• Antero Resources (NYSE:
AR) +9.1% after-hours despite reporting a larger than expected
Q3 loss, as it increases full-year production guidance to the high end of the anticipated range of 3.15B-3.25B cfe/day while also cutting costs.
• AR says it is targeting a 10% reduction to G&A expenses by mid-2020, with plans to cut costs through a combination of headcount reductions completed earlier this year, natural employee attrition and an across the board reduction in G&A expenses.
• Q3 net daily gas equivalent production rose 24% Y/Y to 3.36B cfe/day, while well costs average $895/ft., 4% below H2 targeted well cost of $930/ft.
• AR says Q3 drilling and completion capex of $290M was its lowest quarterly spending since its 2013 IPO.
• Based on cost savings achieved so far, AR lowers full-year drilling and completion capex to $1.275B-$1.3B, a 4% decrease from its prior range of $1.3B-$1.375B.
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