Further Well Cost Reductions and High-Intensity Frack Success Push Antero's Fair Value Higher
Antero's financial results were slightly stronger than analyst expectations in the third quarter. The firm reported adjusted EBITDA and EPS of $345 million and $0.18, respectively (consensus' estimates for the same were $342 and $0.12). In addition, there were several positive operational data points that support our new fair value estimate of $32 per share.First, and perhaps most importantly, Antero's drilling and completion costs continue to decline. The firm reported an average cost per well...
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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