Wed, Oct. 28, 4:39 PM
Tue, Oct. 27, 5:35 PM
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Tue, Oct. 13, 3:58 PM
- Antero Resources (AR -0.3%) says it agrees to supply 70MMBtu/day of liquefied natural gas to Chubu U.S. Gas Trading from the Freeport LNG terminal on the Texas Gulf coast.
- AR says it will begin shipping volumes once Freeport LNG is placed into commercial service, which is expected to occur by year-end 2018 or early 2019.
- AR also raises its quarterly distribution 8% Q/Q and sees distributable cash flow of $160M-$170M in 2015 vs. prior guidance of $150M-$160M with an expected DCF coverage ratio in excess of 1.2x, driven by higher than expected throughput volumes, lower property taxes and lower operating costs.
- Antero Midstream Partners (AM +3.4%) increases its quarterly distribution to $0.205/unit and lifts 2015 EBITDA guidance by 6% to $180M-$190M.
Fri, Sep. 18, 7:51 AM
- Antero Midstream Partners (NYSE:AM) agrees to acquire Antero Resources' (NYSE:AR) integrated water business for $1.05B in a combination of cash, assumed debt and AM units.
- In addition, AM could receive two potential $125M earn-out payments at year-end 2019 and 2020 if certain fresh water volumetric delivery targets are met.
- AM also will enter into a 20-year water services agreement covering AR's 534K net acres in West Virginia and Ohio, with a right of first offer on all future areas of operation.
- "Antero Midstream takes another step towards becoming a full value chain midstream services provider in the Appalachian Basin, and Antero Resources reduces debt by $794M," says AM CEO Paul Rady.
- Driven by the drop-down acquisition, AM raises its 2015 EBITDA outlook to $170M-$180M from a prior $150M-$160M; also sees 2015 distributable cash flow of $150M-$160M vs. prior guidance of $135M-$145M, and maintains capex guidance of $425M-$450M.
- The help fund the acquisition, AM will launch a $243M private placement.
Wed, Jul. 29, 4:28 PM
Tue, Jul. 28, 5:35 PM
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Fri, May 29, 5:25 PM
- Natural gas production in the Marcellus shale, which has grown over the past decade from near zero to ~20% of U.S. output, may decline for the first time if prices in the basin remain low for much longer, the U.S. Energy Information Administration says.
- "Relatively low gas prices, combined with low oil prices, have slowed drilling in the Marcellus so production from new wells is only offsetting the decline in old wells," EIA says, expecting Marcellus output to remain flat through 2018 before declining ~1%/year during 2019-25.
- Recent data indicates a potential slowdown: The number of rigs in the area has dwindled to its lowest since 2011, and drillers including Chesapeake Energy (NYSE:CHK) and Cabot Oil & Gas (NYSE:COG) have temporarily shut in some production due to weak regional prices.
- An inability to move all the gas out of the Marcellus region has depressed prices there compared with the Gulf coast benchmark, the Henry Hub in Louisiana, making it less attractive for local producers to drill more.
- Other top Marcellus producers include RRC, RDS.A, RDS.B, TLM, APC, ATLS, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
Wed, Apr. 29, 4:10 PM
Tue, Apr. 28, 5:35 PM
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Thu, Apr. 16, 2:24 PM
- Belt-tightening across the oil industry and more strategic drilling in prolific areas can deliver highly profitable shale wells even at $50/bbl crude, driven by costs that are expected to fall by 20%-30% and techniques that allow rigs to wring 30% more oil or natural gas from each well than a year ago, a new Citigroup report says.
- While investors are braced for widespread losses, the numbers may not be as bad as some expect, says the lead author of the study, indicating the potential for some surprises when shale producers begin reporting Q1 financial results over the next two weeks.
- Among specific companies, the potential for improvement varies greatly, the report says: SM Energy (NYSE:SM), which specializes in Eagle Ford wells, should see costs of $32.52/bbl, but Penn Virginia (NYSE:PVA), which also drills there, still has costs of $135.55/bbl including debt, while Antero Resources (NYSE:AR), which drills in Appalachia, has costs of less than $18/bbl because of the productivity of its wells.
Thu, Apr. 9, 7:21 PM
- Radon levels have been rising measurably in Pennsylvania since 2004, when the fracking industry began drilling natural gas wells in the state, according to a new report by the Johns Hopkins Bloomberg School of Public Health.
- The report does not pinpoint the exact cause of rising radon readings or explicitly tie it to any activity, but it says that buildings in counties where natural gas is most actively being extracted have in the past decade had much higher radon measurements than buildings in low-activity areas, where no such discrepancies were found before 2004.
- Pennsylvania has long been known to have some of the highest indoor radon levels in the U.S., but the researchers say fracking of the Marcellus shale formation could exacerbate pathways for radon to enter buildings.
- Top Marcellus Shale producers include CHK, RRC, RDS.A, RDS.B, TLM, APC, ATLS, COG, CVX, CNX, EQT, EOG, XOM, WPX, XCO, CRZO, SWN, AR.
Sat, Mar. 7, 8:25 AM
- With U.S. oil steadying at ~$50/bbl in recent weeks, investors are beginning to believe crude prices have found a bottom, and public money is starting to flow back to North American oil producers.
- Investors have pumped $7.75B YTD into 16 separate stock market equity fund-raises - the biggest surge in at least seven years, and more equity than oil producers issued in all of 2009.
- "There was a two to three month window when capital markets were closed because everyone was nervous," but now things are turning around, says Tudor Pickering's Michael Rowe.
- In just the past two weeks, PAA, ECA, NBL, OAS, NFX, GDP, CXO, LPI, AR and TEP have stepped up with equity fund-raises.
- ETFs: XLE, ERX, VDE, OIH, XOP, ERY, DIG, DUG, IYE, XES, IEO, IEZ, PXE, FENY, PXJ, RYE, FXN, DDG
Thu, Mar. 5, 8:25 AM| Thu, Mar. 5, 8:25 AM | Comment!
Thu, Feb. 26, 3:21 PM
- Antero Resources (AR -1.6%) is lower despite beating expectations for Q4 earnings and revenues.
- AR says it plans to spend $1.6B during 2015 for drilling and completion activities in the Marcellus and Utica shale plays, down 36% Y/Y; the budget excludes the $425M-$450M planned for Antero Midstream Partners (AM +1%) relating to high- and low-pressure gathering pipelines and compressor stations.
- CEO Paul Rady says he is optimistic about the potential for AR's 179K net acres in a Utica deep, dry gas window in West Virginia and Pennsylvania.
- AR's Q4 total production rose 87% Y/Y and 17% Q/Q to 1.265B cfe/day, and liquids production jumped 172% Y/Y and 22% Q/Q to ~30.5K bbl/day.
Wed, Feb. 25, 4:16 PM
Tue, Feb. 24, 5:35 PM
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Antero Resources Corp is an independent oil and natural gas company. The Company is engaged in the exploration, development and acquisition of natural gas, NGLs, and oil properties located in the Appalachian Basin.
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