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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 reported strong first quarter results for 2021, highlighting a net production of 3,322 MMcfe/d and a realized natural gas equivalent price of $4.03 per Mcfe, exceeding NYMEX pricing by $1.34. Despite a net loss of $15 million, the company's adjusted net income hit $183 million, with free cash flow reaching $416 million. Antero successfully reduced net debt by $433 million, lowering the debt-to-EBITDAX ratio to 2.0x. The firm transportation portfolio and increased C3+ NGL prices, which rose 91% year-over-year, contributed significantly to the results, with forecasts predicting over $600 million in free cash flow for 2021.
Antero Resources (NYSE: AR) has announced plans to release its first quarter 2021 earnings on April 28, 2021, after the market closes. A conference call to discuss the results is scheduled for April 29, 2021, at 9:00 am MT. Investors can participate by dialing 877-407-9079 (U.S.) or 201-493-6746 (International). The call will include a Q&A session for analysts and will be available for replay until May 6, 2021. Antero Resources operates in the Appalachian Basin, focusing on natural gas and liquids.
Antero Resources (NYSE: AR) and Antero Midstream (NYSE: AM) announced leadership changes as Glen C. Warren, Jr. retires on April 30, 2021. Paul M. Rady, currently Chairman and CEO, will also assume the role of President for both companies. Michael N. Kennedy, existing Senior VP of Finance, will become CFO of Antero Resources and join the Antero Midstream Board of Directors. Brendan E. Krueger, VP of Finance, will serve as CFO of Antero Midstream while maintaining his other roles. Management emphasized their commitment to cost reduction, debt management, and shareholder returns.
Antero Resources Corporation (NYSE: AR) and Antero Midstream Corporation (NYSE: AM) announced new management roles following the retirement of Glen C. Warren, Jr. as President and CFO. Paul M. Rady will assume the role of President for both companies. Michael N. Kennedy, previously SVP of Finance, will become CFO of Antero Resources and join the Antero Midstream Board. Brendan E. Krueger will serve as CFO of Antero Midstream while maintaining his role as Treasurer. These appointments aim to enhance strategic direction and corporate performance in the Appalachian Basin.
Antero Resources Corporation (NYSE: AR) and Antero Midstream Corporation (NYSE: AM) announced the retirement of Glen Warren as President and CFO of Antero Resources and President of Antero Midstream, effective April 30, 2021. Mr. Warren will also step down from the boards of both companies. He has played a pivotal role in the growth of Antero Resources into a major player in the U.S. natural gas industry. Under his leadership, the company achieved significant free cash flow and aims to reduce leverage below 2.0x in 2021. Antero Midstream boasts a strong balance sheet in the industry.
Antero Resources Corporation (NYSE: AR) and Antero Midstream Corporation (NYSE: AM) announced the retirement of Glen Warren as President and CFO of Antero Resources and President of Antero Midstream, effective April 30, 2021. Warren leaves behind a legacy of significant contributions, having helped grow Antero into a major player in the energy sector. Under his leadership, the companies achieved financial stability, with Antero Resources targeting leverage below 2.0x in 2021. His departure marks a pivotal change, but both companies are positioned for future success.
Antero Resources Corporation (NYSE: AR) announced its fourth quarter and full year 2020 results, revealing a net income of $70 million and adjusted EBITDAX of $299 million. The company achieved an average net production of 3,650 MMcfe/d, with a realized natural gas equivalent price of $3.12 per Mcfe, exceeding NYMEX prices. Antero plans a 2021 capital budget of $590 million, down 21% from 2020, alongside a new $500-$550 million drilling partnership to enhance production and free cash flow. The company is targeting over $500 million in free cash flow in 2021, reducing leverage to below 2 times debt/EBITDA.
Antero Resources (NYSE: AR) will release its fourth quarter 2020 earnings on February 17, 2021, post-market. A conference call to discuss the results is scheduled for February 18, 2021, at 9:00 am MT. Participants can join by calling 877-407-9079 (U.S.) or 201-493-6746 (International). The earnings call will be followed by a Q&A session. The call will be accessible via webcast, which will be archived until February 25, 2021.
Antero Resources Corporation (NYSE: AR) has priced a private placement of $700 million in 7.625% senior unsecured notes due 2029, set to close on January 26, 2021. The company anticipates net proceeds of approximately $692 million after deducting discounts and expenses. The funds will primarily be used to redeem $311 million of its 5.125% senior notes due 2022 and to reduce borrowings under its credit facility. The offering is not contingent upon the redemption of the 2022 Notes, and the Notes will not be registered under the Securities Act.
Antero Resources Corporation (NYSE: AR) announced plans to offer $500 million in senior unsecured notes due 2029, subject to market conditions. The proceeds will fund the redemption of $310.5 million of 5.125% senior notes due 2022 and to repay credit facility borrowings. The offering is not contingent on the completion of the redemption. The notes will be offered to qualified institutional buyers and have not been registered under the Securities Act. Antero Resources is engaged in the production of natural gas and liquids in the Appalachian Basin.
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