| Quarterly Financial Information (Unaudited) |
(20) Quarterly Financial Information (Unaudited)
The Company’s quarterly consolidated financial information for the years ended December 31, 2018 and 2019 is summarized in the tables below (in thousands, except per share amounts). The Company’s quarterly operating results are affected by the volatility of commodity prices and the resulting effect on our production revenues and the fair value of commodity derivatives.
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First |
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Second |
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Third |
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Fourth |
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quarter |
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quarter |
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quarter |
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quarter |
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Year Ended December 31, 2018: |
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Total operating revenues |
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$ |
1,028,101 |
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989,344 |
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1,076,532 |
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1,045,649 |
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Total operating expenses |
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881,607 |
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1,022,107 |
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1,071,728 |
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1,092,279 |
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Operating income (loss) |
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146,494 |
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(32,763) |
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4,804 |
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(46,630) |
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Net income (loss) and comprehensive income (loss) including noncontrolling interest |
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80,810 |
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(67,275) |
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(77,972) |
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18,736 |
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Net income attributable to noncontrolling interest |
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65,977 |
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69,110 |
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76,447 |
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140,282 |
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Net income (loss) attributable to Antero Resources Corporation |
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14,833 |
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(136,385) |
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(154,419) |
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(121,546) |
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Earnings (loss) per common share—basic |
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$ |
0.05 |
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(0.43) |
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(0.49) |
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(0.39) |
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Earnings (loss) per common share—assuming dilution |
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$ |
0.05 |
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(0.43) |
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(0.49) |
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(0.39) |
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First |
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Second |
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Third |
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Fourth |
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quarter |
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quarter |
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quarter |
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quarter |
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Year Ended December 31, 2019: |
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Total operating revenues |
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$ |
1,037,407 |
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1,299,664 |
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1,118,881 |
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952,738 |
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Total operating expenses |
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1,071,114 |
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1,199,668 |
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2,104,759 |
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1,020,194 |
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Operating income (loss) |
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(33,707) |
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99,996 |
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(985,878) |
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(67,456) |
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Gain on deconsolidation of Antero Midstream Partners LP |
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1,406,042 |
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— |
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— |
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— |
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Net income (loss) and comprehensive income (loss) including noncontrolling interest |
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1,025,756 |
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42,168 |
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(878,864) |
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(482,196) |
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Net income attributable to noncontrolling interest |
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46,993 |
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— |
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— |
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— |
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Net income (loss) attributable to Antero Resources Corporation |
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978,763 |
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42,168 |
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(878,864) |
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(482,196) |
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Earnings (loss) per common share |
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$ |
3.17 |
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0.14 |
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(2.86) |
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(1.61) |
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Earnings (loss) per common share—diluted |
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$ |
3.17 |
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0.14 |
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(2.86) |
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(1.61) |
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Operating income is calculated as operating revenues minus operating expenses. During the third and fourth quarters of 2019, operating expenses were impacted by impairments for proved properties, unproved properties and equity investments that were material to the quarters as presented. See Note 2 to the consolidated financial statement for more information
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