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This statistic highlights Antero Resources’ Revenue by segment from Q1 2016 onwards, split across the following segments: Exploration and Production, Marketing, Equity Method Investment in Antero Midstream, and Elimination of intersegment transactions on a quarterly basis.
Management evaluated the Company’s organizational and management structure and identified the following segments: natural gas, NGLs, and oil exploration, development, and production; (ii) marketing and utilisation of excess firm transportation capacity; and (iii) midstream services through the Company’s equity method investment in Antero Midstream Corporation. The Company’s assets are all located in the United States, and the majority of its production revenues are mainly owing to customers in the United States; however, a few of the Company’s production revenues are traceable to customers who transport the Company’s production to foreign countries for resale or consumption.
Antero Resources’ Revenue by segment
|Revenue by Segment||Q3 2020||Q2 2021||Q3 2021||Revenue Contribution in Q3 2021|
|Exploration and production||$289.09||$323.92||$301.74||56%|
|Equity Method Investment in Antero Midstream||$233.42||$232.79||$224.80||42%|
|Elimination of intersegment transactions||($233.42)||($232.79)||($224.80)||-42%|
(All figures are in millions except percentages)
Antero’s total revenue increased from $380.59 million in Q3 2020 to $534.42 in Q3 2021, almost about 40.42% on a YOY basis. It also grew by $45.05 million in the latest quarter as compared to $489.37 million earned in Q2 2021, which was a jump of 9.21% on a sequential basis.
Exploration and production
The majority of the revenue of Antero Resource Corp. is generated through Exploration and Production accounting for 56% of the company revenue in Q3 2021, amounting to $301.74 million. It is also increased by 4.37% from $289.09 million in Q3 2020 to $301.74 million in Q3 2021. However it decreased by $22.18 million on a quarterly basis.
It is an E&P company focused on acquiring and developing unconventional natural gas properties in the Marcellus and the Utica Shales.
Where feasible, they purchase and sell third-party natural gas and NGLs and market their excess firm transportation capacity, or engage third parties to conduct these activities on their behalf, to optimize the revenues and mitigate costs from these agreements.
They have entered into long-term firm transportation agreements for a significant portion of their current and expected future production to secure guaranteed capacity to favorable markets.
Revenue from the Marketing Segment is a contribution of 44% in total revenue of the company. They had also shown an increase of $141.19 million on a YOY basis from $91.50 million in Q3 2020 to $232.69 million in Q3 2021.
Equity method investment in Antero midstream
Income generated from this segment is 42% of the total revenue. The company has shown a decline of 3.69% on a YOY basis.
A decrease of $8 million, or 4%, was primarily due to lower water handling revenue as a result of decreased well completions period-over-period and lower gathering and compression revenues.
Elimination of intersegment transactions
All significant intercompany accounts and transactions have been eliminated in the Company’s condensed consolidated financial statements.
These projects require substantial capital expenditures. They may be unable to obtain required capital or financing on satisfactory terms, which could lead to a decline in their oil and gas reserves.
About the company
Antero Resources Corporation is an independent oil and natural gas company engaged in the exploration, development, production of natural gas, NGL’s, and oil properties, located in the Appalachian Basin. It was formed by Paul Rady and Glen Warren in 2002. Antero Resources Corp. has assembled a portfolio of long-lived properties that are characterized by what they believe to be low geologic risk and repeatability. They have secured sufficient long-term firm takeaway capacity on major pipelines in their core operating area to serve their current development plans.
The Company’s reproducible resource plays where vertical drilling and advanced fracture incitement technologies give the means to economically develop and produce natural gas, NGLs, and canvas from uncommon conformations.
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