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Antero Resources, one of the biggest Marcellus/Utica drillers with 3.25 Bcfe/d (billion cubic feet equivalent per day) of production, issued its third quarter update late last week. Antero's stock price has had an incredible run over the past year, up 462% in a single year! The company lost $834 million on derivatives/hedges during 3Q resulting in a net loss to shareholders of $549 million. The company, which drills mainly in West Virginia, has hedged 636 Bcf of natural gas at a weighted average index price of $2.58 per MMBtu through 2023 with fixed price swap positions. Beyond that, Antero officials say they will remain unhedged going forward to take advantage of higher prices.
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