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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Like Chesapeake Energy last week and Williams in late March, the Gulfport Energy board has decided to swallow a poison pill. Some companies call poison pills a “stockholder rights agreement” or a “shareholder rights plan.” In Gulfport’s case, they call it a “tax benefits preservation plan.” It doesn’t matter what you call it, it’s all the same thing. It’s a provision that defends the company against a takeover.
Last July MDN broke the news that LOLA Energy had filed a lawsuit in Greene County, PA against EQT for allegedly drilling shale wells under property EQT formerly leased, but property for which the leases had lapsed and were subsequently scooped up by LOLA Energy II (see 
Not unsurprisingly, the U.S. rig count (for both oil and gas, although mainly oil) continues to plummet week after week. The latest numbers show rigs taken out of active duty (laid down) decreased another 59 over the past week. That’s better than the 76 laid down the week before (see 
Everyone is still trying to get their heads around what has and is happening to the economies and energy markets around the world, suffering huge blows from being shut down due to the COVID-19 coronavirus pandemic. Everyone has their own models and predictions. The latest is the International Energy Agency which has just published its World Energy Review–an analysis of how the virus pandemic is likely to affect world energy markets based on what has happened over the past 100 days.
Each year the folks at Petrochemical Update (now owned by Reuters Events) hosts two concurrent events in Houston, Texas: 
MARCELLUS/UTICA REGION: Natural gas, manufacturing industries are an important asset; Equitrans delays quarterly earnings filing due to coronavirus; Indian Point nuclear plant near NYC closes; OTHER U.S. REGIONS: Cheniere chief says price negotiations, force majeures off the table during pandemic; NATIONAL: Small oil drillers are turning off taps more quickly than anticipated; Plan coming to assist oil, natural gas industry through pandemic, say Trump officials; Trump poised to unveil bridge loans for ailing oil companies; Low prices and depressed demand impact global oil and gas pipeline sector; INTERNATIONAL: In 2020 oil crisis, Russia seen coming out on top this time.