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Antero Resources Corporation (NYSE: AR) is a leading independent exploration and production (E&P) company headquartered in Denver, Colorado. Engaged primarily in the acquisition, development, and production of natural gas, natural gas liquids (NGLs), and oil properties, Antero operates in the prolific Appalachian Basin, focusing on the Marcellus and Utica shales in West Virginia and Ohio.
At the close of 2023, Antero reported proven reserves of 18.1 trillion cubic feet equivalent (Tcfe) of natural gas, with an impressive production average of 3,483 million cubic feet equivalent per day (Mcfe/d), comprising 35% liquids and 65% natural gas. The company's strategic emphasis on liquids-rich drilling opportunities has been a key driver of its robust financial and operational performance.
In recent news, Antero's second and third quarter 2023 results exhibited substantial operational efficiencies. During these quarters, the company set various drilling and completion records, enhancing its capital efficiency and allowing for increased production guidance while maintaining the same capital budget. This operational excellence highlights Antero's capability to leverage technological advancements in drilling and completion, resulting in substantial cost savings and improved well performance.
Financially, Antero continues to demonstrate strong capital management. The company has successfully reduced its capital requirements for 2024 by 10% compared to 2023, thanks to improved capital efficiencies. Additionally, Antero has committed to returning 50% of its free cash flow to shareholders, underscoring its dedication to maximizing shareholder value.
Antero's strategic positioning also benefits from favorable macroeconomic trends, including increasing LNG exports and higher demand for natural gas-fired power generation. With 75% of its natural gas sold at premium delivery points in the LNG corridor, Antero is well-positioned to capitalize on rising NYMEX prices.
Recognized for its strong balance sheet, Antero received an investment-grade credit rating of BBB- from S&P in May 2024, further solidifying its financial standing. This upgrade supports a reduction in letters of credit and interest expenses, enhancing the company's financial flexibility.
Antero Resources remains committed to sustainable practices, including efforts to achieve Net Zero Scope 1 and Scope 2 GHG emissions. The company also engages in strategic partnerships and maintains an active organic leasing program, continually expanding its core inventory and drilling locations.
For the latest updates, financial reports, and operational results, visit the official Antero Resources website.
Antero Resources Corporation (NYSE: AR) reported robust fourth quarter 2021 results, with net income of $901 million, and adjusted net income of $157 million. The company's average net production was 3.2 Bcfe/d, while free cash flow reached $237 million. Antero reduced total debt to $2.1 billion and is targeting a capital return to shareholders of 25-50% of free cash flow, starting with a $1 billion buyback program. Estimated proved reserves increased to 17.7 Tcfe, with 72% classified as proved developed. The capital budget for 2022 is set between $740 million and $775 million.
Antero Resources (NYSE: AR) will release its fourth quarter 2021 earnings on February 16, 2022, after the NYSE trading close. A conference call to discuss the results is set for February 17, 2022, at 9:00 am MT. Analysts can dial 877-407-9079 (U.S.) or 201-493-6746 (International) to join. The call will include a Q&A session, and a replay will be available until February 24, 2022. Antero, based in the Appalachian Basin, is a key player in natural gas production alongside its affiliate, Antero Midstream (NYSE: AM).
Antero Resources Corporation (NYSE: AR) reported its Q3 2021 results, with net production averaging 3.25 Bcfe/d and a realized natural gas price of $4.31 per Mcf, a 123% rise year-over-year. While the company posted a net loss of $549 million due to unrealized derivative losses, it achieved adjusted net income of $61 million. Free Cash Flow was $91 million, supporting a net debt reduction to $2.3 billion. Credit ratings were upgraded by Moody's and S&P, reflecting improved financial stability. Antero anticipates significant Free Cash Flow in 2021, targeting over $900 million, with reduced hedging exposure starting January 2022.
Antero Resources (NYSE: AR) will release its third quarter 2021 earnings on October 27, 2021, post-market. A conference call is scheduled for October 28, 2021, at 9:00 am MT, where financial and operational results will be discussed. Analysts will have a Q&A session following the presentation. Dial-in numbers are 877-407-9079 (U.S.) and 201-493-6746 (International). A replay will be available until November 4, 2021. The Company primarily operates in the Appalachian Basin, focusing on natural gas and liquids.
Antero Resources Corporation (NYSE: AR) reported its Q2 2021 results with a net loss of $523 million, influenced by a $757 million unrealized hedging loss. However, the adjusted net income stood at $42 million, showcasing a 71% increase in adjusted EBITDAX to $319 million. Free cash flow for the quarter was $105 million, contributing to a net debt reduction to $2.4 billion. The company raised its full-year natural gas realization guidance and reduced net marketing expenses by 22%. Despite production outages impacting volumes, Antero aims for over $750 million in free cash flow for 2021.
Antero Resources (NYSE: AR) has announced that it will release its second quarter 2021 earnings on July 28, 2021, after the market closes. A conference call to discuss the financial results is scheduled for July 29, 2021, at 9:00 am MT. Participants can join by calling 877-407-9079 in the U.S. or 201-493-6746 internationally. The call will include a Q&A session for analysts and will be available for replay until August 5, 2021. Antero is an independent natural gas and liquids company operating in the Appalachian Basin.
Antero Resources Corporation (NYSE: AR) has priced a private placement of $600 million in 5.375% senior unsecured notes due 2030, set to close on June 1, 2021. The company anticipates net proceeds of approximately $593 million, which will be utilized for the redemption of its existing 2023 senior notes and to repay borrowings under its credit facility. The notes will only be offered to qualified institutional buyers, as they are not registered under the Securities Act. This offering aims to manage debt effectively amidst market uncertainties.
Antero Resources Corporation (NYSE: AR) announced its intention to offer $500 million in senior unsecured notes due 2030, subject to market conditions. The proceeds will fund the redemption of its 5.625% senior notes due 2023 on June 1, 2021. The offering is not contingent on this redemption and is restricted to qualified institutional buyers under Rule 144A. The notes will not be registered under the Securities Act, limiting their sale in the U.S. This offering aims to streamline the company’s debt structure in the competitive natural gas sector.
Antero Resources Corporation (NYSE: AR) announced the appointment of Brenda R. Schroer to its Board of Directors, effective April 30, 2021. With this addition, the Board now consists of eight directors, seven of whom are independent. Schroer's background includes significant roles in the oil and gas industry, notably as CFO at Concho Resources, and she currently serves as Interim CFO for Solaris Midstream Holdings. Her experience in finance and ESG reporting is expected to enhance Antero's governance.
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