Antero Resources has posted a Q1 net income gain of US$15 million, a significant decrease from the 2017 Q1 reported net income of US$268 million.
Antero Resources (NYSE: AR) released its first quarter 2018 financial and operating results. Antero reported first quarter net income of US$15 million, or US$0.05 per diluted share, compared to net income of US$268 million, or US$0.85 per diluted share, in the prior year period. As of March 31, 2018, Antero owned a 53 percent limited partner interest in Antero Midstream Partners LP, Antero Midstream’s results are consolidated within Antero’s results.
As quoted in the press release:
“We are off to a strong start in 2018 with record first quarter results that delivered strong cash flow growth during the quarter. This included a net marketing gain, and reduced leverage from year-end levels. We continued to achieve strong operational execution with fewer drilling days per well and higher completion stages per day during the quarter than forecast. Furthermore, the ongoing liquids focus in the Marcellus and strong production performance in the Utica Shale during the quarter boosted results. We continue to execute on the plan we laid out at the beginning of the year targeting strong cash flow generation and debt reduction over the next several years,” said Paul Rady, Antero chairman and CEO.