ANTERO RESOURCES CORPORATION AR Income Statement

Antero resources corporation (AR)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Sep'12
Revenue and other:
Revenue
750,474	959,801	896,612	969,477	1,114,668	1,268,036	1,019,555	934,118	911,430	843,296	713,837	704,748	756,804	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Commodity derivative fair value gains (losses)
565,833	-7,875	220,788	328,427	-77,368	-222,386	57,019	55,336	22,437	199,824	-65,957	85,641	438,775	-639,805	530,334	-684,634	279,924	545,103	1,079,071	-2,227	759,554	931,921	308,975	-123,766	-248,929	206,179	161,968	195,483	-71,941	-159,004
Marketing derivative fair value gains (losses)
-	-	0	-	-	-1	-42	-110	94,234	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total revenue and other
1,317,105	952,738	1,118,881	1,299,664	1,037,407	1,045,649	1,076,532	989,344	1,028,101	1,021,726	647,880	790,389	1,195,579	156,216	1,116,503	-249,198	721,004	905,122	1,443,335	376,714	1,229,687	1,478,597	762,490	311,338	168,207	480,014	384,522	387,144	61,454	-92,038
Operating expenses:
Production and ad valorem taxes
25,699	29,633	28,863	30,968	35,678	44,242	30,518	25,891	25,823	24,180	22,995	22,553	24,793	14,292	15,554	17,458	19,284	20,867	10,721	22,519	24,218	23,795	21,726	21,358	21,039	19,903	11,851	10,108	8,619	3,621
Impairment of oil and gas properties
89,220	46,732	1,041,469	130,999	81,244	143,370	221,094	134,437	50,536	76,500	41,000	15,199	26,899	115,712	11,753	19,944	15,526	60,651	8,754	26,339	8,577	7,303	4,542	1,956	1,397	1,364	3,205	4,803	1,556	2,438
Impairment of midstream assets
-	0	7,800	0	6,982	-	1,157	8,501	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depletion, depreciation, and amortization
199,677	190,861	241,503	242,302	240,201	262,985	243,186	238,050	228,244	213,731	206,968	201,182	202,729	221,816	199,113	197,362	191,582	161,750	188,667	177,046	182,300	156,912	124,624	105,154	91,206	75,226	65,697	52,589	40,364	26,858
Loss on sale of assets
-	-	-	-951	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-115
Accretion of asset retirement obligations
1,104	941	927	918	976	719	710	700	690	666	658	649	637	627	628	620	598	428	419	408	400	340	320	309	302	268	266	267	264	25
General and administrative (including equity-based compensation expense of $8,903 and $3,329 in 2019 and 2020, respectively)
31,221	32,189	35,923	42,382	68,202	58,767	59,860	61,687	60,030	60,196	62,203	64,099	64,698	65,358	57,577	60,102	56,287	55,772	59,685	59,191	59,049	54,191	53,000	58,357	50,985	384,711	14,443	13,567	12,717	11,938
Contract termination and rig stacking
0	0	62	5,604	8,360	-	-	-	-	-	-	-	-	-	-	-	-	27,629	0	1,937	8,965	-	-	-	-	-	-	-	-	-
Total operating expenses
1,054,672	1,020,194	2,104,759	1,199,668	1,071,114	1,092,279	1,071,728	1,022,107	881,607	834,667	719,932	666,646	694,236	788,225	649,171	640,675	642,255	591,896	502,220	540,463	529,993	450,880	381,091	316,641	272,286	561,332	161,914	138,758	109,923	74,840
Operating income (loss)
262,433	-67,456	-985,878	99,996	-33,707	-46,630	4,804	-32,763	146,494	187,059	-72,052	123,743	501,343	-632,009	467,332	-889,873	78,749	313,226	941,115	-163,749	699,694	1,027,717	381,399	-5,303	-104,079	-81,318	222,608	248,386	-48,469	-166,878
Other income (expenses):
Equity in earnings (loss) of unconsolidated affiliates
-128,055	-53,023	-117,859	13,585	14,081	12,449	10,705	9,264	7,862	7,307	7,033	3,623	2,231	-	1,543	484	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of equity investments
610,632	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on deconsolidation of Antero Midstream Partners LP
-	0	0	0	1,406,042	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest expense, net
-53,102	-54,243	-47,754	-54,164	-71,950	-207,292	-74,528	-69,349	64,426	-474,012	70,059	68,582	66,670	67,918	59,755	62,595	63,284	60,471	60,921	59,823	53,185	48,994	42,455	37,260	31,342	35,777	37,444	33,468	29,928	22,453
Gain on early extinguishment of debt
80,561	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-20,386	-	-	-	-	-	-
Total other income (expenses)
-711,228	-522,182	-165,613	-40,579	1,348,173	-65,991	-63,823	-60,085	-56,564	-57,583	-63,026	-64,959	-64,439	-86,416	-58,212	-62,111	-63,284	-60,471	-60,921	-59,823	-53,185	-	-	-57,646	-	-	-	-33,468	-	-
Income (loss) before income taxes
-448,795	-589,638	-1,151,491	59,417	1,314,466	-112,621	-59,019	-92,848	89,930	129,476	-135,078	58,784	436,904	-718,425	409,120	-951,984	15,465	252,755	880,194	-223,572	646,509	978,723	338,944	-62,949	-135,421	-159,662	185,164	214,918	-78,397	-189,331
Provision for income tax (expense) benefit
-109,985	-107,442	-272,627	17,249	288,710	-131,357	18,953	-25,573	9,120	-400,138	-45,078	18,819	131,346	-265,621	140,924	-376,494	4,815	77,181	335,460	-84,089	247,338	369,753	135,035	-18,454	-40,662	65,515	67,370	83,725	-30,400	-75,444
Income (loss) from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-44,495	-	-	117,794	131,193	-	-113,887
Income from sale of discontinued operations, net of income tax expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,210	-	-	3,100	-	-	-13,791
Net income (loss) and comprehensive income (loss) including noncontrolling interests
-338,810	-482,196	-878,864	42,168	1,025,756	18,736	-77,972	-67,275	80,810	529,614	-90,000	39,965	305,558	-452,804	268,196	-575,490	10,650	175,574	544,734	-139,483	399,171	608,970	203,909	-42,285	-94,759	-	-	-	-	-
Net income and comprehensive income attributable to noncontrolling interests
-	0	0	0	46,993	140,282	76,447	69,110	65,977	42,745	45,063	45,097	37,162	32,968	29,941	20,754	15,705	17,110	10,892	5,890	4,740	-	-	-	-	-	-	-	-	-
Net income (loss) and comprehensive income (loss) attributable to Antero Resources Corporation
-338,810	-482,196	-878,864	42,168	978,763	-121,546	-154,419	-136,385	14,833	486,869	-135,063	-5,132	268,396	-485,772	238,255	-596,244	-5,055	158,464	533,842	-145,373	394,431	606,722	203,909	-42,285	-94,759	-223,020	120,894	131,193	-47,997	-127,678
Earnings (loss) per common share-basic (in dollars per share)
Continuing operations (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.49	2.31	0.78	-0.17	-0.36	-	0.45	0.50	-	-0.44
Discontinued operations (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.01	-	-	0.01	-	-	-0.05
Income (loss) per share-basic (in dollars per share)
-1.19	-1.56	-2.86	0.14	3.17	-0.39	-0.49	-0.43	0.05	1.55	-0.43	-0.02	0.85	-1.52	0.78	-2.12	-0.02	-	1.93	-0.52	-	-	-	-0.16	-	-0.85	0.46	0.50	-0.18	-0.49
Continuing operations (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.49	2.31	0.78	-0.17	-0.36	-	0.45	0.50	-	-0.44
Discontinued operations (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.01	-	-	0.01	-	-	-0.05
Income (loss) per share-diluted (in dollars per share)
-1.19	-2.23	-2.19	0.14	3.17	-0.39	-0.49	-0.43	0.05	1.53	-0.42	-0.02	0.85	-1.51	0.77	-2.12	-0.02	-	1.93	-0.52	-	-	-	-0.16	-	-0.85	0.46	0.50	-0.18	-
Weighted average number of shares outstanding:
Basic (in shares)
284,227	300,063	307,781	309,062	308,694	313,599	317,082	316,992	316,471	315,886	315,463	315,401	314,954	314,159	306,785	281,786	277,050	277,187	277,007	277,003	265,294	262,066	262,049	262,049	262,049	-	262,049	-	-	262,050
Diluted (in shares)
284,227	299,894	307,781	309,137	308,788	313,159	317,082	316,992	316,911	318,499	315,463	315,401	315,769	312,287	308,657	281,786	277,050	277,253	277,015	277,003	265,300	262,102	262,069	262,049	262,049	-	262,049	-	-	262,050
Net income (loss) (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.49
Natural gas sales
Revenue
411,082	512,076	524,448	553,372	657,266	789,614	527,122	473,540	497,663	439,222	409,141	454,257	466,664	411,814	364,373	229,787	254,776	228,910	253,975	242,065	314,942	364,472	310,390	314,151	312,336	212,795	182,125	172,332	121,946	66,796
Natural gas liquids sales
Revenue
257,673	316,556	284,958	303,963	313,685	349,353	338,269	255,985	234,170	280,437	224,533	170,819	194,652	158,256	106,958	94,713	73,065	76,080	50,092	59,525	78,786	83,516	91,111	79,768	73,928	51,891	31,956	17,244	10,572	-
Oil sales
Revenue
35,646	39,874	40,561	49,062	48,052	58,310	59,722	38,873	30,273	28,196	26,527	26,512	26,960	19,607	14,793	16,740	10,179	15,126	20,138	23,032	12,457	18,021	29,304	35,633	24,122	9,149	8,473	2,085	877	285
Commodity derivative fair value gains (losses)
35,646	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gathering, compression, water handling and treatment
Revenue
-	-1	0	0	4,479	6,047	4,844	5,518	4,935	4,055	2,869	3,192	2,604	2,854	2,969	3,294	3,844	6,916	4,426	4,490	6,168	10,111	4,875	3,565	3,524	-	-	-	-	-
Commodity derivative fair value gains (losses)
565,833	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost of goods and services sold
588,624	551,424	603,860	566,834	424,529	413,130	326,504	307,786	291,938	279,929	282,134	266,747	266,829	233,125	234,915	206,060	208,738	168,728	160,302	166,669	163,662	145,535	128,531	103,837	83,510	70,405	58,383	48,670	40,970	25,291
Marketing
Revenue
46,073	91,296	46,645	63,080	91,186	64,712	89,598	160,202	144,389	91,386	50,767	49,968	65,924	105,855	97,076	90,902	99,216	32,987	35,633	49,829	57,780	30,556	17,835	1,987	3,226	-	-	-	-	-
Cost of goods and services sold
93,273	140,975	108,216	137,539	163,084	125,132	151,764	213,420	195,739	119,983	78,884	77,421	89,993	120,822	114,611	125,977	137,933	84,861	61,799	79,053	73,349	45,316	32,192	13,946	11,981	-	-	-	-	-
Other income
Revenue
798	812	1,481	1,760	107	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Exploration
Revenues from contracts with customers
-	-	-	-	-	-	-	-	-	-	-	-	2,107	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cost of goods and services sold
210	236	208	314	126	936	666	1,471	1,885	3,028	1,599	1,804	2,107	3,573	1,166	1,109	1,014	760	1,087	628	1,371	6,717	7,476	6,703	6,997	5,238	5,372	7,300	4,362	3,156
Lease operating
Cost of goods and services sold
25,644	27,203	35,928	40,857	41,732	42,998	36,269	30,164	26,722	33,023	23,491	16,992	15,551	12,900	13,854	12,043	11,293	10,450	10,786	6,673	8,102	10,771	8,680	5,021	4,869	4,217	2,697	1,454	1,071	1,513