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Dienstag, 13.02.2018 22:20 von PR Newswire | Aufrufe: 80

Antero Resources Announces 12% Increase in Estimated Proved Reserves to 17.3 Tcfe

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PR Newswire

DENVER, Feb. 13, 2018

DENVER, Feb. 13, 2018 /PRNewswire/ -- Antero Resources (NYSE: AR) ("Antero" or the "Company") today announced estimated reserves as of December 31, 2017.

Antero Resources logo. (PRNewsFoto/Antero Resources Corporation)

Highlights:

Proved reserves increased by 12% to 17.3 Tcfe at year-end 2017 (36% liquids), compared to year-end 2016
Pre-tax PV-10 of proved reserves at year-end 2017 was $10.8 billion at SEC pricing, including hedges
Proved developed reserves increased by 23% to 8.5 Tcfe at year-end 2017, compared to year-end 2016
$0.54 per Mcfe proved developed finding and development cost for 2017
$0.37 per Mcfe future development cost for year-end 2017 proved undeveloped reserves
3P reserves increased by 18% to 54.6 Tcfe at year-end 2017 (25% liquids), compared to year-end 2016
Pre-tax PV-10 of 3P reserves at year-end 2017 was $18.4 billion at SEC pricing, including hedges

Antero's estimated proved reserves at December 31, 2017 were 17.3 Tcfe, a 12% increase compared to estimated proved reserves at December 31, 2016. Proved, probable and possible ("3P") reserves at year-end 2017 totaled 54.6 Tcfe, which represents an 18% increase compared to the previous year. For further discussion of 3P reserves, please read "Non-GAAP Disclosure."

Proved developed finding and development ("F&D") cost for estimated proved developed reserve additions was $0.54 per Mcfe for 2017. All-in F&D cost for estimated proved reserve additions, including acquisitions, was $0.59 per Mcfe for 2017. Future development costs for proved undeveloped locations are estimated to be $0.37 per Mcfe. The reserve life of the Company's estimated proved reserves is approximately 21 years based on 2017 production. For further discussion of all-in F&D cost and proved developed F&D cost, please read "Non-GAAP Disclosure." Antero's estimated proved and 3P reserves at December 31, 2017 were prepared by its internal reserve engineers and audited by DeGolyer and MacNaughton ("D&M"). D&M's reserve audit covered properties representing 100% of Antero's total 3P reserves at December 31, 2017.

Estimated Proved Reserves

As of December 31, 2017, the Company's 17.3 Tcfe of estimated proved reserves were comprised of 64% natural gas, 35% NGLs and 1% oil. The Marcellus Shale accounted for 90% of estimated proved reserves and the Ohio Utica Shale accounted for 10%. For 2017, Antero added 1.7 Tcfe of estimated proved reserves organically, excluding acquisitions, which is reflective of the continued productivity gains from the use of advanced completion techniques and longer laterals.

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All 381 proved undeveloped locations in the Marcellus at year-end 2017 were booked at an approximate 2 Bcf/1,000' type curve. This compares to year-end 2016 at which time 81 proved undeveloped locations, or 21% of the total proved undeveloped locations in the Marcellus, were booked at the approximate 2 Bcf/1,000' type curve. The primary driver behind the increase in the number of proved undeveloped locations booked at the higher approximate 2 Bcf/1,000' type curve type curve is the increased production history observed from the implementation of advanced completions techniques.

Estimated proved developed reserves increased by 23% from year-end 2016 to 8.5 Tcfe at December 31, 2017. The percentage of estimated proved reserves classified as proved developed increased to 49% at December 31, 2017 from 45% at year-end 2016. The average heating content of Antero's proved undeveloped locations is 1237 BTU, and the average lateral length is approximately 10,500 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 2,778 Bcfe of formerly non-proved reserves to proved undeveloped due to their addition to Antero's five-year development plan. Included in this reclassification was the revision of 286 Bcfe related to an improvement in performance from advanced completions and a 291 Bcfe revision related to a lateral extension of previously booked locations. Additionally, the Company reclassified 2,280 Bcfe of generally lower BTU proved undeveloped reserves to the probable category in 2017 to comply with the SEC five-year development rule. Antero's 8.8 Tcfe of estimated proved undeveloped reserves will require an estimated $3.3 billion of future development capital over the next five years, resulting in an estimated average future development cost for proved undeveloped reserves of $0.37 per Mcfe.

Antero incurred estimated capital costs of approximately $1.7 billion during 2017, including drilling and completion costs of $1.282 billion, proved property acquisitions of $176 million and leasehold additions of $204 million. Based on the $1.7 billion of capital costs, 2017 all-in F&D cost for proved reserve additions from all sources, including acquisitions and revisions, was $0.59 per Mcfe.

Summary of Changes in Estimated Proved Reserves (in Bcfe)
Balance at December 31, 2016	15,386
Extensions, discoveries and additions	1,711
Purchases of estimated proved reserves	373
Revisions to prior estimates	726
Ethane recovery revision	(113)
Production	(822)
Balance at December 31, 2017	17,261

The table below summarizes both SEC and strip pricing as of December 31, 2017 and the associated PV-10 for estimated proved reserves and hedge values:

	2017 Year-End
Benchmark Pricing:	SEC Pricing	Strip Pricing⁽¹⁾	Variance	% Variance
WTI Oil Price ($/Bbl)	$51.03	$53.44	$2.41	5%
Appalachian Oil Price ($/Bbl)⁽²⁾	$45.35	$47.70	$2.35	5%
Nymex Natural Gas Price ($/MMBtu)	$3.11	$2.93	$(0.18)	(6)%
Appalachian Natural Gas Price ($/MMBtu)⁽²⁾	$2.91	$2.63	$(0.28)	(10)%
C3+ Natural Gas Liquids ($/Bbl) ⁽³⁾	$32.37	$32.23	$(0.14)	0%
C2+ Natural Gas Liquids ($/Bbl)⁽³⁾	$20.40	$20.62	$0.22	1%


Pre-Tax PV-10 Values ($Bn):
Estimated proved reserves PV-10	$10.2	$9.1	$(1.1)	(11)%
Hedge PV-10 ⁽⁴⁾	0.6	1.2	0.6	100%
Total PV-10	$10.8	$10.3	$(0.5)	(5)%


1)	Strip pricing as of December 31, 2017 for each of the first ten years and flat thereafter.
2)	Represents SEC and strip prices as of December 31, 2017 on a weighted average Appalachian index basis related to company-specific sales points.
3)	Represents realized NGL price including regional market differentials.
4)	Hedge PV-10 at strip pricing differs from year-end 2017 mark-to-market value of $1.3 billion due to the application of a higher discount rate.

Proved, Probable and Possible Reserves

Antero estimates that it had year-end 2017 3P reserves of 54.6 Tcfe, an 18% increase from year-end 2016. The 18% increase in 3P reserves was driven by a combination of increased type curves in certain areas driven by continued productivity gains from advanced completions, as well as 2017 leasehold acquisitions. As of December 31, 2017, the Company's 54.6 Tcfe of 3P reserves were comprised of 75% natural gas, 23% NGLs and 2% oil. The Marcellus and Ohio Utica Shale comprised 48.3 Tcfe and 6.4 Tcfe of the 3P reserves, respectively. Virtually no Upper Devonian or West Virginia Utica reserves were included in 3P reserves.

Importantly, 46.2 Tcfe of Antero's 48.3 Tcfe, or 96% of estimated Marcellus 3P reserves were classified as proved and probable reserves ("2P"), reflecting the low risk and statistically repeatable nature of Antero's resource base. The 46.2 Tcfe of Marcellus 2P reserves includes 381 proved undeveloped and 460 probable locations, or 26% of the total undeveloped 2P reserve locations in the Marcellus that were booked at the approximate 2 Bcf/1,000' type curve. This compares to year-end 2016 where 81 proved undeveloped and 7 probable locations, or just 3% of the total undeveloped 2P reserve locations in the Marcellus were booked at the approximate 2 Bcf/1,000' type curve. The increase in upgraded 2P locations is primarily driven by continued productivity gains from implementing advanced completions techniques across a larger subset of Antero's acreage position. Further, 6.2 Tcfe of Antero's 6.4 Tcfe, or 97% of estimated 3P reserves in the Ohio Utica were classified as 2P.

The tables below summarize Antero's estimated 3P reserve volumes as of December 31, 2017 using SEC pricing, categorized by operating area as well as PV-10 values of Antero's 3P reserve volumes using both SEC and strip pricing. For further discussion of 3P reserves, please read "Non-GAAP Disclosure."

Marcellus Shale

Ohio Utica Shale

Gas

(Bcf)

Liquids

(MMBbl)

Total
(Bcfe)

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