Antero Resources Slashes Capex, Still Sees Output Growth in 2015

摘要

Marcellus and Utica shale producer Antero Resources said last week it is cutting its budget significantly year--over-year, including a steep reduction in drilling and completion spending, citing lagging commodity prices. The Denver-based firm's spending this year will hit $1.8 billion, down 40% from 2014's $3.05 billion budget. Antero said it will allocate $1.6 billion to drilling and completion work, a 33% reduction compared to $2.4 billion spent in 2014. Despite the major capex reduction, the Appalachian natural gas producer still sees output jumping 40% year-over-year to 1.4 billion cubic feet of gas equivalent per day (84% natural gas). About 60% of the company's drilling budget this year will go to its holdings in the Marcellus of West Virginia, where Antero will run nine rigs for most of the year. The remaining capital will be allocated to a five-rig program in the Utica of Ohio.