NEW YORK (AP) -- Natural gas and oil company Antero Resources Corp. filed for an initial public offering worth up to $1 billion.
The Denver company did not say how many shares it might sell or when it would go public. It plans to list its shares on the New York Stock Exchange under the symbol "AR." Antero said its properties are located in the Appalachian Basin in West Virginia, Ohio, and Pennsylvania. It said it produced the equivalent of 461,000 cubic feet of natural gas and oil per day during May.
Antero took a loss of $285.1 million in 2012 after selling some of its assets. Including a $291 million gain on that sale, its revenue rose 6 percent to $735.7 million.
After the IPO Antero plans to transfer its midstream assets to Antero Resources Midstream Management, a related company. It plans to use its proceeds to repay debt and fund some of its capital spending.
Antero said it is primarily owned by members of its senior management, including Chairman and CEO Paul Rady and President and Chief Financial Officer Glen Warren Jr., and by private equity firms Warburg Pincus, Yorktown Partners, and Trilantic Capital Partners.
The underwriters of the IPO are Barclays Capital, Citigroup Global Markets, JPMorgan Securities, Wells Fargo Securities, Jefferies & Co., and Credit Suisse Securities.