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Table of Contents

Fee

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, 2021

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 313,929,992 shares of common stock outstanding as of October 22, 2021.

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

38

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

59

Item 4.

Controls and Procedures

61

PART II—OTHER INFORMATION

62

Item 1.

Legal Proceedings

62

Item 1A.

Risk Factors

62

Item 2.

Unregistered Sales of Equity Securities

62

Item 5.

Other Information

62

Item 6.

Exhibits

63

SIGNATURES

64

1

Table of Contents

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 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;
uncertainty regarding our future operating results; and
our other plans, objectives, expectations and intentions contained in this Quarterly Report on Form 10-Q.

2

Table of Contents

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), cybersecurity risks and the other risks described or referenced under the heading “Item 1A. Risk Factors” herein, including the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”), 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

(In thousands)

(Unaudited)

December 31,

September 30,

  

2020

  

2021

Assets

Current assets:

  

Accounts receivable

$

28,457

34,768

Accrued revenue

425,314

652,521

Derivative instruments

105,130

627

Other current assets

15,238

20,937

Total current assets

574,139

708,853

Property and equipment:

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

Unproved properties

1,175,178

1,052,543

Proved properties

12,260,713

12,559,146

Gathering systems and facilities

5,802

5,802

Other property and equipment

74,361

91,621

13,516,054

13,709,112

Less accumulated depletion, depreciation, and amortization

(3,869,116)

(4,176,296)

Property and equipment, net

9,646,938

9,532,816

Operating leases right-of-use assets

2,613,603

2,969,642

Derivative instruments

47,293

14,834

Investment in unconsolidated affiliate

255,082

236,597

Other assets

13,790

8,796

Total assets

$

13,150,845

13,471,538

Liabilities and Equity

Current liabilities:

  

Accounts payable

$

26,728

60,409

Accounts payable, related parties

69,860

79,595

Accrued liabilities

343,524

501,132

Revenue distributions payable

198,117

315,936

Derivative instruments

31,242

1,436,292

Short-term lease liabilities

266,024

353,470

Deferred revenue, VPP

45,257

39,528

Other current liabilities

2,302

16,320

Total current liabilities

983,054

2,802,682

Long-term liabilities:

Long-term debt

3,001,593

2,341,033

Deferred income tax liability

412,252

55,636

Derivative instruments

99,172

331,570

Long-term lease liabilities

2,348,785

2,616,889

Deferred revenue, VPP

156,024

127,844

Other liabilities

59,694

60,642

Total liabilities

7,060,574

8,336,296

Commitments and contingencies (Notes 13 and 14)

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; 268,672 shares and 313,866 shares issued and outstanding as of December 31, 2020 and September 30, 2021, respectively

2,686

3,138

Additional paid-in capital

6,195,497

6,365,929

Accumulated deficit

(430,478)

(1,518,762)

Total stockholders' equity

5,767,705

4,850,305

Noncontrolling interests

322,566

284,937

Total equity

6,090,271

5,135,242

Total liabilities and equity

$

13,150,845

13,471,538

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(In thousands, except per share amounts)

Three Months Ended September 30,

  

2020

  

2021

 

Revenue and other:

Natural gas sales

$

436,304

884,669

Natural gas liquids sales

327,426

598,327

Oil sales

34,265

56,734

Commodity derivative fair value losses

(514,751)

(1,250,466)

Marketing

91,497

232,685

Amortization of deferred revenue, VPP

5,175

11,404

Gain on sale of assets

539

Other income

675

530

Total revenue

380,591

534,422

Operating expenses:

Lease operating

21,450

25,363

Gathering, compression, processing, and transportation

656,615

628,225

Production and ad valorem taxes

25,790

52,219

Marketing

128,580

266,751

Exploration

454

235

Impairment of oil and gas properties

29,392

26,253

Depletion, depreciation, and amortization

238,418

182,810

Accretion of asset retirement obligations

1,115

828

General and administrative (including equity-based compensation expense of $5,699 and $5,298 in 2020 and 2021, respectively)

31,640

32,442

Contract termination and rig stacking

1,246

3,370

Total operating expenses

1,134,700

1,218,496

Operating loss

(754,109)

(684,074)

Other income (expense):

Interest expense, net

(48,043)

(45,414)

Equity in earnings of unconsolidated affiliate

24,419

21,450

Gain (loss) on early extinguishment of debt

55,633

(16,567)

Transaction expense

(524)

(626)

Total other income (expense)

31,485

(41,157)

Loss before income taxes

(722,624)

(725,231)

Provision for income tax benefit

168,778

158,656

Net loss and comprehensive loss including noncontrolling interests

(553,846)

(566,575)

Less: net loss and comprehensive loss attributable to noncontrolling interests

(18,233)

(17,257)

Net loss and comprehensive loss attributable to Antero Resources Corporation

$

(535,613)

(549,318)

Loss per share—basic

$

(1.99)

(1.75)

Loss per share—diluted

$

(1.99)

(1.75)

Weighted average number of shares outstanding:

Basic

268,511

313,790

Diluted

268,511

313,790

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

(In thousands, except per share amounts)

Nine Months Ended September 30,

  

2020

  

2021

Revenue and other:

Natural gas sales

$

1,214,801

2,231,558

Natural gas liquids sales

797,296

1,503,027

Oil sales

78,233

153,326

Commodity derivative fair value losses

(116,933)

(2,260,062)

Marketing

201,855

562,928

Amortization of deferred revenue, VPP

5,175

33,833

Gain on sale of assets

2,827

Other income

2,180

551

Total revenue

2,182,607

2,227,988

Operating expenses:

Lease operating

71,836

71,555

Gathering, compression, processing, and transportation

1,877,084

1,874,664

Production and ad valorem taxes

71,481

130,610

Marketing

334,906

627,822

Exploration

895

6,092

Impairment of oil and gas properties

155,962

69,618

Depletion, depreciation, and amortization

652,130

564,166

Accretion of asset retirement obligations

3,330

2,947

General and administrative (including equity-based compensation expense of $17,001 and $15,189 in 2020 and 2021, respectively)

101,264

108,693

Contract termination and rig stacking

12,317

4,305

Total operating expenses

3,281,205

3,460,472

Operating loss

(1,098,598)

(1,232,484)

Other income (expense):

Interest expense, net

(152,956)

(138,120)

Equity in earnings (loss) of unconsolidated affiliate

(83,408)

57,621

Gain (loss) on early extinguishment of debt

175,365

(82,836)

Loss on convertible note equitizations

(50,777)

Impairment of equity method investment

(610,632)

Transaction expense

(6,662)

(3,102)

Total other expense

(678,293)

(217,214)

Loss before income taxes

(1,776,891)

(1,449,698)

Provision for income tax benefit

421,167

337,568

Net loss and comprehensive loss including noncontrolling interests

(1,355,724)

(1,112,130)

Less: net loss and comprehensive loss attributable to noncontrolling interests

(17,997)

(23,846)

Net loss and comprehensive loss attributable to Antero Resources Corporation

$

(1,337,727)

(1,088,284)

Loss per share—basic

$

(4.89)

(3.55)

Loss per share—diluted

$

(4.89)

(3.55)

Weighted average number of shares outstanding:

Basic

273,689

306,201

Diluted

273,689

306,201

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Stockholders’ Equity (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 income (loss) and comprehensive income (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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Table of Contents

ANTERO RESOURCES CORPORATION

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Continued)

(In thousands)

Additional

Common Stock

Paid-in

Accumulated

Noncontrolling

Total

  

Shares

  

Amount

  

Capital

  

Deficit

  

Interests

  

Equity

Balances, December 31, 2020

268,672

$

2,686

6,195,497

(430,478)

322,566

6,090,271

Issuance of common shares

31,388

314

238,551

238,865

Issuance of common units in Martica Holdings, LLC

51,000

51,000

Equity component of 2026 Convertible Notes, net

(116,381)

(116,381)

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

1,130

11

(5,656)

(5,645)

Distributions to noncontrolling interest

(24,699)

(24,699)

Equity-based compensation

5,642

5,642

Net income (loss) and comprehensive income (loss)

(15,499)

4,395

(11,104)

Balances, March 31, 2021

301,190

3,011

6,317,653

(445,977)

353,262

6,227,949

Issuance of common shares

11,588

116

125,262

125,378

Equity component of 2026 Convertible Notes, net

(79,497)

(79,497)

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

749

8

(3,893)

(3,885)

Distributions to noncontrolling interest

(21,329)

(21,329)

Equity-based compensation

4,249

4,249

Net loss and comprehensive loss

(523,467)

(10,984)

(534,451)

Balances, June 30, 2021

313,527

3,135

6,363,774

(969,444)

320,949

5,718,414

Equity component of 2026 Convertible Notes, net

36

36

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

339

3

(3,179)

(3,176)

Distributions to noncontrolling interest

(18,755)

(18,755)

Equity-based compensation

5,298

5,298

Net loss and comprehensive loss

(549,318)

(17,257)

(566,575)

Balances, September 30, 2021

313,866

$

3,138

6,365,929

(1,518,762)

284,937

5,135,242

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