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Antero Resources Reports First Quarter 2018 Financial and Operating Results
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PR Newswire
DENVER, April 25, 2018
DENVER, April 25, 2018 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero" or the "Company") today released its first quarter 2018 financial and operating results. The relevant consolidated and consolidating financial statements are included in Antero's Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, which has been filed with the Securities and Exchange Commission ("SEC"). The relevant Stand-Alone financial statements are also included in Antero's Form 10-Q within the Parent column of the guarantor footnote (Note 16).
First Quarter 2018 Highlights:
- Net daily gas equivalent production averaged a record 2,376 MMcfe/d (26% liquids), an 11% increase over the prior year period
- Realized natural gas price averaged $3.14 per Mcf, a $0.14 per Mcf premium to the NYMEX natural gas price, before hedging
- Liquids production averaged 102,798 Bbl/d, a 4% increase over the prior year period, and contributed 35% of total product revenues before hedging
- Realized combined natural gas equivalent price of $3.56 per Mcfe before hedges, driven by a $0.42 per Mcfe uplift from liquids production
- Realized natural gas equivalent price of $4.04 per Mcfe after hedges
- Net income of $15 million, or $0.05 per diluted share, non-GAAP adjusted net income of $141 million, or $0.44 per diluted share, and non-GAAP Stand-Alone adjusted net income of $136 million
- Adjusted EBITDAX of $551 million and Stand-Alone adjusted EBITDAX of $488 million, a 51% and 52% increase over the prior year period, respectively
- Stand-Alone net debt to trailing twelve months adjusted EBITDAX declined to 2.5x
- 100% hedged on targeted 2018 and 2019 natural gas production at $3.50 per MMBtu
Commenting on the quarter, Paul Rady, Chairman and CEO said, "We are off to a strong start in 2018 with record first quarter results that delivered strong cash flow growth during the quarter. This included a net marketing gain, and reduced leverage from year-end levels. We continued to achieve strong operational execution with fewer drilling days per well and higher completion stages per day during the quarter than forecast. Furthermore, the ongoing liquids focus in the Marcellus and strong production performance in the Utica Shale during the quarter boosted results. We continue to execute on the plan we laid out at the beginning of the year targeting strong cash flow generation and debt reduction over the next several years."
Financial and operational results are reported and discussed on a consolidated basis, unless otherwise noted. Please read "Non-GAAP Financial Measures" for:
- A description of consolidated and Stand-Alone non-GAAP measures, including adjusted EBITDAX and adjusted net income and reconciliations to their nearest comparable GAAP measures
- A reconciliation of revenue excluding unrealized hedge gains (losses) and unrealized marketing derivative gains (losses) to operating revenue, the most comparable GAAP measure
- A reconciliation of net debt to total debt, the most comparable GAAP measure
- A reconciliation of Antero Midstream's adjusted EBITDA and Distributable Cash Flow to their nearest comparable GAAP measure
Please read "First Quarter 2018 Financial Results" for a reconciliation of consolidated and Stand-Alone adjusted EBITDAX margin to realized price before cash receipts for settled hedges, the most comparable GAAP measure.
First Quarter 2018 Financial Results
As of March 31, 2018, Antero owned a 53% limited partner interest in Antero Midstream Partners LP ("Antero Midstream"). Antero Midstream's results are consolidated within Antero's results.
Antero reported first quarter net income of $15 million, or $0.05 per diluted share, compared to net income of $268 million, or $0.85 per diluted share, in the prior year period. Excluding items detailed in "Non-GAAP Financial Measures," first quarter adjusted net income was $141 million, or $0.44 per diluted share, compared to $56 million, or $0.18 per diluted share, in the prior year period. First quarter Stand-Alone adjusted net income was $136 million compared to $52 million in the prior year period. Adjusted EBITDAX was $551 million, compared to $365 million in the prior year period, and Stand-Alone adjusted EBITDAX was $488 million, compared to $321 million in the prior year period. First quarter 2018 results include settled marketing derivatives of $110 million, resulting in an overall gain of $94 million, net of unrealized losses.
The following table details the components of average net production and average realized prices for the three months ended March 31, 2018:
| | | Three Months Ended March 31, 2018 | | |||||||||||||
| | | Natural Gas | | Oil (Bbl/d) | | C3+ NGLs | | Ethane | | Combined | | |||||
| Average Net Production | | | 1,759 | | | 5,887 | | | 63,252 | | | 33,659 | | | 2,376 | |
| | | | | | | | | | | | | | | | | |
| Average Realized Prices | | Natural Gas | | Oil ($/Bbl) | | C3+ NGLs | | Ethane | | Combined | | |||||
| Average realized prices before settled derivatives | | $ | 3.14 | | $ | 57.14 | | $ | 36.38 | | $ | 8.94 | | $ | 3.56 | |
| Settled commodity derivatives | | | 0.71 | | | (6.02) | | | (1.21) | | | — | | | 0.48 | |
| Average realized prices after settled derivatives | | $ | 3.85 | | $ | 51.12 | | $ | 35.17 | | $ | 8.94 | | $ | 4.04 | |
| | | | | | | | | | | | | | | | | |
| NYMEX average price | | $ | 3.00 | | $ | 62.88 | | | | | | | | $ | 3.00 | |
| Premium / (Differential) to NYMEX | | $ | 0.85 | | $ | (11.76) | | | | | | | | $ | 1.04 | |
Net daily natural gas equivalent production in the first quarter averaged 2,376 MMcfe/d, including 102,798 Bbl/d of liquids (26% liquids), representing an organic growth rate of 11% versus the prior year period and a 1% increase sequentially. Natural gas production averaged 1,759 MMcf/d (average BTU of 1094), C3+ NGLs production averaged 63,252 Bbl/d, oil production averaged 5,887 Bbl/d, and recovered ethane production averaged 33,659 Bbl/d. Total liquids production grew 4% versus the prior year period and declined 4% sequentially. The sequential decline in liquids production from the fourth quarter of 2017 was a result of the impact of winter weather and downtime associated with processing plants. Liquids revenue represented approximately 35% of total product revenue before hedges, an increase from 32% of total product revenue in the prior year period.
Antero's average realized natural gas price before hedging was $3.14 per Mcf, a $0.14 per Mcf premium to the average NYMEX price during the period. Including hedges, Antero's average realized natural gas price was $3.85 per Mcf, an $0.85 premium to the NYMEX average price, reflecting the realization of a cash settled natural gas hedge gain of $111 million or $0.71 per Mcf. Based on current strip prices, Antero's full year realized natural gas prices are trending toward the high end of its guidance range of a $0.00 to $0.05 per Mcf premium to NYMEX before hedges.
Antero's average realized C3+ NGL price before hedging was $36.38 per barrel, or 58% of the average NYMEX WTI oil price, representing a 23% increase versus the prior year period. Including hedges, Antero's average realized C3+ NGL price was $35.17 per barrel, a 46% increase versus the prior year period, reflecting the realization of a cash settled C3+ hedge loss of $7 million or $1.21 per barrel. Based on current strip prices, Antero is trending toward the low end of its 62.5% to 67.5% guidance range for C3+ NGL realized prices as a percentage of WTI, as oil prices have risen but C3+ NGL strip prices have remained consistent relative to year-end 2017 levels.
Antero's average realized oil price before hedging was $57.14 per barrel, a $5.74 negative differential to average NYMEX WTI and a 36% increase versus the prior year period. Including hedges, the average realized oil price was $51.12 per barrel, an $11.76 differential to average NYMEX WTI. The average realized ethane price was $0.21 per gallon, or $8.94 per barrel.
Antero's average natural gas equivalent price including recovered C2+ NGLs and oil, but excluding hedge settlements, was $3.56 per Mcfe, in line with the prior year period. Including hedges, the Company's average natural gas equivalent price was $4.04 per Mcfe, a 6% increase from the prior year period, primarily driven by higher realized natural gas hedge gains and lower C3+ hedge losses compared to the prior year period. Net cash settled hedge gains on all products were $101 million, or $0.48 per Mcfe.
Operating revenues in the first quarter were $1.028 billion compared to $1.196 billion in the prior year period. Revenue included a $79 million non-cash loss on unsettled hedges and a $16 million non-cash loss on unsettled marketing derivatives, while the prior year included a $394 million non-cash gain on unsettled hedges. Revenue excluding unrealized derivative losses was $1.123 billion, a 40% increase versus the prior year period. Liquids production contributed 35% of total product revenues before hedges, compared to a 32% contribution in the prior year period. Please see "Non-GAAP Financial Measures" for a description of revenue excluding the unrealized hedge gain and unrealized marketing derivative loss.
The following table presents a reconciliation of realized price before cash receipts for settled hedges to Stand-Alone and consolidated adjusted EBITDAX margin for the three months ended March 31, 2017 and 2018:
| | Stand-Alone | | Consolidated | ||||||||
| | Three months ended March 31, | | Three months ended March 31, | ||||||||
| | 2017 | | 2018 | | 2017 | | 2018 | ||||
| Adjusted EBITDAX margin ($ per Mcfe): | | | | | | | | | | | |
| Realized price before cash receipts for settled derivatives | $ | 3.57 | | | 3.56 | | $ | 3.57 | | | 3.56 |
| Gathering, compression, and water handling and treatment revenues | | N/A | | | N/A | | | — | | | 0.03 Werbung Mehr Nachrichten zur Antero Resources Aktie kostenlos abonnieren
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