(Reuters) - Antero Resources Corp, an oil and natural gas company controlled by Warburg Pincus LLC, filed with U.S. regulators on Thursday to raise up to $1 billion in an initial public offering of its common stock.
The Denver, Colorado-based company has around 317,000 acres in the Marcellus shale formation in West Virginia and Pennsylvania as well as 94,000 acres in Ohio’s Utica shale.
The company’s proved, probable and possible reserves were 26.1 trillion cubic feet equivalent of gas and oil as of December 31, it said in a filing with the U.S. Securities and Exchange Commission.
Antero reported an operating income of $444 million on total revenue of $735.7 million in 2012.
Reuters reported last month that Antero was preparing for an IPO that could value it at as much as $10 billion.
The company said Barclays, Citigroup and JP Morgan are lead underwriters to the offering.
Jefferies LLC is acting as the independent underwriter, the filing showed.
The Financial Industry Regulatory Authority’s (FINRA) rules require the participation of an independent underwriter if underwriters to an offering are lenders under a company’s credit facilities.
Private equity firms Warburg, Yorktown Energy Partners and Lehman Brothers Merchant Banking Group initially invested $260 million in Antero in 2003. The consortium led a $1 billion equity investment in the company in 2007.
Antero, which intends to list its common stock on the New York Stock Exchange under the symbol “AR”, plans to use the proceeds of the offering to repay debt.
The filing did not reveal how many shares the company planned to sell or their expected price.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
Reporting by Varun Aggarwal; Editing by Maju Samuel