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Antero Resources Announces 16% Increase in Estimated Proved Reserves to 15.4 Tcfe
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PR Newswire
DENVER, Feb. 1, 2017
DENVER, Feb. 1, 2017 /PRNewswire/ --Antero Resources (NYSE: AR) ("Antero" or the "Company") today announced estimated reserves as of December 31, 2016.
Highlights:
- Proved reserves increased by 16% to 15.4 Tcfe at year-end 2016 (39% liquids)
- Pre-tax PV-10 of proved reserves at year-end 2016 was $9.8 billion at 12/31/2016 strip pricing, including hedges
- Proved developed reserves increased by 18% to 6.9 Tcfe at year-end 2016
- $0.39 per Mcfe drill bit only finding and development cost for 2016
- $0.52 per Mcfe all-in finding and development cost for proved reserve additions from all sources for 2016
- $0.45 per Mcfe future development cost for year-end 2016 proved undeveloped reserves
- 3P reserves increased by 25% to 46.4 Tcfe at year-end 2016 (29% liquids)
- Pre-tax PV-10 of 3P reserves at year-end 2016 was $16.7 billion at 12/31/2016 strip pricing, including hedges
Antero's estimated proved reserves at December 31, 2016 were 15.4 Tcfe, a 16% increase compared to estimated proved reserves at December 31, 2015. Proved, probable and possible ("3P") reserves at year-end 2016 totaled 46.4 Tcfe, which represents a 25% increase compared to the previous year. Both proved and 3P reserves as of December 31, 2016 account for 115 million barrels and 912 million barrels of ethane, respectively, as natural gas rather than liquids since this ethane is expected to remain in the natural gas stream until such time as pricing supports full ethane recovery.
Drill bit only finding and development cost, including price and performance revisions, was $0.39 per Mcfe for 2016. All-in finding and development cost for estimated proved reserve additions was $0.52 per Mcfe for 2016. The expected reserve life of the Company's estimated proved reserves is approximately 23 years.
Estimated Proved Reserves
As of December 31, 2016, the Company's 15.4 Tcfe of estimated proved reserves were comprised of 61% natural gas, 37% NGLs and 2% oil. The Marcellus Shale accounted for 87% of estimated proved reserves and the Ohio Utica Shale accounted for 13%. For 2016, Antero added 2.6 Tcfe of estimated proved reserves through the drill bit, which is reflective of longer laterals, operational efficiencies and the utilization of advanced completion techniques. Included in the 2016 audited reserves are 61 producing wells and 81 proved undeveloped locations, or 21% of the total proved undeveloped locations in the Marcellus, booked at a 2.0 Bcf/1,000' type curve. The remaining Marcellus proved undeveloped locations are booked at a 1.7 Bcf/1,000' type curve. The primary driver behind the increased type curve on certain locations was improved performance from nearby wells following the implementation of advanced completions.
At year-end 2016, estimated proved reserves included 553 million barrels or 2.4 Tcfe of ethane reserves, net of shrink, in the Marcellus Shale, an increase of 1.4 Tcfe from year-end 2015 reserves. The increase in expected ethane recoveries is primarily driven by Antero's ethane sales contract associated with the Shell ethane cracker in Pennsylvania which is expected to be placed in service in 2021. The remaining Marcellus ethane reserves, as well as the Ohio Utica ethane reserves, continue to be carried as natural gas reserves as it is assumed that these ethane reserves will be sold on an energy equivalent basis in the natural gas stream until prices support full ethane recovery.
Approximately 29% of Antero's combined 616,000 net acre leasehold position was classified as proved at December 31, 2016. 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 Ohio Utica Shale undeveloped acreage will be classified as proved over time as more wells are drilled. No West Virginia Utica dry gas locations were classified as 3P reserves at year-end 2016, with the exception of one proved developed producing location, due to the early stage of drilling and production in the play.
Estimated proved developed reserves increased by 18% from year-end 2015 to 6.9 Tcfe at December 31, 2016. The Company added 94 Marcellus and 30 Ohio Utica wells to estimated proved developed reserves in 2016. The percentage of estimated proved reserves classified as proved developed increased to 45% at December 31, 2016. Estimated proved undeveloped reserves increased by 15% primarily as a result of continued development in the Marcellus and Utica Shale plays and an increase in ethane expected to be recovered and sold as a liquid. The average heating content of the Marcellus and Utica proved undeveloped locations is 1250 BTU and 1200 BTU, respectively, and the average lateral lengths for each are 9,000 feet.
Under the Securities and Exchange Commission ("SEC") reporting rules, proved undeveloped reserves are limited to reserves that are planned to be developed within five years of initial booking. The Company reclassified 2.5 Tcfe of proved undeveloped reserves to the probable category in 2016 to comply with the SEC five-year development rule. The reclassified proved undeveloped locations were displaced by locations that are more liquids-rich with better economics. Antero's 8.5 Tcfe of estimated proved undeveloped reserves will require an estimated $3.8 billion of future development capital over the next five years, resulting in an estimated average future development cost for proved undeveloped reserves of $0.45 per Mcfe. The future development capital is based on current contracted rates combined with spot market rates based on today's market pricing.
Antero incurred estimated 2016 capital costs of approximately $2.1 billion, including drilling and completion costs of $1.3 billion, unproved leasehold acquisition costs of $459 million, proved property acquisitions of $134 million and leasehold additions of $153 million. Assuming the $2.1 billion estimate of capital costs, preliminary 2016 all-in finding and development cost for proved reserve additions from all sources, including performance and price revisions, was $0.52 per Mcfe. The 2016 capital costs are unaudited and preliminary. Final capital costs will be provided in Antero's Annual Report on Form 10-K for the year ended December 31, 2016.
| Summary of Changes in Estimated Proved Reserves (in Tcfe) | | |
| Balance at December 31, 2015 | 13.2 | |
| Extensions, discoveries and additions | 2.6 | |
| Purchases of estimated proved reserves | 0.6 | |
| Performance and price revisions | 0.7 | |
| Partial ethane recovery | 1.4 | |
| Reclassification to probable due to SEC 5-year development rule | (2.5) | |
| Production | (0.7) | |
| Balance at December 31, 2016 | 15.4 | |
| | | |
| Costs Incurred ($ MM) | | ||
| Leasehold Acquisitions: | | | |
| Proved.............................................................................. | $134 | ||
| Unproved......................................................................... | 459 | ||
| Leasehold additions........................................................... | 153 | ||
| Drilling and Completion.................................................... | 1,328 | ||
| Total costs incurred......................................................... | $2,074 | ||
| | | | |
| Finding and Development Costs ($/ Mcfe) | | |
| All-in F&D cost for proved reserve additions(1)............. | $0.52 | |
| | | |
| Drill bit only F&D cost(2).................................................... | $0.39 | |
| | | |
| | |
| 1) | Total costs incurred divided by the summation of 2,637 Bcfe for extensions, discoveries and additions, 624 Bcfe for purchases of estimated proved reserves and 736 Bcfe for performance and price revisions. |
| 2) | Drilling and completion costs divided by the summation of 2,637 Bcfe for extensions, discoveries and additions and 736 Bcfe for performance and price revisions. |
The table below summarizes both SEC and strip pricing as of December 31, 2016 and the associated PV-10 for estimated proved reserves and hedge values:
| | 2016 Year-End | | | | | ||
| Benchmark Pricing: | SEC Pricing | | Strip Pricing(1) | | Variance | | % Variance |
| WTI Oil Price ($/Bbl) | $42.68 | | $57.29 | | $14.61 | | 34% |
| Nymex Natural Gas Price ($/MMBtu) | $2.46 | | $3.13 | | $0.67 | | 27% |
| C2+ Natural Gas Liquids ($/Bbl)(2) | $13.58 | | $19.42 | | $5.84 | | 43% |
| | | | | | | | |
| PV-10 Values ($ Billions): | | | | | | | |
| Estimated proved reserves PV-10......................... | $3.7 | | $8.5 | | $4.8 | | 130% |
| Hedge PV-10 (3) ....................................................... | 3.0 | | 1.3 | | (1.7) | | (57)% |
| Total PV-10.............................................................. | $6.7 | | $9.8 | | $3.1 | | 46% |
| | |
| 1) | Strip pricing as of December 31, 2016 for each of the first ten years and flat thereafter. |
| 2) | Represents realized NGL price including regional market differentials. C3+ NGL SEC and Strip prices were $21.33/Bbl and $31.09/Bbl, respectively. |
| 3) Werbung Mehr Nachrichten zur Antero Resources Aktie kostenlos abonnieren
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