On Oct. 26, Antero Resources Corp. (NYSE: AR) released its third quarter 2016 financial and operational results. The quarter ended Sept. 30.
The company said that the net income of $238 million decreased from third-quarter 2015’s $534 million.
There was a record adjusted EBITDAX of $373 million, higher by 28% than third-quarter 2015’s EBITDAX.
During the third quarter of 2016, there was 1,875 million cubic feet per day of gas equivalent produced, including a record 81,460 bbl/d, 26% liquids.
Chairman and CEO Paul Rady said the company will continue growing production at a rate between 20% and 25% annually.
During the quarter, Antero’s credit facility borrowing base increased by $250 million, to $4.75 billion. Lender commitments under the facility remain at $4 billion. A total of 29 banks comprise the bank syndicate, which is co-led by JPMorgan Chase Bank NA and Wells Fargo Bank NA.
Total operating revenue for the third quarter of 2016 was $1.1 billion, lower than third-quarter 2015’s $1.4 billion. There was adjusted EBITDAX of $373 million during the quarter.
Year-to-date, 33 wells have been completed using advanced completions. During the quarter, 14 horizontal wells were placed online in the Marcellus, and the company drilled about 4,000 feet per day in laterals, while drilling and casing 28 wells during the quarter. In the Utica, in Ohio, eight horizontal wells were completed and placed online. During the quarter, about five wells were drilled and cased in the Utica. Well costs have gone down.
Antero reported $150 million in revenues for the quarter: $78 million from gathering and compression and $72 million from water handling and treatment.
As of Sept. 30, Antero's consolidated net debt was $4.7 billion, of which $775 million were outstanding revolving credit facilities borrowings, with total borrowing capacity of $5.2 billion.
Antero Resources Corp. is based in Denver.
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