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Antero Resources Corp AR

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Antero Resources Disappoints Slightly in Q2, but Will Start To Benefit From Higher NGL Realizations

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Antero Resources’ second-quarter results were slightly below PitchBook consensus EBITDAX expectations of $350 million with $319 million, mainly due to higher-than-expected all-in cash costs. After updating our model to reflect the quarter and adjusting for Antero’s revised guidance (higher realized natural gas liquids pricing, slightly lower production guidance, lower marketing expense, higher all-in cash costs, and higher capital spending), we’ve boosted our fair value estimate to $11 per share, while maintaining our no-moat rating. The most material change was to the natural gas liquids pricing, as not only has natural gas liquids pricing increased materially recently, but Antero’s ability to extract wider differentials has improved due to tighter end markets. The revised guidance now shifts to a midpoint of $0.20 per million cubic feet, or mcf, from an earlier midpoint of $0.15 per mcf.

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Company Profile

Business Description

Antero Resources, based in Denver, engages in the exploration for and production of natural gas and natural gas liquids in the United States and Canada. At the end of 2020, the company reported proven reserves of 17.6 trillion cubic feet of natural gas equivalent. Production averaged approximately 3,578 million cubic feet of equivalent a day in 2020 at a ratio of 33% liquids and 67% natural gas.

1615 Wynkoop Street
Denver, CO, 80202
T +1 303 357-7310
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Distressed
Employees 504