Utica Shale driller Antero Resources posts large second quarter loss

Ohio Utica Shale driller Antero Resources Corp. lost barrels of money in its second quarter.
The Denver company reported losing $596 million, or $2.12 per share, on revenue of $574.8 million for the quarter ending June 30. That compares to a loss of $145 million, or 52 cents per share, on revenue of $727.9 million a year ago.
When adjusted for one-time factors, including non-cash losses of more than $1 billion, Antero said it had net income of $41 million, or 14 cents per share.
Antero said its Antero Midstream operations in the second quarter shifted Ohio Utica Shale development from its highly-rich gas/condensate area to higher rate of return drilling in the highly-rich gas area. It also shifted Antero Resources’ development program to the Marcellus Shale from the Utica Shale, citing what it called “firm transportation constraints to premium markets in the Utica Shale.”
Antero Resources released its quarterly results on Tuesday. The full release is here.