Antero Resources Corp Stock Price, News & Analysis

Antero Resources (NYSE: AR) announced that its third quarter 2020 earnings release will be issued on October 28, 2020, after market close. A conference call to discuss financial and operational results is scheduled for October 29, 2020, at 9:00 am MT. Analysts can participate by dialing 877-407-9079 (U.S.) or 201-493-6746 (International). The call will be available for replay until November 5, 2020. Antero Resources, focused on natural gas and liquids, operates primarily in the Appalachian Basin in West Virginia and Ohio.

Antero Resources Corporation (NYSE: AR) reported that as of 5:00 p.m. on August 24, 2020, it accepted $88.39 million of its 5.125% Senior Notes due 2022 and $95.66 million of its 5.625% Senior Notes due 2023 in a cash tender offer. This has resulted in a total repurchase of $366.78 million in senior notes at a 10% weighted average discount, reducing total debt by $37 million. The Dutch Auction Offers will expire on September 8, 2020. The company aims to streamline its capital structure and improve financial flexibility through these actions.

Antero Resources Corporation (NYSE: AR) announced the pricing of a private placement offering of $250 million in 4.25% convertible senior notes due 2026. The offering is expected to close on August 21, 2020. Noteholders may convert their notes under specific conditions, with an initial conversion rate equivalent to $4.34 per share. The company estimates net proceeds of approximately $242 million, primarily to reduce existing credit facility debt. The notes will not be registered under the Securities Act and are offered to qualified institutional buyers.

Antero Resources (NYSE: AR) announced its intention to offer $250 million in convertible senior notes due 2026, subject to market conditions. The offering includes a 30-day option for initial purchasers to acquire an additional $50 million.

The notes will be senior, unsecured obligations, with a maturity date of September 1, 2026, and will accrue interest payable semi-annually. Proceeds will be used to repay existing debt under the Company's credit facility. The offering is targeted exclusively at qualified institutional buyers.

Antero Resources Corporation (NYSE: AR) announced a cash tender offer for its 5.375% Senior Notes due 2021, with $191,566,000 accepted as of August 17, 2020. Tendered notes will receive $980.00 per $1,000 principal amount plus accrued interest. Payment for most accepted notes is expected on August 18, 2020, while guaranteed delivery notes will be paid on August 20, 2020. Additionally, Antero has announced Dutch Auction Offers with a maximum purchase price of $250,000,000, expiring September 8, 2020. Holders tendering by August 24, 2020, will receive an early tender payment of $30.00.

Antero Resources Corporation (NYSE: AR) announced cash tender offers for its outstanding senior notes. The offers include purchasing any and all of its 5.375% Senior Notes due 2021 and up to $250 million of its 5.125% and 5.625% Senior Notes due 2022 and 2023, respectively. The expiration date for the Any and All Offer is set for 5:00 p.m. on August 17, 2020, while the Dutch Auction Offers will expire at 11:59 p.m. on September 8, 2020. The maximum total consideration for the Any and All Notes is $980 per $1,000 principal amount. Details on conditions and procedures are outlined in the Offer to Purchase.

Antero Resources Corporation (NYSE: AR) announced a volumetric production payment (VPP) transaction with J.P. Morgan for cash proceeds of $220 million. The VPP, effective July 1, 2020, involves dry gas properties in West Virginia, with expected net production of 60 MMcf/d in H2 2020, declining to 40 MMcf/d by mid-2027. The company also initiated cash tender offers to repurchase senior notes up to $525 million. Pro forma for the VPP, Antero has $1.2 billion in liquidity as of June 30, 2020, and has achieved asset sales of $751 million towards its annual target.

Antero Resources Corporation (NYSE: AR) reported its Q2 2020 results, revealing a net production of 3,521 MMcfe/d, a 9% increase year-over-year. However, the company faced a GAAP net loss of $463 million due to lower commodity prices. The average realized natural gas price was $2.81 per Mcfe, down 13% from the previous year. Antero has successfully monetized $531 million in asset sales towards its $750 million to $1 billion target and has reduced total debt by $171 million through a debt repurchase program. The company expects over $175 million in free cash flow based on current strip prices.