Derivatives boost Antero profits

Upping production: Antero Resources credits Marcellus Shale for output rise

US independent Antero Resources capitalised on commodity derivative gains to report net income of $393 million, up 71.75% on 2010’s $228.62 million.

The Denver, Colorado explorer booked a $560 million unrealized gain on commodity derivatives as natural gas prices declined from the prior year.

The boost was counter-weighed by a $9 million loss on the sale of a compressor station and $230 million in deferred income tax expenses.

Without these items, Antero Resources’ profit would have been $72 million for the year on sales of $392 million, the company said.

Net production by 83% year over the year to 89 billion cubic feet of equivalent, a rise Antero Resources said was primarily driven by new wells completed in the Marcellus Shale…

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