Antero Sells Marcellus/Utica Water Business to Itself for $1.05B

1 billionAntero Resources announced today it will sell its integrated water delivery business in the Marcellus/Utica to itself for $1.05 billion. That is, Antero Resources (the drilling company) is selling the water business to Antero Midstream (subsidiary pipeline company) in what is called a “drop down” transaction–for more than a billion dollars. All lighthearted joking aside about Antero selling something to itself, this is a big and complex deal. In the announcement below we get a number of details for both Antero the driller and Antero the pipeline company, including how much Antero the driller will pay for the water from Antero the pipeline company ($3.69/barrel in WV, and $3.64/barrel in OH)…

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