Antero Slashes Budget, Maintains Production, Stock Rockets 21%

Antero Resources issued its first-quarter 2020 update yesterday, delivering outstanding earnings guidance that "completely caught Wall Street and the bears off guard." Management cut 2020 capex by $250 million, to $750 million (41% lower than 2019) while maintaining current production. Antero said it will hit $175 million free cash flow *this year* by spending less and producing the same.

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