DENVER, Dec. 17, 2020 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources") announced today the pricing of its private placement to eligible purchasers of $500 million in aggregate principal amount of 8.375% senior unsecured notes due 2026 at par (the "Notes"). The offering is expected to close on January 4, 2021, subject to customary closing conditions.

Antero Resources estimates that it will receive net proceeds of approximately $494 million, after deducting the initial purchasers' discounts and estimated expenses. Antero Resources intends to use a portion of the net proceeds from the offering to fund the redemption of $350 million aggregate principal amount of its 5.125% senior notes due 2022 (the "2022 Notes") at par plus accrued interest and to use the remaining net proceeds to repay borrowings under its credit facility. The partial redemption of the 2022 Notes is conditioned on the completion of the offering of the Notes. The offering of the Notes is not contingent upon the completion of such redemption.

The Notes to be offered have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States pursuant to Regulation S under the Securities Act.

This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. This press release shall not constitute a notice of redemption of the 2022 Notes.

Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia and Ohio. In conjunction with its affiliate, Antero Midstream (NYSE: AM), Antero is one of the most integrated natural gas producers in the U.S.

This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources' control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as statements regarding the proposed offering and the intended use of proceeds, including to fund the partial redemption of the 2022 Notes, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil most of which are difficult to predict and many of which are beyond the Antero Resources' control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity, and the other risks described under the heading "Item 1A. Risk Factors" in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2019 and in its subsequently filed Quarterly Reports on Form 10-Q.

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SOURCE Antero Resources Corporation

DENVER, Oct. 14, 2020 /PRNewswire/ -- Antero Resources (NYSE: AR) ("Antero" or the "Company") announced today that the Company plans to issue its third quarter 2020 earnings release on Wednesday, October 28, 2020 after the close of trading on the New York Stock Exchange.

A conference call is scheduled on Thursday, October 29, 2020 at 9:00 am MT to discuss the financial and operational results.  A brief Q&A session for security analysts will immediately follow the discussion of the results.  To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference "Antero Resources."  A telephone replay of the call will be available until Thursday, November 5, 2020 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13703919. To access the live webcast and view the related earnings conference call presentation, visit Antero's website at www.anteroresources.com.  The webcast will be archived for replay on the Company's website until Thursday, November 5, 2020 at 9:00 am MT.

Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia and Ohio. In conjunction with its affiliate, Antero Midstream (NYSE: AM), Antero is one of the most integrated natural gas producers in the U.S.  The Company's website is located at www.anteroresources.com.

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SOURCE Antero Resources Corporation

DENVER, Oct. 5, 2020 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources" or the "Company") today announced the publication of its 2019 Corporate Sustainability Report.  The report details Antero's ongoing commitment to environmental excellence, strong governance, safe operations and the communities in which it operates. The full report is available at www.anteroresources.com/sustainability/founders-message.

Report Highlights:

• Environmental Leadership
• Reduced GHG intensity by 39% between 2016 and 2019, to one of the lowest levels in the industry
• Methane leak loss rate in 2019 was 0.046%, compared to the ONE Future industry and sector targets of 1.00% and 0.280%, respectively
• 88% of total produced and flowback water generated was reused and 41% of total water used was recycled and reused water, year to date 2020  
• Safety Culture and Outstanding Results  
• 6 straight years without an employee Lost Time Incident
• Lost Time Incident Rate of 0.026 and Total Recordable Incident Rate of 0.285 in 2019 are some of the lowest in the industry
• 7,556 employee safety training hours in 2019
• Strong Governance and Gender Diversity
• 67% of the Board of Directors is independent
• Established Environmental, Sustainability and Social Governance (ESG) Committee of Board of Directors in 2020
• 33% of Independent Directors and 22% of senior leadership including multiple department heads are female
• Community Engagement
• Established The Antero Foundation
• $570,000 contributed to community and civic organizations in 2019
• 3,200 employee hours volunteered in 2019
  

2025 Environmental Goals:                                                

• 50% reduction in methane leak loss rate to under 0.025%
• 10% reduction in GHG intensity                          
• Endeavor to achieve net zero carbon emissions through operational improvements and carbon offsets
• Align with TCFD and SASB guidelines in the meantime                                                 

Paul Rady, Chairman and Chief Executive Officer of Antero Resources commented, "Our outstanding ESG performance exemplifies our unwavering and long-standing commitment to make every effort to do the right thing, take accountability for our actions and maintain our position as a world-class sustainable energy producer, partner and employer of choice. We are dedicated to adapting and leading, and operating ethically and responsibly. This commitment is evident in our performance and culture as we proactively care for our employees, contractors, community and the environment."

Glen Warren, CFO and President of Antero Resources said, "Natural gas is key to the energy transition and our ability to address the risks associated with climate change.  As the lightest and least greenhouse gas (GHG) intensive hydrocarbon, natural gas is just as important as wind and solar in the energy mix that allows the U.S. and the globe to transition to a lower carbon future. Natural gas is a transition fuel and part of the solution. Investors, creditors, the communities in which we operate, and employees can be stakeholders in a hydrocarbon business that is natural gas focused while at the same time meeting high ESG standards."

Presentation

The Company posted its 2019 Corporate Sustainability Report presentation on its website at www.anteroresources.com/sustainability/founders-message. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into, this press release.

Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia and Ohio. In conjunction with its affiliate, Antero Midstream (NYSE: AM), Antero is one of the most integrated natural gas producers in the U.S.  The Company's website is located at www.anteroresources.com.

While Antero Resources believes all historical calculations presented in this release and the Corporate Sustainability Report were completed consistent with current industry standards, the numbers provided have not been audited by a third party audit firm.

This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources' control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding our strategy, future operations and forecasts of future events, including our environmental goals, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. These forward-looking statements are management's belief, based on currently available information, as to the outcome and timing of future events.  Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

In addition, many of the standards and metrics used in preparing this release and the Corporate Sustainability Report continue to evolve and are based on management expectations and assumptions believed to be reasonable at the time of preparation but should not be considered guarantees. The standards and metrics used, and the expectations and assumptions they are based on, have not been verified by any third party.

Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil most of which are difficult to predict and many of which are beyond the Antero Resources' control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health event, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity and the other risks described under the heading " Risk Factors" in Antero Resources' filings with the SEC.

This release and the Corporate Sustainability Report contain statements based on hypothetical or severely adverse scenarios and assumptions, and these statements should not necessarily be viewed as being representative of current or actual risk or forecasts of expected risk. While future events discussed in this release or the report may be significant, any significance should not be read as necessarily rising to the level of materiality of certain disclosures included in Antero Resources' SEC filings.

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SOURCE Antero Resources Corporation

DENVER, Aug. 24, 2020 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero" or the "Company") today announced that as of 5:00 p.m., New York City time, on August 24, 2020 (the "Dutch Auction Early Tender Deadline"), $88,389,000 aggregate principal amount of the Company's 5.125% Senior Notes due 2022 (the "2022 Notes") and $95,661,000 aggregate principal amount of the Company's 5.625% Senior Notes due 2023 (the "2023 Notes" and, together with the 2022 Notes, the "Dutch Auction Notes") had been tendered and not withdrawn prior to the Dutch Auction Early Tender Deadline, in accordance with the previously announced cash tender offers for the Dutch Auction Notes (the "Dutch Auction Offers") on the terms and subject to the conditions set forth in the Offer to Purchase, dated as of August 11, 2020 (as it may be amended and supplemented from time to time, the "Offer to Purchase"). The Company intends to accept for purchase all such notes (the "Accepted Notes") and to make payment for Accepted Notes on August 25, 2020.

Select terms of the early tender results and pricing of the Dutch Auction Offers are described in the table below:

The deadline for holders to validly withdraw tenders of Dutch Auction Notes (unless otherwise required by applicable law) was 5:00 p.m., New York City time, on August 24, 2020, and was not extended. The Dutch Auction Offers will expire at 11:59 p.m., New York City time, on September 8, 2020, unless extended by Antero in its sole discretion (such date and time, as the same may be extended, the "Dutch Auction Expiration Date"). Pursuant to the Offer to Purchase, holders of Dutch Auction Notes may still tender their Dutch Auction Notes by the Dutch Auction Expiration Date, but will be entitled to receive only the Dutch Auction Offer Consideration, which is equal to the Dutch Auction Total Consideration set forth in the table above, less the $30.00 Dutch Auction Early Tender Payment.

As previously announced, $191,566,000 principal amount of the Company's outstanding 5.375% Senior Notes due 2021 (the "2021 Notes") were tendered pursuant to the Company's cash tender offer for any and all of its outstanding 2021 Notes (the "Any and All Offer" and, together with the Dutch Auction Offers, the "Offers" and, the Dutch Auction Notes, collectively with the 2021 Notes, the "Notes"), which amount included $18,480,000 principal amount of 2021 Notes tendered pursuant to guaranteed delivery procedures (the "Guaranteed Delivery Notes"). Because holders owning approximately $9 million aggregate principal amount of Guaranteed Delivery Notes did not perform the delivery requirements under the guaranteed delivery procedures, Antero accepted for purchase $182,725,000 aggregate principal amount of 2021 Notes. 

Between the Dutch Auction Notes tendered by the Dutch Auction Early Tender Deadline and 2021 Notes repurchased by the Company in the Any and All Offer, the Company will have repurchased an aggregate $366,775,000 notional amount of senior notes in the Offers at a 10% weighted average discount, reducing total debt by $37 million.

Additional Information

The dealer manager for the Offers is J.P. Morgan Securities LLC and the co-dealer managers for the Offers are BMO Capital Markets Corp. and Citigroup Global Markets Inc. Any questions regarding the terms of the Offers should be directed to J.P. Morgan at (toll-free) (866) 834-2045 or (collect) (866) 834-2045. The depositary and information agent is IPREO LLC. Any questions regarding procedures for tendering Notes or requests for copies of the Offer to Purchase, the Letter of Transmittal or the Notice of Guaranteed Delivery should be directed to the information agent for the Offers, IPREO LLC, at (888) 593-9546 (toll-free), (212) 849-3880 (all others) or ipreo-tenderoffer@ihsmarkit.com. Copies of such documents are also available at the following web address: https://www.debtdomain.com/public/antero/index.html.

This press release is for informational purposes only. This press release is not an offer to purchase or a solicitation of an offer to purchase with respect to any Notes or any other securities. The Offers are being made pursuant to an Offer to Purchase, a related Letter of Transmittal and a related Notice of Guaranteed Delivery, each dated August 11, 2020, which set forth the complete terms and conditions of the Offers. The Offers are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to be made on behalf of the Company by the Dealer Managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. None of the Company, the Dealer Managers, the Depositary or the Information Agent makes any recommendation as to whether holders should tender or refrain from tendering their Notes. Holders must make their own decision as to whether to tender or refrain from tendering any or all of such holder's Notes, and how much they should tender.

Antero is an independent natural gas and oil company engaged in the acquisition, development and production of unconventional liquids-rich natural gas properties located in the Appalachian Basin.

This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero's control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero expects, believes or anticipates will or may occur in the future, such as Antero's ability to successfully consummate the Offers and the terms thereof, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond Antero's control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity, and the other risks described under the heading "Item 1A. Risk Factors" in Antero's Annual Report on Form 10-K for the year ended December 31, 2019 and in its subsequent Quarterly Reports on Form 10-Q.

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SOURCE Antero Resources Corporation

DENVER, Aug. 18, 2020 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources" or the "Company") announced today the pricing of its private placement to eligible purchasers of $250 million in aggregate principal amount of 4.25% convertible senior notes due 2026 (the "Notes"). In connection with the offering of the Notes, the Company granted the initial purchasers of the Notes an option, which is exercisable within 30 days, to purchase up to an additional $50 million aggregate principal amount of the Notes. The offering is expected to close on August 21, 2020, subject to the satisfaction of customary closing conditions.

The Notes will be senior, unsecured obligations of the Company and will accrue interest at a rate of 4.25% per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on March 1, 2021. The Notes will mature on September 1, 2026, unless earlier repurchased, redeemed or converted. Before May 1, 2026, noteholders will have the right to convert their Notes only upon the occurrence of certain events. From and after May 1, 2026, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination thereof, at the Company's election. The initial conversion rate is 230.2026 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $4.34 per share of common stock. The initial conversion price represents a premium of approximately 20% over the last reported sale price of the Company's common stock on the New York Stock Exchange of $3.62 per share on August 18, 2020. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

The Notes will be redeemable, in whole or in part, for cash at the Company's option at any time, and from time to time, on or after March 1, 2024 and before the maturity date, but only if the last reported sale price per share of the Company's common stock exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading date immediately preceding the date on which the Company provides notice of redemption, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date on which the Company provides the related notice of redemption, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest.

The Notes will be fully and unconditionally guaranteed, on a senior, unsecured basis, by the Company's subsidiaries that currently or in the future guarantee the Company's existing senior notes.

If a "fundamental change" (as defined in the indenture for the Notes) occurs, then noteholders may require the Company to repurchase their Notes for cash. The repurchase price will be equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

Antero Resources estimates that it will receive net proceeds of approximately $242 million, after deducting the initial purchasers' discounts and estimated expenses (assuming no exercise of the initial purchasers' option to purchase additional Notes). The Company intends to use the net proceeds from the offering (including any additional net proceeds if the initial purchasers exercise their option to purchase additional Notes) to repay indebtedness under the Company's credit facility, which amounts may be reborrowed at any time, including to fund the pending tender offers.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The Notes to be offered and any shares of the Company's common stock issuable upon conversion of the Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act.

Antero Resources is an independent natural gas and oil company engaged in the acquisition, development and production of unconventional liquids-rich natural gas properties located in the Appalachian Basin in West Virginia and Ohio.

This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources' control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as Antero Resources' ability to successfully consummate the offering of the Notes, the terms and conditions of the Notes and the Company's expected use of proceeds from the offering of the Notes, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond the Antero Resources' control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity, and the other risks described under the heading "Item 1A. Risk Factors" in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2019 and its subsequently filed Quarterly Reports on Form 10-Q.

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SOURCE Antero Resources Corporation

DENVER, Aug. 18, 2020 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources" or the "Company") announced today that, subject to market and other conditions, it intends to offer $250 million in aggregate principal amount of convertible senior notes due 2026 (the "Notes") in a private placement to eligible purchasers. The Company also expects to grant the initial purchasers of the Notes a 30-day option to purchase up to an additional $50 million aggregate principal amount of the Notes.

The Notes will be senior, unsecured obligations of the Company, accrue interest payable semi-annually in arrears and mature on September 1, 2026, unless earlier repurchased, redeemed or converted. The Notes will be convertible into cash, shares of the Company's common stock or a combination thereof, at the Company's election. The Notes will be fully and unconditionally guaranteed, on a senior, unsecured basis, by the Company's subsidiaries that currently or in the future guarantee the Company's existing senior notes. The interest rate, initial conversion rate and other terms of the Notes are expected to be determined at the time of pricing of the offering.

The Company intends to use the net proceeds from the offering (including any additional net proceeds if the initial purchasers exercise their option to purchase additional Notes) to repay indebtedness under the Company's credit facility, which amounts may be reborrowed at any time, including to fund the pending senior note tender offers.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The Notes to be offered and any shares of the Company's common stock issuable upon conversion of the Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act.

Antero Resources is an independent natural gas and oil company engaged in the acquisition, development and production of unconventional liquids-rich natural gas properties located in the Appalachian Basin in West Virginia and Ohio.

This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources' control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as Antero Resources' ability to successfully consummate the offering of the Notes, the terms and conditions of the Notes and the Company's expected use of proceeds from the offering of the Notes, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond the Antero Resources' control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity, and the other risks described under the heading "Item 1A. Risk Factors" in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2019 and its subsequently filed Quarterly Reports on Form 10-Q.

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SOURCE Antero Resources Corporation

DENVER, Aug. 17, 2020 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero" or the "Company") announced today that, as of 5:00 p.m., New York City time, on August 17, 2020, $191,566,000 principal amount of the Company's outstanding 5.375% Senior Notes due 2021 (the "2021 Notes") have been tendered and accepted for purchase (the "Tendered Notes") pursuant to the previously announced cash tender offer (the "Any and All Offer") on the terms and subject to the conditions set forth in the Offer to Purchase, dated as of August 11, 2020 (as it may be amended or supplemented from time to time, the "Offer to Purchase"). This amount includes $18,480,000 principal amount of 2021 Notes tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase and the related notice of guaranteed delivery provided in connection with the Any and All Offer, which remain subject to the holders' performance of the delivery requirements under such procedures (the "Guaranteed Delivery Notes").

Holders of 2021 Notes that have been accepted for purchase will receive the total consideration of $980.00 for each $1,000 principal amount of 2021 Notes purchased pursuant to the Any and All Offer, plus accrued and unpaid interest thereon from the last interest payment date to, but not including, August 18, 2020. Antero expects to make payment for the Tendered Notes (other than the Guaranteed Delivery Notes) on August 18, 2020 and to make payment for the Guaranteed Delivery Notes delivered pursuant to the guaranteed delivery procedures on August 20, 2020.

Based on the results of the Any and All Offer, the maximum purchase price, excluding accrued interest, available to purchase the Company's outstanding 5.125% Senior Notes due 2022 and 5.625% Senior Notes due 2023 (collectively, the "Dutch Auction Notes" and, with the 2021 Notes, the "Notes") subject to the previously announced cash tender offers (the "Dutch Auction Offers" and, collectively with the Any and All Offer, the "Offers") will be $250,000,000, which was the maximum amount available for the Dutch Auction Offers regardless of the principal amount of Tendered Notes. The "Dutch Auction Cap" will be a principal amount of Dutch Auction Notes that can be purchased with such maximum purchase price.

The Dutch Auction Offers are scheduled to expire at 11:59 p.m., New York City time, on Tuesday, September 8, 2020, unless extended (the "Dutch Auction Expiration Date"). As more fully described in the Offer to Purchase, holders of Dutch Auction Notes who validly tender (and do not validly withdraw) their Dutch Auction Notes at or prior to 5:00 p.m., New York City time, on Monday, August 24, 2020, unless extended (the "Dutch Auction Early Tender Deadline"), will receive the applicable "Dutch Auction Total Consideration" (as defined in the Offer to Purchase), including a "Dutch Auction Early Tender Payment" of $30.00 per $1,000 principal amount of Dutch Auction Notes. Holders who validly tender their Dutch Auction Notes after the Dutch Auction Early Tender Deadline will not be eligible to receive the Dutch Auction Early Tender Payment.

Information relating to the Dutch Auction Notes and Dutch Auction Offers is set forth in the table below:

As previously announced, and as more fully described in the Offer to Purchase, the "Clearing Premium" will be determined pursuant to a modified "Dutch Auction" by consideration of the "bid price" specified by each holder that tenders Dutch Auction Notes prior to the Dutch Auction Early Tender Deadline. The bid premiums of Dutch Auction Notes validly tendered after the Dutch Auction Early Tender Deadline will not be used in determining the Clearing Premium. The Clearing Premium for the Dutch Auction Offers will be the lowest single bid premium (the amount by which bid price exceeds the "Base Price," which is also equal to the minimum "bid price") at which Antero will be able to purchase Dutch Auction Notes in an aggregate principal amount equal to the Dutch Auction Cap. If the aggregate amount of Dutch Auction Notes validly tendered (and not validly withdrawn) at or below the Clearing Premium would cause Antero to purchase more than the Dutch Auction Cap, then holders of Dutch Auction Notes tendered at the Clearing Premium will be subject to proration as described in the Offer to Purchase.

Additional Information

The dealer manager for the Offers is J.P. Morgan Securities LLC and the co-dealer managers for the Offers are BMO Capital Markets Corp. and Citigroup Global Markets Inc. Any questions regarding the terms of the Offers should be directed to J.P. Morgan at (toll-free) (866) 834-2045 or (collect) (866) 834-2045. The depositary and information agent is IPREO LLC. Any questions regarding procedures for tendering Notes or requests for copies of the Offer to Purchase, the Letter of Transmittal or the Notice of Guaranteed Delivery should be directed to the information agent for the Offers, IPREO LLC, at (888) 593-9546 (toll-free), (212) 849-3880 (all others) or ipreo-tenderoffer@ihsmarkit.com. Copies of such documents are also available at the following web address: https://www.debtdomain.com/public/antero/index.html.

This press release is for informational purposes only. This press release is not an offer to purchase or a solicitation of an offer to purchase with respect to any Notes or any other securities. The Offers are being made pursuant to an Offer to Purchase, a related Letter of Transmittal and a related Notice of Guaranteed Delivery, each dated August 11, 2020, which set forth the complete terms and conditions of the Offers. The Offers are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to be made on behalf of the Company by the Dealer Managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. None of the Company, the Dealer Managers, the Depositary or the Information Agent makes any recommendation as to whether holders should tender or refrain from tendering their Notes. Holders must make their own decision as to whether to tender or refrain from tendering any or all of such Holder's Dutch Auction Notes, and how much they should tender or at what bid price any Dutch Auction Notes should be tendered.

Antero is an independent natural gas and oil company engaged in the acquisition, development and production of unconventional liquids-rich natural gas properties located in the Appalachian Basin.

This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero's control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero expects, believes or anticipates will or may occur in the future, such as Antero's ability to successfully consummate the Offers and the terms thereof, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond Antero's control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity, and the other risks described under the heading "Item 1A. Risk Factors" in Antero's Annual Report on Form 10-K for the year ended December 31, 2019 and in its subsequent Quarterly Reports on Form 10-Q.

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SOURCE Antero Resources Corporation

DENVER, Aug. 11, 2020 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources" or the "Company") today announced today that it has commenced cash tender offers (the "Offers") to purchase (i) any and all of the Company's outstanding 5.375% Senior Notes due 2021 (such notes, the "Any and All Notes" and, such offer, the "Any and All Offer") and (ii) up to the Dutch Auction Cap (as defined below) of the Company's outstanding 5.125% Senior Notes due 2022 the ("2022 Notes") and the Company's 5.625% Senior Notes due 2023 (the "2023 Notes" and, together with the 2022 Notes, the "Dutch Auction Notes" and, such offers, the "Dutch Auction Offers" and, the Dutch Auction Notes together with the Any and All Notes, the "Notes"), in each case, on the terms and subject to the conditions set forth in the Offer to Purchase, dated the date hereof (as it may be amended or supplemented from time to time, the "Offer to Purchase").

The Dutch Auction Cap will be a principal amount of 2022 Notes and/or 2023 Notes that could be purchased with a maximum purchase price, excluding accrued interest, equal to $525,000,000 less the aggregate amount paid by the Company to purchase the Any and All Notes (other than accrued interest) in the Any and All Offer, but in no event more than $250,000,000 (such amount, the "Dutch Auction Cap"). The Any and All Offer is scheduled to expire at 5:00 p.m., New York City time, on Monday, August 17, 2020, unless extended (such time and date, as the same may be extended, the "Any and All Expiration Date"). The Dutch Auction Offers are scheduled to expire at 11:59 p.m., New York City time, on Tuesday, September 8, 2020, unless extended (such time and date, as the same may be extended, the "Dutch Auction Expiration Date").

Information relating to the Notes and the Offers is set forth in the table below:

Holders of Any and All Notes who validly tender (and do not validly withdraw) their Any and All Notes at or prior to 5:00 p.m., New York City time on Monday, August 17, 2020, unless extended, or who comply with the guaranteed delivery procedures in accordance with the instructions described in the Offer to Purchase, will receive total consideration of $980.00 per $1,000 principal amount of Any and All Notes purchased pursuant to the Offers. There will not be an early tender payment for the Any and All Notes.

The total consideration payable for each $1,000 principal amount of Dutch Auction Notes will be determined based on a modified "Dutch Auction" procedure. Holders of Dutch Auction Notes who validly tender (and do not validly withdraw) their Dutch Auction Notes at or prior to 5:00 p.m., New York City time, on Monday, August 24, 2020, unless extended (the "Dutch Auction Early Tender Deadline"), will receive the applicable "Dutch Auction Total Consideration," including a "Dutch Auction Early Tender Payment" of $30.00 per $1,000 principal amount of Dutch Auction Notes. Holders who validly tender their Dutch Auction Notes after the Dutch Auction Early Tender Deadline will not be eligible to receive the Dutch Auction Early Tender Payment.

As more fully described in the Offer to Purchase, the Dutch Auction Total Consideration for each $1,000 principal amount of the Dutch Auction Notes validly tendered (and not validly withdrawn) at or prior to the Dutch Auction Early Tender Deadline and accepted for purchase will be equal to the sum of: (1) the "Base Price" for the Dutch Auction Notes, which is also equal to the minimum "bid price," and (2) the "Clearing Premium," which will be determined pursuant to a modified "Dutch Auction" by consideration of the "bid price" specified by each holder that tenders Dutch Auction Notes prior to the Dutch Auction Early Tender Deadline pursuant to the Offers. The bid premiums of Dutch Auction Notes validly tendered after the Dutch Auction Early Tender Deadline will not be used in determining the Clearing Premium. The bid price for tendered Dutch Auction Notes represents the minimum consideration a holder is willing to receive for those Dutch Auction Notes and must fall within the acceptable bid price range specified in the table above and be in increments of $5.00.

The total consideration for each $1,000 principal amount of the Dutch Auction Notes validly tendered (and not validly withdrawn) after the Dutch Auction Early Tender Deadline and at or prior to the Dutch Auction Expiration Date and accepted for purchase will consist of the Dutch Auction Total Consideration less the Dutch Auction Early Tender Payment (the "Dutch Auction Offer Consideration").

As more fully described in the Offer to Purchase, the Clearing Premium for the Dutch Auction Offers will be the lowest single bid premium (the amount by which bid price exceeds the Base Price) at which the Company will be able to purchase Dutch Auction Notes in an aggregate principal amount equal to the Dutch Auction Cap. If the aggregate amount of Dutch Auction Notes validly tendered (and not validly withdrawn) at or below the Clearing Premium would cause the Company to purchase more than the Dutch Auction Cap for the Dutch Auction Offers, then holders of Dutch Auction Notes tendered at the Clearing Premium will be subject to proration as described in the Offer to Purchase.

In addition, the Company will pay accrued and unpaid interest on all Notes tendered and accepted for payment in the Offers from the last interest payment date to, but not including, the applicable settlement date.

Tendered Any and All Notes may be validly withdrawn at any time by the Any and All Expiration Date, but not thereafter unless otherwise required by applicable law. Tendered Dutch Auction Notes may be validly withdrawn at any time prior to 5:00 p.m., New York City time, on Monday, August 24, 2020, unless extended (the "Dutch Auction Withdrawal Deadline"), but not thereafter unless otherwise required by applicable law.

The Company reserves the right, in its sole discretion, to increase the Dutch Auction Cap for the Dutch Auction Notes. If the Company increases the Dutch Action Cap, it does not currently intend to extend the Dutch Auction Withdrawal Deadline or otherwise reinstate withdrawal rights, subject to applicable law.

Consummation of the Offers is subject to the satisfaction or waiver of certain conditions, which are more fully described in the Offer to Purchase. If any of the conditions are not satisfied, the Company may terminate the Offers and return tendered Notes. The Company has the right to waive any conditions with respect to the Notes and to consummate the Offers. In addition, the Company has the right, in its sole discretion, to terminate the Offers at any time, subject to applicable law. The Company has the right, in its sole discretion, to amend, extend or terminate an Offer without amending, extending or terminating any other Offer.

Additional Information

The dealer manager for the Offers is J.P. Morgan Securities LLC and the co-dealer managers for the Offers are BMO Capital Markets Corp. and Citigroup Global Markets Inc. Any questions regarding the terms of the Offers should be directed to J.P. Morgan at (toll-free) (866) 834-2045 or (collect) (866) 834-2045. The depositary and information agent is IPREO LLC. Any questions regarding procedures for tendering Notes or requests for copies of the Offer to Purchase, the Letter of Transmittal or the Notice of Guaranteed Delivery should be directed to the information agent for the Offers, IPREO LLC, at (888) 593-9546 (toll-free), (212) 849-3880 (all others) or ipreo-tenderoffer@ihsmarkit.com. Copies of such documents are also available at the following web address: https://www.debtdomain.com/public/antero/index.html.

This press release is for informational purposes only. This press release is not an offer to purchase or a solicitation of an offer to purchase with respect to any Notes or any other securities. The Offers are being made pursuant to an Offer to Purchase, a related Letter of Transmittal and a related Notice of Guaranteed Delivery, each dated the date hereof, which set forth the complete terms and conditions of the Offers. The Offers are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to be made on behalf of the Company by the Dealer Managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. None of the Company, the Dealer Managers, the Depositary or the Information Agent makes any recommendation as to whether holders should tender or refrain from tendering their Notes. Holders must make their own decision as to whether to tender or refrain from tendering any or all of such Holder's Notes and, how much they should tender or, in the case of the Dutch Auction Offers, at what bid price any Dutch Auction Notes should be tendered.

Antero is an independent natural gas and oil company engaged in the acquisition, development and production of unconventional liquids-rich natural gas properties located in the Appalachian Basin. 

This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero's control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero expects, believes or anticipates will or may occur in the future, such as Antero's ability to successfully consummate the Offers and the terms thereof, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil, most of which are difficult to predict and many of which are beyond Antero's control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity, and the other risks described under the heading "Item 1A. Risk Factors" in Antero's Annual Report on Form 10-K for the year ended December 31, 2019 and in its subsequent Quarterly Reports on Form 10-Q.

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SOURCE Antero Resources Corporation

DENVER, Aug. 11, 2020 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources" or the "Company") today announced a volumetric production payment ("VPP") transaction with an affiliate of J.P. Morgan for cash proceeds of $220 million.  The Company also announced today in a separate press release the commencement of cash tender offers for its 2021, 2022 and 2023 senior notes for $525 million.  Pro forma for application of the VPP proceeds to repay outstanding revolver borrowings, but prior to the completion of the tender offers, the Company had approximately $715 million drawn on its revolving credit facility and $1.2 billion in liquidity as of June 30, 2020.

Release highlights:

• Completed VPP sale to an affiliate of J.P. Morgan for proceeds of $220 million
• VPP is comprised of dry gas producing properties in West Virginia
• Effective date of July 1, 2020 with seven-year term ending June 30, 2027
• VPP net production is 60 MMcf/d for second half of 2020, 75 MMcf/d in 2021, then declines to 40 MMcf/d by the first half of 2027 prior to termination
• Asset sale proceeds of $751 million have achieved the low end of $750 million to $1 billion target range for 2020
• Announced the commencement of cash tender offers to repurchase any and all of its 2021 senior notes and a portion of its 2022 and 2023 senior notes for up to $525 million
• Pro forma for the VPP but prior to the funding of the tender offers, the Company had $1.2 billion of liquidity as of June 30, 2020
• Borrowing base under the credit facility remains unchanged at $2.85 billion following the VPP transaction

Paul Rady, Chairman and Chief Executive Officer of Antero Resources commented, "The VPP transaction brings asset sales to date to the low end of the asset sale target range announced in December of 2019.  The ability to monetize $751 million of assets in such a challenging market is a testament to the quality of Antero's substantial producing properties and acreage."

Glen Warren, CFO and President of Antero Resources said, "Pro forma for the VPP sale and assuming $525 million of bonds are tendered and repurchased, Antero will have reduced near term bond maturities by over $1.4 billion since the fourth quarter of 2019.  Future contingent payments expected to be received from our previously announced ORRI counterparty and expected free cash flow during the second half of 2020 will be used to further reduce debt. We will continue to pursue additional asset sale opportunities and plan to use any future proceeds for debt retirement."

Presentation

The Company posted a new strategic update presentation on its website at www.anteroresources.com. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into, this press release.

Antero Resources is an independent natural gas and oil company engaged in the acquisition, development and production of unconventional liquids-rich natural gas properties located in the Appalachian Basin in West Virginia and Ohio. The Company's website is located at www.anteroresources.com.

This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources' control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding expected results, future production targets, future earnings, leverage targets and debt repayment, asset monetization opportunities and pricing, future financial position, , future receipt of contingent consideration and the results of the tender offers are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil most of which are difficult to predict and many of which are beyond the Antero Resources' control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health event, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity and the other risks described under the heading "Item 1A. Risk Factors" in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2019 and in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.

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SOURCE Antero Resources Corporation

DENVER, July 29, 2020 /PRNewswire/ -- Antero Resources Corporation (NYSE: AR) ("Antero Resources" or the "Company") today announced its second quarter 2020 financial and operational results.  The relevant condensed consolidated financial statements are included in Antero's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. 

Highlights Include:

• Net production averaged 3,521 MMcfe/d (67% natural gas by volume) during the second quarter, a 9% increase over the prior year period
• Realized natural gas equivalent price including hedges averaged $2.81 per Mcfe during the second quarter
• Drilling and completion capital spend was $180 million, the lowest quarterly spend since Antero's IPO in 2013
• Well costs are expected to average $675 per foot during the second half of 2020, 6% below the prior target
• Established a new U.S. horizontal well record drilling 11,253' lateral feet during a 24 hour period
• Monetized 100 MMBtu/d of 2021 natural gas hedges in July for $29 million to align hedges and 2021 projected net volumes, adjusting for the volumes associated with the previously announced ORRI transaction
• 2021 projected natural gas volumes are approximately 100% hedged at $2.77 per MMBtu
• Asset sales announced to date total $531 million, relative to the $750 to $1 billion asset sale target for 2020
• Repurchased an additional $279 million notional amount of senior notes through July 24^th at an 18% weighted average discount
• Repurchases included $228 million notional amount of the 2021 senior notes, $5 million notional amount of the 2022 senior notes, $36 million notional amount of the 2023 senior notes and $10 million notional amount of the 2025 senior notes
• Since the start of the debt repurchase program in the fourth quarter of 2019, Antero has purchased $888 million of senior notes at a 19% weighted average discount
• Reducing total debt by $171 million and annualized interest expense by $24 million
• Liquidity was $1.0 billion as of June 30, 2020 pro forma for the hedge monetization and senior note repurchases

Paul Rady, Chairman and Chief Executive Officer of Antero Resources commented, "We have made considerable progress towards our $750 to $1 billion asset sale target having closed $531 million of transactions to date.  The asset sale proceeds received to date have enabled Antero to reduce total debt by $365 million since the start of the bond repurchase program in the fourth quarter of 2019, capturing a meaningful discount on our outstanding senior notes and significantly addressing our upcoming debt maturities.  On the operating front, we continue to see momentum on well cost savings, setting a new quarterly record with an average of 8.7 completion stages per day.  We also set a U.S. horizontal well record during the quarter, drilling 11,253 lateral feet in a 24-hour period.  These well cost savings helped to deliver our lowest quarterly drilling and completion capital spend since the company's IPO in 2013 and drove well costs to below $700 per lateral foot in May and June.  We are incredibly proud of all of our employees who have safely delivered these results despite the ongoing uncertainty and challenges surrounding the COVID-19 pandemic.  The combination of a successful asset sale program with repurchasing debt at a discount and significant capital efficiencies have materially improved Antero's credit profile and outlook."

Glen Warren, CFO and President of Antero Resources said, "Over the last nine months we have delivered on our commitment to reduce debt through a combination of asset sales and debt repurchased at a discount.  This successful debt repurchase program has resulted in an $888 million reduction in near-term maturities.  Further, we have completed 69 of our 105 projected wells for the year and expect drilling and completion capital spend to be substantially lower during the second half of the year.  The low capital spend projected for the second half of 2020 is expected to result in over $175 million in Free Cash Flow based on today's strip prices, providing additional liquidity for debt retirement.  Longer term, we are committed to maximizing Free Cash Flow and further reducing total debt."

For a discussion of the non-GAAP financial measures including Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow presented on an actual and pro forma basis, please see "Non-GAAP Financial Measures."

Asset Sale Program Update

Since the announcement of the Company's $750 million to $1 billion asset sale target in December 2019, Antero has closed $531 million of transactions.  This total includes the sale of $100 million of Antero Midstream common stock in December 2019, the $402 million ORRI transaction announced in June 2020, which includes $102 million of contingent payments that may be earned based on volume thresholds in the third quarter of 2020 and the first quarter of 2021, and the $29 million hedge monetization announced today.  Proceeds received to date have been used to repurchase debt at a discount.  Pro forma for the hedge monetization and senior note repurchases, Antero had $1.0 billion in liquidity as of June 30, 2020.

Hedge Monetization

As a result of the ORRI transaction and the resulting excess hedges based on expected 2021 net natural gas production, Antero monetized 100,000 MMBtu/d of 2021 natural gas hedges in July for proceeds of $29 million.  Pro forma for the hedge monetization, Antero has 2,300,000 MMBtu/d of natural gas hedged in 2021 at $2.77 per MMBtu.  Assuming a maintenance level capital plan, approximately 100% of Antero's 2021 expected natural gas production is hedged.

Debt Repurchases

Antero repurchased $279 million notional amount of senior debt from April 1, 2020 through July 24, 2020 at an 18% weighted average discount price.  The repurchases were comprised primarily of the 2021 and 2023 senior notes, but also included the 2022 and 2025 senior notes. The repurchases over this time period reduced our total indebtedness by $51 million.  Since the commencement of the debt repurchase program in the fourth quarter of 2019, Antero has repurchased $888 million of notional debt at a 19% weighted average discount, reducing our total indebtedness by $171 million and interest expense by $24 million on an annualized basis. 

The par value of the 2021 senior notes outstanding have been reduced from $1.0 billion initially to $503 million and the par value of the 2022 senior notes outstanding has been reduced from $1.1 billion to $756 million. The par value of the 2023 and 2025 senior notes outstanding have been reduced from $750 million to $714 million and $600 million to $590 million, respectively. In total, debt repurchases have reduced the total par value of Antero's senior notes outstanding by $888 million as of July 24, 2020. 

Second Quarter 2020 Financial Results

For the three months ended June 30, 2020, Antero reported a GAAP net loss of $463 million, or $1.73 per diluted share, compared to a GAAP net income of $42 million, or $0.14 per diluted share, in the prior year period.  The decrease compared to the year ago period is attributable to lower commodity pricing.  Adjusted Net Loss (non-GAAP measure) was $99 million, or $0.37 per diluted share, compared to Adjusted Net Loss of $76 million during the three months ended June 30, 2019, or $0.25 per diluted share. 

Adjusted EBITDAX (non-GAAP measure) was $186 million, a 26% decrease compared to $252 million in the prior year period due to lower commodity pricing.  Antero's average realized price after hedges declined 13% from $3.24 per Mcfe in the second quarter of 2019 to $2.81 per Mcfe in the second quarter of 2020.

The following table details the components of average net production and average realized prices for the three months ended June 30, 2020:

Net daily natural gas equivalent production in the second quarter averaged 3,521 MMcfe/d, including 192,975 Bbl/d of liquids (67% natural gas by volume).  Net production increased 9% from the year ago period and 4% from the prior period. 

Antero's average realized C3+ NGL price before hedging was $15.55 per barrel, representing a 46% decrease versus the prior year period.  Antero shipped 54% of its total C3+ NGL net production on Mariner East 2 for export and realized a $0.04 per gallon premium to Mont Belvieu pricing on these volumes at Marcus Hook, PA.  Antero sold the remaining 46% of C3+ NGL net production at a $0.12 per gallon discount to Mont Belvieu pricing at Hopedale, OH.  The resulting blended price on 131,150 Bbl/d of net C3+ NGL production was $15.55 per barrel, which was a $0.04 per gallon discount to Mont Belvieu pricing.  Based on current strip prices at Mont Belvieu and in the international markets, Antero expects its blended realized C3+ NGL prices in 2020 to average a $0.00 to a $0.05 per gallon premium to Mont Belvieu.  Antero expects to sell at least 50% of its C3+ NGL production in 2020 at Marcus Hook for export at a premium to Mont Belvieu.    

All-in cash expense, which includes lease operating, gathering, compression, processing and transportation, production and ad valorem taxes, net marketing, and general and administrative expense (excluding equity-based compensation) was $2.35 per Mcfe in the second quarter, an 8% decrease compared to $2.56 per Mcfe average during the second quarter of 2019.  Lease operating expense was $0.08 per Mcfe in the second quarter, a 43% decline from $0.14 per Mcfe in the year ago period driven by a decrease in water handling costs as Antero increased water blending and reuse in completion operations.  G&A expense was $0.09 per Mcfe, a 25% decrease from the second quarter of 2019 primarily due to reduced employee headcount and a 9% increase in production.  Antero expects all-in cash expense to average $2.25 to $2.35 per Mcfe in 2020 driven by a decrease in net marketing expense during the second half of the year.  

Per unit net marketing expense declined to $0.15 per Mcfe in the second quarter compared to $0.25 per Mcfe reported in the prior year period.  The decline was driven primarily by higher production volumes during the quarter resulting in less unutilized transportation capacity.  Net marketing expense averaged $0.10 per Mcfe in June as production volumes increased significantly during the month.   Net marketing expense is expected to average $0.09 to $0.10 per Mcfe during the second half of 2020 as a result of Antero's increase in natural gas production volumes.  Full year guidance for net marketing expense remains $0.10 to $0.12 per Mcfe.

Liquids Pricing Update

NGL Prices

C3+ NGL prices during the second quarter were negatively impacted by weak demand for normal butane (nC4), isobutane (iC4), and pentane (C5), all of which are used for gasoline.  The demand destruction on gasoline caused by the COVID-19 pandemic forced C5 prices below propane prices for much of April to under $0.40 per gallon.  As gasoline demand rebounded in May and June, there has been a notable improvement in C5 pricing and therefore C3+ NGL pricing. The benchmark C5 price in July has been in the range of $0.60 to $0.70 per gallon.

The restart of economic activity in Asia and Europe, coupled with lower LPG production from refineries in the US, Europe, and Asia during the second quarter, provided support for international LPG prices relative to oil.  Further, reductions in OPEC+ and North American oil production and the associated NGL volumes are expected to have a supportive effect on propane and butane prices through the remainder of 2020 and into 2021.

Condensate Pricing

During the second quarter, condensate differentials to WTI were notably wider as a result of COVID-19 demand destruction at both the Appalachia regional level and national level.  To protect against production curtailments and shut-ins due to insufficient storage capacity, Antero expanded its customer base and its condensate storage capacity within the basin.  In addition, Antero entered into transactions that required buyers to transport product to more distant markets and storage, which coincided with substantially weakened crack spreads for refined products.  To date, Antero has not shut in or curtailed any production from its assets as a result of COVID-19 demand issues and does not expect to shut in any volumes during 2020. 

Condensate differentials to WTI expanded to nearly $20/Bbl during the second quarter, but have begun to return to pre-pandemic levels as gasoline demand improved through the summer months.  Pre-hedge oil realizations were negatively impacted during the quarter as Antero sold volumes at a material discount to WTI in order to keep from shutting in production volumes.  This period of weak condensate demand driven by the pandemic coincided with an active well completion quarter for Antero that brought on large condensate volumes.  The negative impact from wider oil differentials was more than offset by the benefit of maintaining full natural gas and NGL volumes.  Antero expects its full year 2020 realized oil price differential to be $10.00/Bbl to $12.00/Bbl, as the differential normalizes during the second half of 2020.

COVID-19 Pandemic Developments

As a producer of natural gas, NGLs and oil, Antero Resources is recognized as an essential business under various federal, state and local regulations related to the COVID-19 pandemic and the communities in which it operates.  Antero has continued to operate under these regulations, while taking steps to protect the health and safety of its workers.  Antero has implemented protocols to reduce the risk of an outbreak within its field operations, and these protocols have not had an impact on production.  A substantial portion of the Company's non-field level employees have transitioned to remote work from home arrangements.  Antero has been able to maintain a consistent level of effectiveness, including maintaining day-to-day operations and decision making, and financial reporting systems and internal control over financial reporting.  For more information, please see Antero's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.   

Second Quarter 2020 Operating Update

Marcellus Shale — Antero placed 44 horizontal Marcellus wells to sales during the second quarter with an average lateral length of 10,757 feet. Nineteen of the 44 new wells have had at least 60 days of reported production data to date and the average 60-day rate per well was 20.2 MMcfe/d, including approximately 922 Bbl/d of liquids, assuming 25% ethane recovery.  During the second quarter, Antero achieved a new U.S. horizontal record by drilling 11,253 lateral feet during a 24-hour period.  Additionally, Antero's ongoing emphasis on completion efficiencies resulted in a material improvement during the second quarter to 8.7 stages completed per day, a 23% increase from 7.1 stages per day in the prior period, also a company record.  During the quarter, Antero set a company record for an entire pad averaging 9.6 stages per day.

These efficiency gains led to average well costs below $700 per lateral foot during the months of May and June, despite only partial vendor cost savings being realized.  All-in well costs are expected to average $675 per lateral foot for the second half of 2020 for a 12,000' lateral.  Antero currently has one drilling rig and two completion crews running.            

Second Quarter 2020 Capital Investment

Antero's drilling and completion capital expenditures for the three months ended June 30, 2020 were $180 million.  Through the first half of 2020, Antero has completed 69 of the projected 105 well completions planned for the year.  Antero anticipates a decline in capital spending in each subsequent quarter of 2020, reflecting continued efficiencies, service cost deflation and the release of three rigs and two completion crews that occurred during the second quarter of 2020.  In addition to capital invested in drilling and completion costs, the Company invested $11 million in land during the second quarter.  For a reconciliation of accrued capital expenditures to cash capital expenditures see the table on page 10.

Balance Sheet and Liquidity

As of June 30, 2020, Antero's total debt was $3.5 billion, of which $926 million were borrowings outstanding under the Company's revolving credit facility.  Antero has a borrowing base of $2.85 billion with lender commitments that total $2.64 billion.  After deducting letters of credit outstanding of $730 million and pro forma for the subsequent hedge monetization and senior note repurchases, the Company had $1.0 billion in available liquidity at June 30, 2020.

Commodity Derivative Positions

Antero has hedged 1.7 Tcf of natural gas at a weighted average index price of $2.71 per MMBtu through 2023 with fixed price swap positions.  Antero also has oil and NGL and ethane fixed price swap positions, including oil positions that total 26,000 Bbl/d, NGL positions that total 10,315 Bbl/d and ethane positions that total 24,500 Bbl/d during 2020.  As of June 30, 2020, the Company's estimated fair value gain on remaining commodity derivative instruments was $618 million based on strip pricing, a portion of which was realized in the Company's hedge monetization described above.

Please see Antero's Annual Report on Form 10-Q for the quarter ended June 30, 2020, for more information on all commodity derivative positions, including basis swaps and natural gas calls.   

The following tables summarize Antero's hedge position as of June 30, 2020:

Fixed price natural gas positions from July 1, 2020 through December 31, 2023 were as follows:

Guidance

All guidance not discussed in this release is unchanged from previously stated guidance.

Consolidation

For the three months and six months ended June 30, 2020, Martica Holdings, LLC ("Martica"), the entity associated with the ORRI transaction, is consolidated in the Company's consolidated financial statements.  All significant intercompany accounts and transactions have been eliminated in the Company's unaudited condensed consolidated financial statements.  The noncontrolling interest in the Company's unaudited condensed consolidated financial statements for the three and six months ended June 30, 2020 represents the interest in Martica owned by Sixth Street.  For more information, please see Antero's Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.   

Conference Call

A conference call is scheduled on Thursday, July 30, 2020 at 9:00 am MT to discuss the financial and operational results.  A brief Q&A session for security analysts will immediately follow the discussion of the results for the quarter.  To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference "Antero Resources".  A telephone replay of the call will be available until Thursday, August 6, 2020 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13703838.

A simultaneous webcast of the call may be accessed over the internet at www.anteroresources.com.  The webcast will be archived for replay on the Company's website until Thursday, August 6, 2020 at 9:00 am MT.

Presentation

An updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteroresources.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into, this press release.

Basis of Financial Presentation

In connection with the closing of the simplification transaction between Antero Midstream GP LP and Antero Midstream Partners LP ("Antero Midstream Partners") on March 12, 2019, among other things, Antero Midstream GP LP converted to a Delaware corporation and changed its name to Antero Midstream Corporation ("Antero Midstream") and Antero Midstream Partners became Antero Midstream's wholly owned subsidiary.  As of June 30, 2020, Antero Resources owned 29% of the shares of common stock of Antero Midstream.  Through March 12, 2019, Antero Midstream Partners' results were consolidated within Antero Resources' results.  Upon closing, Antero Midstream Partners was deconsolidated from Antero Resources and Antero Resources' interests in Antero Midstream were accounted for under the equity method of accounting within Antero Resources' results.  The GAAP results discussed below include the results of Antero Midstream Partners from January 1, 2019, through March 12, 2019, on a consolidated basis, and from March 13, 2019, to June 30, 2020, the results of Antero Midstream Partners are no longer consolidated. The non-GAAP results described herein reflect the applicable results as if the simplification transaction had occurred at the beginning of the applicable period, unless otherwise noted.

Non-GAAP Financial Measures

Adjusted Net Income (Loss) 

Adjusted Net Income (Loss) as set forth in this release represents net income (Loss), adjusted for certain items.  Antero believes that Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share is useful to investors in evaluating operational trends of the Company and its performance relative to other oil and gas producing companies.  Adjusted Net Income (Loss) is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for net income (Loss) as an indicator of financial performance.  The following tables reconcile net income (loss) to Adjusted Net Income (Loss) (in thousands):

Net Debt

Net Debt is calculated as total debt less cash and cash equivalents.  Management uses Net Debt to evaluate the Company's financial position, including its ability to service its debt obligations.

The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands):

Free Cash Flow

Free Cash Flow is a measure of financial performance not calculated under GAAP and should not be considered in isolation or as a substitute for cash flow from operating, investing, or financing activities, as an indicator of cash flow, or as a measure of liquidity.  The Company defines Free Cash Flow as Cash Flow from Operations, less drilling and completion capital and leasehold capital plus earnout payments.

The Company has not provided projected Cash Flow from Operations or a reconciliation of Free Cash Flow to projected Cash Flow from Operations, the most comparable financial measure calculated in accordance with GAAP.  The Company is unable to project Cash Flow from Operations for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred.  The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts.  Targeted 2020 Free Cash Flow is based on current strip pricing and assumes that dividends from Antero Midstream remain flat for the year for aggregate annual dividends from Antero Midstream of $171 million in 2020.  Antero Midstream previously announced that in light of the uncertain conditions impacting the energy industry, Antero Midstream will continue to evaluate its capital budget as well as the appropriate amount of capital that is returned to shareholders through dividends and share repurchases in order to maintain its financial profile.

Free Cash Flow is a useful indicator of the Company's ability to internally fund its activities and to service or incur additional debt. There are significant limitations to using Free Cash Flow as a measure of performance, including the inability to analyze the effect of certain recurring and non-recurring items that materially affect the Company's net income, the lack of comparability of results of operations of different companies and the different methods of calculating Free Cash Flow reported by different companies. Free Cash Flow does not represent funds available for discretionary use because those funds may be required for debt service, land acquisitions and lease renewals, other capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations.

Adjusted EBITDAX

Adjusted EBITDAX is a non-GAAP financial measure that we define as net income (loss), adjusted for certain items detailed below. 

Through March 12, 2019, the financial results of Antero Midstream Partners were included in our consolidated results.  Effective March 13, 2019, we no longer consolidate Antero Midstream Partners and account for our interest in Antero Midstream using the equity method of accounting.  Adjusted EBITDAX includes distributions received with respect to limited partner interests in Antero Midstream Partners common units through March 12, 2019.

Adjusted EBITDAX as used and defined by us, may not be comparable to similarly titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP.  Adjusted EBITDAX should not be considered in isolation or as a substitute for operating income or loss, net income or loss, cash flows provided by operating, investing, and financing activities, or other income or cash flow statement data prepared in accordance with GAAP.  Adjusted EBITDAX provides no information regarding our capital structure, borrowings, interest costs, capital expenditures, working capital movement, or tax position.  Adjusted EBITDAX does not represent funds available for discretionary use because those funds may be required for debt service, capital expenditures, working capital, income taxes, exploration expenses, and other commitments and obligations.  However, our management team believes Adjusted EBITDAX is useful to an investor in evaluating our financial performance because this measure:

• is widely used by investors in the oil and natural gas industry to measure operating performance without regard to items excluded from the calculation of such term, which may vary substantially from company to company depending upon accounting methods and the book value of assets, capital structure and the method by which assets were acquired, among other factors;
• helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the effect of our capital and legal structure from our operating structure;
• is used by our management team for various purposes, including as a measure of our operating performance, in presentations to our Board of Directors, and as a basis for strategic planning and forecasting: and
• is used by our Board of Directors as a performance measure in determining executive compensation.

There are significant limitations to using Adjusted EBITDAX as a measure of performance, including the inability to analyze the effects of certain recurring and non-recurring items that materially affect our net income or loss, the lack of comparability of results of operations of different companies, and the different methods of calculating Adjusted EBITDAX reported by different companies.

The following table represents a reconciliation of our net income (loss), including noncontrolling interest, to Adjusted EBITDAX and a reconciliation of our Adjusted EBITDAX to net cash provided by operating activities per our unaudited condensed consolidated statements of cash flows, in each case, for the three and six months ended June 30, 2019 and 2020.  Adjusted EBITDAX also excludes the noncontrolling interests in Martica and these adjustments are disclosed in the table below as Martica related adjustments.

Drilling and Completion Capital Expenditures

For a reconciliation between cash paid for drilling and completion capital expenditures and drilling and completion accrued capital expenditures during the period, please see the capital expenditures section below. (in thousands):

Notwithstanding their use for comparative purposes, the Company's non-GAAP financial measures may not be comparable to similarly titled measures employed by other companies.

Antero Resources is an independent natural gas and oil company engaged in the acquisition, development and production of unconventional liquids-rich natural gas properties located in the Appalachian Basin in West Virginia and Ohio. The Company's website is located at www.anteroresources.com.  

This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources' control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as those regarding expected results, future commodity prices, future production targets, realizing potential future fee rebates or reductions, including those related to certain levels of production, future earnings, leverage targets and debt repayment, future capital spending plans, asset monetization opportunities and pricing, improved and/or increasing capital efficiency, estimated realized natural gas, NGL and oil prices, expected drilling and development plans, projected well costs and cost savings initiatives, future financial position, the amount and timing of any litigation settlements or awards, and future marketing opportunities are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil most of which are difficult to predict and many of which are beyond the Antero Resources' control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, impacts of world health event, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity and the other risks described under the heading "Item 1A. Risk Factors" in Antero Resources' Annual Report on Form 10-K for the year ended December 31, 2019 and in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.

The following table set forth selected operating data for the three months ended June 30, 2019 and 2020: