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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.
Dec. 22, 2014, 10:45 AM
- Natural gas prices fall 9.5% to near two-year lows at $3.133/mmBtu, in the biggest one-day percentage loss since February and the lowest intraday price since January 2013, on mild weather forecasts and inventory that is above year-ago levels.
- Prices are now down more than 15% in three straight losing sessions and are 30% lower than the six-month high closing price of $4.489/mmBtu it hit just a month ago.
- Weather has been unseasonably warm for December, limiting demand for home heating and allowing relatively low stockpiles to catch up to where they were a year ago and encouraging traders to sell based on the belief that supply is relatively healthy.
- Gas producers are among the biggest early decliners: XOM -1.1%, CHK -7.3%, APC -2.6%, SWN -6%, DVN -2.2%, COP -2.3%, BP -1.5%, COG -4%, BHP -1.9%, CVX -1.3%, ECA -5.1%, EQT -4.3%, RDS.A -1.7%, UPL -12%, WPX -6.9%, EOG -1%, OXY -1.1%, RRC -6.1%, APA -2.3%, AR -3.2%, CNX -3%, QEP -4.8%, LINE -4.9%, NBL -1.6%, SM -2.6%, XEC -4.2%, PXD -2.9%, NFX -5.1%.
- ETFs: UNG, DGAZ, UGAZ, BOIL, GAZ, FCG, GASL, KOLD, UNL, NAGS, DCNG
Dec. 8, 2014, 3:37 PM
- Energy stocks are hammered again as oil prices tumble to fresh five-year lows, and Oasis Petroleum (OAS -16.1%), Emerald Oil (EOX -12.7%), Cobalt International Energy (CIE -10.1%) and Canadian Natural Resource (CNQ -4.8%) are slammed more than most as they suffered analyst downgrades today.
- SunTrust's Ryan Otaman cuts OAS and EOX to Neutral from Buy to account for their large debt loads, while Citi's Robert Morris lowers CIE and CNQ to Neutral from Buy.
- However, Morris thinks at least some stocks warrant upgrades after precipitous declines, raising Antero Resources (AR -9.1%), Apache (APA -6.1%) and Newfield Exploration (NFX -8.3%) even while acknowledging they probably will not bottom until oil does - a common view among analysts such as Raymond James' Marshall Adkins, who writes that "trying to figure out appropriate oilfield service valuations under a collapsing oil price environments is an exercise in futility."
Nov. 5, 2014, 12:58 PM
- Antero Midstream Partners (AM +16.5%), the partnership formed by Antero Resources (AR +1.4%), is trading near $30/unit in its trading debut after pricing its IPO at $25 yesterday, well above the $19-$21 expected price range and raising $1B in total gross proceeds.
- The IPO comes just a week after Shell Midstream Partners raised $1.06B, making it the largest MLP IPO on record, but the Antero deal would surpass the figure as underwriters exercise an option to sell additional shares.
- AM owns pipelines and compressor stations in the core of the Marcellus Shale in northwest Virginia and Utica Shale in southern Ohio, and provides services to AR under long-term, fixed-fee contracts.
Oct. 17, 2014, 5:40 PM
Oct. 15, 2014, 2:52 PM
- Antero Resources (AR +6.1%) is higher after reporting a 91% Y/Y jump in Q3 natural gas production volume, while net daily liquids production more than tripled from the same quarter last year.
- AR says it averaged 1.08B cfe/day during Q3, up 21% Y/Y, with net daily liquids production spiking 217% Y/Y and 24% Q/Q to 25K bbl/day.
- AR also says it now has 361 horizontal wells in the Marcellus and Utica shale formations since beginning its Appalachian operations in 2009.
Jul. 18, 2014, 3:27 PM
- Antero Resources (AR +2.1%) moves higher after announcing after the close yesterday it produced 891M cfe/day during Q2, a 94% Y/Y and 13% Q/Q improvement, as it set a company record and passed the milestone of 1B cfe/day of net daily production.
- AR's four-well Bee Lewis pad in the Marcellus had a combined 79M cfe/day peak five-day sales rate while producing 1265 Btu gas, while the three-well Carpenter pad in the Utica had a combined 65 Mcfe/day initial five-day sales rate while producing 1225 Btu gas.
- AR also said it signed a supply pact with Cheniere Energy (NYSEMKT:LNG) for 200M Btu/day of liquified natural gas.
May 12, 2014, 4:49 PM
Apr. 14, 2014, 12:40 PM
- Antero Resources (AR -3.5%) shares plunge as much as 11% before moderating, as the oil and natural gas producer cut its production estimates for two sections of its Utica holdings by 34% and for another section by 31%.
- Overall, AR estimates its Q1 daily gas equivalent production of 783M-787M cfe/day, up 105% Y/Y and 16% Q/Q.
- Separately, Kinder Morgan Partners (KMP) awards AR 100% of the capacity offered in Tennessee Gas Partners' binding open season for its proposed Broad Run flexibility and expansion projects.
Nov. 8, 2013, 12:25 PM
- Antero Resources (AR +4.3%), which made its debut on the NYSE just last month, is winning nods of approval from investment banks recently, with Jefferies and Barclays the latest to initiate coverage with Buy ratings.
- Foreseeing consistent, long-term production and reserve growth, Jefferies issues a $75 price target on the stock, while Barclays comes in at $63.
- Production from AR’s wells in the Marcellus and Utica shale formations is expected to rise 76% next year and 47% in 2015, Barclays believes.
- AR's Appalachian acreage is contiguous, which allows for longer laterals, efficiency gains, bolt-on acreage purchases at discounted pricing, and economies of scale, Jefferies says.
Oct. 10, 2013, 10:48 AM
- Antero Resources (AR +18.2%) opened for trading at ~$55 and remains sharply higher after pricing its IPO at $44/share, as AR’s size and the efficiency of its wells located in productive areas of the Marcellus and Utica shale plays draw investors to the deal.
- AR originally expected to sell 30M shares for $38-$42 each, but agreed to sell 35.7M shares at $44 and cut marketing a day earlier than planned because of strong demand.
- The $1.5B deal value, which could rise if underwriters exercise their option to buy more shares, marks the largest U.S.-listed IPO for an oil and gas company since Statoil’s $2.9B debut in June 2001.
AR vs. ETF Alternatives
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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