Quarterly report pursuant to Section 13 or 15(d)

Subsidiary Guarantors (Tables)

v3.19.2
Subsidiary Guarantors (Tables)
6 Months Ended
Jun. 30, 2019
Subsidiary Guarantors  
Schedule of condensed consolidated balance sheets

Condensed Consolidating Balance Sheet

December 31, 2018

(In thousands)

Parent
(Antero)

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

Assets

Current assets:

Accounts receivable, net

$

49,529

1,544

51,073

Intercompany receivables

383

115,378

(115,761)

Accrued revenue

474,827

474,827

Derivative instruments

245,263

245,263

Other current assets

13,937

21,513

35,450

Total current assets

783,939

138,435

(115,761)

806,613

Property and equipment:

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

Unproved properties

1,767,600

1,767,600

Proved properties

13,306,585

(600,913)

12,705,672

Water handling and treatment systems

1,004,793

9,025

1,013,818

Gathering systems and facilities

17,825

2,452,883

2,470,708

Other property and equipment

65,770

72

65,842

15,157,780

3,457,748

(591,888)

18,023,640

Less accumulated depletion, depreciation, and amortization

(3,654,392)

(499,333)

(4,153,725)

Property and equipment, net

11,503,388

2,958,415

(591,888)

13,869,915

Derivative instruments

362,169

362,169

Investment in Antero Midstream Partners

(740,031)

740,031

Contingent acquisition consideration

114,995

(114,995)

Investments in unconsolidated affiliates

433,642

433,642

Other assets

31,200

15,925

47,125

Total assets

$

12,055,660

3,546,417

(82,613)

15,519,464

Liabilities and Equity

Current liabilities:

Accounts payable

$

44,917

21,372

66,289

Intercompany payable

111,620

4,141

(115,761)

Accrued liabilities

392,949

72,121

465,070

Revenue distributions payable

310,827

310,827

Derivative instruments

532

532

Short-term lease liabilities

2,459

2,459

Other current liabilities

2,162

2,052

4,149

8,363

Total current liabilities

865,466

99,686

(111,612)

853,540

Long-term liabilities:

Long-term debt

3,829,541

1,632,147

5,461,688

Deferred income tax liability

650,788

650,788

Contingent acquisition consideration

114,995

(114,995)

Long-term lease liabilities

2,873

2,873

Other liabilities

55,017

8,081

63,098

Total liabilities

5,403,685

1,854,909

(226,607)

7,031,987

Equity:

Stockholders' equity:

Partners' capital

1,691,508

(1,691,508)

Common stock

3,086

3,086

Additional paid-in capital

5,471,341

1,013,833

6,485,174

Accumulated earnings

1,177,548

1,177,548

Total stockholders' equity

6,651,975

1,691,508

(677,675)

7,665,808

Noncontrolling interests in consolidated subsidiary

821,669

821,669

Total equity

6,651,975

1,691,508

143,994

8,487,477

Total liabilities and equity

$

12,055,660

3,546,417

(82,613)

15,519,464

Condensed Consolidating Balance Sheet

June 30, 2019

(In thousands)

Parent
(Antero)

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

Assets

Current assets:

Accounts receivable, net

$

49,994

200,337

(200,337)

49,994

Accrued revenue

308,761

308,761

Derivative instruments

346,894

346,894

Other current assets

7,400

7,400

Total current assets

713,049

200,337

(200,337)

713,049

Property and equipment:

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

Unproved properties

1,585,355

1,585,355

Proved properties

13,357,733

13,357,733

Gathering systems and facilities

17,825

17,825

Other property and equipment

69,676

69,676

15,030,589

15,030,589

Less accumulated depletion, depreciation, and amortization

(4,115,187)

(4,115,187)

Property and equipment, net

10,915,402

10,915,402

Operating leases right-of-use assets

3,330,795

3,330,795

Derivative instruments

369,548

369,548

Investments in unconsolidated affiliates

625,423

1,341,780

1,967,203

Investments in consolidated affiliates

1,341,780

(1,341,780)

Other assets

34,883

34,883

Total assets

$

17,330,880

1,542,117

(1,542,117)

17,330,880

Liabilities and Equity

Current liabilities:

Accounts payable

$

44,758

44,758

Accounts payable, related parties

298,907

(200,337)

98,570

Accrued liabilities

358,680

358,680

Revenue distributions payable

301,032

301,032

Derivative instruments

274

274

Short-term lease liabilities

413,691

413,691

Other current liabilities

4,102

4,102

Total current liabilities

1,421,444

(200,337)

1,221,107

Long-term liabilities:

Long-term debt

3,602,379

3,602,379

Deferred income tax liability

1,188,975

1,188,975

Long-term lease liabilities

2,920,754

2,920,754

Other liabilities

57,965

57,965

Total liabilities

9,191,517

(200,337)

8,991,180

Equity:

Stockholders' equity:

Partners' capital

Common stock

3,091

3,091

Additional paid-in capital

6,138,130

1,341,780

(1,341,780)

6,138,130

Accumulated earnings

1,998,142

200,337

2,198,479

Total equity

8,139,363

1,542,117

(1,341,780)

8,339,700

Total liabilities and equity

$

17,330,880

1,542,117

(1,542,117)

17,330,880

Schedule of condensed consolidated statement of operations and comprehensive income (loss)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Three Months Ended June 30, 2018

(In thousands)

Parent
(Antero)

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

Revenue and other:

Natural gas sales

$

473,540

473,540

Natural gas liquids sales

 

255,985

 

 

 

 

255,985

Oil sales

38,873

38,873

Commodity derivative fair value gains

55,336

55,336

Gathering, compression, water handling and treatment

250,392

(244,874)

5,518

Marketing

160,202

160,202

Marketing derivative fair value losses

(110)

(110)

Gain on sale of assets

583

(583)

Other income

5,179

(5,179)

Total revenue and other

989,005

250,975

(250,636)

989,344

Operating expenses:

Lease operating

32,312

62,218

(64,366)

30,164

Gathering, compression, processing, and transportation

409,708

12,400

(114,322)

307,786

Production and ad valorem taxes

24,886

1,005

25,891

Marketing

213,420

213,420

Exploration

1,471

1,471

Impairment of oil and gas properties

134,437

134,437

Impairment of gathering systems and facilities

4,470

4,614

(583)

8,501

Depletion, depreciation, and amortization

201,617

36,433

238,050

Accretion of asset retirement obligations

666

34

700

General and administrative

46,662

15,494

(469)

61,687

Accretion of contingent acquisition consideration

3,947

(3,947)

Total operating expenses

1,069,649

136,145

(183,687)

1,022,107

Operating income (loss)

(80,644)

114,830

(66,949)

(32,763)

Other income (expenses):

Equity in earnings of unconsolidated affiliates

9,264

9,264

Interest expense, net

(54,388)

(14,628)

(333)

(69,349)

Equity in earnings (loss) of consolidated subsidiaries

(26,926)

26,926

Total other expenses

(81,314)

(5,364)

26,593

(60,085)

Income (loss) before income taxes

(161,958)

109,466

(40,356)

(92,848)

Provision for income tax benefit

25,573

25,573

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

(136,385)

109,466

(40,356)

(67,275)

Net income and comprehensive income attributable to noncontrolling interests

69,110

69,110

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

$

(136,385)

109,466

(109,466)

(136,385)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Three Months Ended June 30, 2019

(In thousands)

Parent
(Antero)

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

Revenue and other:

Natural gas sales

$

553,372

553,372

Natural gas liquids sales

 

303,963

 

 

 

 

303,963

Oil sales

49,062

49,062

Commodity derivative fair value gains

328,427

328,427

Marketing

63,080

63,080

Other income

1,760

1,760

Total revenue and other

1,299,664

1,299,664

Operating expenses:

Lease operating

40,857

40,857

Gathering, compression, processing, and transportation

566,834

566,834

Production and ad valorem taxes

30,968

30,968

Marketing

137,539

137,539

Exploration

314

314

Impairment of oil and gas properties

130,999

130,999

Depletion, depreciation, and amortization

242,302

242,302

Loss on sale of assets

951

951

Accretion of asset retirement obligations

918

918

General and administrative

42,382

42,382

Contract termination and rig stacking

5,604

5,604

Total operating expenses

1,199,668

1,199,668

Operating income

99,996

99,996

Other income (expenses):

Equity in earnings of unconsolidated affiliates

13,585

13,585

Interest expense, net

(54,164)

(54,164)

Total other expenses

(40,579)

(40,579)

Income (loss) before income taxes

59,417

59,417

Provision for income tax expense

(17,249)

(17,249)

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

42,168

42,168

Net income (loss) and comprehensive income (loss) attributable to noncontrolling interests

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

$

42,168

42,168

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Six Months Ended June 30, 2018

(In thousands)

Parent
(Antero)

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

Revenue and other:

Natural gas sales

$

971,203

971,203

Natural gas liquids sales

 

490,155

 

 

 

 

490,155

Oil sales

69,146

69,146

Commodity derivative fair value gains

77,773

77,773

Gathering, compression, water handling and treatment

479,983

(469,530)

10,453

Marketing

304,591

304,591

Marketing derivative fair value gains

94,124

94,124

Gain on sale of assets

583

(583)

Other income

11,054

(11,054)

Total revenue and other

2,018,046

480,566

(481,167)

2,017,445

Operating expenses:

Lease operating

63,574

117,090

(123,778)

56,886

Gathering, compression, processing, and transportation

794,053

23,768

(218,097)

599,724

Production and ad valorem taxes

49,693

2,021

51,714

Marketing

409,159

409,159

Exploration

3,356

3,356

Impairment of oil and gas properties

184,973

184,973

Impairment of gathering systems and facilities

4,470

4,614

(583)

8,501

Depletion, depreciation, and amortization

397,429

68,865

466,294

Accretion of asset retirement obligations

1,322

68

1,390

General and administrative

93,082

29,949

(1,314)

121,717

Accretion of contingent acquisition consideration

7,821

(7,821)

Total operating expenses

2,001,111

254,196

(351,593)

1,903,714

Operating income

16,935

226,370

(129,574)

113,731

Other income (expenses):

Equity in earnings of unconsolidated affiliates

17,126

17,126

Interest expense, net

(107,886)

(25,925)

36

(133,775)

Equity in earnings (loss) of consolidated subsidiaries

(47,054)

47,054

Total other expenses

(154,940)

(8,799)

47,090

(116,649)

Income (loss) before income taxes

(138,005)

217,571

(82,484)

(2,918)

Provision for income tax benefit

16,453

16,453

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

(121,552)

217,571

(82,484)

13,535

Net income and comprehensive income attributable to noncontrolling interests

135,087

135,087

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

$

(121,552)

217,571

(217,571)

(121,552)

Condensed Consolidating Statement of Operations and Comprehensive Income

Six Months Ended June 30, 2019

(In thousands)

Parent
(Antero)

Guarantor
Subsidiaries

Non-Guarantor
Subsidiaries

Eliminations

Consolidated

Revenue and other:

Natural gas sales

$

1,210,638

1,210,638

Natural gas liquids sales

 

617,648

 

 

 

 

617,648

Oil sales

97,114

97,114

Commodity derivative fair value gains

251,059

251,059

Gathering, compression, water handling and treatment

218,360

(213,881)

4,479

Marketing

154,266

154,266

Other income

3,518

(1,651)

1,867

Total revenue and other

2,334,243

218,360

(215,532)

2,337,071

Operating expenses:

Lease operating

83,826

64,818

(66,055)

82,589

Gathering, compression, processing, and transportation

1,101,849

(110,486)

991,363

Production and ad valorem taxes

65,706

940

66,646

Marketing

300,623

300,623

Exploration

440

440

Impairment of oil and gas properties

212,243

212,243

Impairment of gathering systems and facilities

6,982

6,982

Depletion, depreciation, and amortization

460,796

21,707

482,503

Loss on sale of assets

951

951

Accretion of asset retirement obligations

1,831

63

1,894

General and administrative

92,290

18,793

(499)

110,584

Contract termination and rig stacking

13,964

13,964

Accretion of contingent acquisition consideration

1,928

(1,928)

Total operating expenses

2,334,519

114,291

(178,028)

2,270,782

Operating income (loss)

(276)

104,069

(37,504)

66,289

Other income (expenses):

Equity in earnings of unconsolidated affiliates

4,999

10,403

12,264

27,666

Interest expense, net

(109,299)

(16,815)

(126,114)

Equity in earnings of affiliates

15,021

(15,021)

Gain on deconsolidation of Antero Midstream Partners LP

1,205,705

200,337