Free Post Earnings Research Report: Antero’s Adjusted EPS Soared 144%

Stock Monitor: Ring Energy Post Earnings Reporting

LONDON, UK / ACCESSWIRE / May 15, 2018 / If you want access to our free earnings report on Antero Resources Corp. (NYSE: AR) (“Antero”), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=AR. The Company reported its first quarter fiscal 2018 operating and financial results on April 25, 2018. The oil and natural gas producer delivered a record production and a record lateral footage for a 24-hour period, and also exceeded revenue and earnings estimates. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Earnings Highlights and Summary

For the first quarter of the fiscal year 2018, Antero’s operating revenues were $1.03 billion compared to $1.20 billion in Q1 2017. The Company’s revenues for the reported quarter included a $79 million non-cash loss on unsettled hedges and a $16 million non-cash loss on unsettled marketing derivatives, while the revenues for the prior year’s same quarter included a $394 million non-cash gain on unsettled hedges. For Q1 2018, Antero’s revenues, excluding unrealized derivative losses, were $1.12 billion, reflecting a 40% increase on a y-o-y basis. The Company’s revenue numbers surpassed analysts’ estimates of $910.1 million.

Antero reported a net income of $15 million, or $0.05 per diluted share, in Q1 2018 compared to $268 million, or $0.85 per diluted share, in Q1 2017. The Company’s adjusted net income was $141 million, or $0.44 per diluted share, in Q1 2018 versus $56 million, or $0.18 per diluted share, in the prior year’s comparable period. Antero’s earnings smashed past Wall Street’s estimates of $0.39 per share.

For Q1 2018, Antero’s adjusted earnings before interest, taxes, depreciation, depletion, amortization, and exploration expenses (EBITDAX) were $551 million, up 51% compared to $365 million in Q1 2017.

Operating Results

For Q1 2018, Antero’s net daily natural gas equivalent production averaged a record 2,376 million cubic feet equivalent per day (MMcfe/d), including 102,798 barrels per day (Bbl/d) of liquids, representing an organic growth rate of 11% versus the prior year’s corresponding period. The Company’s natural gas production averaged 1,759 million cubic feet per day (MMcf/d); its C3+ NGLs production averaged 63,252 Bbl/d; its oil production averaged 5,887 Bbl/d; and its recovered ethane production averaged 33,659 Bbl/d in the reported quarter.

For Q1 2018, Antero’s average realized natural gas price before hedging was $3.14 per Mcf, reflecting a $0.14 per Mcf premium to the average NYMEX price during the period. The Company’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’s same period. Antero’s average realized oil price before hedging was $57.14 per barrel in Q1 2018, a $5.74 negative differential to average NYMEX WTI and a 36% increase versus Q1 2017.

Operating Updates

During Q1 2018, Antero completed and placed on line 16 horizontal Marcellus wells, with an average lateral length of 9,100′ and a 30-day rate of 19.8 MMcfe/d on choke.

During the reported period, Antero drilled an average of over 4,700 feet per day when drilling in the lateral section of the well, which represented a 4% increase compared to FY17. Meanwhile, in one well, Antero drilled 8,206 lateral feet in a 24-hour period, a Company-record lateral footage for a 24-hour period. The Company’s average drilling days from spud to final rig release were 11.5 days in Q1 2018, reflecting a 6% reduction from FY17.

During Q1 2018, Antero completed 4.3 stages per day on average, which exceeded the 4.1 stages per day average from Q4 2017. The Company also completed its longest Marcellus lateral to date at nearly 14,400′ during the reported period.

For Q1 2018, Antero placed five horizontal Ohio Utica wells to sales with an average lateral length of approximately 11,000 feet. During the reported period, the Company drilled four wells with an average lateral length of 9,200 feet in 15.5 total days from spud to final rig release, which represented a 7% decrease in drilling days compared to FY17 where wells were drilled at a similar lateral length.

During Q1 2018, Antero commenced completion operations on five wells in Ohio, including four wells each at 17,400′ in lateral length. These wells represented Antero’s longest wells drilled and completed to date. In addition, average stages per day were 5.1 during the reported quarter, significantly above the 3.7 stages per day achieved during Q4 2017.

Balance Sheet and Liquidity

As of March 31, 2018, Antero’s stand-alone net debt was $3.6 billion. After deducting $692 million in letters of credit outstanding to support pipeline commitments, the Company had $1.7 billion in available stand-alone liquidity. As of March 31, 2018, Antero’s sand-alone net debt to trailing twelve months adjusted EBITDAX ratio was 2.5x compared to 2.9x at December 31, 2017.

During Q1 2018, Antero’s net cash provided by operating activities was $542 million. The Company’s adjusted operating cash flow was $485 million during the reported quarter, reflecting an increase of 64% compared to the prior year’s same period.

Stock Performance Snapshot

May 14, 2018 – At Monday’s closing bell, Antero Resources’ stock rose 2.49%, ending the trading session at $18.93.

Volume traded for the day: 2.16 million shares.

Stock performance in the previous three-month period – up 8.42%

After yesterday’s close, Antero Resources’ market cap was at $6.16 billion.

Price to Earnings (P/E) ratio was at 7.59.

The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry. This sector was up 1.0% at the end of the session.

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