Antero Resources Reports First Quarter 2020 Results and Announces Revised 2020 Capital Budget and Guidance

DENVER, April 29, 2020 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources" or the "Company") today announced its first quarter 2020 financial and operational results. In addition, Antero announced its revised 2020 capital budget and guidance.  The relevant condensed consolidated financial statements are included in Antero's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. 

Highlights Include:

• Net production averaged 3,366 MMcfe/d (68% natural gas by volume) during the first quarter, a 9% increase over the prior year period
• Realized natural gas equivalent price including hedges averaged $2.99 per Mcfe during the first quarter
• Reducing 2020 drilling and completion capital budget to $750 million, down 35% from the initial 2020 guidance of $1.15 billion
• Targeting positive Free Cash Flow of $175 million in 2020 based on current strip prices (non-GAAP measure)
• Reduced well costs to $715 per lateral foot, down 12% from the initial guidance range of $795 to $825 per foot
• Reduced rig count from four rigs in early 2020 to one rig for the remainder of 2020 and completion crew count from three crews to one for the remainder of 2020
• Maintaining full year production guidance of 3,500 MMcfe/d, a 9% year over year increase
• $2.85 billion borrowing base approved under the credit facility, $210 million above the $2.64 billion of lender commitments
• Repurchased $383 million notional amount of unsecured notes due in 2021 and in 2022 during the first quarter at a 21% weighted average discount
• Repurchases totaled $608 million of 2021 and 2022 notes at a 20% weighted average discount, during the fourth quarter of 2019 and the first quarter of 2020, which has reduced total par value of debt by $120 million and annualized interest expense by over $16 million
• Added 688 BBtu/d of natural gas hedges to calendar 2022 at an average price of $2.48/MMBtu

Paul Rady, Chairman and Chief Executive Officer of Antero Resources, commented, "Our reduced 2020 drilling and completion capital budget highlights the continued momentum in our capital cost savings initiative that was launched in early 2019.  The new $750 million budget is 41% lower than our 2019 capital spend, with no change to our growth target of 9% for 2020.  The lower capital spending plan is partly driven by lower well costs of $715 per lateral foot, a 26% decrease from our first quarter 2019 well costs.  Further, due to the near term liquids pricing environment, we have deferred 20 well completions into 2021.  This reduced capital budget is expected to result in positive Free Cash Flow of $175 million for 2020 assuming current commodity strip prices.  Based on the current commodity price environment, we anticipate a maintenance capital spend level in 2021 of $600 million to hold 3.5 Bcfe/d production flat.  This low maintenance capital level, combined with the substantial natural gas and liquids production base, enables Antero to succeed under various pricing environments."

For a discussion of the non-GAAP financial measures including Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow presented on an actual and pro forma basis, please see "Non-GAAP Financial Measures."

COVID-19 Pandemic Developments

As a producer of natural gas, NGLs and oil, Antero Resources is recognized as an essential business under various federal, state and local regulations related to the COVID-19 pandemic and the communities in which it operates.  Antero has continued to operate under these regulations, while taking steps to protect the health and safety of its workers.  Antero has implemented protocols to reduce the risk of an outbreak within its field operations, and these protocols have not had an impact on production.  A substantial portion of the Company's non-field level employees have transitioned to remote work from home arrangements, and have been able to maintain a consistent level of effectiveness, including maintaining day-to-day operations and decision making, and financial reporting systems and internal control over financial reporting.  To date, the Company has had no confirmed cases of COVID-19 within its employee base at any of its locations.

Borrowing Base Redetermination Completed

As a result of the recent spring borrowing base redetermination, the borrowing base under Antero Resources' credit facility was approved at $2.85 billion.  This borrowing base is the first redetermination based on stand-alone financials following the midstream simplification and deconsolidation of Antero Midstream in 2019.  Lender commitments under the credit facility remained at $2.64 billion and is comprised of 25 banks.  The spring redetermination confirms Antero's $1.0 billion in available liquidity under its credit facility as of March 31, 2020.

Lower 2020 Capital Budget

Antero reduced its 2020 drilling and completion capital budget to $750 million from $1.0 billion previously and the $1.15 billion initial budget announced in February 2020.  The reduction is driven by continued drilling and completion efficiency improvements, service cost deflation and a deferral of 20 well completions into 2021.  Due to these efficiency gains and the reduced activity level, Antero has dropped its rig count to one rig for the remainder of 2020.  Antero's completion crew count will be reduced in May from three crews to one crew for the remainder of 2020.  Despite the lower capital spend, 2020 production guidance is unchanged at 3.5 Bcfe/d, delivering 9% growth as compared to 2019.  Antero projects this reduced capital spend to generate $175 million of positive free cash flow in 2020 based on strip prices as of April 24, 2020.

Antero's drilling and completion capital budget reflects an updated average total well cost of $715 per lateral foot, which compares to the initial 2020 target range of $795 to $825 per foot.  Well costs averaged $720 per lateral foot in March of 2020.  The continued decline in well costs is attributed to increased stages completed per day in well completions, improved lateral footage drilled per day, lower service costs and numerous other improvements. 

The following is a summary of Antero Resources' 33% reduction in the 2020 capital budget. 

All guidance not discussed in this release is unchanged from previously stated guidance.

Maintenance Capital Outlook

If low commodity prices persist in 2021, Antero expects to invest approximately $600 million in drilling and completion capital in 2021 to hold the expected 2020 exit rate production flat at 3.5 Bcfe/d in 2021.  Additionally, assuming maintenance capital spending in 2021, net marketing expense is estimated to be $150 million, consistent with 2020 guidance, but $50 million above the previous target.  Relative to Free Cash Flow, this expense increase would be more than offset by the reduction in capital of over $500 million from the previous plan.

Antero has 1,200 undrilled dry gas locations located in the Ohio Utica and Marcellus Shale in its 2,700 location total drilling inventory.  If the current relative strip pricing holds for oil, C3+ NGLs and natural gas, the Company has four pads in the dry gas Ohio Utica that it could drill during 2021.  

Unsecured Debt and Common Stock Repurchases

Antero repurchased $383 million notional amount of senior unsecured debt during the first quarter of 2020 at a 21% weighted average discount price.  The repurchases were comprised of both the 2021 and 2022 bond maturities and reduced debt by $81 million.  In total, during the fourth quarter of 2019 and the first quarter of 2020, Antero repurchased $608 million of notional debt at a 20% weighted average discount, reducing debt by $120 million and net interest expense by $16 million on an annualized basis.  The par value of 2021 maturities outstanding has been reduced from $1.0 billion initially to $730 million and the 2022 maturities outstanding has been reduced from $1.1 billion to $761 million, as of March 31, 2020.

Antero also repurchased 27 million shares of its common stock during the first quarter of 2020 at a weighted average cost of $1.57 per share, leaving 269 million shares outstanding at the end of the first quarter. 

Appalachian Condensate Outlook

Prior to the COVID-19 pandemic, Antero had developed a diverse set of buyers and destinations as well as in-field and off-site storage capacity for its condensate volumes.  Since the outbreak of the pandemic, Antero has further expanded its customer base and doubled its condensate storage capacity within the basin.  To date, Antero has not shut-in or curtailed any production from its assets.  Although there is uncertainty around how long government stay-at-home mandates will remain in place and hence reduce oil and refined products demand, Antero believes that there will be minimal impact to its 2020 production guidance due to curtailments from condensate production.  Oil differentials are expected to widen during the second quarter of 2020.  Antero expects full year 2020 realized oil price differential to be $9.00/Bbl to $11.00/Bbl, an increase from $7.00/Bbl to $9.00/Bbl previously.

Based on the above, Antero does not expect material curtailments to residue gas or dry gas production as a result of basin-wide condensate storage constraints or any other unforeseen events arising from the global COVID-19 pandemic.  Antero Resources and Antero Midstream continue to work together to find solutions to mitigate the potential impacts of the decline in demand for oil and NGLs including additional storage capacity in the Northeast if needed. In light of the uncertain market conditions impacting the energy industry, Antero Resources will continue to evaluate its capital budget in order to maintain its financial profile.

NGL Prices

The COVID-19 pandemic has not impacted global demand for NGL products nearly as much as it has impacted demand for transportation fuels derived from oil.  The restart of economic activity in Asia, coupled with lower LPG production from refineries in the US, Europe, and Asia, has led to strengthening prices for international LPG relative to oil.   

Further, reductions in OPEC+ and North American oil production and the associated NGL volumes are expected to have a supportive effect on propane and butane export prices through the remainder of 2020 and into 2021.  In addition, Antero is 100% hedged on its 2020 condensate and C5+ production, at an oil price equivalent of $55.63/Bbl. 

First Quarter 2020 Financial Results

For the three months ended March 31, 2020, Antero reported a GAAP net loss of $339 million, or $1.19 per diluted share, compared to a GAAP net income of $979 million, or $3.17 per diluted share, in the prior year period.  Adjusted Net Loss (non-GAAP measure) was $38 million, or $0.13 per diluted share, compared to Adjusted Net Income of $97 million during the three months ended March 31, 2019, or $0.31 per diluted share. 

Adjusted EBITDAX (non-GAAP measure) was $244 million, a 45% decrease compared to $443 million in the prior year period due to lower commodity pricing.  Antero's average realized price after hedges declined 26% from $4.00 per Mcfe in the first quarter of 2019 to $2.99 per Mcfe in the first quarter of 2020.

The following table details the components of average net production and average realized prices for the three months ended March 31, 2020:

Net daily natural gas equivalent production in the first quarter averaged 3,366 MMcfe/d, including 179,937 Bbl/d of liquids (68% natural gas by volume).  Production increased 9% from the year ago period and 6% from the prior period. 

Antero's average realized C3+ NGL price before hedging was $21.31 per barrel, representing a 33% decrease versus the prior year period.  Antero shipped 44% of its total C3+ NGL net production on Mariner East 2 for export and realized a $0.11 per gallon premium to Mont Belvieu pricing on these volumes at Marcus Hook, PA.  Antero sold the remaining 56% of C3+ NGL net production at a $0.06 per gallon discount to Mont Belvieu pricing at Hopedale, OH.  The resulting blended price on 119,040 Bbl/d of net C3+ NGL production was $21.31 per barrel, which was a $0.01 per gallon premium to Mont Belvieu pricing.  Based on current strip prices at Mont Belvieu and in the international markets, Antero expects its blended realized C3+ NGL prices in 2020 to average a $0.00 to a $0.05 per gallon premium to Mont Belvieu.  Antero expects to sell at least 50% of its C3+ NGL production in 2020 at Marcus Hook for export at a premium to Mont Belvieu.    

Cash Expense and Net Marketing Expense

All-in cash expense, which includes lease operating, GP&T, production and ad valorem taxes, net marketing and general and administrative expense (excluding equity-based compensation) was $2.34 per Mcfe in the first quarter, a 9% decrease compared to $2.58 per Mcfe average during the first quarter of 2019.  Antero expects all-in cash expense to average $2.25 to $2.35 per Mcfe in 2020.  

Per unit net marketing expense declined to $0.15 per Mcfe in the first quarter compared to $0.26 per Mcfe reported in the prior year period.  The decline was driven by higher production volumes and the mitigation of some of our excess firm transportation expense during the quarter.  Net marketing expense is expected to decline further in 2020, to $0.10 to $0.12 per Mcfe, as a result of both an increase in natural gas production filling excess firm transportation capacity and renegotiated agreements with midstream providers that allow for higher utilization of our transportation capacity to the more attractive pricing in the Gulf Coast markets. 

First Quarter 2020 Operating Update

Marcellus Shale — Antero placed 25 horizontal Marcellus wells to sales during the first quarter with an average lateral length of 10,900 feet.  Of the 25 wells, 13 new wells had at least 60 days of reported production data during the quarter and the average 60-day rate per well was 22.6 MMcfe/d. Antero drilled an average of 6,395 lateral feet per day in the quarter, which represented a 20% increase compared to the prior year period and was a record for the company.  Additionally, Antero's ongoing emphasis on completion efficiencies resulted in an improvement during the first quarter to 7.1 stages completed per day, a 13% increase from 6.3 stages per day in the prior period, also a company record.  Last week, Antero's three completion crews averaged 9.7 stages per day and recently set a record for most stages in a day at 13 stages per day.  Antero spud 30 wells during the first quarter with an average lateral length of 11,693 feet.

First Quarter 2020 Capital Investment

Antero's cash drilling and completion capital expenditures for the three months ended March 31, 2020 were $300 million.  Antero anticipates a decline in capital spending in each subsequent quarter of 2020, reflecting continued efficiencies, service cost deflation and the release of three rigs and two completion crews during the second quarter of 2020.  In addition to capital invested in drilling and completion costs, the Company invested $7 million in land during the first quarter. 

Balance Sheet and Liquidity

As of March 31, 2020, Antero's total debt was $3.7 billion, of which $882 million were borrowings outstanding under the Company's revolving credit facility.  Antero has a borrowing base of $2.85 billion with lender commitments that total $2.64 billion.  After deducting letters of credit outstanding of $730 million, the Company had $1.0 billion in available liquidity as of March 31, 2020 and net debt to trailing twelve months Adjusted EBITDAX ratio was 3.5x.

Glen Warren, CFO and President of Antero Resources said, "The borrowing base approval of $2.85 billion provides us with available liquidity of over $1 billion and the flexibility to execute certain asset sales without impacting liquidity under the credit facility.  We remain focused on executing on our asset sale program, targeting proceeds of $650 to $900 million during 2020.  While the transaction environment has been very challenging over the past few months, we are in substantive discussions with several counterparties and expect the outlook to improve given positive expectations for natural gas and NGL prices going forward. Further, our reduced drilling and completion capital budget is expected to result in $175 million in Free Cash Flow in 2020 based on today's strip prices, providing additional strength to our liquidity profile.  Longer term, we are committed to maximizing Free Cash Flow and reducing absolute debt."

Commodity Derivative Positions

Antero has hedged 1.8 Tcf of natural gas at a weighted average index price of $2.75 per MMBtu through 2023 with fixed price swap positions.  Antero also has oil and NGL fixed price swap positions, including NGL positions that total 10,352 Bbl/day and oil and C5 positions that total 26,000 Bbl/d during 2020.  As of March 31, 2020, the Company's estimated fair value of commodity derivative instruments was $1.1 billion based on strip pricing.

Please see Antero's Annual Report on Form 10-Q for the quarter ended March 31, 2020, for more information on all commodity derivative positions, including basis swaps and natural gas calls.   

The following tables summarize Antero's hedge position as of March 31, 2020:

Fixed price natural gas positions from April 1, 2020 through December 31, 2023 were as follows:

C3+ NGL and Oil derivative contract positions from April 1, 2020 through December 31, 2020 were as follows:

Conference Call

A conference call is scheduled on Thursday, April 30, 2020 at 9:00 am MT to discuss the financial and operational results.  A brief Q&A session for security analysts will immediately follow the discussion of the results for the quarter.  To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference "Antero Resources".  A telephone replay of the call will be available until Thursday, May 7, 2020 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13701248.

A simultaneous webcast of the call may be accessed over the internet at www.anteroresources.com.  The webcast will be archived for replay on the Company's website until Thursday, May 7, 2020 at 9:00 am MT.

Presentation

An updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteroresources.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into, this press release.

Basis of Financial Presentation

In connection with the closing of the simplification transaction between Antero Midstream GP LP and Antero Midstream Partners LP ("Antero Midstream Partners") on March 12, 2019, among other things, Antero Midstream GP LP converted to a Delaware corporation and changed its name to Antero Midstream Corporation ("Antero Midstream") and Antero Midstream Partners became Antero Midstream's wholly owned subsidiary.  As of March 31, 2020, Antero Resources owned 29% of the shares of common stock of Antero Midstream.  Through March 12, 2019, Antero Midstream Partners' results were consolidated within Antero Resources' results.  Upon closing, Antero Midstream Partners was deconsolidated from Antero Resources and Antero Resources' interests in Antero Midstream were accounted for under the equity method of accounting within Antero Resources' results.  The GAAP results discussed below include the results of Antero Midstream Partners from January 1, 2019, through March 12, 2019, on a consolidated basis, and from March 13, 2019, to March 31, 2020, the results of Antero Midstream Partners are no longer consolidated. The non-GAAP results described herein reflect the applicable results as if the simplification transaction had occurred at the beginning of the applicable period, unless otherwise noted.

Non-GAAP Financial Measures

Adjusted Net Income (Loss) 

Adjusted Net Income (Loss) as set forth in this release represents net income (Loss), adjusted for certain items.  Antero believes that Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share is useful to investors in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies.  Adjusted Net Income (Loss) is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for net income (Loss) as an indicator of financial performance.  The following tables reconcile net income (loss) to Adjusted Net Income (Loss) (in thousands):

Per Share Amounts

Net Debt

Net Debt is calculated as total debt less cash and cash equivalents.  Management uses Net Debt to evaluate the Company's financial position, including its ability to service its debt obligations.

The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands):

Free Cash Flow

Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow, or as a measure of liquidity.  The Company defines Free Cash Flow as Cash Flow from Operations, less drilling and completion capital and leasehold capital plus earnout payments.

The Company has not provided projected Cash Flow from Operations or reconciliations of Free Cash Flow to projected Cash Flow from Operations, the most comparable financial measure calculated in accordance with GAAP.  The Company is unable to project Cash Flow from Operations for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred.  The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts.  However, the Company is able to forecast 2020 drilling and completion capital of $750 million and leasehold capital of $45 million.  Targeted 2020 Free Cash Flow also includes the $125 million earnout payment received from Antero Midstream in January 2020 associated with the water drop down transaction that occurred in 2015. Targeted 2020 Free Cash Flow is based on current strip pricing and assumes that dividends from Antero Midstream remain flat for the year for aggregate annual dividends from Antero Midstream of $171 million in 2020.  Today, Antero Midstream announced that in light of the uncertain market conditions impacting the energy industry, Antero Midstream will continue to evaluate its capital budget as well as the appropriate amount of capital that is returned to shareholders through dividends and share repurchases in order to maintain its financial profile.

Free Cash Flow is a useful indicator of the Company's ability to internally fund its activities and to service or incur additional debt. There are significant limitations to using Free Cash Flow as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company's net income, the lack of comparability of results of operations of different companies and the different methods of calculating Free Cash Flow reported by different companies. Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations.

Adjusted EBITDAX

Adjusted EBITDAX is a non-GAAP financial measure that we define as net income (loss), adjusted for certain items detailed below. 

Through March 12, 2019, the financial results of Antero Midstream Partners were included in our consolidated results.  Effective March 13, 2019, we no longer consolidate Antero Midstream Partners and account for our interest in Antero Midstream using the equity method of accounting.  Adjusted EBITDAX includes distributions received with respect to limited partner interests in Antero Midstream Partners common units through March 12, 2019.

Adjusted EBITDAX as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP.  Adjusted EBITDAX should not be considered in isolation or as a substitute for operating income or loss, net income or loss, cash flows provided by operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.  Adjusted EBITDAX provides no information regarding our capital structure, borrowings, interest costs, capital expenditures, working capital movement, or tax position.  Adjusted EBITDAX does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations.  However, our management team believes Adjusted EBITDAX is useful to an investor in evaluating our financial performance because this measure:

• is widely used by investors in the oil and natural gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially from company to company depending upon accounting methods and the book value of assets, capital structure and the method by which assets were acquired, among other factors;
• helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital and legal structure from our operating structure;
• is used by our management team for various purposes, including as a measure of our operating performance, in presentations to our Board of Directors, and as a basis for strategic planning and forecasting: and
• is used by our Board of Directors as a performance measure in determining executive compensation.

There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies.

The following table represents a reconciliation of our net income (loss), including noncontrolling interest, to Adjusted EBITDAX and a reconciliation of our Adjusted EBITDAX to net cash provided by operating activities per our unaudited condensed consolidated statements of cash flows, in each case, for the three months ended March 31, 2019 and 2020.  Adjusted EBITDAX also excludes the results of Antero Midstream Partners in order to provide comparability with the current structure of Antero Resources as effective March 13, 2019, we no longer consolidate Antero Midstream Partners results.  These adjustments are disclosed in the table below as Antero Midstream Partners related adjustments. 

The following table reconciles Antero's net income to Adjusted EBITDAX for the twelve months ended March 31, 2020, as used in this release (in thousands):

Drilling and Completion Capital Expenditures

For a reconciliation between cash paid for drilling and completion capital expenditures and drilling and completion accrued capital expenditures during the period, please see the capital expenditures section below. (in thousands):

Notwithstanding their use for comparative purposes, the Company's non-GAAP financial measures may not be comparable to similarly titled measures employed by other companies.

Antero Resources is an independent natural gas and oil company engaged in the acquisition, development and production of unconventional liquids-rich natural gas properties located in the Appalachian Basin in West Virginia and Ohio. The Company's website is located at www.anteroresources.com.  

This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources' control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding expected results, future commodity prices, future production targets, realizing potential future fee rebates or reductions, including those related to certain levels of production, future earnings, leverage targets and debt repayment, future capital spending plans, asset monetization opportunities and pricing, improved and/or increasing capital efficiency, estimated realized natural gas, NGL and oil prices, expected drilling and development plans, projected well costs and cost savings initiatives, future financial position, the amount and timing of any litigation settlements or awards, and future marketing opportunities are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil most of which are difficult to predict and many of which are beyond the Antero Resources' control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health event, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity and the other risks described under the heading "Item 1A. Risk Factors" in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2019 and in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.

 

 

 

The following table set forth selected operating data for the three months ended March 31, 2019 and 2020:

 

 

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SOURCE Antero Resources Corporation