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This statistic highlights Antero Resources’ Revenue Breakdown from Q1 2016 onwards, split between Amortization of Deferred Revenue, Commodity Derivatives, Gathering, compression, water handling, and treatment revenues, Marketing, natural gas liquid sales, oil sales, natural gas sales, and Other Income.
|Revenue Breakdown||Q3 2020||Q2 2021||Q3 2021||Revenue Share in Q3 2021|
|Amortization of deferred revenue, VPP||$5.18||$11.28||$5.18||1%|
|Commodity derivative fair value gains||-$514.75||-$831.84||-$514.75||-135%|
|Gathering, compression, water handling and treatments||$0.00||$0.00||$0.00||0%|
|Natural gas liquids sales||$327.43||$464.38||$327.43||86%|
|Natural gas sales||$436.30||$626.52||$436.30||115%|
(All the figures in millions, except percentages)
It is clear that there hasn’t been any significant change in the overall revenue of Antero, the revenue increased from $380.59 million in Q3 2020 to $380.95 million in Q3 2021 marking almost 0.095% growth. But there has been a significant downfall witnessed from $487.08 million in Q2 2021 to $380.95 million, marking a fall of 21.79%.
Amortization of Deferred revenue
Deferred Revenue refers to the cash which is collected but not recognized as revenue in the Income Statement. Under the term, VPP, the company is required to deliver certain natural gas volumes from specified wells to the royalty interest owner.
The deferred revenue remained the same over the period Q3 2020 to Q3 2021 but there was a significant decline in the revenue from $11.28 million in Q2 2021 to $5.18 million in Q3 2021, marking almost 54.08% on a quarter-on-quarter basis. This vertical contributed 1% to the total revenue in Q3 2021.
Commodity Derivative Fair Value Gains
Commodity Derivative value depends on the future commodity prices and has no cash flow until the contract is settled or monetized before the settlement. To reduce the risk of fluctuation, the company entered into basis swap contracts, fixed for variable price contracts, and collar contracts.
The loss on commodity derivatives remained the same for the period Q3 2020 and Q3 2021. However, the losses decreased from -$831.84 million in Q2 2021 to -$514.75 in Q3 2021, making a growth of 38.12%
Gathering, Compression, water handling, and treatment
It is derived from the ownership interest in Antero Midstream Partners through March 2019 and Antero Midstream.
There has been no revenue realized from this section since Q3 2020.
It is earned through operations such as purchasing and selling natural gas and natural gas liquids from third parties, as well as marketing surplus firm transportation capacity to third parties.
Marketing revenue remained the same for the period Q3 2020 and Q3 2021. But there has been a significant fall in revenue from $165.45 million to $91.5 million in Q2 2021, marking almost 44.7% on a quarter-on-quarter basis. This vertical contributed 24% to the total revenue in Q3 2021.
Natural Gas Liquid Sales (NGLs)
NGL is a group of hydrocarbons and part of natural gas that is separated from the gas state in form of liquid.
The revenue from NGLs has remained the same for the period Q3 2020 and Q3 2021. But there has been a decline from $464.38 million in Q2 2021 to $327.43 million in Q3 2021 almost by 29.5% due to lower production making a contribution of 86% in Q3 2021.
Antero Resource’s major sources of revenue are oil sales and natural gas production. Antero Resources sells oil to buyers and collects a contractually agreed-upon index price, net of differentials, under its oil sales contracts.
The revenue increased slightly from $34.27 million in Q3 2020 to $34.63 million in Q3 2021 due to an increase in production. But there has been a significant fall in revenue from $51.91 million in Q2 2021 to $34.63 million in Q3 2021 roughly by 33.29% on a QoQ basis. This vertical contributed 9% to the total revenue in Q3 2021.
Natural Gas Sales
The Natural gas-producing properties are located in the liquids-rich Appalachian Basin and are generally used for manufacturing, power generation, and heating. Natural Gas sales have remained the same for the period Q3 2020 and Q3 2021 but there has been a decline in revenue from $626.52 million in Q2 2021 to $436.3 million in Q3 2021 almost by 30.36% on a QoQ basis.
Other income includes settlement on the water earnout. The revenue remained the same for Q3 2020 and Q3 2021. But there has been an increase in revenue from -$0.62 million in Q2 2021 to $0.68 million in Q3 2021, marking a growth of 209.68% on a QoQ basis.
Antero Resources Corporation is an oil and natural gas company that is engaged in the business of exploration, development, and acquisition of Natural Gas Liquids, Natural Gas, and oil properties. The company has two segments:
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