Antero Resources(AR)2025-02-12 22:19Production and Reserves - Antero Resources reported net production averaging 3.4 Bcfe/d in Q4 2024, with natural gas production at 2.1 Bcf/d (7% decrease) and liquids production at 217 MBbl/d (14% increase) compared to the previous year[5]. - Estimated proved reserves at year-end 2024 were 17.9 Tcfe, with 77% classified as proved developed reserves, totaling 13.7 Tcfe[18][19]. - Antero placed 5 horizontal Marcellus wells to sales in Q4 2024, with an average rate per well of 34 MMcfe/d, including 1,650 Bbl/d of liquids per well[23]. - The company added approximately 4,200 net acres in Q4 2024, representing 15 incremental drilling locations at an average cost of 0.44 per Mcfe, requiring an estimated 159 million in Q4 2024, with net income of 181 million[15]. - Adjusted Net Income for Q4 2024 was 81,839 in Q4 2023[26]. - Adjusted EBITDAX for Q4 2024 was 322,446 in Q4 2023, reflecting a slight increase of 3%[38]. - Free Cash Flow for the year ended December 31, 2024, was 994,721 in 2023[38]. - Net income attributable to Antero Resources Corporation for the year ended December 31, 2024, was 198,404,000 in 2023, a decrease of 71.2%[49]. - Operating income for the year ended December 31, 2024, was 396,247,000 in 2023[49]. - The company reported a net income per common share—diluted of 0.26 for the same period in 2023[49]. - The company reported a net income attributable to noncontrolling interests of 21,169 in Q4 2023[26]. - Net income for the year ended December 31, 2023, was 1,998,837 in 2022[52]. Revenue and Sales - Total revenue for the year ended December 31, 2024, was 4,325,596,000 in 2023[49]. - Natural gas sales decreased to 2,192,349,000 in 2023, representing a decline of 17.0%[49]. - Natural gas liquids sales increased to 1,836,950,000 in 2023, reflecting a growth of 12.5%[49]. - Total operating expenses for the three months ended December 31, 2023, were 1,110,972 in 2024[54]. Costs and Expenditures - Antero's capital expenditures for drilling and completion in Q4 2024 were 22 million invested in land[17]. - Drilling and completion costs on a cash basis for Q4 2024 were 204,494 in Q4 2023[39]. - The company anticipates future capital spending plans to improve capital efficiency and reduce costs[42]. Debt and Equity - Net Debt decreased from 1,489,230 in 2024, indicating improved financial position[28]. - The total long-term debt as of December 31, 2024, was 1,537,596 in 2023[28]. - Total liabilities decreased to 6,383,025,000 in 2023, a reduction of 9.2%[47]. - Stockholders' equity increased to 7,134,214,000 in 2023, an increase of 1.2%[47]. Market Conditions and Pricing - The company anticipates a realized natural gas price premium of 0.20 per Mcf to NYMEX and a C3+ NGL price premium of 2.50 per barrel to Mont Belvieu in 2025[9]. - The average realized natural gas price before hedges in Q4 2024 was 0.02 discount to the benchmark index price[13]. - Average realized price for natural gas (per Mcf) for the three months ended December 31, 2023, was 2.76 in 2024[55]. Impairments and Adjustments - The company experienced a significant increase in impairment of property and equipment, rising to 6,556,000 in Q4 2023[49]. - The company reported a significant increase in impairment of property and equipment, rising 334% to $28,475 for the three months ended December 31, 2024[54]. Strategic Focus - The company is focused on expanding its operations in the Appalachian Basin, enhancing its position as a leading natural gas producer in the U.S.[41].