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Antero Resources Reports Fourth Quarter and Full Year 2018 Financial and Operational Results and 2018 Reserves

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PR Newswire

DENVER, Feb. 13, 2019

DENVER, Feb. 13, 2019 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero," "Antero Resources" or the "Company") today released its fourth quarter and full year 2018 financial and operational results and announced estimated proved reserves as of December 31, 2018. The relevant consolidated and consolidating financial statements are included in Antero's Annual Report on Form 10-K for the year ended December 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-K within the Parent column of the guarantor footnote (Note 17).

Antero Resources logo. (PRNewsFoto/Antero Resources Corporation)

Fourth Quarter 2018 Highlights:

Net daily gas equivalent production averaged a record 3,213 MMcfe/d (30% liquids), a 37% increase over the prior year period and an 18% increase sequentially
Liquids production averaged 162,077 Bbl/d, a 51% increase over the prior year period and included oil production of 12,229 MBbl/d, C3+ NGL production of 102,860 MBbl/d and recovered ethane production of 46,988 MBbl/d

Ethane production represented about 27% of the potential recoverable ethane, with 122,000 Bbl/d remaining in the gas stream

Realized natural gas price averaged $3.83 per Mcf, a $0.19 premium to the NYMEX Henry Hub natural gas price per MMBtu before hedges
Realized natural gas equivalent price averaged $4.05 per Mcfe before hedges, driven by a $0.22 per Mcfe uplift from liquids production and prices

Reported $122 million net loss, or $0.39 per share, $145 million Adjusted Net Income, or $0.46 per diluted share, and $175 million Stand-alone Adjusted Net Income, or $0.56 per diluted share (adjusted items are non-GAAP measures)

Reported $584 million of Adjusted EBITDAX and $475 million of Stand-alone Adjusted EBITDAX, representing a 34% and 27% increase over the prior year period, respectively (non-GAAP measures)
Full year 2019 Stand-alone drilling and completion capital expenditures expected to be at low end of guidance range and a 20% reduction from 2018, due to fourth quarter 2018 pre-spend related to roads, pads and facilities to be utilized in 2019 and 2020

Full Year 2018 Highlights:

Net daily gas equivalent production averaged 2,709 MMcfe/d (28% liquids), a 20% increase over the prior year
Reported $398 million net loss, or $1.26 per share, $315 million Adjusted Net Income, or $1.00 per diluted share, and $365 million Stand-alone Adjusted Net Income, or $1.15 per diluted share (adjusted items are non-GAAP measures)
Reported $2.0 billion of Adjusted EBITDAX and $1.7 billion of Stand-alone Adjusted EBITDAX, representing a 42% and 38% increase over the prior year period, respectively (non-GAAP measures)
Proved reserves increased 4% to 18.0 Tcfe at year-end 2018 compared to year-end 2017
Standardized measure of proved reserves increased 21% to $10.5 billion at year-end 2018 compared to year-end 2017
SEC PV-10 proved reserve value increased 24% to $12.6 billion at year-end 2018 compared to year-end 2017
Proved developed reserves increased 22% to 10.4 Tcfe at year-end 2018 compared to year-end 2017 and comprised 58% of total proved reserves
Future development costs for 7.6 Tcfe of proved undeveloped reserves estimated to be $0.44 per mcfe
The previously announced simplification transaction between Antero Midstream and AMGP expected to be completed in March 2019 results in a minimum of $300 million in cash proceeds to Antero Resources
Following the simplification transaction, Antero Resources will no longer consolidate Antero Midstream's financial statements in Antero Resources' consolidated financial statements, but will account for its interest in New AM using the equity method of accounting
Reduced Stand-alone Net Debt to trailing twelve months Stand-alone Adjusted EBITDAX to 2.2x at year-end 2018

Paul Rady, Chairman and CEO said, "2018 was a great year for the Antero family, as we significantly reduced leverage, grew production above the 3 Bcfe/d mark, and announced the midstream simplification. We enter 2019 with significant scale as the largest NGL producer and the 5^th largest natural gas producer in the U.S. Driven by the fourth quarter capital invested on pads and roads, we expect to be in a position to invest at the low end of our 2019 drilling and completion guidance range. The 2019 budget represents a 20% reduction relative to capital spending in 2018. On the liquids front, we are excited that Mariner East 2 has been placed in service. Our commitment on this pipeline will allow us to move nearly half of our expected 2019 C3+ NGL production to the export market and realize stronger NGL netback pricing than we have received over the last several years. We believe that our 2019 plan will deliver superior returns to shareholders over the long-term while also keeping capital spending within cash flow. "

Fourth Quarter 2018 Financial Results

As of December 31, 2018, Antero Resources owned a 53% limited partner interest in Antero Midstream Partners LP ("Antero Midstream"). Pro forma for the previously announced midstream simplification transaction which is expected to close in March 2019, Antero Resources will own approximately 31% of the common stock of Antero Midstream Corporation ("New AM" or "New Antero Midstream") assuming Antero Midstream unitholders make a mixed consideration election in the transaction. Antero Midstream's results are consolidated within Antero Resources' results for 2018 and 2017, but will be deconsolidated in 2019 assuming the close of the midstream simplification transaction. Antero believes the deconsolidation will provide more transparency to investors around the Stand-alone upstream business and a greater ability to compare results across Antero's peer group.

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For the three months ended December 31, 2018, Antero reported a net loss of $122 million, or $0.39 per share, compared to net income of $487 million, or $1.54 per diluted share, in the prior year period. Excluding items detailed in "Non-GAAP Financial Measures," Adjusted Net Income was $145 million, or $0.46 per diluted share, compared to $74 million, or $0.23 per diluted share, in the prior year period. Stand-alone Adjusted Net Income was $175 million, or $0.56 per diluted share, compared to $55 million, or $0.17 per diluted share, in the prior year period.

Consolidated Adjusted EBITDAX was $584 million, a 34% increase compared to $437 million in the prior year period, and Stand-alone Adjusted EBITDAX was $475 million, a 27% increase compared to $372 million in the prior year period.

The following table details the components of average net production and average realized prices for the three months ended December 31, 2018:


	Three Months Ended December 31, 2018
	Natural Gas (MMcf/d)		Oil (Bbl/d)		C3+ NGLs (Bbl/d)		Ethane (Bbl/d)		Combined Natural Gas Equivalent (MMcfe/d)
Average Net Production		2,240		12,229		102,860		46,988		3,213

Average Realized Prices	Natural Gas ($/Mcf)		Oil ($/Bbl)		C3+ NGLs ($/Bbl)		Ethane ($/Bbl)		Combined Natural Gas Equivalent ($/Mcfe)
Average realized prices before settled derivatives	$	3.83	$	51.83	$	30.92	$	13.12	$	4.05
Settled commodity derivatives		(0.10)		(0.91)		(0.32)		—		(0.08)
Average realized prices after settled derivatives	$	3.73	$	50.92	$	30.60	$	13.12	$	3.97

NYMEX average price	$	3.64	$	59.08					$	3.64
Premium / (Differential) to NYMEX	$	0.09	$	(8.16)					$	0.33

Net daily natural gas equivalent production in the fourth quarter averaged 3,213 MMcfe/d, including 162,077 Bbl/d of liquids (30% of production), an increase of 37% compared to the prior year period and an 18% increase sequentially. Natural gas production averaged 2,240 MMcf/d, an increase of 32% over the prior year period.

Total liquids production grew 51% compared to the prior year period and 25% sequentially. Liquids revenue represented approximately 34% of total product revenue before hedges. Oil production averaged 12,229 Bbl/d, an increase of 97% over the prior year period. C3+ NGLs production averaged 102,860 Bbl/d, an increase of 47% over the prior year period. Recovered ethane production averaged 46,988 Bbl/d, an increase of 50% over the prior year period. Recovered ethane production represented approximately 27% of potential ethane that could have been recovered during the period, with the remaining 122,000 Bbl/d of ethane remaining in the gas stream.

Antero's average realized natural gas price before hedging was $3.83 per Mcf, a $0.19 per Mcf premium to the average NYMEX Henry Hub price per MMBtu during the period, representing a 37% increase versus the prior year period. Including hedges, Antero's average realized natural gas price was $3.73 per Mcf, a $0.09 premium to the average NYMEX price, reflecting the realization of a cash settled natural gas hedge loss of $21 million, or $0.10 per Mcf.

Antero's average realized C3+ NGL price before hedging was $30.92 per barrel, or 52% of the average NYMEX WTI oil price, representing a 21% decline versus the prior year period due to widening NGL differentials to Mont Belvieu prior to the startup of Mariner East 2. Including hedges, Antero's average realized C3+ NGL price was $30.60 per barrel, reflecting the realization of a cash settled C3+ hedge loss of $3 million, or $0.32 per barrel.

Antero's average realized oil price before hedging was $51.83 per barrel, a $7.25 negative differential to the average NYMEX WTI price and a 5% increase versus the prior year period. Including hedges, the average realized oil price was $50.92 per barrel, reflecting the realization of a cash settled WTI crude oil loss of $1.0 million, or $0.91 per barrel. The average realized ethane price was $0.31 per gallon, or $13.12 per barrel, compared to $0.24 per gallon increase in the prior year period, representing a 31% increase over $10.02 per barrel before hedging and a 29% increase over $10.17 per barrel after hedging.

Antero's average natural gas equivalent price including recovered C2+ NGLs and oil, but excluding hedge settlements, was $4.05 per Mcfe, representing a 17% increase compared to the prior year period. Including hedges, the Company's average natural gas equivalent price was $3.97 per Mcfe, a 4% increase from the prior year period, primarily driven by higher realized natural gas prices. The net cash settled commodity derivative loss on all products was $25 million, or $0.08 per Mcfe.

Total revenue in the fourth quarter was $1.0 billion, nearly equivalent to the prior year period. Revenue included a $567 million commodity derivative fair value loss primarily driven by a $370 million hedge monetization, while the prior year included a $123 million commodity derivative fair value gain. Revenue Excluding Unrealized Derivative Gains (Losses) and Derivative Monetizations (non-GAAP) was $1.2 billion, a 35% increase versus the prior year period. Please see "Non-GAAP Financial Measures" for a description of Revenue Excluding Unrealized Derivative Gains (Losses) and Derivative Monetizations.

The following table presents a calculation of Stand-alone Adjusted EBITDAX margin and Adjusted EBITDAX margin (non-GAAP measures), in each case on a per Mcfe basis with and without the effect of cash receipts for settled commodity derivatives, and reconciliation to realized price before cash receipts for settled derivatives, the nearest GAAP financial measure. Adjusted EBITDAX and Stand-alone Adjusted EBITDAX margin represents Adjusted EBITDAX divided by production, a measure that helps investors to more meaningfully evaluate and compare the results of Antero's operations (both on a consolidated and Stand-alone basis) from period to period by removing the effect of its capital structure from its operating structure.

Stand-alone

Consolidated

Three months ended December 31,

2017

2018

2017

2018

Adjusted EBITDAX margin ($ per Mcfe):

Realized price before cash receipts for settled derivatives

3.46

4.05

3.46

4.05

Gathering, compression, and water handling and treatment revenues

N/A

0.02

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