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Table of Contents

ensura

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                   

Commission file number: 001-36120

Graphic

ANTERO RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

80-0162034

(State or other jurisdiction of
incorporation or organization)

(IRS Employer Identification No.)

1615 Wynkoop Street, Denver, Colorado

80202

(Address of principal executive offices)

(Zip Code)

(303357-7310

(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01

AR

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)  Yes   No

The registrant had 268,671,945 shares of common stock outstanding as of October 23, 2020.

Table of Contents

TABLE OF CONTENTS

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    

2

PART I—FINANCIAL INFORMATION

4

Item 1.

    

Financial Statements (Unaudited)

4

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

44

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

69

Item 4.

Controls and Procedures

70

PART II—OTHER INFORMATION

71

Item 1.

Legal Proceedings

71

Item 1A.

Risk Factors

71

Item 2.

Unregistered Sales of Equity Securities

72

Item 6.

Exhibits

73

SIGNATURES

74

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Some of the information in this Quarterly Report on Form 10-Q may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact included in this Quarterly Report on Form 10-Q, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. Words such as “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. When considering these forward-looking statements, investors should keep in mind the risk factors and other cautionary statements in this Quarterly Report on Form 10-Q. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include:

our ability to execute our business strategy;
our production and oil and gas reserves;
our financial strategy, liquidity, and capital required for our development program;
our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, expansion projects, working capital requirements and the repayment or refinancing of indebtedness;
natural gas, natural gas liquids (“NGLs”), and oil prices;
impacts of world health events, including the coronavirus (“COVID-19”) pandemic;
timing and amount of future production of natural gas, NGLs, and oil;
our hedging strategy and results;
our ability to execute our debt repurchase program and/or our asset sale program;
our ability to meet minimum volume commitments and to utilize or monetize our firm transportation commitments;
our future drilling plans;
our projected well costs and cost savings initiatives, including with respect to water handling services provided by Antero Midstream Corporation;
competition and government regulations;
pending legal or environmental matters;
marketing of natural gas, NGLs, and oil;
leasehold or business acquisitions;
costs of developing our properties;
operations of Antero Midstream Corporation;
general economic conditions;
credit markets;
expectations regarding the amount and timing of jury awards;
uncertainty regarding our future operating results; and

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our other plans, objectives, expectations and intentions contained in this Quarterly Report on Form 10-Q.

We caution investors that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, commodity price volatility, inflation, availability of drilling, completion, and production equipment and services, environmental risks, drilling and completion and other operating risks, marketing and transportation risks, regulatory changes, the uncertainty inherent in estimating natural gas, NGLs, and oil reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, conflicts of interest among our stockholders, impacts of world health events, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity, and the other risks described or referenced under the heading “Risk Factors” herein, including the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”) and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, each of which is on file with the Securities and Exchange Commission (“SEC”).

Reserve engineering is a process of estimating underground accumulations of natural gas, NGLs, and oil that cannot be measured in an exact manner. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data, and the price and cost assumptions made by reservoir engineers. In addition, the results of drilling, testing, and production activities, or changes in commodity prices, may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of natural gas, NGLs, and oil that are ultimately recovered.

Should one or more of the risks or uncertainties described or referenced in this Quarterly Report on Form 10-Q occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.

All forward-looking statements, expressed or implied, included in this Quarterly Report on Form 10-Q are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q.

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PART I—FINANCIAL INFORMATION

ANTERO RESOURCES CORPORATION

Condensed Consolidated Balance Sheets

December 31, 2019 and September 30, 2020

(In thousands)

(Unaudited)

December 31,

September 30,

  

2019

  

2020

Assets

Current assets:

  

Accounts receivable

$

46,419

88,062

Accounts receivable, related parties

125,000

Accrued revenue

317,886

338,729

Derivative instruments

422,849

83,057

Other current assets

10,731

11,934

Total current assets

922,885

521,782

Property and equipment:

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

Unproved properties

1,368,854

1,265,255

Proved properties

11,859,817

12,149,941

Gathering systems and facilities

5,802

5,802

Other property and equipment

71,895

72,936

13,306,368

13,493,934

Less accumulated depletion, depreciation, and amortization

(3,327,629)

(3,659,376)

Property and equipment, net

9,978,739

9,834,558

Operating leases right-of-use assets

2,886,500

2,660,188

Derivative instruments

333,174

44,070

Investment in unconsolidated affiliate

1,055,177

272,926

Other assets

21,094

16,215

Total assets

$

15,197,569

13,349,739

Liabilities and Equity

Current liabilities:

  

Accounts payable

$

14,498

55,173

Accounts payable, related parties

97,883

81,519

Accrued liabilities

400,850

344,606

Revenue distributions payable

207,988

148,917

Derivative instruments

6,721

107,933

Short-term lease liabilities

305,320

251,568

Deferred revenue, VPP

43,192

Other current liabilities

6,879

2,467

Total current liabilities

1,040,139

1,035,375

Long-term liabilities:

Long-term debt

3,758,868

3,158,225

Deferred income tax liability

781,987

381,233

Derivative instruments

3,519

149,222

Long-term lease liabilities

2,583,678

2,410,114

Deferred revenue, VPP

167,466

Other liabilities

58,635

64,223

Total liabilities

8,226,826

7,365,858

Commitments and contingencies (Notes 14 and 15)

Equity:

Stockholders' equity:

Preferred stock, $0.01 par value; authorized - 50,000 shares; none issued

Common stock, $0.01 par value; authorized - 1,000,000 shares; 295,941 shares and 268,549 shares issued and outstanding at December 31, 2019 and September 30, 2020, respectively

2,959

2,685

Additional paid-in capital

6,130,365

6,165,750

Accumulated earnings (deficit)

837,419

(500,308)

Total stockholders' equity

6,970,743

5,668,127

Noncontrolling interests

315,754

Total equity

6,970,743

5,983,881

Total liabilities and equity

$

15,197,569

13,349,739

See accompanying notes to unaudited condensed consolidated financial statements.

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ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Loss

Three Months Ended September 30, 2019 and 2020

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended September 30,

  

2019

  

2020

 

Revenue and other:

Natural gas sales

$

524,448

436,304

Natural gas liquids sales

284,958

327,426

Oil sales

40,561

34,265

Commodity derivative fair value gains (losses)

220,788

(514,751)

Marketing

46,645

91,497

Amortization of deferred revenue, VPP

5,175

Other income

1,481

675

Total revenue

1,118,881

380,591

Operating expenses:

Lease operating

35,928

21,450

Gathering, compression, processing, and transportation

603,860

656,615

Production and ad valorem taxes

28,863

25,790

Marketing

108,216

128,580

Exploration

208

454

Impairment of oil and gas properties

1,041,469

29,392

Impairment of midstream assets

7,800

Depletion, depreciation, and amortization

241,503

238,418

Accretion of asset retirement obligations

927

1,115

General and administrative (including equity-based compensation expense of $3,875 and $5,699 in 2019 and 2020, respectively)

35,923

31,640

Contract termination and rig stacking

62

1,246

Total operating expenses

2,104,759

1,134,700

Operating loss

(985,878)

(754,109)

Other income (expense):

Equity in earnings (loss) of unconsolidated affiliates

(117,859)

24,419

Transaction expense

(524)

Interest expense, net

(47,754)

(48,043)

Gain on early extinguishment of debt

55,633

Total other income (expense)

(165,613)

31,485

Loss before income taxes

(1,151,491)

(722,624)

Provision for income tax benefit

272,627

168,778

Net loss and comprehensive income loss including noncontrolling interests

(878,864)

(553,846)

Less: net loss and comprehensive loss attributable to noncontrolling interests

(18,233)

Net loss and comprehensive loss attributable to Antero Resources Corporation

$

(878,864)

(535,613)

Loss per share—basic

$

(2.86)

(1.99)

Loss per share—diluted

$

(2.86)

(1.99)

Weighted average number of shares outstanding:

Basic

307,781

268,511

Diluted

307,781

268,511

See accompanying notes to unaudited condensed consolidated financial statements

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ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Nine Months Ended September 30, 2019 and 2020

(Unaudited)

(In thousands, except per share amounts)

Nine Months Ended September 30,

  

2019

  

2020

Revenue and other:

Natural gas sales

$

1,735,086

1,214,801

Natural gas liquids sales

902,606

797,296

Oil sales

137,675

78,233

Commodity derivative fair value gains (losses)

471,847

(116,933)

Gathering, compression, water handling and treatment

4,479

Marketing

200,911

201,855

Amortization of deferred revenue, VPP

5,175

Other income

3,348

2,180

Total revenue

3,455,952

2,182,607

Operating expenses:

Lease operating

118,517

71,836

Gathering, compression, processing, and transportation

1,595,223

1,877,084

Production and ad valorem taxes

95,509

71,481

Marketing

408,839

334,906

Exploration

648

895

Impairment of oil and gas properties

1,253,712

155,962

Impairment of midstream assets

14,782

Depletion, depreciation, and amortization

724,006

652,130

Loss on sale of assets

951

Accretion of asset retirement obligations

2,821

3,330

General and administrative (including equity-based compensation expense of $19,327 and $17,001 in 2019 and 2020, respectively)

146,507

101,264

Contract termination and rig stacking

14,026

12,317

Total operating expenses

4,375,541

3,281,205

Operating loss

(919,589)

(1,098,598)

Other income (expense):

Equity in loss of unconsolidated affiliates

(90,193)

(83,408)

Impairment of equity investment

(610,632)

Gain on deconsolidation of Antero Midstream Partners LP

1,406,042

Transaction expense

(6,662)

Interest expense, net

(173,868)

(152,956)

Gain on early extinguishment of debt

175,365

Total other income (expenses)

1,141,981

(678,293)

Income (loss) before income taxes

222,392

(1,776,891)

Provision for income tax (expense) benefit

(33,332)

421,167

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

189,060

(1,355,724)

Less: net income (loss) and comprehensive income (loss) attributable to noncontrolling interests

46,993

(17,997)

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

$

142,067

(1,337,727)

Income (loss) per share—basic

$

0.46

(4.89)

Income (loss) per share—diluted

$

0.46

(4.89)

Weighted average number of shares outstanding:

Basic

308,509

273,689

Diluted

308,646

273,689

See accompanying notes to unaudited condensed consolidated financial statements.

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ANTERO RESOURCES CORPORATION

Condensed Consolidated Statement of Stockholders’ Equity

Nine Months Ended September 30, 2019

(Unaudited)

(In thousands)

Additional

Accumulated

Common Stock

paid-in

earnings

Noncontrolling

Total

  

Shares

  

Amount

  

capital

  

(deficit)

  

interests

  

equity

Balances, December 31, 2018

308,594

$

3,086

6,485,174

1,177,548

821,669

8,487,477

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

147

1

(451)

(450)

Issuance of common units in Antero Midstream Partners LP upon vesting of equity-based compensation awards, net of units withheld for income taxes

(85)

56

(29)

Equity-based compensation

7,801

1,102

8,903

Net income and comprehensive income

978,763

46,993

1,025,756

Distributions to noncontrolling interests

(85,076)

(85,076)

Effect of deconsolidation of Antero Midstream Partners LP

(359,039)

(784,744)

(1,143,783)

Balances, March 31, 2019

308,741

$

3,087

6,133,400

2,156,311

8,292,798

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

382

4

(1,819)

(1,815)

Equity-based compensation

6,549

6,549

Net income and comprehensive income

42,168

42,168

Balances, June 30, 2019

309,123

$

3,091

6,138,130

2,198,479

8,339,700

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

99

1

(86)

(85)

Repurchases and retirements of common stock

(5,061)

(51)

(17,877)

(17,928)

Equity-based compensation

3,875

3,875

Net loss and comprehensive loss

(878,864)

(878,864)

Balances, September 30, 2019

304,161

$

3,041

6,124,042

1,319,615

7,446,698

See accompanying notes to unaudited condensed consolidated financial statements.

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ANTERO RESOURCES CORPORATION

Condensed Consolidated Statement of Stockholders’ Equity

Nine Months Ended September 30, 2020

(Unaudited)

(In thousands)

Additional

Accumulated

Common Stock

paid-in

earnings

Noncontrolling

Total

  

Shares

  

Amount

  

capital

  

(deficit)

  

interests

  

equity

Balances, December 31, 2019

295,941

$

2,959

6,130,365

837,419

6,970,743

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

178

2

(34)

(32)

Repurchases and retirements of common stock

(27,193)

(272)

(42,418)

(42,690)

Equity-based compensation

3,329

3,329

Net loss and comprehensive loss

(338,810)

(338,810)

Balances, March 31, 2020

268,926

2,689

6,091,242

498,609

6,592,540

Issuance of common units in Martica Holdings, LLC

300,000

300,000

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

464

5

(305)

(300)

Distributions to noncontrolling interest

(3,413)

(3,413)

Repurchases and retirements of common stock

(1,000)

(10)

(743)

(753)

Equity-based compensation

7,973

7,973

Net loss and comprehensive loss

(463,304)

236

(463,068)

Balances, June 30, 2020

268,390

$

2,684

6,098,167

35,305

296,823

6,432,979

Issuance of common units in Martica Holdings, LLC

51,000

51,000

Equity component of 2026 Convertible Notes, net

61,926

61,926

Issuance of common stock upon vesting of equity-based compensation awards, net of shares withheld for income taxes

159

1

(42)

(41)

Distributions to noncontrolling interest

(13,836)

(13,836)

Equity-based compensation

5,699

5,699

Net loss and comprehensive loss

(535,613)

(18,233)

(553,846)

Balances, September 30, 2020

268,549

$

2,685

6,165,750

(500,308)

315,754

5,983,881

See accompanying notes to unaudited condensed consolidated financial statements.

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ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2019 and 2020

(Unaudited)

(In thousands)