Best Idea Antero Resources Gears Up for NGL Growth
Our fair value estimate for Antero Resources is unchanged after incorporating fourth-quarter financials into our model. A core tenet of our positive thesis is leverage to natural gas liquids. Management estimates that the firm controls 40% of the undeveloped liquids-rich acreage throughout Appalachia. The firm's NGL output has tripled since 2014, enabling it to capitalize on rising prices due to growing exports and domestic demand. The Mont Belvieu price for C3+ NGLs was 59% of West Texas Interm...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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