Antero Resources CorporationNYSE
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  • Sep. 18, 2015, 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┬ámaintains capex guidance of $425M-$450M.
    • The help fund the acquisition, AM will launch a $243M private placement.
    | Sep. 18, 2015, 7:51 AM | 2 Comments
  • Oct. 18, 2013, 2:41 PM
    • Consol Energy (CNX +0.6%) would be valued at as much as $50/share, 32% higher than yesterday's close, if it follows through on splitting its coal and natural gas businesses, Deutsche Bank and Raymond James say.
    • Antero Resources (AR), a shale gas producer with similar acreage and reserve quality to CNX, made a strong trading debut last week, indicating there may be unrealized value in Consol, Brean Capital's Lucas Pipes says.
    • CNX "holds tremendous long-term value, a substantial amount of which is locked up within" the gas business, RJ says; CNX could wait for production volumes and commodity prices to improve until each business is self-reliant, or it could immediately spin off the gas portion, leaving the debt with the coal company which generates enough cash flow to support it.
    | Oct. 18, 2013, 2:41 PM