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September 02, 2015 2:57 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, and develops natural gas, natural gas liquids, and oil properties in the United States. As of December 31, 2014, the company had 543,000 net acres of oil and gas properties located in the Appalachian Basin in West Virginia, Ohio, and Pennsylvania. It also owns and operates 153 miles of gas gathering pipelines in the Marcellus Shale; and 96 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 Corporation in June 2013. Antero Resources Corporation was founde...

1615 Wynkoop Street

Denver, CO 80202

United States

Founded in 2002

472 Employees

Phone:

303-357-7310

Fax:

303-357-7315

Key Executives for Antero Resources Corporation

Co-Founder, Chairman and Chief Executive Officer
Age: 61
Total Annual Compensation: $1.8M
Co-Founder, President, Chief Financial Officer, Secretary and Director
Age: 59
Total Annual Compensation: $1.2M
Chief Administrative Officer, Regional Vice President and Treasurer
Age: 56
Total Annual Compensation: $740.0K
Vice President of Production
Age: 60
Total Annual Compensation: $740.0K
Vice President of Reserves, Planning & Midstream
Age: 64
Total Annual Compensation: $648.0K
Compensation as of Fiscal Year 2014.

Antero Resources Corporation Key Developments

Antero Resources Corporation to Build and Operate the Sandstrom Wastewater Treatment Facility

Antero Resources Corporation announced that over the next two years Veolia will design, build and operate the Sandstrom Wastewater Treatment facility, a 60,000-barrel-a-day plant that will evaporate and crystalize produced water yielding fresh water and salt products to be used by the oil and gas industry. Clearing of the site, a patch of land near Route 50 in Doddridge County, has begun, and Antero has filed two permits with the state, one for construction and another for air emissions, over the past two months. That's how Mr. Kalt confirmed what he'd been hearing - that his small company's major break was at risk.

Antero Resources to Build Wastewater Plant in US Marcellus Shale

Antero Resources announced that it is planning a 60,000 bbl/day wastewater treatment complex in West Virginia. The $275 million plant will be located in the southwestern core of the Marcellus Shale region, with the ability to serve its developments in both the Marcellus and Utica shales. It will allow Antero to treat and reuse flowback and produced water, rather than permanently dispose of the water in injection wells. Antero added that it agreed with France-based water resources and environmental technologies firm Veolia to design, build, operate and maintain the wastewater plant for Antero. Construction is expected to take about two years, with the plant expected to come into service in late 2017.

Antero Resources Corporation Reports Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment of Unproved Properties for the Second Quarter of 2015; Provides Production Guidance for the Year 2016; Provides Capital Expenditure Guidance for the Year 2015 and 2016

Antero Resources Corporation reported unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported total revenue of $376.714 million compared to $311.338 million a year ago. Operating loss was $163.749 million compared to $5.303 million a year ago. Loss from continuing operations before income taxes and discontinued operations was $223.572 million compared to $62.949 million a year ago. Adjusted EBITDAX was $268.192 million compared to $266.462 million a year ago. Net loss attributable to the company was $145.373 million or $0.52 per diluted share compared to $42.285 million or $0.16 per diluted share a year ago. Adjusted net income attributable to common stockholders of $17 million, or $0.06 per basic and diluted share, a 77% decrease compared to the second quarter of 2014. Net cash provided by operating activities was $239.2 million against $223.7 million reported last year. Adjusted net revenue increased 32% to $575 million compared to the second quarter of 2014. Adjusted net income was $76 million, or $0.29 per basic and diluted share, a 224% increase over the prior year quarter. For the six months, the company reported total revenue of $1,606.401 million compared to $479.545 million a year ago. Operating income was $535,945 million compared to operating loss of $109.382 million a year ago. Income from continuing operations before income taxes and discontinued operations was $422.937 million compared to loss from continuing operations before income taxes and discontinued operations of $198.370 million a year ago. Income from continuing operations was $259.688 million or $0.92 per diluted share compared to loss from continuing operations of $139.254 million or $0.53 per diluted share a year ago. Adjusted EBITDAX was $622.803 million compared to $540.118 million a year ago. Net income attributable to the company was $249.058 million or $0.92 per diluted share compared to net loss of $137.044 million or $0.52 per diluted share a year ago. Net cash provided by operating activities was $590.595 million compared to $498.029 million a year ago. Additions to unproved properties were $131.683 million compared to $239.152 million a year ago. Additions to other property and equipment were $2.794 million compared to $11.041 million a year ago. Adjusted net revenue was $1,229.794 million compared to $852.122 million a year ago. Adjusted net income attributable to common stockholders was $87.958 million compared to $164.775 million a year ago. Consolidated net debt as of June 30, 2015 was $4,356,752. For the quarter, the company reported daily combined production of 1,484 MMcfe/d compared to 891 MMcfe/d a year ago, natural gas of 110 Bcf compared to 70 Bcf a year ago, NGLs of 3,655 MBbl compared to 1,451 MBbl a year ago and oil of 523 MBbl compared to 391 MBbl a year ago. For the six months, the company reported daily combined production of 1,485 MMcfe/d compared to 838 MMcfe/d a year ago, natural gas of 222 Bcf compared to 132 Bcf a year ago, NGLs of 6,895 MBbl compared to 2,649 MBbl a year ago and oil of 889 MBbl compared to 662 MBbl a year ago. For the second quarter of 2015, the company reported impairment of unproved properties of $26.339 million compared to $1.956 million a year ago. The company expects 25% to 30% year-over-year net production growth in 2016, driven in part by the contribution early next year from the completion of 50 Marcellus Shale deferred completions. As it relates to capital spending, the company reduced its 2015 capital budget by 49% compared to 2014, and expect only a modest increase in 2016.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
May 26, 2015
Triad Hunter, Certain Non-Core Undeveloped And Unproven Leasehold Acreage Located In Tyler County
Merger/Acquisition
January 14, 2015
12,000 Net Acres in Utica Shale Play
 

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