July 28, 2014 5:33 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Antero Resources Corporation

Company Overview

Antero Resources Corporation, an independent oil and natural gas company, acquires, explores for, and develops natural gas, natural gas liquids, and oil properties in the United States. As of December 31, 2013, the company held approximately 450,000 net acres of gas and dry gas properties located in the Appalachian Basin in West Virginia, Ohio, and Pennsylvania. It also owned and operated approximately 92 miles of gas gathering pipelines in the Marcellus Shale; 4 compressor stations; and 59 miles of low-pressure, high-pressure, and condensate pipelines in the Utica Shale. The company was formerly known as Antero Resources Appalachian Corporation and changed its name to Antero Resources Corpo...

1625 17th Street

Denver, CO 80202

United States

Founded in 2002

277 Employees

Phone:

303-357-7310

Fax:

303-357-7315

Key Executives for Antero Resources Corporation

Co-Founder
Age: 60
Total Annual Compensation: $1.9M
Co-Founder
Age: 58
Total Annual Compensation: $1.5M
Chief Administrative Officer
Age: 55
Total Annual Compensation: $850.0K
Vice President of Production
Age: 59
Total Annual Compensation: $825.0K
Vice President of Reserves
Age: 63
Total Annual Compensation: $740.0K
Compensation as of Fiscal Year 2013.

Antero Resources Corporation Key Developments

Antero Resources Corporation Announces Operating Results for the Second Quarter Ended June 30, 2014

Antero Resources Corporation announced operating results for the second quarter ended June 30, 2014. For the quarter, the company's average net daily gas equivalent production was 891 MMcfe/d, a 94% increase over the prior year quarter and a 13% increase sequentially. Second quarter 2014 average net daily liquids production was 20,200 Bbl/d, a 387% increase over the prior year quarter and a 25% increase sequentially; representing 14% of net gas equivalent production for the quarter.

Antero Resources Corporation Announces the Proved Reserves at June 30, 2014

Antero Resources Corporation announced the proved reserves at June 30, 2014 were 9.1 Tcfe, a 19% increase compared to proved reserves at December 31, 2013, in each case assuming ethane rejection. Proved, probable and possible ("3P") reserves at June 30, 2014 totaled 37.5 Tcfe, which represents a 7% increase compared to December 31, 2013, assuming ethane rejection. Antero's June 30, 2014 proved and 3P reserves excluded 356 and 1,425 million barrels of ethane, respectively, due to the relationship between assumed ethane and natural gas prices which indicate ethane will be rejected as of June 30, 2014. The Company's proved and 3P reserves also excluded any reserves attributable to the Utica dry gas resource in West Virginia or Pennsylvania. Antero's reserves at June 30, 2014 were prepared by its internal reserve engineers and have not been reviewed or audited by its independent reserve engineers. As of June 30, 2014, proved reserves increased by 19% from year-end 2013 to 9.1 Tcfe, of which 87% were natural gas, 12% were natural gas liquids ("NGLs") and 1% was oil. The Marcellus Shale accounted for 94% of proved reserves and the Utica Shale accounted for the remaining 6%. Of the 1.5 Tcfe of proved reserves added in the six months ended June 30, 2014, 1.3 Tcfe was attributed to the Marcellus Shale. NGLs and oil increased by 49 million barrels and 6 million barrels, respectively, due to Antero's drilling program targeting liquids-rich locations in the Marcellus and Utica Shale plays. Positive performance revisions of 85 Bcfe were primarily due to improved Marcellus well performance from shorter stage length ("SSL") completions offset by the reclassification of 23 dry gas locations, representing 199 Bcfe, from proved undeveloped to the probable category due to the SEC's five-year development rule. Approximately 26% of Antero's 488,000 net acres of current leasehold in the Marcellus and Utica were classified as proved at June 30, 2014. Based on Antero's successful drilling results to date, as well as those of other operators in the vicinity of Antero's leasehold, the Company believes that a substantial portion of its Marcellus and Utica Shale acreage will be added to proved reserves over time as more wells are drilled. Antero's estimated Marcellus and Utica proved reserves and undeveloped locations are primarily booked assuming 660 foot and 1,000 foot interlateral distance, respectively. Proved developed reserves increased 37% from year-end 2013 to 2.8 Tcfe at June 30, 2014. The Company added 59 Marcellus wells to proved developed reserves in the six months ended June 30, 2014. Virtually all of the wells utilized SSL completions and had an average estimated ultimate recovery ("EUR") of 1.9 Bcfe/1,000 feet of lateral (12% liquids) which is consistent with previous estimates. Out of the 689 gross proved undeveloped Marcellus locations, 251, or 36% of the total, are booked assuming SSL completions.

Antero Resources Corporation Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2014; Reports Impairment of Unproved Properties for the First Quarter of 2014; Revises Capital Budget Guidance for the Year 2014; Provides Production Guidance for the Year 2014, 2015 and 2016

Antero Resources Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company's total revenue was $164,981,000 compared with $61,454,000 a year ago. Operating loss was $104,079,000 compared with $48,469,000 a year ago. Loss before income taxes was $135,421,000 compared with loss before income taxes of $78,397,000 a year ago. Net loss and comprehensive loss was $94,759,000 compared with $47,997,000 a year ago. Loss per common share - assuming dilution was $0.36 compared to $0.18 a year ago. Net cash provided by operating activities was $274,307,000 compared with $110,207,000 a year ago. Additions to other property and equipment were $7,783,000 compared with $721,000 a year ago. Adjusted EBITDAX was $273,656,000 compared with $118,749,000 a year ago. Adjusted net income of $88 million, or $0.34 per basic and diluted share, a 225% increase compared to $27 million, or $0.10 per basic and diluted share, in the first quarter of 2013. Adjusted net revenue was $412,839,000 compared with $181,526,000 a year ago. Total capital expenditures were $732 million, consisting of drilling and completion costs of $496 million, gathering and compression costs of $108 million, fresh water distribution project costs of $60 million, leasehold acquisitions of $60 million and $8 million of other capital expenditures.  The company reported production results for the first quarter ended March 31, 2014. For the quarter, the company reported that net production averaged 786 MMcfe/d, an increase of 105% from the first quarter of 2013.  Net production was comprised of 688 MMcf/d of natural gas (88%), 13,316 Bbl/d of natural gas liquids (NGLs) (10%) and 3,016 Bbl/d of crude oil (2%). First quarter 2014 net liquids production averaged 16,332 Bbl/d, an increase of 583% from the first quarter of 2013 and 46% from the fourth quarter of 2013. The net production increase was driven by production from 24 new Marcellus wells and 12 new Utica wells brought on line in the first quarter of 2014. The company announced impairment of unproved properties of $1,397,000 for the first quarter ended March 31, 2014 compared to $1,556,000 a year ago. In connection with the recently signed lease for the Piedmont Lake acreage, Antero has increased its 2014 capital budget by approximately $100 million to $2.85 billion. The company announced that guidance for 2014 represents a 75% to 85% organic production growth rate. And recently announced that the company is targeting an annual production growth rate of 45% to 50% for each of the next 2 years, so that is 2015 and 2016.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
October 2, 2013
4900 AcresLleasehold Working Interests in Marcellus Shale Assets in Tyler County
 

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