares outstanding does not include securities that would have had an anti-dilutive effect on the computation of diluted earnings per share. Anti-dilutive weighted average shares outstanding for the three months ended September 30, 2023 and 2024 were 1.6 million and 5.2 million, respectively. |
Net Debt
Net Debt is calculated as total long-term debt less cash and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its debt obligations.
The following table reconciles consolidated total long-term debt to Net Debt as used in this release (in thousands):
| December 31, | September 30, | |||||||
| 2023 | 2024 | |||||||
| Credit Facility | $ | 417,200 | 526,700 | |||||
| 8.375% senior notes due 2026 | 96,870 | 96,870 | ||||||
| 7.625% senior notes due 2029 | 407,115 | 407,115 | ||||||
| 5.375% senior notes due 2030 | 600,000 | 600,000 | ||||||
| 4.250% convertible senior notes due 2026 | 26,386 | — | ||||||
| Unamortized debt issuance costs | (9,975 | ) | (8,369 | ) | ||||
| Total long-term debt | $ | 1,537,596 | 1,622,316 | |||||
| Less: Cash and cash equivalents | — | — | ||||||
| Net Debt | $ | 1,537,596 | 1,622,316 | |||||
Free Cash Flow
Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow or as a measure of liquidity. The Company defines Free Cash Flow as net cash provided by operating activities, less net cash used in investing activities, which includes drilling and completion capital and leasehold capital, less proceeds from asset sales or net derivative monetizations and less distributions to non-controlling interests in Martica.
The Company has not provided projected net cash provided by operating activities or a reconciliation of Free Cash Flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts.
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Free Cash Flow is a useful indicator of the Company’s ability to internally fund its activities, service or incur additional debt and estimate our ability to return capital to shareholders. There are significant limitations to using Free Cash Flow as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company’s net income, the lack of comparability of results of operations of different companies and the different methods of calculating Free Cash Flow reported by different companies. Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations.
Adjusted EBITDAX
Adjusted EBITDAX is a non-GAAP financial measure that we define as net income (loss), adjusted for certain items detailed below.
Adjusted EBITDAX as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP. Adjusted EBITDAX should not be considered in isolation or as a substitute for operating income or loss, net income or loss, cash flows provided by operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. Adjusted EBITDAX provides no information regarding our capital structure, borrowings, interest costs, capital expenditures, working capital movement, or tax position. Adjusted EBITDAX does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations. However, our management team believes Adjusted EBITDAX is useful to an investor in evaluating our financial performance because this measure:
| · | is widely used by investors in the oil and natural gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially from company to company depending upon accounting methods and the book value of assets, capital structure and the method by which assets were acquired, among other factors; |
| · | helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital and legal structure from our operating structure; |
| · | is used by our management team for various purposes, including as a measure of our operating performance, in presentations to our Board of Directors, and as a basis for strategic planning and forecasting: and |
| · | is used by our Board of Directors as a performance measure in determining executive compensation. |
There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies.
The GAAP measures most directly comparable to Adjusted EBITDAX are net income (loss) and net cash provided by operating activities. The following table represents a reconciliation of Antero’s net income (loss), including noncontrolling interest, to Adjusted EBITDAX and a reconciliation of Antero’s Adjusted EBITDAX to net cash provided by operating activities per our condensed consolidated statements of cash flows, in each case, for the three months ended September 30, 2023 and 2024 (in thousands). Adjusted EBITDAX also excludes the noncontrolling interests in Martica, and these adjustments are disclosed in the table below as Martica related adjustments.
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| Three Months Ended September 30, | ||||||||
| 2023 | 2024 | |||||||
| Reconciliation of net income (loss) to Adjusted EBITDAX: | ||||||||
| Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation | $ | 17,808 | (20,444 | ) | ||||
| Net income and comprehensive income attributable to noncontrolling interests | 14,834 | 10,157 | ||||||
| Unrealized commodity derivative gains | (9,172 | ) | (14,100 | ) | ||||
| Amortization of deferred revenue, VPP | (7,701 | ) | (6,812 | ) | ||||
| Gain on sale of assets | (136 | ) | (1,297 | ) | ||||
| Interest expense, net | 31,634 | 28,278 | ||||||
| Loss on early extinguishment of debt | — | 528 | ||||||
| Income tax expense | 13,663 | 1,212 | ||||||
| Depletion, depreciation, amortization and accretion | 177,148 | 171,195 | ||||||
| Impairment of property and equipment | 13,476 | 13,455 | ||||||
| Exploration expense | 591 | 671 | ||||||
| Equity-based compensation expense | 18,458 | 16,065 | ||||||
| Equity in earnings of unconsolidated affiliate | (22,207 | ) | (25,634 | ) | ||||
| Dividends from unconsolidated affiliate | 31,285 | 31,314 | ||||||
| Contract termination, loss contingency, transaction expense and other | 13,649 | (1,511 | ) | |||||
| 293,330 | 203,077 | |||||||
| Martica related adjustments (1) | (22,127 | ) | (16,177 | ) | ||||
| Adjusted EBITDAX | $ | 271,203 | 186,900 | |||||
| Reconciliation of our Adjusted EBITDAX to net cash provided by operating activities: | ||||||||
| Adjusted EBITDAX | $ | 271,203 | 186,900 | |||||
| Martica related adjustments (1) | 22,127 | 16,177 | ||||||
| Interest expense, net | (31,634 | ) | (28,278 | ) | ||||
| Amortization of debt issuance costs and other | 869 | 572 | ||||||
| Exploration expense | (591 | ) | (671 | ) | ||||
| Changes in current assets and liabilities | (76,808 | ) | (10,615 | ) | ||||
| Contract termination, loss contingency, transaction expense and other | (1,748 | ) | 3,648 | |||||
| Other items | (37 | ) | (1,556 | ) | ||||
| Net cash provided by operating activities | $ | 183,381 | 166,177 | |||||
| (1) | Adjustments reflect noncontrolling interests in Martica not otherwise adjusted in amounts above. |
Drilling and Completion Capital Expenditures
For a reconciliation between cash paid for drilling and completion capital expenditures and drilling and completion accrued capital expenditures during the period, please see the capital expenditures section below (in thousands):
| Three Months Ended September 30, | ||||||||
| 2023 | 2024 | |||||||
| Drilling and completion costs (cash basis) | $ | 242,261 | 147,075 | |||||
| Change in accrued capital costs | (11,191 | ) | 893 | |||||
| Adjusted drilling and completion costs (accrual basis) | $ | 231,070 | 147,968 | |||||
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Notwithstanding their use for comparative purposes, the Company’s non-GAAP financial measures may not be comparable to similarly titled measures employed by other companies.
Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia and Ohio. In conjunction with its affiliate, Antero Midstream Corporation (NYSE: AM), Antero is one of the most integrated natural gas producers in the U.S. The Company’s website is located at www.anteroresources.com.
This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources’ control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, anticipated reductions in letters of credit and interest expense, prospects, plans and objectives of management, return of capital, expected results, future commodity prices, future production targets, including those related to certain levels of production, future earnings, leverage targets and debt repayment, future capital spending plans, improved and/or increasing capital efficiency, estimated realized natural gas, NGL and oil prices, impacts of geopolitical and world health events, expected drilling and development plans, projected well costs and cost savings initiatives, future financial position, the participation level of our drilling partner and the financial and production results to be achieved as a result of that drilling partnership, the other key assumptions underlying our projections, and future marketing opportunities, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.
Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond the Antero Resources’ control. These risks include, but are not limited to, commodity price volatility, inflation, supply chain or other disruption, availability and cost of drilling, completion and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes or changes in law, the uncertainty inherent in estimating natural gas, NGLs and oil reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of geopolitical and world health events, cybersecurity risks, our ability to achieve Net Zero Scope 1 and Scope 2 GHG emissions and the costs associated therewith, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading "Item 1A. Risk Factors" in Antero Resources’ Annual Report on Form 10-K for the year ended December 31, 2023 and the Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.
For more information, contact Daniel Katzenberg, Director - Finance and Investor Relations of Antero Resources at (303) 357-7219 or dkatzenberg@anteroresources.com.
7
ANTERO RESOURCES CORPORATION
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
| (Unaudited) | ||||||||
| December 31, | September 30, | |||||||
| 2023 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Accounts receivable | $ | 42,619 | 26,156 | |||||
| Accrued revenue | 400,805 | 319,177 | ||||||
| Derivative instruments | 5,175 | 4,706 | ||||||
| Prepaid expenses | 12,901 | 7,042 | ||||||
| Other current assets | 14,192 | 11,565 | ||||||
| Total current assets | 475,692 | 368,646 | ||||||
| Property and equipment: | ||||||||
| Oil and gas properties, at cost (successful efforts method): | ||||||||
| Unproved properties | 974,642 | 960,116 | ||||||
| Proved properties | 13,908,804 | 14,309,543 | ||||||
| Gathering systems and facilities | 5,802 | 5,802 | ||||||
| Other property and equipment | 98,668 | 105,317 | ||||||
| 14,987,916 | 15,380,778 | |||||||
| Less accumulated depletion, depreciation and amortization | (5,063,274 | ) | (5,447,104 | ) | ||||
| Property and equipment, net | 9,924,642 | 9,933,674 | ||||||
| Operating leases right-of-use assets | 2,965,880 | 2,658,288 | ||||||
| Derivative instruments | 5,570 | 2,507 | ||||||
| Investment in unconsolidated affiliate | 222,255 | 226,860 | ||||||
| Other assets | 25,375 | 33,643 | ||||||
| Total assets | $ | 13,619,414 | 13,223,618 | |||||
| Liabilities and Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 38,993 | 37,096 | |||||
| Accounts payable, related parties | 86,284 | 92,720 | ||||||
| Accrued liabilities | 381,340 | 316,059 | ||||||
| Revenue distributions payable | 361,782 | 328,353 | ||||||
| Derivative instruments | 15,236 | 15,989 | ||||||
| Short-term lease liabilities | 540,060 | 505,652 | ||||||
| Deferred revenue, VPP | 27,101 | 25,709 | ||||||
| Other current liabilities | 1,295 | 2,377 | ||||||
| Total current liabilities | 1,452,091 | 1,323,955 | ||||||
| Long-term liabilities: | ||||||||
| Long-term debt | 1,537,596 | 1,622,316 | ||||||
| Deferred income tax liability, net | 834,268 | 831,972 | ||||||
| Derivative instruments | 32,764 | 17,780 | ||||||
| Long-term lease liabilities | 2,428,450 | 2,148,608 | ||||||
| Deferred revenue, VPP | 60,712 | 41,816 | ||||||
| Other liabilities | 59,431 | 55,839 | ||||||
| Total liabilities | 6,405,312 | 6,042,286 | ||||||
| Commitments and contingencies | ||||||||
| Equity: | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued | — | — | ||||||
| Common stock, $0.01 par value; authorized - 1,000,000 shares; 303,544 and 311,031 shares issued and outstanding as of December 31, 2023 and September 30, 2024, respectively | 3,035 | 3,110 | ||||||
| Additional paid-in capital | 5,846,541 | 5,894,786 | ||||||
| Retained earnings | 1,131,828 | 1,082,066 | ||||||
| Total stockholders' equity | 6,981,404 | 6,979,962 | ||||||
| Noncontrolling interests | 232,698 | 201,370 | ||||||
| Total equity | 7,214,102 | 7,181,332 | ||||||
| Total liabilities and equity | $ | 13,619,414 | 13,223,618 | |||||
8
ANTERO RESOURCES CORPORATION
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(In thousands, except per share amounts)
| Three Months Ended September 30, | ||||||||
| 2023 | 2024 | |||||||
| Revenue and other: | ||||||||
| Natural gas sales | $ | 516,214 | 425,802 | |||||
| Natural gas liquids sales | 482,570 | 504,200 | ||||||
| Oil sales | 62,629 | 52,724 | ||||||
| Commodity derivative fair value gains | 3,448 | 18,368 | ||||||
| Marketing | 53,068 | 47,160 | ||||||
| Amortization of deferred revenue, VPP | 7,701 | 6,812 | ||||||
| Other revenue and income | 546 | 854 | ||||||
| Total revenue | 1,126,176 | 1,055,920 | ||||||
| Operating expenses: | ||||||||
| Lease operating | 33,484 | 29,597 | ||||||
| Gathering, compression, processing and transportation | 671,886 | 685,183 | ||||||
| Production and ad valorem taxes | 32,258 | 47,423 | ||||||
| Marketing | 69,542 | 62,144 | ||||||
| Exploration | 591 | 671 | ||||||
| General and administrative (including equity-based compensation expense of $18,458 and $16,065 in 2023 and 2024, respectively) | 58,425 | 54,627 | ||||||
| Depletion, depreciation and amortization | 176,259 | 170,197 | ||||||
| Impairment of property and equipment | 13,476 | 13,455 | ||||||
| Accretion of asset retirement obligations | 889 | 998 | ||||||
| Contract termination, loss contingency and settlements | 13,659 | (1,517 | ) | |||||
| Gain on sale of assets | (136 | ) | (1,297 | ) | ||||
| Other operating expense | 111 | 342 | ||||||
| Total operating expenses | 1,070,444 | 1,061,823 | ||||||
| Operating income (loss) | 55,732 | (5,903 | ) | |||||
| Other income (expense): | ||||||||
| Interest expense, net | (31,634 | ) | (28,278 | ) | ||||
| Equity in earnings of unconsolidated affiliate | 22,207 | 25,634 | ||||||
| Loss on early extinguishment of debt | — | (528 | ) | |||||
| Total other expense | (9,427 | ) | (3,172 | ) | ||||
| Income (loss) before income taxes | 46,305 | (9,075 | ) | |||||
| Income tax expense | (13,663 | ) | (1,212 | ) | ||||
| Net income (loss) and comprehensive income (loss) including noncontrolling interests | 32,642 | (10,287 | ) | |||||
| Less: net income and comprehensive income attributable to noncontrolling interests | 14,834 | 10,157 | ||||||
| Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation | $ | 17,808 | (20,444 | ) | ||||
| Net income (loss) per common share—basic | $ | 0.06 | (0.07 | ) | ||||
| Net income (loss) per common share—diluted | $ | 0.06 | (0.07 | ) | ||||
| Weighted average number of common shares outstanding: | ||||||||
| Basic | 300,141 | 311,025 | ||||||
| Diluted | 311,534 | 311,025 | ||||||
9
ANTERO RESOURCES CORPORATION
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Nine Months Ended September 30, | ||||||||
| 2023 | 2024 | |||||||
| Cash flows provided by (used in) operating activities: | ||||||||
| Net income (loss) including noncontrolling interests | $ | 225,911 | (22,455 | ) | ||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
| Depletion, depreciation, amortization and accretion | 518,218 | 516,341 | ||||||
| Impairments | 44,746 | 18,958 | ||||||
| Commodity derivative fair value gains | (137,924 | ) | (22,229 | ) | ||||
| Gains (losses) on settled commodity derivatives | (16,511 | ) | 11,530 | |||||
| Payments for derivative monetizations | (202,339 | ) | — | |||||
| Deferred income tax expense (benefit) | 45,914 | (2,295 | ) | |||||
| Equity-based compensation expense | 44,988 | 49,293 | ||||||
| Equity in earnings of unconsolidated affiliate | (58,986 | ) | (69,862 | ) | ||||
| Dividends of earnings from unconsolidated affiliate | 93,854 | 93,883 | ||||||
| Amortization of deferred revenue | (22,852 | ) | (20,289 | ) | ||||
| Amortization of debt issuance costs and other | 2,601 | 1,900 | ||||||
| Settlement of asset retirement obligations | (633 | ) | (3,171 | ) | ||||
| Contract termination, loss contingency and settlements | 11,901 | 5,143 | ||||||
| Gain on sale of assets | (447 | ) | (1,127 | ) | ||||
| Loss on early extinguishment of debt | — | 528 | ||||||
| Loss on convertible note inducement | 86 | — | ||||||
| Changes in current assets and liabilities: | ||||||||
| Accounts receivable | (1,440 | ) | 16,463 | |||||
| Accrued revenue | 334,294 | 81,628 | ||||||
| Prepaid expenses and other current assets | 32,584 | 8,486 | ||||||
| Accounts payable including related parties | 12,236 | 4,277 | ||||||
| Accrued liabilities | (118,316 | ) | (63,395 | ) | ||||
| Revenue distributions payable | (129,966 | ) | (33,429 | ) | ||||
| Other current liabilities | 4,627 | 1,108 | ||||||
| Net cash provided by operating activities | 682,546 | 571,286 | ||||||
| Cash flows provided by (used in) investing activities: | ||||||||
| Additions to unproved properties | (139,121 | ) | (69,033 | ) | ||||
| Drilling and completion costs | (759,852 | ) | (509,303 | ) | ||||
| Additions to other property and equipment | (13,073 | ) | (10,128 | ) | ||||
| Proceeds from asset sales | 447 | 7,484 | ||||||
| Change in other assets | (2,538 | ) | (7,271 | ) | ||||
| Net cash used in investing activities | (914,137 | ) | (588,251 | ) | ||||
| Cash flows provided by (used in) financing activities: | ||||||||
| Repurchases of common stock | (75,356 | ) | — | |||||
| Borrowings on Credit Facility | 3,503,000 | 3,331,800 | ||||||
| Repayments on Credit Facility | (3,063,700 | ) | (3,222,300 | ) | ||||
| Payment of debt issuance costs | — | (6,064 | ) | |||||
| Convertible note inducement | (86 | ) | — | |||||
| Distributions to noncontrolling interests in Martica Holdings LLC | (104,245 | ) | (58,635 | ) | ||||
| Employee tax withholding for settlement of equity-based compensation awards | (27,443 | ) | (27,024 | ) | ||||
| Other | (579 | ) | (812 | ) | ||||
| Net cash provided by financing activities | 231,591 | 16,965 | ||||||
| Net increase in cash and cash equivalents | — | — | ||||||
| Cash and cash equivalents, beginning of period | — | — | ||||||
| Cash and cash equivalents, end of period | $ | — | — | |||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid during the period for interest | $ | 100,067 | 109,444 | |||||
| Decrease in accounts payable and accrued liabilities for additions to property and equipment | $ | (22,300 | ) | (4,574 | ) | |||
10
The following table sets forth selected financial data for the three months ended September 30, 2023 and 2024:
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Amount of | |||||||||||||||
| September 30, | Increase | Percent | ||||||||||||||
| 2023 | 2024 | (Decrease) | Change | |||||||||||||
| Revenue: | ||||||||||||||||
| Natural gas sales | $ | 516,214 | 425,802 | (90,412 | ) | (18 | )% | |||||||||
| Natural gas liquids sales | 482,570 | 504,200 | 21,630 | 4 | % | |||||||||||
| Oil sales | 62,629 | 52,724 | (9,905 | ) | (16 | )% | ||||||||||
| Commodity derivative fair value gains | 3,448 | 18,368 | 14,920 | 433 | % | |||||||||||
| Marketing | 53,068 | 47,160 | (5,908 | ) | (11 | )% | ||||||||||
| Amortization of deferred revenue, VPP | 7,701 | 6,812 | (889 | ) | (12 | )% | ||||||||||
| Other revenue and income | 546 | 854 | 308 | 56 | % | |||||||||||
| Total revenue | 1,126,176 | 1,055,920 | (70,256 | ) | (6 | )% | ||||||||||
| Operating expenses: | ||||||||||||||||
| Lease operating | 33,484 | 29,597 | (3,887 | ) | (12 | )% | ||||||||||
| Gathering and compression | 216,435 | 226,224 | 9,789 | 5 | % | |||||||||||
| Processing | 264,391 | 276,569 | 12,178 | 5 | % | |||||||||||
| Transportation | 191,060 | 182,390 | (8,670 | ) | (5 | )% | ||||||||||
| Production and ad valorem taxes | 32,258 | 47,423 | 15,165 | 47 | % | |||||||||||
| Marketing | 69,542 | 62,144 | (7,398 | ) | (11 | )% | ||||||||||
| Exploration | 591 | 671 | 80 | 14 | % | |||||||||||
| General and administrative (excluding equity-based compensation) | 39,967 | 38,562 | (1,405 | ) | (4 | )% | ||||||||||
| Equity-based compensation | 18,458 | 16,065 | (2,393 | ) | (13 | )% | ||||||||||
| Depletion, depreciation and amortization | 176,259 | 170,197 | (6,062 | ) | (3 | )% | ||||||||||
| Impairment of property and equipment | 13,476 | 13,455 | (21 | ) | * | |||||||||||
| Accretion of asset retirement obligations | 889 | 998 | 109 | 12 | % | |||||||||||
| Contract termination, loss contingency and settlements | 13,659 | (1,517 | ) | (15,176 | ) | * | ||||||||||
| Gain on sale of assets | (136 | ) | (1,297 | ) | (1,161 | ) | 854 | % | ||||||||
| Other operating expense | 111 | 342 | 231 | 208 | % | |||||||||||
| Total operating expenses | 1,070,444 | 1,061,823 | (8,621 | ) | (1 | )% | ||||||||||
| Operating income (loss) | 55,732 | (5,903 | ) | (61,635 | ) | * | ||||||||||
| Other earnings (expenses): | ||||||||||||||||
| Interest expense, net | (31,634 | ) | (28,278 | ) | 3,356 | (11 | )% | |||||||||
| Equity in earnings of unconsolidated affiliate | 22,207 | 25,634 | 3,427 | 15 | % | |||||||||||
| Loss on early extinguishment of debt | — | (528 | ) | (528 | ) | * | ||||||||||
| Total other expense | (9,427 | ) | (3,172 | ) | 6,255 | (66 | )% | |||||||||
| Income (loss) before income taxes | 46,305 | (9,075 | ) | (55,380 | ) | * | ||||||||||
| Income tax expense | (13,663 | ) | (1,212 | ) | 12,451 | (91 | )% | |||||||||
| Net income (loss) and comprehensive income (loss) including noncontrolling interests | 32,642 | (10,287 | ) | (42,929 | ) | * | ||||||||||
| Less: net income and comprehensive income attributable to noncontrolling interests | 14,834 | 10,157 | (4,677 | ) | (32 | )% | ||||||||||
| Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation | $ | 17,808 | (20,444 | ) | (38,252 | ) | * | |||||||||
| Adjusted EBITDAX | $ | 271,203 | 186,900 | (84,303 | ) | (31 | )% | |||||||||
* Not meaningful
11
The following table sets forth selected financial data for the three months ended September 30, 2023 and 2024:
| Three Months Ended | Amount of | |||||||||||||||
| September 30, | Increase | Percent | ||||||||||||||
| 2023 | 2024 | (Decrease) | Change | |||||||||||||
| Production data (1) (2): | ||||||||||||||||
| Natural gas (Bcf) | 208 | 200 | (8 | ) | (4 | )% | ||||||||||
| C2 Ethane (MBbl) | 6,696 | 7,302 | 606 | 9 | % | |||||||||||
| C3+ NGLs (MBbl) | 10,977 | 10,793 | (184 | ) | (2 | )% | ||||||||||
| Oil (MBbl) | 918 | 856 | (62 | ) | (7 | )% | ||||||||||
| Combined (Bcfe) | 320 | 313 | (7 | ) | (2 | )% | ||||||||||
| Daily combined production (MMcfe/d) | 3,474 | 3,406 | (68 | ) | (2 | )% | ||||||||||
| Average prices before effects of derivative settlements (3): | ||||||||||||||||
| Natural gas (per Mcf) | $ | 2.48 | 2.13 | (0.35 | ) | (14 | )% | |||||||||
| C2 Ethane (per Bbl) (4) | $ | 11.73 | 8.01 | (3.72 | ) | (32 | )% | |||||||||
| C3+ NGLs (per Bbl) | $ | 36.81 | 41.30 | 4.49 | 12 | % | ||||||||||
| Oil (per Bbl) | $ | 68.22 | 61.59 | (6.63 | ) | (10 | )% | |||||||||
| Weighted Average Combined (per Mcfe) | $ | 3.32 | 3.14 | (0.18 | ) | (5 | )% | |||||||||
| Average realized prices after effects of derivative settlements (3): | ||||||||||||||||
| Natural gas (per Mcf) | $ | 2.46 | 2.14 | (0.32 | ) | (13 | )% | |||||||||
| C2 Ethane (per Bbl) (4) | $ | 11.73 | 8.01 | (3.72 | ) | (32 | )% | |||||||||
| C3+ NGLs (per Bbl) | $ | 36.76 | 41.56 | 4.80 | 13 | % | ||||||||||
| Oil (per Bbl) | $ | 67.91 | 61.46 | (6.45 | ) | (9 | )% | |||||||||
| Weighted Average Combined (per Mcfe) | $ | 3.30 | 3.15 | (0.15 | ) | (5 | )% | |||||||||
| Average costs (per Mcfe): | ||||||||||||||||
| Lease operating | $ | 0.10 | 0.09 | (0.01 | ) | (10 | )% | |||||||||
| Gathering and compression | $ | 0.68 | 0.72 | 0.04 | 6 | % | ||||||||||
| Processing | $ | 0.83 | 0.88 | 0.05 | 6 | % | ||||||||||
| Transportation | $ | 0.60 | 0.58 | (0.02 | ) | (3 | )% | |||||||||
| Production and ad valorem taxes | $ | 0.10 | 0.15 | 0.05 | 50 | % | ||||||||||
| Marketing expense, net | $ | 0.05 | 0.05 | — | * | |||||||||||
| General and administrative (excluding equity-based compensation) | $ | 0.13 | 0.12 | (0.01 | ) | (8 | )% | |||||||||
| Depletion, depreciation, amortization and accretion | $ | 0.55 | 0.55 | — | * | |||||||||||
* Not meaningful
| (1) | Production volumes exclude volumes related to VPP transaction. |
| (2) | Oil and NGLs production was converted at 6 Mcf per Bbl to calculate total Bcfe production and per Mcfe amounts. This ratio is an estimate of the equivalent energy content of the products and may not reflect their relative economic value. |
| (3) | Average prices reflect the before and after effects of our settled commodity derivatives. Our calculation of such after effects includes gains on settlements of commodity derivatives, which do not qualify for hedge accounting because we do not designate or document them as hedges for accounting purposes. |
| (4) | The average realized price for the three months ended September 30, 2023 includes $6 million of proceeds related to a take-or-pay contract. Excluding the effect of these proceeds, the average realized price for ethane before and after the effects of derivatives for the three months ended September 30, 2023 would have been $10.88 per Bbl. |
12