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Antero Resources (AR) Stock Jumps 10.4% Since Q1 Earnings Beat
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Antero Resources Corporation (AR - Free Report) shares have jumped 10.4% since the first-quarter earnings announcement on Apr 27.
Antero Resources reported first-quarter 2022 adjusted earnings of $1.15 per share, beating the Zacks Consensus Estimate of $1.07. The bottom line improved from the year-ago quarter’s earnings of 62 cents.
Total quarterly revenues of $787 million missed the Zacks Consensus Estimate of $1,558 million. The top line also declined from the year-ago quarter’s $1,204 million.
Strong quarterly earnings can be attributed to higher realizations of commodity prices, partially offset by lower production.
Antero Resources Corporation Price, Consensus and EPS Surprise
Total production through the March-end quarter was recorded at 285 billion cubic feet equivalent (Bcfe), which declined 5% from 299 Bcfe a year ago. Natural gas production (accounting for 69.8% of the total output) fell 4% year over year to 199 Bcf.
Oil production in the first quarter was 724 thousand barrels (MBbls), down 25% from 960 MBbls in the prior-year period. Its production of 4,005 MBbls of C2 Ethane was 9% lower than 4,405 MBbls in the year-ago quarter. The company’s output of 9,638 MBbls of C3+ NGLs for the quarter was 3% lower than 9,926 MBbls a year ago.
Weighted natural-gas-equivalent price realization for the quarter was $6.04 per thousand cubic feet equivalent (Mcfe), higher than the year-earlier figure of $4.03. Realized prices for natural gas rose 44% to $5.01 per Mcf from $3.48 a year ago.
The company’s oil price realization for the quarter was $87.45 per barrel (Bbl), up 88% from $46.55 a year ago. Its realized price for C3+ NGLs improved to $61.55 per Bbl from $40.72 in the prior-year quarter. Realized price for C2 Ethane increased 104% to $16.74 per Bbl from $8.20 a year ago.
Operating Expenses
Total operating expenses for the quarter under review declined to $991.4 million from $1,109.7 million in the year-ago period.
Average lease operating costs for the quarter were 6 cents per Mcfe, down 25% year over year. The same for gathering and compression declined 4% year over year to 71 cents per Mcfe.
Transportation expenses rose 4% from the prior-year quarter to 70 cents per Mcfe. Processing costs increased 8% year over year to 67 cents.
Capex & Financials
In first-quarter 2022, Antero Resources spent $175 million on drilling and completion operations. As of Mar 31, 2022, Antero had no cash and cash equivalents. It had long-term debt of $2 billion, with a debt to capitalization of 26.4%.
Guidance
For 2022, Antero Resources reiterated its net daily natural gas-equivalent production guidance at 3.2-3.3 Bcfe/d. Also, net daily natural gas production is expected to be 2.2-2.25 Bcf/d.
Pioneer Natural Resources Company (PXD - Free Report) reported first-quarter 2022 earnings of $7.74 per share (excluding one-time items), beating the Zacks Consensus Estimate of $7.32. The strong quarterly earnings can be attributed to higher oil-equivalent production volumes and commodity price realizations.
For the second quarter, Pioneer Natural announced a dividend payment of $7.38 per share of common stock, which includes a variable dividend of $6.60 per share and a base dividend of 78 cents. This suggests a 95.2% increase from the prior dividend of $3.78.
TotalEnergies SE (TTE - Free Report) reported first-quarter 2022 operating earnings of $3.40 (€3.03) per share, beating the Zacks Consensus Estimate of $2.79. The improvement was due to an increase in commodity prices.
As of Mar 31, 2022, TotalEnergies’ cash and cash equivalents were $31.3 billion. Net debt to capital was 12.5% at the end of first-quarter 2022, down from 23.7% at the end of first-quarter 2021. TotalEnergies expects to invest $15 billion in 2022, out of which 25% will be allocated to further strengthen renewable operation and electricity.
ConocoPhillips (COP - Free Report) reported first-quarter 2022 adjusted earnings per share of $3.27, beating the Zacks Consensus Estimate of $3.24. The strong quarterly results have been aided by increased oil-equivalent production volumes and realized commodity prices.
ConocoPhillips hiked its expected 2022 return of capital to shareholders. The new guidance is pegged at $10 billion, reflecting an increase from the aforementioned $8 billion. The incremental returns to stockholders will get distributed through share repurchases and VROC tiers.
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Antero Resources (AR) Stock Jumps 10.4% Since Q1 Earnings Beat
Antero Resources Corporation (AR - Free Report) shares have jumped 10.4% since the first-quarter earnings announcement on Apr 27.
Antero Resources reported first-quarter 2022 adjusted earnings of $1.15 per share, beating the Zacks Consensus Estimate of $1.07. The bottom line improved from the year-ago quarter’s earnings of 62 cents.
Total quarterly revenues of $787 million missed the Zacks Consensus Estimate of $1,558 million. The top line also declined from the year-ago quarter’s $1,204 million.
Strong quarterly earnings can be attributed to higher realizations of commodity prices, partially offset by lower production.
Antero Resources Corporation Price, Consensus and EPS Surprise
Antero Resources Corporation price-consensus-eps-surprise-chart | Antero Resources Corporation Quote
Overall Production
Total production through the March-end quarter was recorded at 285 billion cubic feet equivalent (Bcfe), which declined 5% from 299 Bcfe a year ago. Natural gas production (accounting for 69.8% of the total output) fell 4% year over year to 199 Bcf.
Oil production in the first quarter was 724 thousand barrels (MBbls), down 25% from 960 MBbls in the prior-year period. Its production of 4,005 MBbls of C2 Ethane was 9% lower than 4,405 MBbls in the year-ago quarter. The company’s output of 9,638 MBbls of C3+ NGLs for the quarter was 3% lower than 9,926 MBbls a year ago.
Realized Prices (Excluding Derivative Settlements)
Weighted natural-gas-equivalent price realization for the quarter was $6.04 per thousand cubic feet equivalent (Mcfe), higher than the year-earlier figure of $4.03. Realized prices for natural gas rose 44% to $5.01 per Mcf from $3.48 a year ago.
The company’s oil price realization for the quarter was $87.45 per barrel (Bbl), up 88% from $46.55 a year ago. Its realized price for C3+ NGLs improved to $61.55 per Bbl from $40.72 in the prior-year quarter. Realized price for C2 Ethane increased 104% to $16.74 per Bbl from $8.20 a year ago.
Operating Expenses
Total operating expenses for the quarter under review declined to $991.4 million from $1,109.7 million in the year-ago period.
Average lease operating costs for the quarter were 6 cents per Mcfe, down 25% year over year. The same for gathering and compression declined 4% year over year to 71 cents per Mcfe.
Transportation expenses rose 4% from the prior-year quarter to 70 cents per Mcfe. Processing costs increased 8% year over year to 67 cents.
Capex & Financials
In first-quarter 2022, Antero Resources spent $175 million on drilling and completion operations. As of Mar 31, 2022, Antero had no cash and cash equivalents. It had long-term debt of $2 billion, with a debt to capitalization of 26.4%.
Guidance
For 2022, Antero Resources reiterated its net daily natural gas-equivalent production guidance at 3.2-3.3 Bcfe/d. Also, net daily natural gas production is expected to be 2.2-2.25 Bcf/d.
The Zacks Rank #1 (Strong Buy) company expects to generate more than $2.5 billion of free cash flow in 2022. You can see the complete list of today's Zacks #1 Rank stocks here.
Other Players' Q1 Results
Pioneer Natural Resources Company (PXD - Free Report) reported first-quarter 2022 earnings of $7.74 per share (excluding one-time items), beating the Zacks Consensus Estimate of $7.32. The strong quarterly earnings can be attributed to higher oil-equivalent production volumes and commodity price realizations.
For the second quarter, Pioneer Natural announced a dividend payment of $7.38 per share of common stock, which includes a variable dividend of $6.60 per share and a base dividend of 78 cents. This suggests a 95.2% increase from the prior dividend of $3.78.
TotalEnergies SE (TTE - Free Report) reported first-quarter 2022 operating earnings of $3.40 (€3.03) per share, beating the Zacks Consensus Estimate of $2.79. The improvement was due to an increase in commodity prices.
As of Mar 31, 2022, TotalEnergies’ cash and cash equivalents were $31.3 billion. Net debt to capital was 12.5% at the end of first-quarter 2022, down from 23.7% at the end of first-quarter 2021. TotalEnergies expects to invest $15 billion in 2022, out of which 25% will be allocated to further strengthen renewable operation and electricity.
ConocoPhillips (COP - Free Report) reported first-quarter 2022 adjusted earnings per share of $3.27, beating the Zacks Consensus Estimate of $3.24. The strong quarterly results have been aided by increased oil-equivalent production volumes and realized commodity prices.
ConocoPhillips hiked its expected 2022 return of capital to shareholders. The new guidance is pegged at $10 billion, reflecting an increase from the aforementioned $8 billion. The incremental returns to stockholders will get distributed through share repurchases and VROC tiers.