Antero Resources 1Q19: Marcellus Economics Better than Utica

Antero Resources, one of the biggest Marcellus/Utica drillers (pure play) released first quarter 2019 numbers yesterday. The Mariner East 2 (ME2) pipeline, which Antero uses to ship and sell natural gas liquids (NGLs) had a huge beneficial effect for the company. Antero's production was massive: 3.1 billion cubic feet equivalent per day (Bcfe/d) in 1Q19, up an astonishing 30% from 1Q18. But here's the kicker: Nearly one-third of Antero's production (29%) was NGLs. Without ME2, that big number would have been a small fraction of Antero's production.

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