Stock Monitor: GeoPark Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 20, 2018 / Active-Investors.com has just released a free earnings report on Antero Resources Corp. (NYSE: AR) ("Antero"). If you want access to this report 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 fourth quarter fiscal 2017 operating and financial results on February 13, 2018. The oil and natural gas producer's revenues soared 554%. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For Q4 2017, Antero's operating revenues were $1.02 billion compared to $156 million in Q4 2016. The Company's reported quarter results included a non-cash gain on unsettled hedges of $123 million and a loss on unsettled marketing derivatives of $21 million; while the prior year's comparable quarter results included a non-cash loss on unsettled hedges of $829 million and a gain on the sale of assets of $98 million. The Company's revenues, excluding the unrealized hedge gain and unrealized marketing derivative loss, were $920 million for the reported quarter, reflecting a 4% increase versus the prior year's same period. Antero's revenue numbers beat analysts' estimates of $857.6 million.
Antero reported a net income of $487 million, or $1.54 per diluted share, in Q4 2017 compared to a net loss of $486 million, or $1.55 loss per diluted share, in Q4 2016. The Company's adjusted net income was $74 million, or $0.23 per diluted share, and was ahead of Wall Street's estimates of $0.19 per share.
During Q4 2017, Antero's net daily production averaged a record 2,347 million cubic feet equivalent (MMcfe/d), including 107,433 barrel/day (Bbl/d) of liquids (27% liquids), representing an organic growth rate of 18% on a y-o-y basis. The Company's C3+ Natural Gas Liquids (NGLs); oil; and recovered ethane production averaged 69,801 Bbl/d; 6,207 Bbl/d; and 31,425 Bbl/d, respectively.
For Q4 2017, Antero's average realized natural gas price before hedging decreased 8% to $2.80 per thousand cubic feet (Mcf) on a y-o-y basis, reflecting a $0.13 per Mcf differential to the average NYMEX price. Including hedges, Antero's average realized natural gas price was $3.67 per Mcf in the reported quarter, a $0.74 premium to the NYMEX average price and consistent with the prior year's same period.
During Q4 2017, Antero's average realized C3+ NGL price before hedging was $39.16 per barrel, or 71% of the average NYMEX WTI oil price, representing a 55% increase versus the prior year's corresponding period. Including hedges, Antero's average realized C3+ NGL price was $29.92 per barrel in Q4 2017, a 17% increase versus Q4 2016.
Antero's per unit cash production expense (lease operating, gathering, compression, processing, transportation, and production, and ad valorem taxes) was $1.56 per thousand cubic feet equivalent (Mcfe), up 10% versus $1.42 per Mcfe in the prior year's comparable period. The per unit cash production expense for the reported quarter included $0.15 per Mcfe for lease operating costs; $1.30 per Mcfe for gathering, compression, processing, and transportation costs; and $0.11 per Mcfe for production and ad valorem taxes. The increase in lease operating expenses to $0.15 per Mcfe in Q4 2017 was due to an increase in produced water on new well pads, which was attributable to an increase in the amount of water used in the Company's advanced well completions throughout the year, and a one-time impact from well pad slip repairs.
For Q4 2017, Antero's per unit general and administrative (G&A) expense, excluding non-cash equity-based compensation expense, was $0.17 per Mcfe, reflecting a 19% drop on a y-o-y basis. The Company's per unit depreciation, depletion, and amortization expenses declined by 19% to $0.99 per Mcfe, primarily due to an increase in estimated recoverable reserves, improved well performance, and a decrease in per-unit development costs.
During Q4 2017, Antero completed, and placed on line, 28 horizontal Marcellus wells. The Company is operating 5 drilling rigs and 5 completion crews in the Marcellus Shale play. Antero drilled 27 horizontal Marcellus wells during the reported quarter, including 9 wells that had laterals greater than 12,000'. The Company is in the process of drilling a nine well pad with average lateral lengths of 13,200' which it expects to place to sales in Q1 2019.
Antero placed 10 horizontal Utica wells to sales at the end of Q4 2017. The 10 wells were flowing at a combined (facility) constrained rate of over 200 MMcf/d, with wellhead pressures in excess of 3,000 psi. These are the first wells completed by Antero in the Ohio Utica dry gas regime. Despite running only 1 rig since 2016, Antero recently achieved a record gross production in Utica of 632 MMcf/d, with only 22 wells completed during FY17.
During Q4 2017, Antero's adjusted operating cash flow was $368 million compared to $404 million in Q4 2016. The Company's stand-alone E&P adjusted operating cash flow was $312 million in the reported quarter compared to $361 million in the prior year's corresponding period.
As of December 31, 2017, Antero's Stand-Alone E&P net debt was $3.6 billion, of which $185 million were borrowings outstanding under the Company's revolving credit facility. The Company's total lender commitments under this facility were $2.5 billion. After deducting $705 million in letters of credit outstanding to support pipeline commitments, the Company had $1.6 billion in available Stand-Alone E&P liquidity.
Stock Performance Snapshot
March 19, 2018 - At Monday's closing bell, Antero Resources' stock declined 3.97%, ending the trading session at $19.59.
Volume traded for the day: 3.53 million shares.
Stock performance in the last month – up 5.78%; previous three-month period – up 9.32%; and year-to-date – up 3.11%
After yesterday's close, Antero Resources' market cap was at $6.15 billion.
Price to Earnings (P/E) ratio was at 5.95.
The stock is part of the Basic Materials sector, categorized under the Oil & Gas Drilling & Exploration industry.
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