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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Williams, one of the biggest midstream (pipeline) companies in the U.S., issued its first quarter 2019 update yesterday. Williams is a gigantic company with operations in multiple regions, not just here in the northeast. It would be folly for us to try and summarize everything about the company and its many projects, so we’ll concentrate on projects in the Marcellus/Utica.
In March a group of Pennsylvania landowners from Lancaster County asked the U.S. Supreme Court to hear a case in which they say they’ve been screwed over by Atlantic Sunrise Pipeline, that the pipeline should not have had the right to use eminent domain to build the pipeline before the matter of compensation was fully adjudicated (see 
OTHER U.S. REGIONS: Tellurian’s Driftwood LNG wins non-FTA export approval from DOE; Shell not ‘desperate’ to grow US shale despite Anadarko sale; NATIONAL: Net injections into working natural gas in the Lower 48 states totaled 123 Bcf; FERC holds the line on one-year limit for state review of Clean Water Act certifications for interstate natural gas pipelines; Paying too much for natural gas? Thank the Jones Act.; Fossil fuel tax breaks would get killed under Senate bill; American LNG positioned to win with IMO 2020; INTERNATIONAL: Activists call for halt on U.S. LNG shipments to Europe despite growing demand; US to EU: Our liquefied natural gas is more reliable than Russia’s; Europe’s imports of American natural gas are soaring.