Antero Resources Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Supplemental Information on Oil and Gas Producing Activities (Unaudited) (Tables)

Supplemental Information on Oil and Gas Producing Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Supplemental Information on Oil and Gas Producing Activities (Unaudited)

Schedule of capitalized costs relating to oil and gas producing activities


	Year ended December 31,
(In thousands)	2018		2019
Proved properties	$	12,705,672		11,859,817
Unproved properties		1,767,600		1,368,854
		14,473,272		13,228,671
Accumulated depletion and depreciation		(3,615,680)		(3,284,330)
Net capitalized costs	$	10,857,592		9,944,341

Schedule of costs incurred in certain oil and gas activities


	Year ended December 31,
(In thousands)	2017		2018		2019
Acquisition costs:
Proved property	$	175,650		—		—
Unproved property		204,272		172,387		88,682
Development costs		897,287		1,164,800		1,104,336
Exploration costs		384,698		323,773		149,782
Total costs incurred	$	1,661,907		1,660,960		1,342,800

Schedule of results of operations (including discontinued operations) for oil and gas producing activities


	Year ended December 31,
(In thousands)	2017		2018		2019
Revenues	$	2,747,920		3,652,894		3,643,873
Operating expenses:
Production expenses		1,279,217		1,601,985		2,417,509
Exploration expenses		8,538		4,958		884
Depletion and depreciation		694,332		832,326		884,350
Impairment of oil and gas properties		159,598		549,437		1,300,444
Results of operations before income tax (expense) benefit		606,235		664,188		(959,314)
Income tax (expense) benefit		(228,096)		(156,350)		224,511
Results of operations	$	378,139		507,838		(734,803)

Schedule of proved developed and undeveloped reserves


			Oil and
	Natural gas	NGLs	condensate	Equivalents
	(Bcf)	(MMBbl)	(MMBbl)	(Bcfe)
Proved reserves:
December 31, 2016	9,414	957	38	15,386
Revisions	342	(22)	(6)	176
Extensions, discoveries and other additions	1,644	77	7	2,148
Production	(591)	(36)	(2)	(822)
Purchases of reserves	289	13	1	373
December 31, 2017	11,098	989	38	17,261
Revisions	(1,087)	8	(1)	(1,042)
Extensions, discoveries and other additions	2,125	98	12	2,781
Production	(711)	(43)	(3)	(989)
Purchases of reserves	—	—	—	—
December 31, 2018	11,425	1,052	46	18,011
Revisions	(1,735)	25	(11)	(1,648)
Extensions, discoveries and other additions	2,626	169	11	3,705
Production	(822)	(55)	(4)	(1,175)
Purchases of reserves	—	—	—	—
December 31, 2019	11,494	1,191	42	18,893


			Oil and
	Natural gas	NGLs	condensate	Equivalents
	(Bcf)	(MMBbl)	(MMBbl)	(Bcfe)
Proved developed reserves:
December 31, 2017	5,587	467	16	8,488
December 31, 2018	6,669	600	20	10,389
December 31, 2019	7,229	731	21	11,740
Proved undeveloped reserves:
December 31, 2017	5,511	522	22	8,773
December 31, 2018	4,756	452	26	7,622
December 31, 2019	4,265	460	21	7,153

Schedule of standardized measure of discounted future net cash flows attributable to proved reserves


	Year ended December 31,
(in millions)	2017		2018		2019
Future cash inflows	$	55,824		64,199		54,228
Future production costs		(26,375)		(30,007)		(36,524)
Future development costs		(3,312)		(3,453)		(2,772)
Future net cash flows before income tax		26,137		30,739		14,932
Future income tax expense		(4,104)		(5,505)		(1,639)
Future net cash flows		22,033		25,234		13,293
10% annual discount for estimated timing of cash flows		(13,406)		(14,756)		(7,824)
Standardized measure of discounted future net cash flows	$	8,627		10,478		5,469

Schedule of weighted average prices used to estimate the Company's total equivalent reserves


December 31, 2017	$	3.23
December 31, 2018	$	3.56
December 31, 2019	$	2.87

Schedule of changes in standardized measure of discounted future net cash flow


	Year ended December 31,
(in millions)	2017		2018		2019
Sales of oil and gas, net of productions costs	$	(1,469)		(2,051)		(1,116)
Net changes in prices and production costs ⁽¹⁾		3,918		707		(6,729)
Development costs incurred during the period		627		755		758
Net changes in future development costs ⁽²⁾		229		37		(92)
Extensions, discoveries and other additions		1,448		1,925		782
Acquisitions		258		—		—
Divestitures		—		—		—
Revisions of previous quantity estimates		734		(53)		(1,011)
Accretion of discount		368		1,018		1,259
Net change in income taxes		(1,159)		(563)		1,513
Changes in timing and other		386		76		(373)
Net increase (decrease)		5,340		1,851		(5,009)
Beginning of year		3,287		8,627		10,478
End of year	$	8,627		10,478		5,469

⁽¹⁾Includes $3.3 billion in increased production costs due to the deconsolidation of Antero Midstream Partners.

⁽²⁾ Includes $185 million in increased future development costs due to the deconsolidation of Antero Midstream Partners.

- Definition

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

- Definition

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details