Reducing FVEs for Antero, Gulfport, and Range to Reflect Near-Term Weakness in Gas Prices
We are revising our fair value estimates for Antero, Gulfport, and Range Resources to $8, $7, and $17, respectively, after the recent deterioration in near-term natural gas prices. Our valuation models incorporate three years of strip prices before reverting to our midcycle forecast, which is unchanged at $3 per barrel. When we last updated these models, U.S. prices were expected to average $2.80 per thousand cubic feet, $2.80/mcf, and $3/mcf,respectively, for 2019, 2020, and 2021. However, curr...Antero Resources is an oil and natural gas company engaged in the exploration, development and production of natural gas, natural gas liquids (NGLs), and oil properties. The company focuses on unconventional reservoirs, which can generally be characterized as fractured shale formations. The company's drilling operations are focused in the Marcellus Shale and Utica Shale of the Appalachian Basin. The company's industry segments are: the exploration, development, and production of natural gas, NGLs, and oil; marketing of excess firm transportation capacity; and the gathering and processing of natural gas. All of the company's operations are conducted in the United States.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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