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This statistic highlights Antero Resources’ Average Sales Price (ASP) by Product Category, from 2013 onwards, split across C2 Ethane (per Bbl), C3+NGLs (per Bbl), Natural gas (per McF), Oil (per Bbl) and Weighted Average Combined (per Mcfe).
Antero Resources Corporation is engaged in the exploration of hydrocarbons which includes NGLs, oil properties, and natural gas in the Appalachian Basin in West Virginia and Ohio. The Company targets large, repeatable resource plays where horizontal drilling and advanced fracture stimulation technologies provide the means to economically develop and produce Methane, NGLs, and oil from unconventional formations.
|C2 Ethane (per Bbl)||$12.10||$7.90||$5.80|
|C3+NGLs (per Bbl)||$34.80||$27.40||$21.70|
|Natural gas (per McF)||$3.70||$3.10||$2.80|
|Oil (per Bbl)||$52.10||$48.90||$25.50|
|Weighted average combined (per Mcfe)||$3.90||$3.40||$3.00|
(all figures are in absolute terms)
The total average sales price has been declining constantly from being $106.6 in 2018 to $58.7 in 2020. This decline can be seen in all the products the company offers. The total average sales price declined by 14.9% from 2018 to 2019 and then further fell by 35.2%, from 2019 to 2020. The product categories which have the highest average sales price are Oil and C3+NGLs.
The prices which Antero’s products receive are largely dependent upon market forces. Demand is impacted by general economic conditions, weather, and other seasonal conditions, whereas supply is impacted by drilling results, ability to access capital markets and reserves.
Antero’s products are further bifurcated into the following categories:
The average sales price of Antero’s Ethane declined from $7.9 in 2019 to $5.8 in 2020, marking a 26.58% decline on a year-on-year basis. This product category contributes 9.8% to the total average sales price of the company.
The average sales price of Antero’s Natural Gas Liquids declined from $27.4 in 2019 to $21.7 in 2020, marking a 20.80% decline on a year-on-year basis. This is the highest producing product of Antero. Since this commodity constitutes a large share of the average price, accounting for 37%, a decline in its price leads to a major decline in the revenue of the company.
The average sales price of Antero’s Natural Gas declined from $3.1 in 2019 to $2.8 in 2020, marking a 9.67% decline on a year-on-year basis. This product category contributes 4.7% to the total average sales price of the company. This decline is in-line with the decline in the Natural Gas industry in the United States.
The average sales price of Antero’s Oil product category declined from $48.9 in 2019 to $25.5 in 2020, marking a 47.85% decline on a Year-on-Year basis. This product category accounts for a major 43.4% of the total average sales price of the company. Oil prices didn’t reduce by a lot from 2018-2019 but saw a major drop from 2019-2020 due to the coronavirus pandemic. The governments of various countries imposed travel restrictions, due to which the demand for oil in the Transportation industry largely declined, declining the prices of oil.
Weighted average combined
The weighted average combined declined from $3.4 in 2019 to $3.0 in 2020, marking an 11.76% decline on a year-on-year basis. This product category contributes 5.1% of the company’s total average sales price.
Antero Resources Corporation is headquartered in Denver, Colorado. It is an independent hydrocarbon company engaged in the development, production, exploration, and acquisition of NGLs, oil properties and natural gas in the Appalachian Basin. It focuses on creating value through the event of the company’s large portfolio of repeatable, low-cost, liquids-rich drilling opportunities in two of the premier North American shale plays: the Marcellus shales and the Utica shales. Antero is the most integrated NGL and natural gas business within the United States. This is due to its market-leading firm transportation portfolio and midstream ownership through Antero Midstream. The common stock of the company is listed on the NYSE under the ticker “AR”.
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