Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Antero Resources LLC | a12-28953_28k.htm |
EXHIBIT 99.1
Antero Resources LLC
Unaudited Pro Forma Condensed Consolidated Financial Information
The following pro forma condensed consolidated balance sheet information as of September 30, 2012 is based on the historical financial statements of Antero Resources LLC (the “Company”), including certain pro forma adjustments, and has been prepared to illustrate the pro forma effect of the Company’s sale of its Piceance Basin assets on December 21, 2012 as if the sale had occurred on September 30, 2012.
The unaudited pro forma consolidated statements of income for the nine months ended September 30, 2012 and the years ended December 31, 2011, 2010, and 2009 is based on the historical financial statements of the Company, including certain pro forma adjustments, and assume that the sale of the Piceance Basin assets occurred as of the beginning of the period presented. Although the Company’s hedge positions related to the Piceance Basin were not conveyed to the buyer, the Company liquidated these positions during the fourth quarter of 2012 and we included a pro forma adjustment as of September 30, 2012 to reflect the liquidation of the hedge positions had that occurred as of September 30, 2012.
The unaudited pro forma consolidated statements of income for the years ended December 31, 2011, 2010, and 2009 also include certain pro forma adjustments to reflect the sale of the Arkoma Basin assets and related commodity hedge positions on June 29, 2012 and assume that sale occurred as of the beginning of the period presented. The sale of the Arkoma Basin assets is reflected in the Historical Consolidated Balance Sheet as of September 30, 2012 and the Historical Consolidated Statement of Income for the Nine Months Ended September 30, 2012 and no further adjustment is necessary for those periods to reflect the sale of the Arkoma Basin assets.
The unaudited pro forma condensed consolidated financial information has been prepared based upon available information and management estimates; actual amounts may differ from these estimated amounts. In preparing the pro forma information, the Company eliminated all direct expenses related to the Piceance Basin and Arkoma Basin properties, but did not adjust general and administrative expenses or interest expense. The pro forma financial information is not necessarily indicative of the financial position or results of operations that might have occurred had the disposition occurred as of the respective dates stated above. The pro forma adjustments are described in the notes.
The unaudited pro forma condensed consolidated financial information should be read in conjunction with the financial statements and notes and related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2012 and the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.
Antero Resources LLC
Notes to Unaudited Pro Forma Consolidated Financial Statements
(1) Basis of Presentation
The accompanying unaudited pro forma consolidated financial statements give effect to the pro forma adjustments necessary to reflect the sale of the Company’s Piceance Basin assets as if it had occurred as of the beginning of the period presented in the pro forma statements of income for the nine months ended September 30, 2012 and 2011 and the years ended December 31, 2011, 2010, and 2009 and on September 30, 2012 in the pro forma balance sheet.
The unaudited pro forma consolidated financial statements also give effect to the pro forma adjustments necessary to reflect the sale of the Company’s Arkoma Basin assets on June 29, 2012 as if it had occurred as of the beginning of the period presented in the pro forma statements of income for the years ended December 31, 2011, 2010, and 2009.
(2) Pro Forma Adjustments
The unaudited pro forma condensed consolidated statements of income and balance sheet reflect the effect of the following pro forma adjustments:
(a) Elimination of sales of natural gas, natural gas liquids, oil, gas gathering and processing revenue, and realized and unrealized gains or losses on commodity derivative instruments directly related to the Piceance Basin assets for the nine months ended September 30, 2012 and 2011 and the years ended December 31, 2011, 2010, and 2009 and for the Arkoma Basin assets for the years ended December 31, 2011, 2010, and 2009. Gathering and processing revenues in 2010 and 2009 were eliminated as they were associated with Arkoma Basin midstream assets that were sold in 2010.
(b) Elimination of direct operating expenses and income taxes related to the Piceance Basin assets for the nine months ended September 30, 2012 and 2011 and the years ended December 31, 2011, 2010, and 2009 and the elimination of direct operating expenses related to the Arkoma Basin assets for the years ended December 31, 2011, 2010, and 2009.
(c) Effects of the sale of the Piceance Basin oil and gas assets as if the sale had occurred on September 30, 2012.
(d) Effects of the liquidation of the hedge positions related to the Piceance Basin assets had that liquidation occurred as of September 30, 2012. The Company liquidated these hedge positions during the fourth quarter of 2012 based on then current commodity prices and received approximately $112 million for the hedge positions.
(e) The effect on owners’ equity as a result of adjustment (c).
Antero Resources LLC
Unaudited Pro Forma Consolidated Balance Sheet
As of September 30, 2012
|
|
|
|
|
Pro Forma |
|
|
| |
|
|
|
|
|
Adjustments |
|
Unaudited |
| |
|
|
|
|
|
for Piceance Basin |
|
Pro Forma |
| |
|
|
|
|
|
Net Assets |
|
Balance |
| |
|
|
|
Historical |
|
Disposed |
|
Sheet |
| |
|
Assets |
|
|
|
|
|
|
| |
|
Current assets: |
|
|
|
|
|
|
| |
|
Cash and cash equivalents |
|
$ |
16,555 |
|
— |
|
16,555 |
|
|
Accounts receivable |
|
39,487 |
|
— |
|
39,487 |
| |
|
Notes receivable - short-term portion |
|
6,222 |
|
— |
|
6,222 |
| |
|
Accrued revenue |
|
18,609 |
|
— |
|
18,609 |
| |
|
Derivative instruments |
|
172,123 |
|
(43,723 |
)(d) |
128,400 |
| |
|
Other |
|
13,860 |
|
(5,001 |
)(c) |
8,859 |
| |
|
Total current assets |
|
266,856 |
|
(48,724 |
) |
218,132 |
| |
|
Property and equipment: |
|
|
|
|
|
|
| |
|
Natural gas properties, at cost (successful efforts method): |
|
|
|
|
|
|
| |
|
Unproved properties |
|
1,134,725 |
|
(99,959 |
)(c) |
1,034,766 |
| |
|
Producing properties |
|
2,196,746 |
|
(789,752 |
)(c) |
1,406,994 |
| |
|
Gathering systems and facilities |
|
133,411 |
|
(43,737 |
)(c) |
89,674 |
| |
|
Other property and equipment |
|
11,100 |
|
— |
|
11,100 |
| |
|
|
|
3,475,982 |
|
(933,448 |
) |
2,542,534 |
| |
|
Less accumulated depletion, depreciation, and amortization |
|
(391,227 |
) |
254,644 |
(c) |
(136,583 |
) | |
|
Property and equipment, net |
|
3,084,755 |
|
(678,804 |
) |
2,405,951 |
| |
|
|
|
|
|
|
|
|
| |
|
Derivative instruments |
|
386,957 |
|
(73,375 |
)(d) |
313,582 |
| |
|
Notes receivable - long-term portion |
|
2,667 |
|
— |
|
2,667 |
| |
|
Other assets, net |
|
25,034 |
|
— |
|
25,034 |
| |
|
Total assets |
|
$ |
3,766,269 |
|
(800,903 |
) |
2,965,366 |
|
|
|
|
|
|
|
|
|
| |
|
Liabilities and Equity |
|
|
|
|
|
|
| |
|
Current liabilities: |
|
|
|
|
|
|
| |
|
Accounts payable |
|
$ |
176,888 |
|
— |
|
176,888 |
|
|
Accrued liabilities |
|
42,867 |
|
— |
|
42,867 |
| |
|
Revenue distributions payable |
|
34,748 |
|
— |
|
34,748 |
| |
|
Advances from joint interest owners |
|
113 |
|
— |
|
113 |
| |
|
Current income tax liability |
|
15,000 |
|
— |
|
15,000 |
| |
|
Deferred income tax liability |
|
62,739 |
|
— |
|
62,739 |
| |
|
Total current liabilities |
|
332,355 |
|
— |
|
332,355 |
| |
|
|
|
|
|
|
|
|
| |
|
Long-term liabilities: |
|
|
|
|
|
|
| |
|
Long-term debt |
|
1,399,091 |
|
(425,640 |
)(c) |
973,451 |
| |
|
Deferred income tax liability |
|
341,506 |
|
— |
|
341,506 |
| |
|
Other long-term liabilities |
|
12,545 |
|
(4,603 |
)(c) |
7,942 |
| |
|
Total liabilities |
|
2,085,497 |
|
(430,243 |
) |
1,655,254 |
| |
|
|
|
|
|
|
|
|
| |
|
Equity: |
|
|
|
|
|
|
| |
|
Members’ equity |
|
1,460,947 |
|
— |
|
1,460,947 |
| |
|
Accumulated earnings |
|
219,825 |
|
(370,660 |
)(e) |
(150,835 |
) | |
|
Total equity |
|
1,680,772 |
|
(370,660 |
) |
1,310,112 |
| |
|
Total liabilities and equity |
|
$ |
3,766,269 |
|
(800,903 |
) |
2,965,366 |
|
Antero Resources LLC
Unaudited Pro Forma Consolidated Statement of Income
For the Nine Months Ended September 30, 2012
(in thousands)
|
|
|
|
|
Pro Forma |
|
|
| |
|
|
|
|
|
Adjustments |
|
|
| |
|
|
|
|
|
for Activity of |
|
Unaudited |
| |
|
|
|
|
|
Piceance Basin |
|
Pro Forma |
| |
|
|
|
|
|
Net Assets |
|
Statement of |
| |
|
|
|
Historical |
|
Disposed |
|
Income |
| |
|
Revenue: |
|
|
|
|
|
|
| |
|
Natural gas sales |
|
$ |
184,493 |
|
(27,875 |
)(a) |
156,618 |
|
|
Natural gas liquids sales |
|
21,602 |
|
(21,602 |
)(a) |
— |
| |
|
Oil sales |
|
19,527 |
|
(18,917 |
)(a) |
610 |
| |
|
Realized and unrealized gain on commodity derivative instruments |
|
75,912 |
|
(23,702 |
)(a) |
52,210 |
| |
|
Gain on sale of assets |
|
291,190 |
|
— |
|
291,190 |
| |
|
Total revenue |
|
592,724 |
|
(92,096 |
) |
500,628 |
| |
|
Operating expenses: |
|
|
|
|
|
|
| |
|
Lease operating expenses |
|
16,123 |
|
(12,051 |
)(b) |
4,072 |
| |
|
Gathering, compression and transportation |
|
78,888 |
|
(21,943 |
)(b) |
56,945 |
| |
|
Production taxes |
|
15,191 |
|
(4,457 |
)(b) |
10,734 |
| |
|
Exploration expenses |
|
8,150 |
|
(238 |
)(b) |
7,912 |
| |
|
Impairment of unproved properties |
|
4,572 |
|
(553 |
)(b) |
4,019 |
| |
|
Depletion, depreciation and amortization |
|
106,733 |
|
(41,444 |
)(b) |
65,289 |
| |
|
Accretion of asset retirement obligations |
|
325 |
|
(254 |
)(b) |
71 |
| |
|
General and administrative |
|
31,584 |
|
— |
|
31,584 |
| |
|
Total operating expenses |
|
261,566 |
|
(80,940 |
) |
180,626 |
| |
|
Operating income |
|
331,158 |
|
(11,156 |
) |
320,002 |
| |
|
|
|
|
|
|
|
|
| |
|
Interest expense |
|
(71,046 |
) |
— |
|
(71,046 |
) | |
|
Total other expense |
|
(71,046 |
) |
— |
|
(71,046 |
) | |
|
Income before income taxes |
|
260,112 |
|
(11,156 |
) |
248,956 |
| |
|
Provision for income taxes |
|
(112,610 |
) |
5,781 |
(b) |
(118,391 |
) | |
|
Income from continuing operations |
|
147,502 |
|
(16,937 |
) |
130,565 |
| |
|
Income (loss) from results of operations and sale of discontinued operations |
|
(425,536 |
) |
— |
|
(425,536 |
) | |
|
Net income attributable to Antero equity owners |
|
$ |
(278,034 |
) |
(16,937 |
) |
(294,971 |
) |
Antero Resources LLC
Unaudited Pro Forma Consolidated Statement of Income
For the Nine Months Ended September 30, 2011
(in thousands)
|
|
|
|
|
Arkoma |
|
Piceance |
|
|
| |
|
|
|
|
|
Pro Forma |
|
Pro Forma |
|
|
| |
|
|
|
|
|
Adjustments |
|
Adjustments |
|
Unaudited |
| |
|
|
|
|
|
for Activity of |
|
for Activity of |
|
Pro Forma |
| |
|
|
|
|
|
Net Assets |
|
Net Assets |
|
Statement of |
| |
|
|
|
Historical |
|
Disposed |
|
Disposed |
|
Income |
| |
|
Revenue: |
|
|
|
|
|
|
|
|
| |
|
Natural gas sales |
|
$ |
243,522 |
|
(74,725 |
) |
(32,553 |
)(a) |
136,244 |
|
|
Natural gas liquids sales |
|
22,065 |
|
(7,841 |
) |
(14,224 |
)(a) |
— |
| |
|
Oil sales |
|
10,291 |
|
(1,067 |
) |
(9,066 |
)(a) |
158 |
| |
|
Realized and unrealized gain on commodity derivative instruments |
|
234,531 |
|
(34,729 |
) |
(36,452 |
)(a) |
163,350 |
| |
|
Total revenue |
|
510,409 |
|
(118,362 |
) |
(92,295 |
) |
299,752 |
| |
|
Operating expenses: |
|
|
|
|
|
|
|
|
| |
|
Lease operating expenses |
|
22,556 |
|
(5,069 |
) |
(13,977 |
)(b) |
3,510 |
| |
|
Gathering, compression and transportation |
|
59,472 |
|
(22,141 |
) |
(12,380 |
)(b) |
24,951 |
| |
|
Production taxes |
|
12,587 |
|
(446 |
) |
(3,790 |
)(b) |
8,351 |
| |
|
Exploration expenses |
|
6,538 |
|
(636 |
) |
(3,359 |
)(b) |
2,543 |
| |
|
Impairment of unproved properties |
|
7,934 |
|
(1,106 |
) |
(3,834 |
)(b) |
2,994 |
| |
|
Depletion, depreciation and amortization |
|
117,265 |
|
(49,400 |
) |
(29,419 |
)(b) |
38,446 |
| |
|
Accretion of asset retirement obligations |
|
316 |
|
(74 |
) |
(187 |
)(b) |
55 |
| |
|
General and administrative |
|
21,972 |
|
— |
|
|
|
21,972 |
| |
|
Loss on sale of compressor station |
|
8,700 |
|
|
|
|
|
8,700 |
| |
|
Total operating expenses |
|
257,340 |
|
(78,872 |
) |
(66,946 |
) |
111,522 |
| |
|
Operating income |
|
253,069 |
|
(39,490 |
) |
(25,349 |
) |
188,230 |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Interest expense |
|
(51,268 |
) |
— |
|
— |
|
(51,268 |
) | |
|
Loss on interest derivatives |
|
(94 |
) |
— |
|
— |
|
(94 |
) | |
|
Total other expense |
|
(51,362 |
) |
— |
|
— |
|
(51,362 |
) | |
|
Income before income taxes |
|
201,707 |
|
(39,490 |
) |
(25,349 |
) |
136,868 |
| |
|
Provision for income taxes |
|
(74,941 |
) |
— |
|
— |
|
(74,941 |
) | |
|
Net income attributable to Antero equity owners |
|
$ |
126,766 |
|
(39,490 |
) |
(25,349 |
) |
61,927 |
|
Antero Resources LLC
Unaudited Pro Forma Consolidated Statement of Income
For the Year Ended December 31, 2011
(in thousands)
|
|
|
|
|
Pro Forma |
|
Pro Forma |
|
|
| |
|
|
|
|
|
Adjustments |
|
Adjustments |
|
|
| |
|
|
|
|
|
for Activity of |
|
for Activity of |
|
Unaudited |
| |
|
|
|
|
|
Arkoma Basin |
|
Piceance Basin |
|
Pro Forma |
| |
|
|
|
|
|
Net Assets |
|
Net Assets |
|
Statement of |
| |
|
|
|
Historical |
|
Disposed |
|
Disposed |
|
Income |
| |
|
Revenue: |
|
|
|
|
|
|
|
|
| |
|
Natural gas sales |
|
$ |
341,834 |
|
(100,999 |
) |
(45,719 |
)(a) |
195,116 |
|
|
Natural gas liquids sales |
|
34,718 |
|
(10,565 |
) |
(24,153 |
)(a) |
— |
| |
|
Oil sales |
|
15,442 |
|
(1,237 |
) |
(14,032 |
)(a) |
173 |
| |
|
Realized and unrealized gain on commodity derivative instruments |
|
676,194 |
|
(78,984 |
) |
(101,146 |
)(a) |
496,064 |
| |
|
Total revenue |
|
1,068,188 |
|
(191,785 |
) |
(185,050 |
) |
691,353 |
| |
|
Operating expenses: |
|
|
|
|
|
|
|
|
| |
|
Lease operating expenses |
|
30,645 |
|
(7,088 |
) |
(18,949 |
)(b) |
4,608 |
| |
|
Gathering, compression and transportation |
|
87,768 |
|
(30,575 |
) |
(19,878 |
)(b) |
37,315 |
| |
|
Production taxes |
|
18,222 |
|
(615 |
) |
(5,692 |
)(b) |
11,915 |
| |
|
Exploration expenses |
|
9,876 |
|
(851 |
) |
(4,991 |
)(b) |
4,034 |
| |
|
Impairment of unproved properties |
|
11,051 |
|
(1,490 |
) |
(4,897 |
)(b) |
4,664 |
| |
|
Depletion, depreciation and amortization |
|
170,521 |
|
(71,299 |
) |
(43,506 |
)(b) |
55,716 |
| |
|
Accretion of asset retirement obligations |
|
435 |
|
(101 |
) |
(258 |
)(b) |
76 |
| |
|
General and administrative |
|
33,342 |
|
— |
|
— |
|
33,342 |
| |
|
Loss on sale of assets |
|
8,700 |
|
— |
|
— |
|
8,700 |
| |
|
Total operating expenses |
|
370,560 |
|
(112,019 |
) |
(98,171 |
) |
160,370 |
| |
|
Operating income |
|
697,628 |
|
(79,766 |
) |
(86,879 |
) |
530,983 |
| |
|
Other expense: |
|
|
|
|
|
|
|
|
| |
|
Interest expense |
|
(74,404 |
) |
— |
|
— |
|
(74,404 |
) | |
|
Realized and unrealized losses on interest derivative instruments |
|
(94 |
) |
— |
|
— |
|
(94 |
) | |
|
Total other expense |
|
(74,498 |
) |
— |
|
— |
|
(74,498 |
) | |
|
Income before income taxes |
|
623,130 |
|
(79,766 |
) |
(86,879 |
) |
456,485 |
| |
|
Provision for income taxes — benefit (expense) |
|
(230,452 |
) |
— |
|
(17,363 |
)(b) |
(213,089 |
) | |
|
|
|
|
|
|
|
|
|
|
| |
|
Net income attributable to Antero equity owners |
|
$ |
392,678 |
|
(79,766 |
) |
(69,516 |
) |
243,396 |
|
Antero Resources LLC
Unaudited Pro Forma Consolidated Statement of Income
For the Year Ended December 31, 2010
(in thousands)
|
|
|
|
|
Pro Forma |
|
Pro Forma |
|
|
| |
|
|
|
|
|
Adjustments |
|
Adjustments |
|
|
| |
|
|
|
|
|
for Activity of |
|
for Activity of |
|
Unaudited |
| |
|
|
|
|
|
Arkoma Basin |
|
Piceance Basin |
|
Pro Forma |
| |
|
|
|
|
|
Net Assets |
|
Net Assets |
|
Statement of |
| |
|
|
|
Historical |
|
Disposed |
|
Disposed |
|
Income |
| |
|
Revenue: |
|
|
|
|
|
|
|
|
| |
|
Natural gas sales |
|
$ |
189,713 |
|
(97,840 |
) |
(44,481 |
)(a) |
47,392 |
|
|
Natural gas liquids sales |
|
8,278 |
|
(8,278 |
) |
— |
(a) |
— |
| |
|
Oil sales |
|
8,471 |
|
(1,834 |
) |
(6,598 |
)(a) |
39 |
| |
|
Realized and unrealized gain on commodity derivative instruments |
|
244,284 |
|
(87,775 |
) |
(78,910 |
)(a) |
77,599 |
| |
|
Gas gathering and processing revenue |
|
20,554 |
|
(20,554 |
) |
— |
(a) |
— |
| |
|
Gain on sale of Oklahoma midsteam assets |
|
147,559 |
|
(147,559 |
) |
— |
(a) |
— |
| |
|
Total revenue |
|
618,859 |
|
(363,840 |
) |
(129,989 |
) |
125,030 |
| |
|
Operating expenses: |
|
|
|
|
|
|
|
|
| |
|
Lease operating expenses |
|
25,511 |
|
(9,664 |
) |
(14,689 |
)(b) |
1,158 |
| |
|
Gathering, compression and transportation |
|
45,809 |
|
(27,475 |
) |
(9,097 |
)(b) |
9,237 |
| |
|
Production taxes |
|
8,777 |
|
(2,901 |
) |
(2,991 |
)(b) |
2,885 |
| |
|
Exploration expenses |
|
24,794 |
|
(3,428 |
) |
(19,016 |
)(b) |
2,350 |
| |
|
Impairment of unproved properties |
|
35,859 |
|
(27,974 |
) |
(1,809 |
)(b) |
6,076 |
| |
|
Depletion, depreciation and amortization |
|
133,955 |
|
(75,719 |
) |
(39,714 |
)(b) |
18,522 |
| |
|
Accretion of asset retirement obligations |
|
317 |
|
(85 |
) |
(221 |
)(b) |
11 |
| |
|
Expenses related to business acquisition |
|
2,544 |
|
— |
|
— |
|
2,544 |
| |
|
General and administrative |
|
21,952 |
|
— |
|
— |
|
21,952 |
| |
|
Total operating expenses |
|
299,518 |
|
(147,246 |
) |
(87,537 |
) |
64,735 |
| |
|
Operating income |
|
319,341 |
|
(216,594 |
) |
(42,452 |
) |
60,295 |
| |
|
Other expense: |
|
|
|
|
|
|
|
|
| |
|
Interest expense |
|
(56,463 |
) |
— |
|
— |
|
(56,463 |
) | |
|
Realized and unrealized losses on interest derivative instruments |
|
(2,677 |
) |
— |
|
— |
|
(2,677 |
) | |
|
Total other expense |
|
(59,140 |
) |
— |
|
— |
|
(59,140 |
) | |
|
Income before income taxes |
|
260,201 |
|
(216,594 |
) |
(42,452 |
) |
1,155 |
| |
|
Provision for income taxes — benefit (expense) |
|
(30,009 |
) |
(1,205 |
) |
— |
(b) |
(28,804 |
) | |
|
Net income |
|
230,192 |
|
(215,389 |
) |
(42,452 |
) |
(27,649 |
) | |
|
Noncontrolling interest in net income of consolidated subsidiary |
|
(1,564 |
) |
(1,564 |
) |
— |
(b) |
|
| |
|
Net income attributable to Antero equity owners |
|
$ |
228,628 |
|
(213,825 |
) |
(42,452 |
) |
(27,649 |
) |
Antero Resources LLC
Unaudited Pro Forma Consolidated Statement of Operations
For the Year Ended December 31, 2009
(in thousands)
|
|
|
|
|
Pro Forma |
|
Pro Forma |
|
|
| |
|
|
|
|
|
Adjustments |
|
Adjustments |
|
|
| |
|
|
|
|
|
for Activity of |
|
for Activity of |
|
Unaudited |
| |
|
|
|
|
|
Arkoma Basin |
|
Piceance Basin |
|
Pro Forma |
| |
|
|
|
|
|
Net Assets |
|
Net Assets |
|
Statement of |
| |
|
|
|
Historical |
|
Disposed |
|
Disposed |
|
Income |
| |
|
Revenue: |
|
|
|
|
|
|
|
|
| |
|
Natural gas sales |
|
$ |
116,329 |
|
(81,015 |
) |
(33,062 |
)(a) |
2,252 |
|
|
Natural gas liquids sales |
|
7,586 |
|
(7,586 |
) |
— |
(a) |
— |
| |
|
Oil sales |
|
5,706 |
|
(1,733 |
) |
(3,973 |
)(a) |
— |
| |
|
Realized and unrealized gain on commodity derivative instruments |
|
55,364 |
|
(38,952 |
) |
(12,502 |
)(a) |
3,910 |
| |
|
Gas gathering and processing revenue |
|
23,005 |
|
(23,005 |
) |
— |
(a) |
— |
| |
|
Total revenue |
|
207,990 |
|
(152,291 |
) |
(49,537 |
) |
6,162 |
| |
|
Operating expenses: |
|
|
|
|
|
|
|
|
| |
|
Lease operating expenses |
|
17,606 |
|
(5,336 |
) |
(12,242 |
)(b) |
28 |
| |
|
Gathering, compression and transportation |
|
28,190 |
|
(22,265 |
) |
(5,504 |
)(b) |
421 |
| |
|
Production taxes |
|
4,940 |
|
(3,233 |
) |
(1,579 |
)(b) |
128 |
| |
|
Exploration expenses |
|
10,228 |
|
(4,916 |
) |
(3,217 |
)(b) |
2,095 |
| |
|
Impairment of unproved properties |
|
54,204 |
|
(51,428 |
) |
(2,676 |
)(b) |
100 |
| |
|
Depletion, depreciation and amortization |
|
139,813 |
|
(88,118 |
) |
(49,989 |
)(b) |
1,706 |
| |
|
Accretion of asset retirement obligations |
|
265 |
|
(73 |
) |
(192 |
)(b) |
— |
| |
|
General and administrative |
|
20,843 |
|
— |
|
|
|
20,843 |
| |
|
Total operating expenses |
|
276,089 |
|
(175,369 |
) |
(75,399 |
) |
25,321 |
| |
|
Operating income (loss) |
|
(68,099 |
) |
23,078 |
|
25,862 |
|
(19,159 |
) | |
|
Other expense: |
|
|
|
|
|
|
|
|
| |
|
Interest expense |
|
(36,053 |
) |
— |
|
— |
|
(36,053 |
) | |
|
Realized and unrealized losses on interest derivative instruments |
|
(4,985 |
) |
— |
|
— |
|
(4,985 |
) | |
|
Total other expense |
|
(41,038 |
) |
— |
|
— |
|
(41,038 |
) | |
|
Loss before income taxes |
|
(109,137 |
) |
23,078 |
|
25,862 |
|
(60,197 |
) | |
|
Provision for income taxes — benefit |
|
2,605 |
|
(424 |
) |
3,029 |
(b) |
— |
| |
|
Net loss |
|
(106,532 |
) |
23,502 |
|
22,833 |
|
(60,197 |
) | |
|
Noncontrolling interest in net loss of consolidated subsidiary |
|
363 |
|
363 |
|
— |
(b) |
— |
| |
|
Net losss attributable to Antero equity owners |
|
$ |
(106,169 |
) |
23,139 |
|
22,833 |
|
(60,197 |
) |