Antero Resources LLC

CIK:0001476655|SEC Filings

Sale of Piceance and Arkoma Properties - Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2013

Sale of Piceance and Arkoma Properties - Discontinued Operations

Schedule of results of operations for the Piceance Basin and Arkoma Basin assets shown as discontinued operations on the accompanying Consolidated Statement of Operations and Comprehensive Income (Loss)

Results of operations for the three months and six months ended June 30, 2012 for the Piceance Basin and Arkoma Basin assets are shown as discontinued operations on the accompanying Consolidated Statement of Operations and Comprehensive Income (Loss) and are comprised of the following (in thousands):

	Three months			Six months
	ended			ended
	June 30, 2012			June 30, 2012
Sales of oil, natural gas, and natural gas liquids	$	35,103		82,406
Realized gains on derivative instruments	32,647			65,874
Unrealized losses on derivative instruments	(33,197		)	(636	)
Total revenues	34,553			147,644
Lease operating expenses	6,331			13,965
Gathering, compression, and transportation	14,152			30,525
Production taxes	1,264			3,098
Exploration expenses	200			412
Impairment of unproved properties	243			993
Depletion, depreciation, and amortization	31,585			63,147
Accretion of asset retirement obligations	113			219
Loss on sale of discontinued operations	427,232			427,232
Total expenses	481,120			539,591
Loss from discontinued operations before income taxes	(446,567		)	(391,947	)
Income tax (expense) benefit	1,717			(12,727	)
Net losss from discontinued operations attributable to Antero equity owners	$	(444,850	)	(404,674	)

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities:
Net income (loss)	$ 83,196	$ (150,356)
Adjustment to reconcile net income to net cash provided by operating activities:
Depletion, depreciation, amortization, and accretion	93,484	38,477
Impairment of unproved properties	6,359	1,581
Unrealized gains on derivative instruments, net	(61,265)	(114,498)
Gain on sale of assets		(291,305)
Loss on sale of discontinued operations		427,232
Deferred income tax expense	53,325	165,669
Depletion, depreciation, amortization, accretion, and impairment of unproved properties - discontinued operations		64,359
Unrealized losses on derivative instruments, net - discontinued operations		636
Deferred income tax expense - discontinued operations		12,727
Other	2,575	2,422
Changes in current assets and liabilities:
Accounts receivable	(7,935)	(15,791)
Accrued revenue	(19,763)	18,535
Other current assets	10,808	(3,162)
Accounts payable	(1,436)	(17,058)
Accrued liabilities	20,137	10,641
Revenue distributions payable	8,495	575
Other	4,417	10,300
Net cash provided by operating activities	192,397	160,984
Cash flows from investing activities:
Additions to proved properties		(4,451)
Additions to unproved properties	(271,003)	(263,737)
Drilling costs	(757,877)	(377,199)
Additions to gathering systems and facilities	(151,737)	(47,982)
Additions to other property and equipment	(1,766)	(1,300)
Proceeds from asset sales		811,253
Changes in other assets	3,975	(257)
Net cash from (used in) investing activities	(1,178,408)	116,327
Cash flows from financing activities:
Issuance of senior notes	231,750
Borrowings (repayments) on bank credit facility, net	743,000	(275,000)
Payments of deferred financing costs	(5,663)
Other	8,802	(79)
Net cash provided by (used in) financing activities	977,889	(275,079)
Net increase (decrease) in cash and cash equivalents	(8,122)	2,232
Cash and cash equivalents, beginning of period	18,989	3,343
Cash and cash equivalents, end of period	10,867	5,575
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	(62,246)	(45,064)
Supplemental disclosure of noncash investing activities:
Increase in accounts payable for additions to properties, gathering systems and facilities	$ 54,051	$ 31,593

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 10,867	$ 18,989
Accounts receivable - trade, net of allowance for doubtful accounts of $174 and $10 in 2012 and 2013, respectively	29,231	21,296
Notes receivable - short-term portion	4,444	4,555
Accrued revenue	66,432	46,669
Derivative instruments	205,221	160,579
Other	11,710	22,518
Total current assets	327,905	274,606
Oil and natural gas properties, at cost (successful efforts method):
Unproved properties	1,366,023	1,243,237
Proved properties	2,629,529	1,689,132
Gathering systems and facilities	334,096	168,930
Other property and equipment	11,282	9,517
Property and equipment, gross	4,340,930	3,110,816
Less accumulated depletion, depreciation, and amortization	(266,296)	(173,343)
Property and equipment, net	4,074,634	2,937,473
Derivative instruments	388,694	371,436
Notes receivable - long-term portion		2,667
Other assets, net	33,915	32,611
Total assets	4,825,148	3,618,793
Current liabilities:
Accounts payable	233,751	181,478
Accrued liabilities and other	84,262	61,161
Derivative instruments	264
Revenue distributions payable	54,532	46,037
Current portion of long-term debt	25,000	25,000
Deferred income tax liability	79,722	62,620
Total current liabilities	477,531	376,296
Long-term liabilities:
Long-term debt	2,418,217	1,444,058
Deferred income tax liability	127,915	91,692
Other long-term liabilities	44,552	33,010
Total liabilities	3,068,215	1,945,056
Equity:
Members' equity	1,460,947	1,460,947
Accumulated earnings	295,986	212,790
Total equity	1,756,933	1,673,737
Total liabilities and equity	$ 4,825,148	$ 3,618,793