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Mittwoch, 15.02.2023 16:15 von PR Newswire | Aufrufe: 180

Antero Resources Announces Fourth Quarter 2022 Results, Year End Reserves and 2023 Capital Budget and Guidance

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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.

Fourth Quarter 2022 Highlights:

Net production averaged 3.2 Bcfe/d, including 182 MBbl/d of liquids
Realized pre-hedge natural gas price of $6.27 per Mcf
Net income was $730 million, Adjusted Net Income was $328 million (Non-GAAP)
Adjusted EBITDAX was $565 million (Non-GAAP); net cash provided by operating activities was $475 million
Free Cash Flow was $272 million (Non-GAAP), before Changes in Working Capital
Purchased $199 million of shares

Full Year 2022 Highlights:

Reduced total debt by $942 million and purchased $940 million of shares
Total long-term debt at year end was $1.18 billion
Net Debt to trailing last twelve month Adjusted EBITDAX was 0.4x (Non-GAAP)
Estimated proved reserves increased to 17.8 Tcfe at year end 2022 and proved developed reserves were 13.4 Tcfe (75% proved developed), a 5% increase from the prior year
Estimated future development cost for 4.4 Tcfe of proved undeveloped reserves is $0.43 per Mcfe

2023 Capital Budget and Guidance Highlights:

Net production is expected to average 3.25 to 3.3 Bcfe/d, including 184 to 195 MBbl/d of liquids (NGLs and oil)
Drilling and Completion capital budget is $875 to $925 million
Targeting return of capital to shareholders of 50% of Free Cash Flow

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."

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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


⁽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 December 31,				Year Ended December 31,
	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

(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 Length (Feet)
Drilled Wells	65 to 70	14,500
Completed Wells	60 to 65	13,500

Note: Number of completed wells including the drilling partnership total 75 to 80 gross wells.

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