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News Breaks
July 3, 2014
08:35 EDTMHR, GPOR, ARAntero Utica wells look 'by far the best overall,' says RBC Capital
After the Ohio Department of Natural Resources released data on 91 net Utica wells that came online in Q1, RBC says Antero Resources' (AR) Utica wells looked to be "by far the best overall." The firm says Antero had five of the top 10 overall producers on a Boepd basis, and nine of the top 10 wells in terms of oil production alone. RBC views Gulfport Energy's (GPOR) wells as solid and notes Magnum Hunter (MHR) had the best well in the sample with a rate of 3,848 Boepd over eight days.
News For AR;GPOR;MHR From The Last 14 Days
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January 28, 2015
16:11 EDTARAntero Resources reports 66% increase in proved reserves to 12.7Tcfe
Antero Resources announced that proved reserves at December 31, 2014 were 12.7 Tcfe, a 66% increase compared to proved reserves at December 31, 2013, in each case assuming ethane rejection. Proved, probable and possible, or 3P, reserves at year-end 2014 totaled 40.7 Tcfe, which represents a 16% increase compared to the previous year, also assuming ethane rejection. Antero's December 31, 2014 proved and 3P reserves exclude 615 and 1,535M barrels of ethane, respectively, due to the relationship between ethane and natural gas futures pricing which indicates that ethane will be rejected. Additionally, the company's reserves exclude any reserves attributable to Antero's Utica dry gas resource in West Virginia and Pennsylvania. Antero replaced 1,465% of estimated net production in 2014 from all sources including performance and price revisions. Finding and development costs for proved reserve additions from all sources including costs incurred for drilling and completion capital, acquisitions, land additions and all price and performance revisions averaged 61c per Mcfe, based on preliminary unaudited capital expenditures for 2014. Drill-bit only finding and development costs averaged 46c per Mcfe for 2014. Antero's proved developed reserve additions totaled over 2.1 Tcfe on $2.5B of drilling and completion capital for a development cost of $1.15 per Mcfe in 2014. The reserve life of the Company's proved reserves, based on 2014 production, is approximately 35 years. Antero's estimate of drilling and development costs incurred during 2014, including drilling and completion of $2.5B and leasehold costs of $840M, is approximately $3.3B. The leasehold costs include $415M of acquisitions and $425M of land. Assuming the approximate $3.3B estimate of drilling and development costs, preliminary finding and development costs from all sources for 2014 averaged 61c per Mcfe. Antero's three-year finding and development costs from all sources through 2014 averaged 65c per Mcfe, excluding the Arkoma and Piceance Basin properties that were divested in 2012. The 2014 capital costs are unaudited and preliminary. Final cost amounts will be provided in Antero's Annual Report on Form 10-K for the year ended December 31, 2014.
January 26, 2015
16:26 EDTMHRMarathon Oil, Cobalt, RSP Permian downgraded at UBS
UBS lowered its Brent and WTI forecasts to $52.50 and $49 from $67.50 and $62.50, respectively, and downgraded a number of names in the energy space in conjunction. Along with making changes to its oil price forecasts, UBS downgraded Marathon Oil (MRO), Cobalt (CIE) and RSP Permian (RSPP), all to Neutral from Buy. The firm also identified ConocoPhillips (COP), Devon Energy (DVN), Murphy Oil (MUR), Ultra Petroleum (UPL), Range Resources (RRC), Denbury Resources (DNR), and Magnum Hunter (MHR) as having high valuations, slowing growth and wide free cash flow deficits and said it was cautious on all of those names as well.
January 23, 2015
10:02 EDTMHROn the Fly: Analyst Downgrade Summary
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10:02 EDTAROn the Fly: Analyst Initiation Summary
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07:41 EDTARAntero Resources initiated with a Neutral at Susquehanna
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06:58 EDTMHRMagnum Hunter downgraded to Neutral from Outperform at Credit Suisse
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06:22 EDTMHRMagnum Hunter to host conference call
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January 22, 2015
10:03 EDTMHROn the Fly: Analyst Downgrade Summary
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07:52 EDTMHRMagnum Hunter downgraded at Stifel
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07:44 EDTARAntero Resources price target lowered to $54 from $60 at Canaccord
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06:10 EDTMHRMagnum Hunter downgraded to Hold from Buy at Stifel
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January 21, 2015
18:15 EDTMHRMagnum Hunter reports year end 2014 proved reserves of 83.8 MMBoe
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January 20, 2015
16:30 EDTARAntero Midstream to expand Marcellus and Utica Shale gathering systems in 2015
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16:26 EDTARAntero Resources CEO comments on FY15 Capital Budget
Commenting on the 2015 capital budget and guidance, Paul Rady, Antero's Chairman and CEO, said, "Despite the challenging commodity price environment, Antero is well positioned to continue executing on our development program and achieve peer-leading growth and margins. Our ability to generate production growth of 40%, while materially reducing the 2015 drilling and completion budget, is a testament to the momentum established and efficiencies attained from having the largest development program in Appalachia." Rady further commented, "Our production and capital budget guidance assumes the deferral of completions in the Marcellus during the second and third quarters of 2015 in order to limit natural gas volumes sold into unfavorable pricing markets including TETCO and Dominion South. Based on our projections for 2015, we will not have access to favorable markets for Marcellus gas in excess of the volumes included in our guidance until the previously disclosed regional pipeline project is placed into service, which is currently projected to be in the fourth quarter of 2015. Consequently, we have adjusted our Marcellus plan so that we can sell the vast majority of our gas into more favorable markets. We will continue to monitor commodity prices throughout the year and may revise the capital budget lower if conditions warrant."
16:13 EDTARAntero Resources sees FY15 CapEx $1.8B
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09:11 EDTMHROn The Fly: Pre-market Movers
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08:40 EDTMHRMagnum Hunter downgraded to Neutral from Buy at SunTrust
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07:30 EDTGPORGulfport Energy upgraded to Buy from Accumulate at KLR Group
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