Antero Resources 1Q14: Production Up 105%, Earnings Down $95M

Antero Resources released their first quarter 2014 update yesterday. Antero is a big and important driller in both the Marcellus and Utica Shale region–particularly in the wet gas areas of West Virginia and eastern Ohio. Antero reports daily gas equivalent (converting liquids to gas) production reached an average 786 million cubic feet equivalent per day (MMcfe/d) in the first quarter, up a healthy 105% from first quarter in 2013. They’re also producing more liquids than ever–16,332 barrrels per day, a 583% increase over 1Q13. On the down side, they report a net loss from operations of $95 million for 1Q14–mostly due to hedging in the financial markets. If you took away the hedging losses, net income would have been up $88 million, or 225% over 1Q13.

In the update below Antero talks about their recent lease acquisition of Piedmont Lake in Ohio’s Utica Shale, and about the recent announcement (from two days ago) that they have committed to another 200 million cubic feet per day of processing capacity at MarkWest’s Sherwood facility in Doddridge County, WV. Here’s the update…

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