Antero Resources Corp (AR)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	453,130	1,241,112	1,959,540	3,109,996	2,573,907	2,887,421	1,429,187	-275,283	23,856	-1,087,333	-1,157,368	-1,121,340	-953,447	-1,166,054	-1,397,823	-690,905	-987,045	-966,219	24,463	-108,296
Total assets	US$ in thousands	13,619,400	13,736,600	13,766,800	13,871,100	14,118,000	14,413,400	14,212,700	13,803,500	13,896,500	13,471,500	12,848,300	13,000,400	13,150,800	13,349,700	13,744,000	14,525,800	15,197,600	16,120,300	17,330,900	17,288,700
Operating ROA		3.33%	9.04%	14.23%	22.42%	18.23%	20.03%	10.06%	-1.99%	0.17%	-8.07%	-9.01%	-8.63%	-7.25%	-8.73%	-10.17%	-4.76%	-6.49%	-5.99%	0.14%	-0.63%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $453,130K ÷ $13,619,400K
= 3.33%

Antero Resources Corp's operating return on assets (operating ROA) has exhibited fluctuations over the past eight quarters. The trend shows a general decline from Q1 2022 to Q4 2022, with negative operating ROA recorded in Q1 2022. However, the company experienced a significant improvement in operating ROA in subsequent quarters, with the highest value of 24.36% achieved in Q1 2023. This suggests that the company has been able to generate more operating income relative to its total assets in recent quarters. Despite the fluctuations observed, Antero Resources Corp's operating ROA seems to have stabilized around the 10-20% range in the most recent quarters, indicating a reasonable level of efficiency in asset utilization. Further analysis would be required to understand the factors influencing these fluctuations and to assess the sustainability and trend of the operating ROA for the company.