Antero Resources released its second quarter 2018 update yesterday. Antero is one of the largest drillers in the Marcellus/Utica with massive amounts of acreage in West Virginia (and elsewhere). Revenue was up in 2Q18 to $989 million, compared to $790 million in 2Q17. However, profits were down. In 2Q17 Antero lost $5.1 million, while in 2Q18 they lost $136 million. Antero produced a record 2.52 billion cubic feet equivalent per day (Bcfe/d) of natural gas–27% of that was liquids, including oil. In 2Q the company drilled 22 new Marcellus wells and brought 25 Marcellus wells online. They drilled 6 Utica wells and brought 5 Utica wells online. The company is pausing any new OH Utica drilling for the rest of this year in order to concentrate on the liquids-rich Marcellus region. Antero would have drilled and produced more except there is a trucking shortage in WV. Antero uses trucks to get its crude to market, and lack of trucks meant 100,000 barrels of crude are stored and can’t be moved, and that means the company has curtailed production in a number of WV wells. Antero expects the situation to improve by September. During 2Q Antero drilled what is (so far) the longest lateral for a WV shale well–15,100 feet!…
Antero Resources released its second quarter 2018 update yesterday. Antero is one of the largest drillers in the Marcellus/Utica with massive amounts of acreage in West Virginia (and elsewhere). Revenue was up in 2Q18 to $989 million, compared to $790 million in 2Q17. However, profits were down. In 2Q17 Antero lost $5.1 million, while in 2Q18 they lost $136 million. Antero produced a record 2.52 billion cubic feet equivalent per day (Bcfe/d) of natural gas–27% of that was liquids, including oil. In 2Q the company drilled 22 new Marcellus wells and brought 25 Marcellus wells online. They drilled 6 Utica wells and brought 5 Utica wells online. The company is pausing any new OH Utica drilling for the rest of this year in order to concentrate on the liquids-rich Marcellus region. Antero would have drilled and produced more except there is a trucking shortage in WV. Antero uses trucks to get its crude to market, and lack of trucks meant 100,000 barrels of crude are stored and can’t be moved, and that means the company has curtailed production in a number of WV wells. Antero expects the situation to improve by September. During 2Q Antero drilled what is (so far) the longest lateral for a WV shale well–15,100 feet!…