Analyst Note
| Dave Meats, CFA |Antero shares closed in positive territory in the first session following the firm's third-quarter results, despite a steep loss (7%) for natural gas prices. That implies a surprising level of investor enthusiasm for what we consider to be a fairly neutral release. We have lowered our fair value estimate to $28 per share from $31 after incorporating the impact of inflation on expected well costs from 2023; this was partially offset by an improved outlook for basis differentials due to the success of the firm's "LNG corridor" strategy.