PR Newswire
DENVER, Feb. 15, 2023
DENVER, Feb. 15, 2023 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources," "Antero," or the "Company") today announced its fourth quarter 2022 financial and operating results, year end 2022 estimated proved reserves and 2023 capital budget and guidance. The relevant consolidated financial statements are included in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2022.
Full Year 2022 Highlights:
2023 Capital Budget and Guidance Highlights:
Paul Rady, Chairman, CEO and President of Antero Resources commented, "2022 was a transformative year for Antero. We reduced debt by approximately $1 billion, bringing our total debt reduction since 2019 to over $2.5 billion. We also executed our return of capital program by purchasing over 25 million shares. Antero's differentiated strategy of liquids-rich development and utilization of firm transportation to sell our gas along the LNG corridor is expected to drive continued premium price realizations in the quarters ahead. As we enter 2023, this financial and operational momentum puts Antero in its strongest position in the Company's history."
Michael Kennedy, CFO of Antero Resources said, "In 2023, we plan to continue to focus on reducing debt and returning capital to our shareholders. Our aggressive focus on debt reduction will allow us to maintain low leverage throughout various commodity cycles, while still returning Free Cash Flow to our shareholders. In 2023, we anticipate a return of capital program of approximately 50% of our Free Cash Flow."
For a discussion of the non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDAX, Free Cash Flow and Net Debt please see "Non-GAAP Financial Measures."
2022 Debt Reduction and Return of Capital Program | | | Year Ended December 31, 2022 | |
Total shares purchased (MM shares) (1) | | | 25.2 | |
| | | | |
Shares purchased ($MM) | | | $940 | |
Absolute debt reduction ($MM) | | | $942 | |
Total debt reduction and return of capital ($MM) | | | $1,882 | |
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(1) | The total number of shares purchased includes 2.1 million shares of Antero common stock related to satisfying tax withholding obligations incurred upon the vesting of restricted stock units and performance share units held by our employees. |
Free Cash Flow
During the fourth quarter, Antero generated $272 million of Free Cash Flow before Changes in Working Capital. Free Cash Flow after Changes in Working Capital was $188 million. In 2022, Antero generated $2.0 billion in Free Cash Flow before Changes in Working Capital and $1.9 billion in Free Cash Flow after Changes in Working Capital.
| | Three Months Ended | | Year Ended | ||||||||
| | 2021 | | 2022 | | 2021 | | 2022 | ||||
Net cash provided by operating activities | | $ | 475,164 | | | 475,285 | | | 1,660,116 | | | 3,051,342 |
Less: Net cash used in investing activities | | | (205,329) | | | (225,249) | | | (710,784) | | | (943,612) |
Less: Proceeds from sale of assets, net | | | — | | | (1,600) | | | (3,192) | | | (2,747) |
Less: Distributions to non-controlling interests in Martica | | | (32,641) | | | (60,022) | | | (97,424) | | | (173,537) |
Free Cash Flow | | $ | 237,194 | | | 188,414 | | | 848,716 | | | 1,931,446 |
Changes in Working Capital (1) | | | (64,634) | | | 83,156 | | | (151,722) | | | 24,773 |
Free Cash Flow before Changes in Working Capital | | $ | 172,560 | | | 271,570 | | | 696,994 | | | 1,956,219 |
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(1) | Working capital adjustments for the three months and year ended December 31, 2021 include $61.1 million and $114.7 million, respectively, in net increases in current assets and liabilities and $3.5 million and $37.0 million, respectively, in increases in accounts payable and accrued liabilities for additions to property and equipment. Working capital adjustments for the three months and year ended December 31, 2022 include $97.6 million and $62.8 million, respectively, in net decreases in current assets and liabilities and $14.4 million and $38.0 million, respectively, in increases in accounts payable and accrued liabilities for additions to property and equipment. See the cash flow statement in this release for details. |
2023 Capital Budget and Guidance
Antero's 2023 drilling and completion capital budget is $875 to $925 million. The budget reflects approximately 10% year over year service cost inflation. Net production is expected to average between 3.25 and 3.3 Bcfe/d during 2023.
Land capital guidance is $150 million as Antero continues to focus on its organic leasing program that extends the Company's premium drilling locations in the Marcellus liquids-rich fairway. Antero expects approximately 50% of the 2023 land budget to be utilized in the first quarter of 2023. In 2022, Antero added approximately 80 drilling locations in the core of the Appalachia liquids area at an average cost of under $1 million per location, more than offsetting Antero's maintenance capital plan that assumes an average of 60 to 65 net wells per year. Within the 2023 land budget, approximately $50 million is required for maintenance capital purposes, and approximately $100 million is targeted for incremental drilling locations and for mineral acquisitions to increase its net revenue interest in future drilling locations. The Company believes this organic leasing program is the most cost efficient approach to lengthening its core inventory position.
The following is a summary of Antero Resources' 2023 capital budget.
Capital Budget ($ in Millions) | | | Low | | High | | |
Drilling & Completion | | | $875 | | $925 | | |
Land | | | $150 | | $150 | | |
Total E&P Capital | | | $1,025 | | $1,075 | | |
# of Wells | | | Net Wells | | Average Lateral | | |
Drilled Wells | | | 65 to 70 | | 14,500 | | |
Completed Wells | | | 60 to 65 | | 13,500 | | |
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Note: Number of completed wells including the drilling partnership total 75 to 80 gross wells. Werbung Mehr Nachrichten zur Antero Resources Aktie kostenlos abonnieren
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