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Table of Contents

ensura

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                   

Commission file number: 001-36120

Graphic

ANTERO RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

80-0162034

(State or other jurisdiction of
incorporation or organization)

(IRS Employer Identification No.)

1615 Wynkoop Street, Denver, Colorado

80202

(Address of principal executive offices)

(Zip Code)

(303357-7310

(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01

AR

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)  Yes   No

The registrant had 304,270,444 shares of common stock outstanding as of October 25, 2019.

Table of Contents

TABLE OF CONTENTS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    

2

PART I—FINANCIAL INFORMATION

4

Item 1.

    

Financial Statements (Unaudited)

4

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

48

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

70

Item 4.

Controls and Procedures

72

PART II—OTHER INFORMATION

73

Item 1.

Legal Proceedings

73

Item 1A.

Risk Factors

73

Item 2.

Unregistered Sales of Equity Securities

73

Item 6.

Exhibits

74

SIGNATURES

75

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

The information in this Quarterly Report on Form 10-Q includes “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this Quarterly Report on Form 10-Q, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward looking statements. Words such as “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. When considering these forward-looking statements, investors should keep in mind the risk factors and other cautionary statements in this Quarterly Report on Form 10-Q. These forward-looking statements are management’s belief, based on currently available information, as to the outcome and timing of future events.

Forward looking statements may include statements about:

business strategy;
reserves;
financial strategy, liquidity, and capital required for our development program;
natural gas, natural gas liquids (“NGLs”), and oil prices;
timing and amount of future production of natural gas, NGLs, and oil;
hedging strategy and results;
our ability to successfully complete our share repurchase program;
our ability to meet minimum volume commitments and to utilize or monetize our firm transportation commitments;
future drilling plans;
projected well costs and cost savings initiatives, including with respect to water handling and treatment services provided by Antero Midstream Corporation;
competition and government regulations;
pending legal or environmental matters;
marketing of natural gas, NGLs, and oil;
leasehold or business acquisitions;
costs of developing our properties;
operations of Antero Midstream Corporation;
general economic conditions;
credit markets;
expectations regarding the amount and timing of jury awards;
uncertainty regarding our future operating results; and
plans, objectives, expectations, and intentions.

2

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We caution investors that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, commodity price volatility, inflation, availability of drilling, completion, and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes, the uncertainty inherent in estimating natural gas, NGLs, and oil reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, and the other risks described under the heading “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Form 10-K”) on file with the Securities and Exchange Commission (“SEC”).

Reserve engineering is a process of estimating underground accumulations of natural gas, NGLs, and oil that cannot be measured in an exact manner. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data, and the price and cost assumptions made by reservoir engineers. In addition, the results of drilling, testing, and production activities, or changes in commodity prices, may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of natural gas, NGLs, and oil that are ultimately recovered.

Should one or more of the risks or uncertainties described in this Quarterly Report on Form 10-Q occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.

All forward-looking statements, expressed or implied, included in this Quarterly Report on Form 10-Q are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q.

3

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PART I—FINANCIAL INFORMATION

ANTERO RESOURCES CORPORATION

Condensed Consolidated Balance Sheets

December 31, 2018 and September 30, 2019

(In thousands, except per share amounts)

    

    

(Unaudited)

    

December 31, 2018

    

September 30, 2019

Assets

Current assets:

  

Accounts receivable

$

51,073

29,207

Accrued revenue

474,827

281,177

Derivative instruments

245,263

411,774

Other current assets

35,450

7,342

Total current assets

806,613

729,500

Property and equipment:

Oil and gas properties, at cost (successful efforts method):

Unproved properties

1,767,600

1,406,464

Proved properties

12,705,672

11,568,285

Water handling and treatment systems

1,013,818

Gathering systems and facilities

2,470,708

5,802

Other property and equipment

65,842

70,965

18,023,640

13,051,516

Less accumulated depletion, depreciation, and amortization

(4,153,725)

(3,136,767)

Property and equipment, net

13,869,915

9,914,749

Operating leases right-of-use assets

3,230,148

Derivative instruments

362,169

405,180

Investments in unconsolidated affiliates

433,642

1,819,323

Other assets

47,125

21,388

Total assets

$

15,519,464

16,120,288

Liabilities and Equity

Current liabilities:

  

Accounts payable

$

66,289

32,496

Accounts payable, related parties

100,437

Accrued liabilities

465,070

392,726

Revenue distributions payable

310,827

231,152

Derivative instruments

532

Short-term lease liabilities

2,459

409,990

Other current liabilities

8,363

4,367

Total current liabilities

853,540

1,171,168

Long-term liabilities:

Long-term debt

5,461,688

3,703,828

Deferred income tax liability

650,788

916,031

Long-term lease liabilities

2,873

2,823,197

Other liabilities

63,098

59,366

Total liabilities

7,031,987

8,673,590

Commitments and contingencies (Notes 13 and 14)

Equity:

Stockholders' equity:

Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued

Common stock, $0.01 par value; authorized - 1,000,000 shares; 308,594 shares and 304,161 shares issued and outstanding at December 31, 2018 and September 30, 2019, respectively

3,086

3,041

Additional paid-in capital

6,485,174

6,124,042

Accumulated earnings

1,177,548

1,319,615

Total stockholders' equity

7,665,808

7,446,698

Noncontrolling interests in consolidated subsidiary

821,669

Total equity

8,487,477

7,446,698

Total liabilities and equity

$

15,519,464

16,120,288

See accompanying notes to the unaudited condensed consolidated financial statements.

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ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Loss

Three Months Ended September 30, 2018 and 2019

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended September 30,

    

2018

    

2019

 

Revenue and other:

Natural gas sales

$

527,122

524,448

Natural gas liquids sales

338,269

284,958

Oil sales

59,722

40,561

Commodity derivative fair value gains

57,019

220,788

Gathering, compression, water handling and treatment

4,844

Marketing

89,598

46,645

Marketing derivative fair value losses

(42)

Other income

1,481

Total revenue

1,076,532

1,118,881

Operating expenses:

Lease operating

36,269

35,928

Gathering, compression, processing, and transportation

326,504

603,860

Production and ad valorem taxes

30,518

28,863

Marketing

151,764

108,216

Exploration

666

208

Impairment of oil and gas properties

221,094

1,041,469

Impairment of midstream assets

1,157

7,800

Depletion, depreciation, and amortization

243,186

241,503

Accretion of asset retirement obligations

710

927

General and administrative (including equity-based compensation expense of $16,202 and $3,875 in 2018 and 2019, respectively)

59,860

35,923

Contract termination and rig stacking

62

Total operating expenses

1,071,728

2,104,759

Operating income (loss)

4,804

(985,878)

Other income (expenses):

Equity in earnings (loss) of unconsolidated affiliates

10,705

(117,859)

Interest expense, net

(74,528)

(47,754)

Total other expenses

(63,823)

(165,613)

Loss before income taxes

(59,019)

(1,151,491)

Provision for income tax (expense) benefit

(18,953)

272,627

Net loss and comprehensive loss including noncontrolling interests

(77,972)

(878,864)

Net income and comprehensive income attributable to noncontrolling interests

76,447

Net loss and comprehensive loss attributable to Antero Resources Corporation

$

(154,419)

(878,864)

Loss per common share—basic and diluted

$

(0.49)

(2.86)

Weighted average number of shares outstanding:

Basic and diluted

317,082

307,781

See accompanying notes to the unaudited condensed consolidated financial statements.

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ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Nine Months Ended September 30, 2018 and 2019

(Unaudited)

(In thousands, except per share amounts)

Nine Months Ended September 30,

    

2018

    

2019

 

Revenue and other:

Natural gas sales

$

1,498,324

1,735,086

Natural gas liquids sales

828,424

902,606

Oil sales

128,869

137,675

Commodity derivative fair value gains

134,793

471,847

Gathering, compression, water handling and treatment

15,298

4,479

Marketing

394,189

200,911

Marketing derivative fair value gains

94,081

Other income

3,348

Total revenue and other

3,093,978

3,455,952

Operating expenses:

Lease operating

93,155

118,517

Gathering, compression, processing, and transportation

926,228

1,595,223

Production and ad valorem taxes

82,232

95,509

Marketing

560,924

408,839

Exploration

4,022

648

Impairment of oil and gas properties

406,068

1,253,712

Impairment of midstream assets

9,658

14,782

Depletion, depreciation, and amortization

709,480

724,006

Loss on sale of assets

951

Accretion of asset retirement obligations

2,101

2,821

General and administrative (including equity-based compensation expense of $56,429 and $19,327 in 2018 and 2019, respectively)

181,576

146,507

Contract termination and rig stacking

14,026

Total operating expenses

2,975,444

4,375,541

Operating income (loss)

118,534

(919,589)

Other income (expenses):

Equity in earnings (loss) of unconsolidated affiliates

27,832

(90,193)

Interest expense, net

(208,303)

(173,868)

Gain on deconsolidation of Antero Midstream Partners LP

1,406,042

Total other income (expenses)

(180,471)

1,141,981

Income (loss) before income taxes

(61,937)

222,392

Provision for income tax expense

(2,500)

(33,332)

Net income (loss) and comprehensive income (loss) including noncontrolling interests

(64,437)

189,060

Net income and comprehensive income attributable to noncontrolling interests

211,534

46,993

Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation

$

(275,971)

142,067

Earnings (loss) per common share—basic

$

(0.87)

0.46

Earnings (loss) per common share—assuming dilution

$

(0.87)

0.46

Weighted average number of shares outstanding:

Basic

316,850

308,509

Diluted

316,850

308,646

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ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Equity

Three and Nine Months Ended September 30, 2018

(Unaudited)

(In thousands)

Common Stock

Additional paid-

Accumulated

Noncontrolling

Total

    

Shares

    

Amount

    

in capital

    

earnings

    

interests

    

equity

Balances, December 31, 2017

316,379

$

3,164

6,570,952

1,575,065

726,955

8,876,136

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

145

1

(1,067)

(1,066)

Issuance of common units in Antero Midstream Partners LP upon vesting of equity-based compensation awards, net of units withheld for income taxes

(50)

32

(18)

Equity-based compensation

18,802

2,354

21,156

Net income and comprehensive income

14,833

65,977

80,810

Effects of changes in ownership interests in consolidated subsidiaries

(555)

555

Distributions to noncontrolling interests

(55,915)

(55,915)

Other

(5)

(5)

Balances, March 31, 2018

316,524

$

3,165

6,588,082

1,589,898

739,953

8,921,098

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

528

6

(5,589)

(5,583)

Issuance of common units in Antero Midstream Partners LP upon vesting of equity-based compensation awards, net of units withheld for income taxes

(4,007)

2,707

(1,300)

Equity-based compensation

16,930

2,141

19,071

Net income (loss) and comprehensive income (loss)

(136,385)

69,110

(67,275)

Effects of changes in ownership interests in consolidated subsidiaries

2,121

(2,121)

Distributions to noncontrolling interests

(63,108)

(63,108)

Other

8

8

Balances, June 30, 2018

317,052

$

3,171

6,597,537

1,453,513

748,690

8,802,911

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

34

(157)

(157)

Issuance of common units in Antero Midstream Partners LP upon vesting of equity-based compensation awards, net of units withheld for income taxes

(306)

226

(80)

Equity-based compensation

14,646

1,556

16,202

Net income (loss) and comprehensive income (loss)

(154,419)

76,447

(77,972)

Effects of changes in ownership interests in consolidated subsidiaries

(372)

372

Distributions to noncontrolling interests

(69,752)

(69,752)

Balances, September 30, 2018

317,086

$

3,171

6,611,348

1,299,094

757,539

8,671,152

See accompanying notes to the unaudited condensed consolidated financial statements.

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ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Equity

Three and Nine Months Ended September 30, 2019

(Unaudited)

(In thousands)

Common Stock

Additional paid-

Accumulated

Noncontrolling

Total

    

Shares

    

Amount

    

in capital

    

earnings

    

interests

    

equity

Balances, December 31, 2018

308,594

$

3,086

6,485,174

1,177,548

821,669

8,487,477

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

147

1

(451)

(450)

Issuance of common units in Antero Midstream Partners LP upon vesting of equity-based compensation awards, net of units withheld for income taxes

(85)

56

(29)

Equity-based compensation

7,801

1,102

8,903

Net income and comprehensive income

978,763

46,993

1,025,756

Distributions to noncontrolling interests

(85,076)

(85,076)

Effect of deconsolidation of Antero Midstream Partners LP

(359,039)

(784,744)

(1,143,783)

Balances, March 31, 2019

308,741

$

3,087

6,133,400

2,156,311

8,292,798

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

382

4

(1,819)

(1,815)

Equity-based compensation

6,549

6,549

Net income and comprehensive income

42,168

42,168

Balances, June 30, 2019

309,123

$

3,091

6,138,130

2,198,479

8,339,700

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

99

1

(86)

(85)

Repurchases and retirements of common stock

(5,061)

(51)

(17,877)

(17,928)

Equity-based compensation

3,875

3,875

Net loss and comprehensive loss

(878,864)

(878,864)

Balances, September 30, 2019

304,161

$

3,041

6,124,042

1,319,615

7,446,698

See accompanying notes to the unaudited condensed consolidated financial statements.

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ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2018 and 2019

(Unaudited)

(In thousands)

Nine Months Ended September 30,

    

2018

    

2019

 

Cash flows provided by (used in) operating activities:

  

Net income (loss) including noncontrolling interests

$

(64,437)

189,060

Adjustments to reconcile net income (loss) to net cash provided by operating activities: