Antero Resources (AR) Q2 Results - July 26

[dan_s]

DENVER, July 26, 2023 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources," "Antero," or the "Company") today announced its second quarter 2023 financial and operating results. The relevant consolidated financial statements are included in Antero Resources' Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.

Second Quarter 2023 Highlights:

Net production averaged 3.4 Bcfe/d < 3,399,802 Mcfepd compared to my forecast of 3,252,000 Mcfpd. Good news but realized prices were lower than my forecast.

Realized a pre-hedge natural gas equivalent price of $2.89 per Mcfe, a $0.79 per Mcfe premium to NYMEX pricing

Net loss was $83 million, Adjusted Net Loss was $84 million (Non-GAAP) < Adjusted net loss compares to my forecast of a $28.3 million loss.

Adjusted EBITDAX was $113 million (Non-GAAP); net cash provided by operating activities was $155 million < Better than my forecast of $133.5 million operating cash flow.

Averaged over 11 completion stages per day per completion crew during the second quarter, a 3% increase sequentially and an increase of 40% compared to the 2022 average

Net Debt to trailing last twelve month Adjusted EBITDAX was 0.8x (Non-GAAP)

2023 Guidance Updates:

Increasing full year 2023 production guidance by 100 MMcfe/d, or 3%, to a range of 3.35 to 3.4 Bcfe/d

Decreasing cash production costs by $0.05 per Mcfe to a range of $2.35 to $2.45 per Mcfe

Decreasing realized natural gas price premium to NYMEX Henry Hub by $0.05 per Mcf to $0.00 to $0.10 per Mcf
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My Boss (Susan) has me scheduled for GrandPa duty all day on Thursday, so it may be a few days before I can get to this one.