Antero Resources Corp. said Thursday that it earned more than $1 billion through a stock offering and changes to its natural gas hedge portfolio, securing some of the cash it needs to support year/year production growth of 20-22% through 2020.

The company recently completed a public offering of 10 million common units of Antero Midstream Partners LP (AM) to raise $311 million. It also restructured a portion of its natural gas hedge portfolio to monetize $750 million of its $2 billion value. While the company reduced the average fixed index price of its hedged volumes over the next three years, it maintained hedged volumes through 2022 and has prices locked in at 16% above current benchmark strip prices.

The moves, said CFO Glen Warren, were aimed at maintaining a “healthy and flexible” balance sheet that can preserve growth in the coming years. The company doesn’t expect to incur taxes on the proceeds because it’s carrying forward a portion of its $1.5 billion of net operating losses.

The cash was used to repay borrowings under a $4 billion revolving credit facility, which is now undrawn. Including $154 million of cash on hand and accounting for outstanding letters of credit, the company said it has more than $3.4 billion of liquidity.

After the AM offering, and assuming underwriters don’t exercise options to purchase another 1.5 million common units, Antero still owns 53% of the midstream company’s outstanding units.

Antero is one of the most active operators in the Appalachian Basin, where it was running six drilling rigs and five completion crews across the Marcellus and Utica shales at the end of June. The company produced 1.85 Bcfe/d in 2016. It increased its full-year guidance last month from the previous range by 3% to 2.250-2.300 Bcfe/d in 2017.