Antero Resource (AR)
Posted: Wed Feb 24, 2016 10:10 pm
It helps to have 100% of your production hedged at very good prices. Antero reported another "kick ass" quarter, beating my forecast.
Highlights for the Fourth Quarter of 2015:
•Net daily production averaged 1,497 MMcfe/d, an 18% increase over the prior year quarter and a 1% decrease sequentially
•Includes net daily liquids production of 54,757 Bbl/d, an 80% increase over the prior year quarter and a 5% increase sequentially
•Realized natural gas price before hedging averaged $2.13 per Mcf, a $0.14 per Mcf negative differential to Nymex, with 83% of production pricing at favorable indices
•Realized natural gas price after hedging averaged $4.40 per Mcf, a $2.13 per Mcf positive differential to Nymex
•Realized natural gas equivalent price including NGLs, oil and hedges averaged $4.28 per Mcfe, a 9% decrease from the prior year quarter
•Liquids production contributed 22% of gas-equivalent volumes and 28% of total product revenues, as compared to 14% and 22%, respectively, in the prior year quarter
•Cash production expense of $1.46 per Mcfe, a 5% reduction from the prior year quarter
•Adjusted net income of $54 million or $0.20 per share, a 30% decrease from the prior year quarter < My forecast was EPS of $0.13
•Adjusted EBITDAX of $308 million, a 7% decrease over the prior year quarter and a 6% increase sequentially
•Announced $1.4 billion capital budget for 2016 with $3.5 billion of consolidated liquidity at year-end 2015
I will update my forecast model tomorrow.
Highlights for the Fourth Quarter of 2015:
•Net daily production averaged 1,497 MMcfe/d, an 18% increase over the prior year quarter and a 1% decrease sequentially
•Includes net daily liquids production of 54,757 Bbl/d, an 80% increase over the prior year quarter and a 5% increase sequentially
•Realized natural gas price before hedging averaged $2.13 per Mcf, a $0.14 per Mcf negative differential to Nymex, with 83% of production pricing at favorable indices
•Realized natural gas price after hedging averaged $4.40 per Mcf, a $2.13 per Mcf positive differential to Nymex
•Realized natural gas equivalent price including NGLs, oil and hedges averaged $4.28 per Mcfe, a 9% decrease from the prior year quarter
•Liquids production contributed 22% of gas-equivalent volumes and 28% of total product revenues, as compared to 14% and 22%, respectively, in the prior year quarter
•Cash production expense of $1.46 per Mcfe, a 5% reduction from the prior year quarter
•Adjusted net income of $54 million or $0.20 per share, a 30% decrease from the prior year quarter < My forecast was EPS of $0.13
•Adjusted EBITDAX of $308 million, a 7% decrease over the prior year quarter and a 6% increase sequentially
•Announced $1.4 billion capital budget for 2016 with $3.5 billion of consolidated liquidity at year-end 2015
I will update my forecast model tomorrow.