Antero says production grew by 9% in 2Q

Antero Resources has reported a GAAP net loss of $463 million or $1.73 per share in the second quarter 2020, Kallanish Energy reports.

That compares to a net income of $42 million or 14 cents per share in 2Q 2019.

The company has not curtailed any prediction due to the coronavirus pandemic and resulting low demand. It also said it does expect any curtailments in 2020.

The decrease is due largely to lower commodity prices, the Colorado-based firm reported.

Net production averaged 3,521 MMcfe/d with 67% natural gas by volume, it said. That is a 9% increase over 2Q 2019 and a 4% increase over 1Q 2020. That production included 192,975 barrels of liquids.

Its realized natural gas equivalent price including hedges averaged $2.81 per Mcfe in the 2Q 2020.

It reported that its 2021 natural gas volumes are 100% hedged at $2.77 per MMBtu.

The natural gas liquids were shipped via pipelines to the Gulf Coast and to Marcus Hook, Pennsylvania.

It spent $180 million in 2Q on capital spending, its lowest quarterly total on capital spending since the company was formed in 2013.

It has completed 69 of the 105 wells that the company had expected to drill in 2020. The company placed 44 horizontal Marcellus wells to sales in the second quarter. Those wells had an average lateral length of 10,757 feet.

Nineteen of the 44 new wells have had 60-day of reported production averaging 20.2 MMcfe/d including 922 barrels of liquids.

The company has increased its ability to drill, increasing from 7.1 stages to a company record of 8.7 stages per day, an increase of 23%.

During the quarter, the company set a company record for an entire pad averaging 9.6 stages per day.

Antero reported that it set a new U.S. horizontal well drilling record of 11,253 lateral feet in 24 hours.

It reported that it has raised $531 million in asset sales this year. It set a goal of $750 million to $1 billion to be raised in 2020 asset sales.

The sale proceeds have been used to reduce the company’s debt.

This post appeared first on Kallanish Energy News.