Antero Resources (NYSE:AR) +15.8% after-hours despite missing Q1 earnings estimates while revenues rose 27% Y/Y to $1.32B.
Q1 adjusted EBITDAX $244M vs. $443M in the year-ago quarter.
Q1 net prouction rose 8.6% Y/Y to 3.36M cfe/day (68% natural gas by volume), including a 3.4% increase in natural gas output to 2.28M cf/day.
Antero has dropped its rig count to one rig for the remainder of 2020, and its completion crew count will be reduced in May from three crews to one crew for the rest of the year.
Despite the lower capital spend, Antero maintains 2020 production guidance at 3.5B cfe/day, a 9% Y/Y increase.
Antero also reduces its FY 2020 drilling and completion capital budget to $750M, 35% lower than initial guidance of $1.15B, and is targeting positive free cash flow of $175M for the full year based on current strip prices.
source marketwatch
Q1 adjusted EBITDAX $244M vs. $443M in the year-ago quarter.
Q1 net prouction rose 8.6% Y/Y to 3.36M cfe/day (68% natural gas by volume), including a 3.4% increase in natural gas output to 2.28M cf/day.
Antero has dropped its rig count to one rig for the remainder of 2020, and its completion crew count will be reduced in May from three crews to one crew for the rest of the year.
Despite the lower capital spend, Antero maintains 2020 production guidance at 3.5B cfe/day, a 9% Y/Y increase.
Antero also reduces its FY 2020 drilling and completion capital budget to $750M, 35% lower than initial guidance of $1.15B, and is targeting positive free cash flow of $175M for the full year based on current strip prices.
source marketwatch