November 26, 2014 4:32 PM 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

330 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 Reports Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2014; Reports Impairment of Unproved Properties for the Third Quarter of 2014; Reaffirms Production Guidance for the Year 2014, 2015 and 2016

Antero Resources Corporation reported unaudited consolidated earnings and production results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenue of $762.490 million compared to $384.522 million a year ago. Operating income was $381.399 million compared to operating income of $222.608 million a year ago. Income from continuing operations before income taxes and discontinued operations was $338.944 million compared to $185.164 million a year ago. Income from continuing operations was $203.909 million or $0.78 per basic and diluted share compared to income from continuing operations of $117.794 million or $0.45 per basic and diluted share a year ago. Net income was $203.909 million or $0.78 per basic and diluted share compared to net income of $120.894 million or $0.46 per basic and diluted share a year ago. Adjusted EBITDAX was $291.572 million compared to $182.834 million a year ago. Non-GAAP adjusted net revenue increased 90% to $511 million compared to $269.588 million for the third quarter of 2013, including cash settled hedge gains but excluding non-cash unsettled hedge gains. Cash flow from operations before changes in working capital was $245 million, a 74% increase compared to $141 million in the third quarter of 2013. Net cash provided by operating activities was $300.717 million compared to $139.540 million a year ago. Adjusted net income from continuing operations of $72 million, or $0.27 per basic and diluted share, a 47% increase compared to $49 million, or $0.19 per basic and diluted share, in the third quarter of 2013. The company’s total capital expenditures for the three months ended September 30, 2014 were $1.1 billion, including drilling and completion costs of $621 million, gathering and compression costs of $145 million, fresh water distribution project costs of $57 million and leasehold costs of $279 million including the aforementioned $185 million acquisition of 12,000 net acres in the Utica Shale play. Adjusted EBITDAX for the third quarter of 2014 was 59% higher than the prior year quarter due to increased production and revenue. For the nine months, the company reported total revenue of $1,242.035 million compared to $833.120 million a year ago. Operating income was $272.017 million compared to operating income of $422.525 million a year ago. Income from continuing operations before income taxes and discontinued operations was $140.574 million compared to $321.685 million a year ago. Income from continuing operations was $64.655 million or $0.25 per basic and diluted share compared to $200.990 million or $0.77 per diluted share a year ago. Net income was $66.865 million or $0.26 per basic and diluted share compared to net income of $204.090 million or $0.78 per basic and diluted share a year ago. Net cash provided by operating activities was $798.746 million compared to $331.937 million a year ago. Additions to unproved properties were $518.247 million compared to $342.832 million a year ago. Additions to other property and equipment were $12.539 million compared to $3.225 million a year ago. Additions to fresh water distribution systems were $156.467 million compared to $101.838 million a year ago. Adjusted EBITDAX was $831.690 million compared to $434.191 million a year ago. Adjusted net income from continuing operations of $236.537 million compared to $98.067 million a year ago. Adjusted net revenue was $1,363.088 million compared to $656.921 million a year ago. Adjusted net income from continuing operations was $236.537 million compared to $98.067 million a year ago. For the quarter, the company reported daily combined production of 1,080 MMcfe/d compared to 566 MMcfe/d a year ago, natural gas of 86 Bcf compared to 48 Bcf a year ago, NGLs of 1,953 MBbl compared to 637 MBbl a year ago and oil of 348 MBbl compared to 87 MBbl a year ago. For the nine months, the company reported daily combined production of 920 MMcfe/d compared to 470 MMcfe/d a year ago, natural gas of 217 Bcf compared to 120 Bcf a year ago, NGLs of 4,602 MBbl compared to 1,197 MBbl a year ago and oil of 1,010 MBbl compared to 122 MBbl a year ago. For the third quarter, the company reported impairment of unproved properties of $4.542 million compared to $3.205 million a year ago. The company continues to be on track with meeting 2014 production guidance as well as 45% to 50% growth targets for both 2015 and 2016.

Antero Resources Corporation Enters into Fourteenth Amendment to its Fourth Amended and Restated Credit Agreement

On October 16, 2014, Antero Resources Corporation entered into a Fourteenth Amendment to its Fourth Amended and Restated Credit Agreement with the lenders party thereto and J.P. Morgan Chase Bank, N.A., as administrative agent. The Fourteenth Amendment amended the Credit Agreement to, among other things, increase the borrowing base from $3.0 billion to $4.0 billion, increase aggregate lender commitments from $2.5 billion to $3.0 billion (including $500 million associated with the midstream credit facility described below), remove a provision that provided that the borrowing base under the Credit Agreement be reduced by $250 for each $1,000 in stated principal amount of senior notes issued by any credit party under the Credit Agreement and extend the maximum expiry date of any hedging arrangements entered into by any credit party from December 31, 2018 to December 31, 2020.

Antero Resources Corporation Reports Consolidated Unaudited Operating Results for the Third Quarter Ended September 30, 2014

Antero Resources Corporation reported consolidated unaudited operating results for the third quarter ended September 30, 2014. For the quarter, the company average net daily gas equivalent production was 1,080 MMcfe/d, a 91% increase over the prior year quarter and a 21% increase sequentially. Average net daily liquids production was 25,000 Bbl/d, a 217% increase over the prior year quarter and a 24% increase sequentially. Third quarter 2014 production represents an organic production growth rate of 91% and 21% from the third quarter of 2013 and second quarter of 2014, respectively. Liquids production for the third quarter of 2014 represents an organic production growth rate of 217% and 24% from the third quarter of 2013 and second quarter of 2014, respectively.

Similar Private Companies By Industry

Company Name Region
Falco Energy Transportation, LLC United States
Retamco Operating, Inc. United States
Rise Energy Partners, LP United States
Tauren Exploration, Inc. United States
Millennium Petrochemicals GP LLC United States

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
March 21, 2014
6,363 net acres of Prime Land in Belmont and Harrison Counties, Ohio
 

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
NYC2012, Inc. United States
Lawyers Committee for Civil Rights Under Law United States
Bertelsmann AG Europe
Rush University United States
Greater Houston Partnership United States

Sponsored Financial Commentaries

Sponsored Links

Report Data Issue

To contact Antero Resources Corporation, please visit www.anteroresources.com. Company data is provided by Capital IQ. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.