Antero Resources (AR) Update - Dec 8
Posted: Tue Dec 08, 2020 12:56 pm
2020-12-08 12:29:00 GMT DJ Antero Resources Price Target Announced at $6.00/Share by JP Morgan < Compares to my valuation of $9.00.
Near-term gas prices have very little impact on AR's revenues. ~93% of their Q4 ngas is hedged at $2.87 and ~97% of their 2021 ngas is hedged at $2.80.
What is much more important for this one is NGL prices. AR is the 2nd largest producer of NGLs in the U.S. (over 205,000 bbls per day). Only a small amount of their propane is hedged.
Near-term gas prices have very little impact on AR's revenues. ~93% of their Q4 ngas is hedged at $2.87 and ~97% of their 2021 ngas is hedged at $2.80.
What is much more important for this one is NGL prices. AR is the 2nd largest producer of NGLs in the U.S. (over 205,000 bbls per day). Only a small amount of their propane is hedged.