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    Antero Resources Announces Fourth Quarter 2024 Results, Year End Reserves and 2025 Guidance

    2/12/25 4:15:00 PM ET
    $AM
    $AR
    Natural Gas Distribution
    Utilities
    Oil & Gas Production
    Energy
    Get the next $AM alert in real time by email

    DENVER, Feb. 12, 2025 /PRNewswire/ -- Antero Resources Corporation (NYSE:AR) ("Antero Resources," "Antero," or the "Company") today announced its fourth quarter 2024 financial and operating results, year end 2024 estimated proved reserves and 2025 guidance. The relevant consolidated financial statements are included in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2024. 

    Antero Resources logo. (PRNewsFoto/Antero Resources Corporation)

    Fourth Quarter 2024 Highlights:

    • Net production averaged 3.4 Bcfe/d
      • Natural gas production averaged 2.1 Bcf/d, a 7% decrease from the year ago period
      • Liquids production averaged 217 MBbl/d, a 14% increase from the year ago period
    • Realized a pre-hedge natural gas equivalent price of $3.64 per Mcfe, an $0.85 per Mcfe premium to NYMEX
    • Realized a pre-hedge C3+ NGL price of $44.29 per barrel, a $3.09 per barrel premium to Mont Belvieu
    • Net income was $150 million and Adjusted Net Income was $181 million (Non-GAAP)
    • Adjusted EBITDAX was $332 million (Non-GAAP); net cash provided by operating activities was $278 million
    • Drilling and completion capital was $120 million, 27% below the prior year period
    • Free Cash Flow was $159 million (Non-GAAP)
    • Averaged a quarterly company record of 13.2 completion stages per day

    Full Year 2024 Highlights:

    • Net Production averaged 3.4 Bcfe/d, an increase of 1% from the prior year
      • Natural gas production averaged 2.2 Bcf/d, a decrease of 3% from the prior year
      • Liquids production averaged 209 MBbl/d, an increase of 8% from the prior year
    • Drilling and completion capital was $620 million, a 32% decline from the prior year
    • Completion stages per day averaged 12.2 stages per day, a 14% increase compared to 2023
    • Estimated proved reserves were 17.9 Tcfe at year end 2024 and proved developed reserves were 13.7 Tcfe (77% proved developed)
    • Estimated future development cost for 4.2 Tcfe of proved undeveloped reserves is $0.44 per Mcfe

    2025 Guidance Highlights:

    • Raised previously communicated maintenance production targets by 50 MMcfe/d to 3.35 to 3.45 Bcfe/d, driven by growth in liquids production
    • Realized natural gas price is expected to average a premium of $0.10 to $0.20 per Mcf to NYMEX
    • Realized C3+ NGL price is expected to average a premium of $1.50 to $2.50 per barrel to Mont Belvieu
    • Reduced previously communicated drilling and completion capital budget, by $25 million at the midpoint to $650 million to $700 million

    Paul Rady, Chairman, CEO and President of Antero Resources commented, "Our 2024 development program delivered production that was 2% above the midpoint of the initial guidance range and capital that was 8% below the midpoint of the initial guidance range. This exceptional performance highlights the strength of our asset base and the significant capital efficiency gains we made throughout the year. Our 2025 budget reflects an increase to our maintenance production targets driven by our liquids. This development program positions us to capture a significant increase in Free Cash Flow year-over-year with the greatest exposure to higher natural gas prices."

    Michael Kennedy, CFO of Antero Resources said, "Antero's 2024 financial results reflect the company's peer-leading Free Cash Flow breakeven level driven by our significant liquids production and firm transportation portfolio. These attributes enabled us to generate Free Cash Flow of $73 million in 2024 despite being unhedged with Henry Hub averaging $2.27 per Mcf. Looking ahead to 2025, our firm transportation portfolio delivers 75% of our natural gas to the LNG corridor along the Gulf Coast, and is expected to result in higher premium price realizations to NYMEX following the recent start-up of two large LNG export terminals in the Gulf."

    For a discussion of the non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDAX, Free Cash Flow and Net Debt please see "Non-GAAP Financial Measures."

    2025 Guidance

    Antero's 2025 drilling and completion capital budget is $650 to $700 million. Net production is expected to average between 3.35 and 3.45 Bcfe/d during 2025. The Company's land capital guidance is $75 million to $100 million.

    The following is a summary of Antero Resources' 2025 capital budget. 

    Capital Budget ($ in Millions)





    Low



    High





    Drilling & Completion





    $650



    $700





    Land





    $75



    $100





        Total E&P Capital





    $725



    $800







    # of Wells





    Net

     Wells



    Average Lateral

    Length (Feet)





    Drilled Wells (Net)





    50 to 55



    13,100





    Completed Wells (Net)





    60 to 65



    13,700





    The following is a summary of Antero Resources' 2025 production, pricing and cash expense guidance:

    Production Guidance 





    Low



    High

    Net Daily Natural Gas Equivalent Production (Bcfe/d)





    3.35



    3.45

       Net Daily Natural Gas Production (Bcf/d)





    2.16



    2.2

       Total Net Daily Liquids Production (MBbl/d): 





    198



    208

          Net Daily C3+ NGL Production (MBbl/d) 





    113



    117

          Net Daily Ethane Production (MBbl/d)





    76



    80

          Net Daily Oil Production (MBbl/d)





    9



    11



    Realized Pricing Guidance (Before Hedges) 





    Low



    High

    Natural Gas Realized Price Premium vs. NYMEX Henry Hub ($/Mcf)





    $0.10



    $0.20

    C3+ NGL Realized Price Premium vs. Mont Belvieu ($/Bbl)





    $1.50



    $2.50

    Ethane Realized Price Premium vs. Mont Belvieu ($/Bbl)





    $1.00



    $2.00

    Oil Realized Price Differential vs. WTI Oil ($/Bbl)





    ($12.00)



    ($16.00)



    Cash Expense Guidance





    Low



    High

    Cash Production Expense ($/Mcfe)(1)





    $2.45



    $2.55

    Marketing Expense, Net of Marketing Revenue ($/Mcfe)





    $0.04



    $0.06

    G&A Expense ($/Mcfe)(2)





    $0.12



    $0.14





    (1)

    Includes lease operating, gathering, compression, processing and transportation expenses ("GP&T") and production and ad valorem taxes.

    (2)

    Excludes equity-based compensation.

    Commodity Derivative Positions

    Antero added new natural gas hedges for 2025 and 2026 with amounts tied to the completion of two lean (approximately 1200 BTU gas) drilled but uncompleted ("DUC") pads that were deferred in 2024. Antero's portfolio includes lean gas development in its capital budget for high gas productivity and midstream infrastructure availability. The hedges were added to lock in attractive rates of returns on the two deferred pads. Antero expects to turn-to-sales the first DUC pad during the first quarter of 2025 and the second DUC pad in the third quarter of 2025. Antero did not enter into any new liquids hedges during the fourth quarter of 2024. For more detail please see the presentation titled "Hedge and Guidance Presentation" on Antero's website. 









    Natural Gas

    MMBtu/d





    Weighted

    Average Index

    Price ($/MMBtu)



    % of Estimated

    Natural Gas

    Production (1)

    2025 NYMEX Henry Hub Swap



    100,000



    $

    3.12



    4 %



























    Weighted Average Index



















    Natural

    Gas

    MMBtu/d





     Ceiling Price

    ($/MMBtu)





    Floor Price

    ($/MMBtu)



    % of Estimated

    Natural Gas

    Production (1)







    2026 NYMEX Henry Hub Collars



    30,000



    $

    4.27



    $

    3.25



    1 %











    (1)

    Based on the midpoint of 2025 natural gas guidance (including BTU upgrade)

    Fourth Quarter 2024 Financial Results

    Net daily natural gas equivalent production in the fourth quarter averaged 3.4 Bcfe/d, including 217 MBbl/d of liquids. Antero's average realized natural gas price before hedges was $2.77 per Mcf, a $0.02 per Mcf discount to the benchmark index price. Antero's average realized C3+ NGL price before hedges was $44.29 per barrel, a $3.09 per barrel premium to the benchmark index price. 

    The following table details average net production and average realized prices for the three months ended December 31, 2024:





    Three Months Ended December 31, 2024







    Natural

    Gas



    Oil



    C3+ NGLs



    Ethane



    Combined

    Natural Gas

    Equivalent







    (MMcf/d)



    (Bbl/d)



    (Bbl/d)



    (Bbl/d)



    (MMcfe/d)



    Average Net Production





    2,131





    9,239





    114,815





    92,587





    3,431











































    Three Months Ended December 31, 2024





    Natural

    Gas



    Oil



    C3+ NGLs



    Ethane



    Combined

    Natural Gas

    Equivalent



    Average Realized Prices



    ($/Mcf)



    ($/Bbl)



    ($/Bbl)



    ($/Bbl)



    ($/Mcfe)



    Average realized prices before settled derivatives



    $

    2.77





    57.80





    44.29





    10.31





    3.64



    Index price



    $

    2.79





    70.27





    41.20





    9.24





    2.79



    Premium / (Discount) to Index price



    $

    (0.02)





    (12.47)





    3.09





    1.07





    0.85





































    Settled commodity derivatives



    $

    (0.01)





    (0.11)





    0.14





    —





    (0.01)



    Average realized prices after settled derivatives



    $

    2.76





    57.69





    44.43





    10.31





    3.63



    Premium / (Discount) to Index price



    $

    (0.03)





    (12.58)





    3.23





    1.07





    0.84



    All-in cash expense, which includes lease operating, gathering, compression, processing and transportation and production and ad valorem taxes was $2.45 per Mcfe in the fourth quarter, as compared to $2.32 per Mcfe during the fourth quarter of 2023. The increase was due primarily to higher gathering, compression and processing costs related to CPI-based adjustments in 2024 and an increase in ad valorem taxes that is based on higher commodity prices in 2022. Net marketing expense was $0.06 per Mcfe in the fourth quarter, compared to $0.05 per Mcfe during the fourth quarter of 2023.

    Free Cash Flow

    During the fourth quarter of 2024, Free Cash Flow was $159 million.





    Three Months Ended







    December 31,







    2023



    2024



    Net cash provided by operating activities



    $

    312,175





    278,002



    Less: Capital Expenditures (1)





    (219,817)





    (128,315)



    Less: Distributions to non-controlling interests in Martica





    (24,578)





    (15,651)



    Free Cash Flow



    $

    67,780





    134,036



    Changes in Working Capital (2)





    29,203





    24,845



    Free Cash Flow before Changes in Working Capital



    $

    96,983





    158,881







    (1)

    Capital expenditures includes additions to unproved properties, drilling and completion costs and additions to other property and equipment.

    (2)

    Working capital adjustments include changes in current assets and liabilities and changes in accounts payable and accrued liabilities for additions to property and equipment.

    Fourth Quarter 2024 Operating Results

    • Antero placed 5 horizontal Marcellus wells to sales during the fourth quarter with an average lateral length of 17,950 feet
    • These wells have been on line for approximately 60 days with an average rate per well of 34 MMcfe/d, including 1,650 Bbl/d of liquids per well assuming 25% ethane recovery

    Fourth Quarter 2024 Capital Investment

    Antero's drilling and completion capital expenditures for the three months ended December 31, 2024, were $120 million. In addition to capital invested in drilling and completion activities, the Company invested $22 million in land during the fourth quarter. During the quarter, Antero added approximately 4,200 net acres, representing 15 incremental drilling locations at an average cost of approximately $950,000 per location. During 2024, Antero added 59 locations at an average cost of approximately $900,000 per location. These additions more than offset the wells Antero turned-to-sales during the year.

    Year End Proved Reserves

    At December 31, 2024, Antero's estimated proved reserves were 17.9 Tcfe, flat from the prior year before sales of reserves in place. Estimated proved reserves were comprised of 59% natural gas, 40% NGLs and 1% oil. 

    Estimated proved developed reserves were 13.7 Tcfe, flat from the prior year. The percentage of estimated proved reserves classified as proved developed increased to 77% at year end 2024. At year end 2024, Antero's five year development plan included 289 gross PUD locations.  Antero's proved undeveloped locations have an average estimated BTU of 1259, with an average lateral length of 13,800 feet.

    Antero's 4.2 Tcfe of estimated proved undeveloped reserves will require an estimated $1.8 billion of future development capital over the next five years, resulting in an estimated average future development cost for proved undeveloped reserves of $0.44 per Mcfe.

    The following table presents a summary of changes in estimated proved reserves (in Tcfe).

    Proved reserves, December 31, 2023



    18.1



    Extensions, discoveries and other additions



    0.8



    Revisions of previous estimates



    0.3



    Revisions to five-year development plan



    0.2



    Price revisions



    (0.1)



    Sales of reserves in place



    (0.2)



    Production



    (1.2)



    Proved reserves, December 31, 2024



    17.9



    Conference Call

    A conference call is scheduled on Thursday, February 13, 2025 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference "Antero Resources." A telephone replay of the call will be available until Thursday, February 20, 2025 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13750392. To access the live webcast and view the related earnings conference call presentation, visit Antero's website at www.anteroresources.com.  The webcast will be archived for replay until Thursday, February 20, 2025 at 9:00 am MT.

    Presentation

    An updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteroresources.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release.

    Non-GAAP Financial Measures

    Adjusted Net Income (Loss)  

    Adjusted Net Income as set forth in this release represents net income, adjusted for certain items. Antero believes that Adjusted Net Income is useful to investors in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Adjusted Net Income is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for net income (loss) as an indicator of financial performance. The GAAP measure most directly comparable to Adjusted Net Income is net income. The following table reconciles net income to Adjusted Net Income (in thousands):





    Three Months Ended December 31,







    2023



    2024



    Net income and comprehensive income attributable to Antero Resources Corporation



    $

    81,839





    149,649



    Net income and comprehensive income attributable to noncontrolling interests





    21,169





    9,164



    Unrealized commodity derivative (gains) losses





    (37,272)





    20,122



    Amortization of deferred revenue, VPP





    (7,700)





    (6,812)



    Loss on sale of assets





    —





    1,989



    Impairment of property and equipment





    6,556





    28,475



    Equity-based compensation





    14,531





    17,169



    Loss on convertible note inducement





    288





    —



    Equity in earnings of unconsolidated affiliate





    (23,966)





    (23,925)



    Contract termination, loss contingency and settlements





    4,956





    937



    Tax effect of reconciling items (1)





    9,538





    (8,257)









    69,939





    188,511



    Martica adjustments (2)





    (11,473)





    (7,858)



    Adjusted Net Income



    $

    58,466





    180,653



















    Diluted Weighted Average Common Shares Outstanding (3)





    311,956





    314,165







    (1)

    Deferred taxes were approximately 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 December 31, 2023 and 2024 were 0.7 million and 0.3 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,



    December 31,







    2023



    2024



    Credit Facility



    $

    417,200





    393,200



    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)





    (7,955)



    Total long-term debt



    $

    1,537,596





    1,489,230



    Less: Cash and cash equivalents





    —





    —



    Net Debt



    $

    1,537,596





    1,489,230



    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 capital expenditures, which includes additions to unproved properties, drilling and completion costs and additions to other property and equipment, less net derivative monetizations and 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. 

    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, 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 and net cash provided by operating activities.  The following table represents a reconciliation of Antero's net income, 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 and years ended December 31, 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.





    Three Months Ended



    Year Ended







    December 31,



    December 31,







    2023



    2024



    2023



    2024



    Reconciliation of net income to Adjusted EBITDAX:



























    Net income and comprehensive income attributable to Antero

         Resources Corporation



    $

    81,839





    149,649





    198,404





    57,226



    Net income and comprehensive income attributable to

         noncontrolling interests





    21,169





    9,164





    98,925





    36,471



    Unrealized commodity derivative (gains) losses





    (37,272)





    20,122





    (394,046)





    9,423



    Payments for derivative monetizations





    —





    —





    202,339





    —



    Amortization of deferred revenue, VPP





    (7,700)





    (6,812)





    (30,552)





    (27,101)



    Gain (loss) on sale of assets





    —





    1,989





    (447)





    862



    Interest expense, net





    32,608





    27,061





    117,870





    118,207



    Loss on early extinguishment of debt





    —





    —





    —





    528



    Loss on convertible note inducements





    288





    —





    374





    —



    Income tax expense (benefit)





    26,390





    (104,170)





    63,626





    (118,185)



    Depletion, depreciation, amortization and accretion





    191,508





    194,899





    750,093





    765,827



    Impairment of property and equipment





    6,556





    28,475





    51,302





    47,433



    Exploration expense





    603





    702





    2,691





    2,618



    Equity-based compensation expense





    14,531





    17,169





    59,519





    66,462



    Equity in earnings of unconsolidated affiliate





    (23,966)





    (23,925)





    (82,952)





    (93,787)



    Dividends from unconsolidated affiliate





    31,284





    31,314





    125,138





    125,197



    Contract termination, loss contingency, transaction expense and

         other





    4,981





    1,404





    55,491





    4,933









    342,819





    347,041





    1,217,775





    996,114



    Martica related adjustments (1)





    (20,373)





    (15,105)





    (97,257)





    (63,789)



    Adjusted EBITDAX



    $

    322,446





    331,936





    1,120,518





    932,325































    Reconciliation of our Adjusted EBITDAX to net cash provided by

         operating activities:



























    Adjusted EBITDAX



    $

    322,446





    331,936





    1,120,518





    932,325



    Martica related adjustments (1)





    20,373





    15,105





    97,257





    63,789



    Interest expense, net





    (32,608)





    (27,061)





    (117,870)





    (118,207)



    Amortization of debt issuance costs and other





    (337)





    520





    2,264





    2,420



    Exploration expense





    (603)





    (702)





    (2,691)





    (2,618)



    Changes in current assets and liabilities





    9,259





    (39,944)





    143,278





    (24,806)



    Contract termination, loss contingency, settlements, transaction

         expense and other





    (4,782)





    (1,203)





    (43,391)





    411



    Payments for derivative monetizations





    —





    —





    (202,339)





    —



    Other items





    (1,573)





    (649)





    (2,305)





    (4,026)



    Net cash provided by operating activities



    $

    312,175





    278,002





    994,721





    849,288







    (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

    December 31,





    2023



    2024

    Drilling and completion costs (cash basis)



    $

    204,494





    105,552

    Change in accrued capital costs





    (40,265)





    14,912

    Adjusted drilling and completion costs (accrual basis)



    $

    164,229





    120,464

    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, estimated realized natural gas, NGL and oil prices, anticipated reductions in letters of credit and interest expense, prospects, plans and objectives of management,  return of capital, expected results, impacts of geopolitical and world health events, 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, expected drilling and development plans, projected well costs and cost savings initiatives, operations of Antero Midstream, 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, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading " Risk Factors" in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2024.

    ANTERO RESOURCES CORPORATION

    Consolidated Balance Sheets

    (In thousands, except per share amounts)























    December 31,







    2023



    2024



    Assets



    Current assets:















    Accounts receivable



    $

    42,619





    34,413



    Accrued revenue





    400,805





    453,613



    Derivative instruments





    5,175





    1,050



    Prepaid expenses





    12,901





    12,423



    Other current assets





    14,192





    6,047



    Total current assets





    475,692





    507,546



    Property and equipment:















    Oil and gas properties, at cost (successful efforts method):















    Unproved properties





    974,642





    879,483



    Proved properties





    13,908,804





    14,395,680



    Gathering systems and facilities





    5,802





    5,802



    Other property and equipment





    98,668





    105,871









    14,987,916





    15,386,836



    Less accumulated depletion, depreciation and amortization





    (5,165,449)





    (5,699,286)



    Property and equipment, net





    9,822,467





    9,687,550



    Operating leases right-of-use assets





    2,965,880





    2,549,398



    Derivative instruments





    5,570





    1,296



    Investment in unconsolidated affiliate





    222,255





    231,048



    Other assets





    25,375





    33,212



    Total assets



    $

    13,517,239





    13,010,050



    Liabilities and Equity



    Current liabilities:















    Accounts payable



    $

    38,993





    62,213



    Accounts payable, related parties





    86,284





    111,066



    Accrued liabilities





    381,340





    402,591



    Revenue distributions payable





    361,782





    315,932



    Derivative instruments





    15,236





    31,792



    Short-term lease liabilities





    540,060





    493,894



    Deferred revenue, VPP





    27,101





    25,264



    Other current liabilities





    1,295





    3,175



    Total current liabilities





    1,452,091





    1,445,927



    Long-term liabilities:















    Long-term debt





    1,537,596





    1,489,230



    Deferred income tax liability, net





    811,981





    693,341



    Derivative instruments





    32,764





    17,233



    Long-term lease liabilities





    2,428,450





    2,050,337



    Deferred revenue, VPP





    60,712





    35,448



    Other liabilities





    59,431





    62,001



    Total liabilities





    6,383,025





    5,793,517



    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 311,165 shares issued and

         outstanding as of December 31, 2023 and December 31, 2024, respectively





    3,035





    3,111



    Additional paid-in capital





    5,846,541





    5,909,373



    Retained earnings





    1,051,940





    1,109,166



    Total stockholders' equity





    6,901,516





    7,021,650



    Noncontrolling interests





    232,698





    194,883



    Total equity





    7,134,214





    7,216,533



    Total liabilities and equity



    $

    13,517,239





    13,010,050



     

    ANTERO RESOURCES CORPORATION

    Condensed Consolidated Statements of Operations and Comprehensive Income

    (In thousands, except per share amounts)

































    (Unaudited)



















    Three Months Ended



    Year Ended







    December 31,



    December 31,







    2023



    2024



    2023



    2024



    Revenue and other:



























    Natural gas sales



    $

    570,690





    543,794





    2,192,349





    1,818,297



    Natural gas liquids sales





    461,212





    555,722





    1,836,950





    2,066,975



    Oil sales





    74,744





    49,128





    247,146





    230,027



    Commodity derivative fair value gains (losses)





    28,400





    (21,498)





    166,324





    731



    Marketing





    50,732





    33,971





    206,122





    179,069



    Amortization of deferred revenue, VPP





    7,700





    6,812





    30,552





    27,101



    Other revenue and income





    665





    822





    2,529





    3,396



    Total revenue





    1,194,143





    1,168,751





    4,681,972





    4,325,596



    Operating expenses:



























    Lease operating





    26,888





    30,216





    118,441





    118,693



    Gathering, compression, processing and transportation





    661,325





    682,024





    2,642,358





    2,702,930



    Production and ad valorem taxes





    41,163





    60,147





    158,855





    207,671



    Marketing





    67,887





    52,142





    284,965





    244,906



    Exploration and mine expenses





    603





    702





    2,700





    2,618



    General and administrative (including equity-based compensation expense)





    54,929





    59,421





    224,516





    229,338



    Depletion, depreciation and amortization





    191,235





    193,694





    746,849





    762,068



    Impairment of property and equipment





    6,556





    28,475





    51,302





    47,433



    Accretion of asset retirement obligations





    273





    1,205





    3,244





    3,759



    Contract termination, loss contingency and settlements





    4,956





    937





    52,606





    4,468



    Loss (gain) on sale of assets





    —





    1,989





    (447)





    862



    Other operating expense





    —





    20





    336





    390



    Total operating expenses





    1,055,815





    1,110,972





    4,285,725





    4,325,136



    Operating income





    138,328





    57,779





    396,247





    460



    Other income (expense):



























    Interest expense, net





    (32,608)





    (27,061)





    (117,870)





    (118,207)



    Equity in earnings of unconsolidated affiliate





    23,966





    23,925





    82,952





    93,787



    Loss on early extinguishment of debt





    —





    —





    —





    (528)



    Loss on convertible note inducements





    (288)





    —





    (374)





    —



    Total other expense





    (8,930)





    (3,136)





    (35,292)





    (24,948)



    Income before income taxes





    129,398





    54,643





    360,955





    (24,488)



    Income tax benefit (expense)





    (26,390)





    104,170





    (63,626)





    118,185



    Net income and comprehensive income including noncontrolling interests





    103,008





    158,813





    297,329





    93,697



    Less: net income and comprehensive income attributable to noncontrolling

         interests





    21,169





    9,164





    98,925





    36,471



    Net income and comprehensive income attributable to Antero Resources

         Corporation



    $

    81,839





    149,649





    198,404





    57,226































    Net income per common share—basic



    $

    0.27





    0.48





    0.66





    0.18



    Net income per common share—diluted



    $

    0.26





    0.48





    0.64





    0.18































    Weighted average number of common shares outstanding:



























    Basic





    301,825





    311,145





    299,793





    309,489



    Diluted





    311,956





    314,165





    311,597





    313,414



     

    ANTERO RESOURCES CORPORATION

    Consolidated Statements of Cash Flows

    (In thousands)



























    Year Ended December 31,







    2022



    2023



    2024



    Cash flows provided by (used in) operating activities:





















    Net income including noncontrolling interests



    $

    1,998,837





    297,329





    93,697



    Adjustments to reconcile net income to net cash provided by operating activities:





















    Depletion, depreciation, amortization and accretion





    719,790





    750,093





    765,827



    Impairments





    149,731





    51,302





    47,433



    Commodity derivative fair value losses (gains)





    1,615,836





    (166,324)





    (731)



    Settled commodity derivative gains (losses)





    (1,911,065)





    (25,383)





    10,154



    Payments for derivative monetizations





    —





    (202,339)





    —



    Deferred income tax expense (benefit)





    440,417





    62,039





    (118,640)



    Equity-based compensation expense





    35,443





    59,519





    66,462



    Equity in earnings of unconsolidated affiliate





    (72,327)





    (82,952)





    (93,787)



    Dividends of earnings from unconsolidated affiliate





    125,138





    125,138





    125,197



    Amortization of deferred revenue





    (37,603)





    (30,552)





    (27,101)



    Amortization of debt issuance costs and other





    4,336





    2,264





    2,420



    Settlement of asset retirement obligations





    (1,050)





    (718)





    (3,571)



    Contract termination, loss contingency and settlements





    —





    12,100





    5,344



    Loss (gain) on sale of assets





    471





    (447)





    862



    Loss on early extinguishment of debt





    46,027





    —





    528



    Loss on convertible note inducements





    169





    374





    —



    Changes in current assets and liabilities:





















    Accounts receivable





    43,510





    7,550





    25,410



    Accrued revenue





    (116,243)





    306,880





    (52,808)



    Prepaid expenses and other current assets





    (27,530)





    14,890





    8,680



    Accounts payable including related parties





    32,374





    (16,837)





    35,301



    Accrued liabilities





    (5,620)





    (62,419)





    1,280



    Revenue distributions payable





    23,337





    (106,429)





    (45,849)



    Other current liabilities





    (12,636)





    (357)





    3,180



    Net cash provided by operating activities





    3,051,342





    994,721





    849,288



    Cash flows provided by (used in) investing activities:





















    Additions to unproved properties





    (149,009)





    (151,135)





    (90,995)



    Drilling and completion costs





    (780,649)





    (964,346)





    (614,855)



    Additions to other property and equipment





    (14,313)





    (16,382)





    (10,929)



    Proceeds from asset sales





    2,747





    447





    9,499



    Change in other assets





    (2,388)





    (9,351)





    (6,873)



    Net cash used in investing activities





    (943,612)





    (1,140,767)





    (714,153)



    Cash flows provided by (used in) financing activities:





















    Repurchases of common stock





    (873,744)





    (75,355)





    —



    Repayment of senior notes





    (1,027,559)





    —





    —



    Borrowings on Credit Facility





    6,308,900





    4,501,400





    4,130,900



    Repayments on Credit Facility





    (6,274,100)





    (4,119,000)





    (4,154,900)



    Payment of debt issuance costs





    (814)





    (605)





    (6,138)



    Distributions to noncontrolling interests





    (173,537)





    (128,823)





    (74,286)



    Employee tax withholding for settlement of equity-based compensation awards





    (66,132)





    (30,367)





    (29,605)



    Convertible note inducements





    (169)





    (374)





    —



    Other





    (575)





    (830)





    (1,106)



    Net cash provided by (used in) financing activities





    (2,107,730)





    146,046





    (135,135)



    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



    $

    155,006





    113,910





    120,058



    Increase (decrease) in accounts payable and accrued liabilities for additions to property and

         equipment



    $

    38,035





    (60,762)





    10,525



    The following table sets forth selected financial data for the three months ended December 31, 2023 and 2024:







    (Unaudited)

















    Three Months Ended



    Amount of











    December 31,



    Increase



    Percent







    2023



    2024



    (Decrease)



    Change



    Revenue:

























    Natural gas sales



    $

    570,690





    543,794





    (26,896)



    (5)

    %

    Natural gas liquids sales





    461,212





    555,722





    94,510



    20

    %

    Oil sales





    74,744





    49,128





    (25,616)



    (34)

    %

    Commodity derivative fair value gains (losses)





    28,400





    (21,498)





    (49,898)



    *



    Marketing





    50,732





    33,971





    (16,761)



    (33)

    %

    Amortization of deferred revenue, VPP





    7,700





    6,812





    (888)



    (12)

    %

    Other revenue and income





    665





    822





    157



    24

    %

    Total revenue





    1,194,143





    1,168,751





    (25,392)



    (2)

    %

    Operating expenses:

























    Lease operating





    26,888





    30,216





    3,328



    12

    %

    Gathering and compression





    217,732





    225,267





    7,535



    3

    %

    Processing





    249,880





    267,538





    17,658



    7

    %

    Transportation





    193,713





    189,219





    (4,494)



    (2)

    %

    Production and ad valorem taxes





    41,163





    60,147





    18,984



    46

    %

    Marketing





    67,887





    52,142





    (15,745)



    (23)

    %

    Exploration





    603





    702





    99



    16

    %

    General and administrative (excluding equity-based compensation)





    40,398





    42,252





    1,854



    5

    %

    Equity-based compensation





    14,531





    17,169





    2,638



    18

    %

    Depletion, depreciation and amortization





    191,235





    193,694





    2,459



    1

    %

    Impairment of property and equipment





    6,556





    28,475





    21,919



    334

    %

    Accretion of asset retirement obligations





    273





    1,205





    932



    341

    %

    Contract termination and loss contingency





    4,956





    937





    (4,019)



    (81)

    %

    Loss on sale of assets





    —





    1,989





    1,989



    *



    Other operating expense





    —





    20





    20



    *



    Total operating expenses





    1,055,815





    1,110,972





    55,157



    5

    %

    Operating income





    138,328





    57,779





    (80,549)



    (58)

    %

    Other earnings (expenses):

























    Interest expense, net





    (32,608)





    (27,061)





    5,547



    (17)

    %

    Equity in earnings of unconsolidated affiliate





    23,966





    23,925





    (41)



    *



    Loss on convertible note inducement





    (288)





    —





    288



    *



    Total other expense





    (8,930)





    (3,136)





    5,794



    (65)

    %

    Income before income taxes





    129,398





    54,643





    (74,755)



    (58)

    %

    Income tax (expense) benefit





    (26,390)





    104,170





    130,560



    *



    Net income and comprehensive income including noncontrolling interests





    103,008





    158,813





    55,805



    54

    %

    Less: net income and comprehensive income attributable to noncontrolling

         interests





    21,169





    9,164





    (12,005)



    (57)

    %

    Net income and comprehensive income attributable to Antero Resources

         Corporation



    $

    81,839





    149,649





    67,810



    83

    %



























    Adjusted EBITDAX



    $

    322,446





    331,936





    9,490



    3

    %





    *

    Not meaningful

    The following table sets forth selected financial data for the three months ended December 31, 2023 and 2024:







    (Unaudited)

















    Three Months Ended



    Amount of











    December 31,



    Increase



    Percent







    2023



    2024



    (Decrease)



    Change



    Production data (1) (2):

























    Natural gas (Bcf)





    210





    196





    (14)



    (7)

    %

    C2 Ethane (MBbl)





    5,406





    8,518





    3,112



    58

    %

    C3+ NGLs (MBbl)





    10,918





    10,563





    (355)



    (3)

    %

    Oil (MBbl)





    1,154





    850





    (304)



    (26)

    %

    Combined (Bcfe)





    315





    316





    1



    *



    Daily combined production (MMcfe/d)





    3,420





    3,431





    11



    *



    Average prices before effects of derivative settlements (3):

























    Natural gas (per Mcf)



    $

    2.72





    2.77





    0.05



    2

    %

    C2 Ethane (per Bbl) (4)



    $

    9.13





    10.31





    1.18



    13

    %

    C3+ NGLs (per Bbl)



    $

    37.72





    44.29





    6.57



    17

    %

    Oil (per Bbl)



    $

    64.77





    57.80





    (6.97)



    (11)

    %

    Weighted Average Combined (per Mcfe)



    $

    3.52





    3.64





    0.12



    3

    %

    Average realized prices after effects of derivative settlements (3):

























    Natural gas (per Mcf)



    $

    2.68





    2.76





    0.08



    3

    %

    C2 Ethane (per Bbl) (4)



    $

    9.13





    10.31





    1.18



    13

    %

    C3+ NGLs (per Bbl)



    $

    37.68





    44.43





    6.75



    18

    %

    Oil (per Bbl)



    $

    64.58





    57.69





    (6.89)



    (11)

    %

    Weighted Average Combined (per Mcfe)



    $

    3.49





    3.63





    0.14



    4

    %

    Average costs (per Mcfe):

























    Lease operating



    $

    0.09





    0.10





    0.01



    11

    %

    Gathering and compression



    $

    0.69





    0.71





    0.02



    3

    %

    Processing



    $

    0.79





    0.85





    0.06



    8

    %

    Transportation



    $

    0.62





    0.60





    (0.02)



    (3)

    %

    Production and ad valorem taxes



    $

    0.13





    0.19





    0.06



    46

    %

    Marketing expense, net



    $

    0.05





    0.06





    0.01



    20

    %

    General and administrative (excluding equity-based compensation)



    $

    0.13





    0.13





    —



    *



    Depletion, depreciation, amortization and accretion



    $

    0.61





    0.62





    0.01



    2

    %





    *

    Not meaningful

    (1)

    Production data excludes 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 sales prices shown in the table reflect both the before and after effects of the Company's settled commodity derivatives.  The calculation of such after effects includes gains on settlements of commodity derivatives, which do not qualify for hedge accounting because the Company does not designate or document them as hedges for accounting purposes.  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 does not necessarily reflect their relative economic value.

    (4)

    The average realized price for the three months ended December 31, 2023 includes $2 million of proceeds related to a take-or-pay contract.  Excluding the effect of these proceeds, the average realized price for ethane before the effects of derivatives for the three months ended December 31, 2023 would have been $8.78 per Bbl.

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/antero-resources-announces-fourth-quarter-2024-results-year-end-reserves-and-2025-guidance-302375251.html

    SOURCE Antero Resources Corporation

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