Antero Resources: Layoffs & Spending Cuts Ahead in 2020
Antero Resources, one of the biggest Marcellus/Utica drillers (with major operations in West Virginia) released its fourth-quarter and full-year 2019 update yesterday, along with hosting a conference call to discuss what investors can expect for 2020. There are loads of important details to share.
Production was up 19% in 2019 over 2018. The company lost $482 million in 4Q19, compared to a $122 million loss in 4Q18. However, $463 million of the loss was an impairment charge (write-down) of Antero’s ownership interest in its midstream subsidiary (i.e. paper loss).
Looking forward to 2020, the company plans to cut spending by 10% this year (spending $1.15 billion) and plans to make some layoffs. Antero plans to drill 95-100 wells and complete 120-130 wells this year.
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Replies to This Discussion
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Permalink Reply by Dan on
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So does 100 extra wells going to market by end of year with lay offs make Antero financially healthy at current NG price?
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Permalink Reply by BW_Appalachia on -
Not at all. They have FT commitments that require them to continue drilling and producing. It's either drill and lose money, or don't drill and owe even more in FT deficiencies.
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