Revenue during the quarter dropped 22.64 percent to $1,116.50 million from $1,443.34 million in the previous year period. Gross margin for the quarter contracted 49 basis points over the previous year period to 98.76 percent. Total expenses were 58.14 percent of quarterly revenues, up from 34.80 percent for the same period last year. That has resulted in a contraction of 2335 basis points in operating margin to 41.86 percent.

Operating income for the quarter was $467.33 million, compared with $941.12 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $372.75 million compared with $290.81 million in the prior year period. At the same time, adjusted EBITDA margin improved 1324 basis points in the quarter to 33.39 percent from 20.15 percent in the last year period.

Commenting on recent activity, Paul Rady, chairman of the board and chief executive officer said, “We are pleased to be in a position to continue to organically grow production at 20% to 25% annually, while de-leveraging the balance sheet. Since year-end 2015, we have reduced our trailing twelve months leverage by a half a turn to 3.2 times today, while growing production by over 350 MMcfe/d and adding 65,000 net acres in the high-graded core of the Marcellus for long-term development. Virtually all of this acreage has now been dedicated to Antero Midstream for infrastructure build-out. We are an industry leader in the Marcellus and Utica Shale plays due to our differentiated strategy and that is evident today in our results.”

The company has spent $1,974.67 million cash to meet investing activities during the nine month period as against cash outgo of $1,836.86 million in the last year period.

Cash flow from financing activities was $1,064.01 million for the nine month period, up 36.91 percent or $286.87 million, when compared with the last year period.

Cash and cash equivalents stood at $18.51 million as on Sep. 30, 2016, down 32.46 percent or $8.90 million from $27.41 million on Sep. 30, 2015.

Working capital increases sharply
Antero Resources Corporation has recorded an increase in the working capital over the last year. It stood at $83.57 million as at Sep. 30, 2016, up 473.99 percent or $69.01 million from $14.56 million on Sep. 30, 2015. Current ratio was at 1.14 as on Sep. 30, 2016, up from 1.01 on Sep. 30, 2015.

Days sales outstanding went down to 11 days for the quarter compared with 12 days for the same period last year.

At the same time, days payable outstanding went down to 1657 days for the quarter from 2832 for the same period last year.