Antero Resources Reports First Quarter Results
Monday, May 13, 2013
Denver, Colorado– Antero Resources, an independent oil and natural gas exploration and production company, released its first-quarter report today.
Highlights
• Net daily production averaged 383 MMcfe/d, up 114% over first quarter 2012 production from continuing operations
• Net daily production was up 21% sequentially from net daily production from continuing operations in the fourth
quarter of 2012
• Net daily liquids production was 2,392 Bbl/d, up 166% sequentially from net daily liquids production from continuing
operations in the fourth quarter of 2012
• Reported GAAP loss was $48 million and adjusted net income was $42 million
• EBITDAX was $119 million, up 76% over EBITDAX from continuing operations for the prior year quarter
• Current estimated net production is 480 MMcfe/d including 4,400 Bbl/d of NGLs and condensate
• 16 Antero operated drilling rigs currently running in Marcellus and Utica
• Natural gas hedge position increased by 4% to 977 Bcfe hedged through 2018 at $4.87/MMBtu NYMEX-equivalent
• Credit facility borrowing base increased by 43% to $1.75 billion in May 2013 redetermination
The Marcellus
The company is currently operating 14 drilling rigs in the Marcellus shale region. All of the 14 rigs are drilling in northern West Virginia. The company plans to add a 15th rig late in the second quarter of 2013.
The Utica
Antero currently has two drilling rights in the southern portion of Ohio’s Utica shale. In total, the company has completed six horizontal wells in the Utica and has drilled four additional wells.
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.
They are drilling on our wells in west virgina how long until royality payements?
Hi John,
It’s tough to tell. Royalty payments won’t begin until the wells are producing. Sometimes wells are drilled and then capped for a period, leaving the well dormant.
It would be better to ask that question to the person who represents the company leasing your land.