Antero Resources Lifts Production Guidance

(RTTNews) - Oil and gas company Antero Resources Corp (AR) Tuesday raised its production guidance for the years 2014, driven by its development program and positive operating outlook. It also raised its capital expenditure guidance for the year.

The company now expects 2014 net production of 990 - 1,010 MMcfe/d, which is a 5% increase from the midpoint of previous guidance.

Also, Antero said the the average production target for the year 2015 has been increased to 1.5 Bcfe/d from a previous 1.4 Bcfe/d and the 2016 target has been increased to 2.2 Bcfe/d from a previous 2.1 Bcfe/d.

The company has accelerated its initiatives to develop the highly rich gas areas of its Marcellus and Utica assets.

Antero also raised its 2014 capital budget to $3.7 billion from prior guidance of $2.85 billion.

Antero anticipates a budget of $2.3 to $2.5 billion for 2015.