Antero Resources: Production Hits New High of 2.1 Bcf/d, $268M Profit

Antero Resources, one of the biggest and best drillers in the Marcellus/Utica concentrating on just those two plays, turned in their first quarter 2017 numbers on Monday, and held an earnings call to discuss it yesterday. The first thing that caught our eye was that Antero hit a new production high in 1Q17. The company produced 2.1 billion cubic feet equivalent per day. Impressive. Perhaps even more impressive is that although the company lost $5 million in 1Q16, they swung to making a $268 million profit in 1Q17. Wow! Antero has one of the best hedging programs in the business. That is, they pre-sell their production at higher prices than other drillers, which is no doubt why they turned in such a great first quarter. The Marcellus was their main focus during 1Q17. Antero drilled and brought online 25 Marcellus wells. Although they fiddled with drilling and casing 13 Utica wells in the first quarter, they didn’t complete (i.e. frack) and bring any of their Utica wells online. Why? They’re waiting for the Rover Pipeline to get built first. Antero currently runs three rigs in the Utica. They plan to move one of the three to the Marcellus during 2Q17. Here’s a load of good information from Antero for 1Q17…

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