Oil and natural gas company Antero Resources Corp. on Thursday filed with the U.S. Securities Exchange Commission to raise up to $1 billion in an initial public offering of its common stock. The company intends to list its common stock on the New York Stock Exchange under the symbol "AR".
Denver, Colorado-based Antero Resources, controlled by private equity firm Warburg Pincus LLC, is engaged in the exploitation, development and acquisition of natural gas, NGLs and oil properties located in the Appalachian Basin in West Virginia, Ohio and Pennsylvania.
The company currently holds about 317,000 net acres in the southwestern core of the Marcellus Shale and about 94,000 net acres in the core of the Utica Shale.
Antero Resources did not specify how many shares it plans to sell or their expected price. The company plans to use the proceeds of the offering to repay debt and to fund a part of its capital expenditure program. The company's 2013 capital budget is $1.95 billion, including $1.20 billion for drilling and completion.
As of December 31, 2012, the company's estimated aggregate proved, probable and possible reserves were 26.1 trillion cubic feet equivalent or Tcfe. The company's 4.9 Tcfe of proved reserves were 21 percent proved developed and 75 percent natural gas.
Antero Resources was founded in 2002 by Chairman and Chief Executive Officer Paul Rady, and President and Chief Financial Officer Glen Warren. Private equity firms Warburg Pincus, Yorktown Energy Partners and Lehman Brothers Merchant Banking Group initially invested in Antero in 2003. The consortium led a $1 billion equity investment in the company in 2007.
For the first quarter ended March 31, 2013, Antero Resources' net loss was $48.00 million, compared to net income of $327.73 million in the year-ago period. Total revenues plunged to $61.45 million from $553.74 million in the same period last year.
The company's net daily production in the quarter averaged 383 MMcfe/d, including 2,392 Bbls/d of NGLs and oil.
Barclays, Citigroup, J.P. Morgan, Credit Suisse, Jefferies and Wells Fargo Securities are acting as joint bookrunners to the offering.
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