第99.1展示文本
Antero Resources宣佈2024年第三季度的財務和運營結果
2024年10月30日，科羅拉多州丹佛Antero Resources公司(紐交所: AR) 《Antero Resources》（簡稱「Antero」或「公司」）今日宣佈了其2024年第三季度財務和營運業績。相關未經審計的簡明合併基本報表已包含在公司截至2024年9月30日的第十季度報告10-Q中。
2024年第三季度 重點亮點:
| · | 淨產量平均爲3.4億立方英尺當量/天，比去年同期減少2% |
| o | 天然氣產量平均爲2.2 Bcf/d，較去年同期減少4% |
| o | 液體生產平均爲206 MBbl/d，比去年同期增加2%，佔總產量的36% |
| · | 實現了每Mcfe 3.14美元的天然氣等效價格，比nymex高出每Mcfe 0.98美元。 |
| · | 公司歷史上以每桶2.29美元的價格創下了最高的C3+ NGL與蒙貝爾維優勢價差。 |
| · | 淨虧損爲2000萬美元，調整後淨虧損爲3700萬美元（非通用會計準則） |
| · | 調整後的EBITDAX爲18700萬美元（非GAAP）；經營活動產生的淨現金爲16600萬美元 |
| · | 平均每日完成12.1個階段，其中包括8月份創下的每日完成13.3個階段的月度紀錄。 |
| · | 在9月份實現了每臺鑽機每月鑽探記錄的突破，比2023年平均值增加了17% |
| · | 宣佈將Jeffrey Muñoz添加到董事會 |
| 2024 | 全年指導意見更新： |
| · | 2024年鑽井和完井資本預算降低至640萬至66000萬美元的區間，受資本效率提高和延遲一個油區完井的驅動。 |
安泰默資源主席、首席執行官兼總裁Paul Rady表示：「在第三季度，我們繼續提高我們的資本效率。過去兩年裏，我們將鑽井一個井的平均天數減少了20%，僅僅用了11天，相比之下之前要用14天。這些有意義的收益導致我們有一個高效的維持生產計劃，只需要兩臺鑽機就能維持每天3.3至3.4億立方英尺的產量。我們繼續推遲原計劃於2024年啓用的一個已經鑽好但未完成的鑽井塊的投產日期。展望2025年，由於天然氣價格低，我們現在也推遲了第二塊已經鑽好但未完成的鑽井塊的投產日期，原定於2025年初完成，現在推遲到該年晚些時候。這些效率提升加上活動推遲，使我們能夠減少資本支出預算，同時保持我們的2024年產量指導。」
Rady先生進一步表示：「我們也很高興宣佈任命Jeffrey Muñoz加入董事會。Muñoz先生在能源行業擁有超過30年的豐富背景，專注於法律和會計專業知識。他的任命拓展了我們董事會的知識和獨立性。」
安泰石油首席財務官Michael Kennedy表示，"我們第三季度的業績受益於我們對國際液體價格的重大暴露，因爲我們實現了公司歷史上最高的C3+ NGL價格溢價。受到墨西哥灣岸出口能力受限以及強勁的國際需求推動的國際現貨溢價在賓夕法尼亞州馬庫斯胡克達到了歷史新高。安泰通過馬庫斯胡克液體碼頭進入國際市場，以及我們今年初戰略性地增加暴露於國際現貨價格的決定，使我們能夠充分捕捉這些溢價。我們預計這些溢價將在接下來的幾個季度繼續存在，爲我們的實現價格提供有吸引力的提升。
關於非GAAP財務指標的討論，包括調整後的淨利潤（損失），調整後的EBITDAX，自由現金流和淨債務，請參閱「非GAAP財務指標。」
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2024 年指南更新
安泰公司將其2024年的鑽井和完鑽資本預算降至6,4000萬到6,6000萬元，之前爲6,5000萬到7,0000萬元的區間。這一降低是由持續的運營效率提升以及由於天然氣價格低延遲完鑽活動進一步推遲所致。
| 2024年全年 – | 2024年全年 – | |||||||||||||||
| 初始 | 修改 | |||||||||||||||
| 2024年全年指導 | 收盤最低價 | 高 | 收盤最低價 | 高 | ||||||||||||
| D&C資本支出 | $ | 650 | $ | 700 | $ | 640 | $ | 660 | ||||||||
注意：本公告中未討論的2024年指引項目與先前聲明的指引保持不變。
自由現金流
2024年第三季度，自由現金 流出赤字爲1900萬美元。
| 截至三個月結束 9月30日 | ||||||||
| 2023 | 2024 | |||||||
| 經營活動產生的現金流量淨額 | $ | 183,381 | 166,177 | |||||
| 減少：投資活動中使用的淨現金 | (276,097 | ) | (174,126 | ) | ||||
| 減少：資產出售收益，淨額 | (136 | ) | (7,066 | ) | ||||
| 減少：分配給Martica非控股權益 | (21,161 | ) | (15,736 | ) | ||||
| 自由現金流 | $ | (114,013 | ) | (30,751 | ) | |||
| 營運資本變動 (1) | 90,755 | 12,222 | ||||||
| 變動前自由現金流 | $ | (23,258 | ) | (18,529 | ) | |||
| (1) | 營運資本調整包括流動資產和流動負債的變化，以及應付賬款和應計負債的淨減少 用於固定資產和設備的增加。 |
2024年第三季度財務結果
第三季度淨天然氣當量日產量平均爲3.4 Bcfe/d，包括206 MBbl/d的液體。 安泰公司不考慮對沖的平均實現天然氣價格爲每千立方英尺2.13美元，比基準指數價格低0.03美元。安泰公司C3+天然氣液體不考慮對沖的平均實現價格爲每桶41.30美元，比基準指數價格高2.29美元，這是公司歷史上最高的漲幅。
下表詳細說明了截至2024年9月30日的三個月的平均淨產量和平均實現價格：
| 2024年9月30日結束的三個月 | ||||||||||||||||||||
| 天然氣（MMcf/d） | 原油（桶/天） | 天然氣液（桶/天） | 乙烷（桶/天） | 天然氣當量（百萬立方英尺等效/天） | ||||||||||||||||
| 平均淨產量 | 2,170 | 9,304 | 117,315 | 79,370 | 3,406 | |||||||||||||||
| 2024年9月30日止三個月 | ||||||||||||||||||||
| 天然氣 | 石油 | C3+ NGLs | 乙烷 | 綜合天然氣當量 | ||||||||||||||||
| 平均實現價格 | （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/千立方英尺天然氣當量） | |||||||||||||||
| 結算衍生品前的平均實現價格 | $ | 2.13 | 61.59 | 41.30 | 8.01 | 3.14 | ||||||||||||||
| 指數價格 | $ | 2.16 | 75.09 | 39.01 | 6.61 | 2.16 | ||||||||||||||
| 指數價格溢價/(折價) | $ | (0.03 | ) | (13.50 | ) | 2.29 | 1.40 | 0.98 | ||||||||||||
| 已結算商品衍生品 | $ | 0.01 | (0.13 | ) | 0.26 | — | 0.01 | |||||||||||||
| 結算衍生品後的平均實現價格 | $ | 2.14 | 61.46 | 41.56 | 8.01 | 3.15 | ||||||||||||||
| 溢價/（折價）指數價格 | $ | (0.02 | ) | (13.63 | ) | 2.55 | 1.40 | 0.99 | ||||||||||||
注意：請查閱安泰羅2024年9月30日結束的第三季度Form 10-Q季度報告，以獲取有關這些指數和平均實現價格的更多信息。
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所有板塊現金支出，包括租賃操作、收集、壓縮、加工和運輸、生產和廣告稅，在第三季度爲每Mcfe 2.42美元，而2023年第三季度爲每Mcfe 2.31美元。主要原因是2024年CPI調整所致，以及2022年大宗商品價格上漲導致壓縮和加工成本上升以及按照更高商品價格計算的廣告稅增加。 淨營銷費用爲每Mcfe 0.05美元，與2023年第三季度的每Mcfe 0.05美元持平。
2024年第三季度 運營結果
| · | 安特羅在第三季度銷售了23口水平馬塞盧斯井，平均水平長度爲14,800英尺 |
| · | 這些井中有12口已連續在線約60天，每口井的平均產量爲29MMcfe/d，其中包括每口井的1,292桶/天的液體產量，假設回收率爲25%的乙烷，平均水平井長爲13,300英尺。 |
| · | 其餘11口井於9月完成，平均水平段長度爲16,500英尺 |
| · | 最近的一個六口井平台，每口井的平均產量爲35百萬立方英尺當量/天，液態約1,728桶/天，假設乙烷回收率爲25%。這些井的平均水平長度爲18,200英尺。 |
2024年第三季度資本投資
安特羅截至2024年9月30日三個月的鑽井和完井資本支出爲$14800萬。此外，除了在鑽井和完井活動中投資的資本外，公司在第三季度還投資了$2300萬用於購置土地。在該季度，安特羅新增了約4200英畝，代表了大約12個額外的鑽井地點，平均成本約爲每個地點$850,000。到目前爲止，安特羅已經新增了44個地點，這大約彌補了安特羅在此期間轉售的井數。
商品衍生頭寸
安泰羅在2024年第三季度沒有進行任何新的天然氣或液體的對沖交易。
任命Jeffrey Muñoz爲董事會成員
2024年10月29日，公司任命Jeffrey Muñoz擔任其董事會II類董事。Muñoz先生在能源行業擁有超過30年的經驗，具有法律和會計背景。Muñoz先生在Latham and Watkins LLP擔任合夥人長達十年，並擔任該公司的多元化委員會成員。在那之前，他在Vinson and Elkins, LLP工作了20年，最後11年擔任合夥人。在獲得學士學位後，Muñoz先生在Arthur Andersen LLP的燃料幣審計部門工作了幾年。他獲得斯坦福大學的法學博士學位，以及德克薩斯大學的工商管理學士學位。Muñoz先生將服務於審計委員會、提名和治理委員會。此任命使董事會擴大至9名董事，其中8名爲獨立董事。
電話會議
一場看漲已於2024年10月31日星期四上午9:00點（M爲準）安排，討論財務和運營業績。安防-半導體分析師在討論結果後將立即進行簡短的問答環節。要參與電話會議，請撥打877-407-9079（美國）或201-493-6746（國際），並提及「 antero resources」。電話重播將持續到2024年11月7日星期四上午9:00點（M爲準），撥打877-660-6853（美國）或201-612-7415（國際），使用會議ID: 13743805。要訪問直播網絡和查看相關的業績會議演示，請訪問Antero Resources的網站www.anteroresources.com。網絡直播將存檔以供重播，直到2024年11月7日星期四上午9:00點（M爲準）。
介紹
公司的網站將在電話會議之前發佈更新的演示文稿。演示文稿可以在以下網址找到 www.anteroresources.com 在主頁上。公司網站上的信息並不構成任何部分，並未納入本新聞發佈內容。
非依照普遍公認會計准則的財務措施
調整後的淨利潤（損失）
根據本公告中所述，調整後的淨利潤（損失）代表經過調整的淨利潤（損失），排除了某些項目。安泰羅認爲調整後的淨利潤（損失）對投資者評估公司運營趨勢及其業績與其他石油和天然氣生產公司的相對錶現是有用的。調整後的淨利潤（損失）不是根據通用會計準則的財務績效指標，不應孤立或作爲財務績效指標的替代考慮。最直接可比較調整後的淨利潤（損失）的通用會計準則財務指標是淨利潤（損失）。以下表格顯示淨損失與調整後淨損失（以千計）的調節情況：
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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 | |||||
6
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