Antero Resources Corp (AR) Raises Full Year Production Guidance Amidst Strong Q3 2023 Performance
Antero Resources Corp (NYSE:AR) announces Q3 2023 financial and operating results, showing strong performance and increased production guidance.
Net daily natural gas equivalent production in Q3 averaged 3.5 Bcfe/d, a 9% increase from Q3 2022.
Antero Resources Corp (NYSE:AR) raises full year 2023 production guidance to 3.39 to 3.41 Bcfe/d, an increase at the midpoint of approximately 25 MMcfe/d.
Company's accrued drilling and completion capital expenditures for Q3 2023 were $231 million.
Antero Resources Corp (NYSE:AR) released its third quarter 2023 financial and operating results on October 25, 2023. The company's performance continues to benefit from the operating momentum built throughout the year, leading to quarterly production volumes above expectations.
Financial Highlights
Antero Resources Corp (NYSE:AR) reported net daily natural gas equivalent production in the third quarter averaging 3.5 Bcfe/d, including 202 MBbl/d of liquids, an increase of 9% from the third quarter of 2022. The company's average realized natural gas price before hedging was $2.48 per Mcf, a $0.07 per Mcf discount to the average first-of-month NYMEX Henry Hub price.
Increased Production Guidance
Antero Resources Corp (NYSE:AR) is raising its full year 2023 production guidance to 3.39 to 3.41 Bcfe/d, an increase at the midpoint of approximately 25 MMcfe/d. The higher than expected volumes are driven by strong well performance and capital efficiency gains.
Financial Tables Summary
The company's accrued drilling and completion capital expenditures for the three months ended September 30, 2023, were $231 million. Through the first nine months of 2023, the company has completed approximately 80% of its 2023 expected completion stages. In addition to capital invested in drilling and completion activities, the company invested $27 million in land during the third quarter.
Company's Performance Analysis
Antero Resources Corp (NYSE:AR) has shown strong performance in Q3 2023, with increased production volumes and capital efficiency gains. The company's operational excellence and well performance have led to these positive results, leading to an increase in the full year production guidance for the second consecutive quarter.
Additional Details
Antero Resources Corp (NYSE:AR) did not enter into any new natural gas, NGL, or oil hedges during the third quarter of 2023. The company is scheduled to discuss the financial and operational results in a conference call on Thursday, October 26, 2023.
Explore the complete 8-K earnings release (here) from Antero Resources Corp for further details.
This article first appeared on GuruFocus.
