Antero Resources - U.S. Natural gas liquids (NGLs)-Produzent (Seite 3)
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ISIN: US03674X1063 · WKN: A1W4U4 · Symbol: 7A6
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Antwort auf Beitrag Nr.: 62.202.573 von faultcode am 19.12.19 23:57:1219.1.
America Is Awash With Natural Gas and It’s About to Get Worse
https://finance.yahoo.com/news/america-awash-natural-gas-wor…
...
America Is Awash With Natural Gas and It’s About to Get Worse
https://finance.yahoo.com/news/america-awash-natural-gas-wor…
...
Antwort auf Beitrag Nr.: 62.117.615 von faultcode am 09.12.19 22:13:23allgemeiner Rebound im NG-Bereich:
an den NG-Preisen liegt es mMn nicht -- könnten also z.B. Shorteindeckungen sein (in Annahme steigender NG-Preise
):
an den NG-Preisen liegt es mMn nicht -- könnten also z.B. Shorteindeckungen sein (in Annahme steigender NG-Preise
):
Antwort auf Beitrag Nr.: 62.117.615 von faultcode am 09.12.19 22:13:23--> Problem dabei: das Unternehmen wird dadurch auch kleiner
Belibt denen wohl nichts anders übrig um eine Refinanzierung hinzubekommen? Bei AM Kursziel von 10$ auf 8$ reduziert. Gasfutures für diese Jahreszeit weiterhin auf einem fast historischen Tiefststand. Komme wohl bestenfalls +/- Null wieder raus.
Belibt denen wohl nichts anders übrig um eine Refinanzierung hinzubekommen? Bei AM Kursziel von 10$ auf 8$ reduziert. Gasfutures für diese Jahreszeit weiterhin auf einem fast historischen Tiefststand. Komme wohl bestenfalls +/- Null wieder raus.
AR mit Befreiungsschlag:
--> Problem dabei: das Unternehmen wird dadurch auch kleiner:
Antero Resources Announces Midstream Fee Reductions and Asset Sale Program
https://finance.yahoo.com/news/antero-resources-announces-mi…
...
Highlights Include:
• $350 million of midstream fee reductions expected between 2020 and 2023
• Announced asset sale program target of $750 million to $1 billion to be completed in 2020 to reduce debt
• Repurchased $215 million notional amount of unsecured notes due in 2021 and 2022 during the fourth quarter of 2019 at a 17% weighted average discount
• As a result of the midstream fee reductions and the previously announced well and operating cost savings, Antero expects a $0.15 per Mcfe reduction in its 2020 all-in cash operating costs as compared to 2019
• Revised 2020 free cash flow target to positive free cash flow from a previous forecast outspend of $100 to $150 million, driven by the announced reductions in cost structure and improved NGL pricing outlook
Commenting on the announcements, Paul Rady, Chairman and CEO said, "The midstream fee reductions further demonstrate our ongoing commitment to reducing Antero's cost structure. In aggregate with the previously disclosed $300 million well cost and operating cost savings, we are now targeting a $375 million overall reduction in Antero's capital and operating costs in 2020 as compared to previous expectations. These cost savings further support our moderate growth strategy as we fill the majority of our premium firm transportation commitments by 2022. With these cost savings we now project being free cash flow neutral in 2020 and 2021 combined, and sustained positive free cash flow in 2022 and thereafter, assuming current strip pricing."
Commenting on the asset sale program, Glen Warren, President and CFO said "Antero is in the advantageous position of having a variety of options available for asset monetizations. These options include undeveloped leasehold, minerals, producing properties, an extensive hedge book and midstream ownership. The proceeds of asset sales will be used for debt reduction. Meeting the asset sale target is expected to result in a low 2-times leverage and robust liquidity of approximately $2.3 billion by year-end 2020, assuming no further senior note repurchases."
Gathering, Processing and Transportation Costs
Through negotiations with Antero Midstream and other third party midstream providers, Antero Resources has entered into agreements expected to reduce its gathering, processing and transportation costs "GP&T" and net marketing expense by a combined $350 million in aggregate in the 2020 through 2023 period. As a result of these reductions and production growth into a portion of its unutilized firm transportation, Antero expects its GP&T and net marketing expense to be reduced by a combined $0.10 per Mcfe in 2020.
Under the new amendment to the gathering agreement with Antero Midstream, low pressure gathering fees from January 1, 2020 through December 31, 2023 will be reduced based on Antero Resources achieving increasing volumetric targets on low pressure volumes gathered by Antero Midstream. The growth incentive thresholds were structured in a manner that aligns with Antero Resources' plan to grow 8% to 10% through 2021 in order to fill its premium firm transportation portfolio and invest at maintenance capital levels thereafter. The amendment also extended the term of the agreement by an additional four years to 2038. There are no incremental minimum volume commitments associated with this agreement.
Asset Sale Summary
Antero Resources is targeting $750 million to $1 billion of asset sales to be completed in 2020. Assets under consideration include lease acreage, minerals, producing properties, hedge portfolio restructuring and Antero Midstream shares. Antero Resources has 584,000 net acres of leasehold in the Appalachian Basin with an 84% average net revenue interest. The Company also holds 5,000 net mineral acres with an average royalty of 16%. The company had net production of 3.4 Bcfe/d in the third quarter of 2019 and had 10.4 Tcfe of proved developed producing reserves as of December 31, 2018. The Company's mark-to-market hedge value was $780 million as of December 6, 2019.
The company initiated the asset sale program through the agreed sale of $100 million of Antero Midstream common stock to Antero Midstream. The number of shares sold will be based on a formulaic pricing mechanism taking into account both historical and future market pricing of Antero Midstream shares. Prior to the $100 million sale, the market value of Antero Resources' ownership of Antero Midstream was $715 million, based on the December 6, 2019 closing price. Proceeds from the sale of the Antero Midstream shares will be used to reduce borrowings under the Company's revolver that were incurred in recent senior note repurchases. Antero Midstream also announced that it has $175 million of capacity remaining under its share repurchase program that could be used to repurchase additional Antero Midstream shares held by the Company.
Debt Repurchase
Antero repurchased $215 million notional amount of debt during the fourth quarter at a 17% weighted average discount price. The debt repurchase program occurred under a 10b5-1 plan and included the 2021 senior notes, but focused primarily on the 2022 senior notes. Following the repurchases, Antero's pro forma debt was reduced by $37 million and net interest expense was reduced by over $5 million on an annualized basis.
Glen Warren, CFO and President of Antero Resources said, "The midstream fee reductions announced today combined with the improvement in NGL prices and outlook during the quarter has resulted in a free cash flow neutral profile through 2021 and positions Antero to generate positive free cash flow on a sustained basis beginning in 2022. The asset sale program is expected to meaningfully reduce debt and result in low 2-times leverage by the end of 2020. Today's announcement significantly enhances our credit profile which remains strong with $1.6 billion of liquidity following the bond repurchases and a $1.9 billion borrowing base cushion above the $2.6 billion of lender commitments."
...
--> Problem dabei: das Unternehmen wird dadurch auch kleiner:
Antero Resources Announces Midstream Fee Reductions and Asset Sale Program
https://finance.yahoo.com/news/antero-resources-announces-mi…
...
Highlights Include:
• $350 million of midstream fee reductions expected between 2020 and 2023
• Announced asset sale program target of $750 million to $1 billion to be completed in 2020 to reduce debt
• Repurchased $215 million notional amount of unsecured notes due in 2021 and 2022 during the fourth quarter of 2019 at a 17% weighted average discount
• As a result of the midstream fee reductions and the previously announced well and operating cost savings, Antero expects a $0.15 per Mcfe reduction in its 2020 all-in cash operating costs as compared to 2019
• Revised 2020 free cash flow target to positive free cash flow from a previous forecast outspend of $100 to $150 million, driven by the announced reductions in cost structure and improved NGL pricing outlook
Commenting on the announcements, Paul Rady, Chairman and CEO said, "The midstream fee reductions further demonstrate our ongoing commitment to reducing Antero's cost structure. In aggregate with the previously disclosed $300 million well cost and operating cost savings, we are now targeting a $375 million overall reduction in Antero's capital and operating costs in 2020 as compared to previous expectations. These cost savings further support our moderate growth strategy as we fill the majority of our premium firm transportation commitments by 2022. With these cost savings we now project being free cash flow neutral in 2020 and 2021 combined, and sustained positive free cash flow in 2022 and thereafter, assuming current strip pricing."
Commenting on the asset sale program, Glen Warren, President and CFO said "Antero is in the advantageous position of having a variety of options available for asset monetizations. These options include undeveloped leasehold, minerals, producing properties, an extensive hedge book and midstream ownership. The proceeds of asset sales will be used for debt reduction. Meeting the asset sale target is expected to result in a low 2-times leverage and robust liquidity of approximately $2.3 billion by year-end 2020, assuming no further senior note repurchases."
Gathering, Processing and Transportation Costs
Through negotiations with Antero Midstream and other third party midstream providers, Antero Resources has entered into agreements expected to reduce its gathering, processing and transportation costs "GP&T" and net marketing expense by a combined $350 million in aggregate in the 2020 through 2023 period. As a result of these reductions and production growth into a portion of its unutilized firm transportation, Antero expects its GP&T and net marketing expense to be reduced by a combined $0.10 per Mcfe in 2020.
Under the new amendment to the gathering agreement with Antero Midstream, low pressure gathering fees from January 1, 2020 through December 31, 2023 will be reduced based on Antero Resources achieving increasing volumetric targets on low pressure volumes gathered by Antero Midstream. The growth incentive thresholds were structured in a manner that aligns with Antero Resources' plan to grow 8% to 10% through 2021 in order to fill its premium firm transportation portfolio and invest at maintenance capital levels thereafter. The amendment also extended the term of the agreement by an additional four years to 2038. There are no incremental minimum volume commitments associated with this agreement.
Asset Sale Summary
Antero Resources is targeting $750 million to $1 billion of asset sales to be completed in 2020. Assets under consideration include lease acreage, minerals, producing properties, hedge portfolio restructuring and Antero Midstream shares. Antero Resources has 584,000 net acres of leasehold in the Appalachian Basin with an 84% average net revenue interest. The Company also holds 5,000 net mineral acres with an average royalty of 16%. The company had net production of 3.4 Bcfe/d in the third quarter of 2019 and had 10.4 Tcfe of proved developed producing reserves as of December 31, 2018. The Company's mark-to-market hedge value was $780 million as of December 6, 2019.
The company initiated the asset sale program through the agreed sale of $100 million of Antero Midstream common stock to Antero Midstream. The number of shares sold will be based on a formulaic pricing mechanism taking into account both historical and future market pricing of Antero Midstream shares. Prior to the $100 million sale, the market value of Antero Resources' ownership of Antero Midstream was $715 million, based on the December 6, 2019 closing price. Proceeds from the sale of the Antero Midstream shares will be used to reduce borrowings under the Company's revolver that were incurred in recent senior note repurchases. Antero Midstream also announced that it has $175 million of capacity remaining under its share repurchase program that could be used to repurchase additional Antero Midstream shares held by the Company.
Debt Repurchase
Antero repurchased $215 million notional amount of debt during the fourth quarter at a 17% weighted average discount price. The debt repurchase program occurred under a 10b5-1 plan and included the 2021 senior notes, but focused primarily on the 2022 senior notes. Following the repurchases, Antero's pro forma debt was reduced by $37 million and net interest expense was reduced by over $5 million on an annualized basis.
Glen Warren, CFO and President of Antero Resources said, "The midstream fee reductions announced today combined with the improvement in NGL prices and outlook during the quarter has resulted in a free cash flow neutral profile through 2021 and positions Antero to generate positive free cash flow on a sustained basis beginning in 2022. The asset sale program is expected to meaningfully reduce debt and result in low 2-times leverage by the end of 2020. Today's announcement significantly enhances our credit profile which remains strong with $1.6 billion of liquidity following the bond repurchases and a $1.9 billion borrowing base cushion above the $2.6 billion of lender commitments."
...
Antwort auf Beitrag Nr.: 61.910.408 von faultcode am 13.11.19 11:56:20trotzdem wurde diese Woche ein neues Tief erzeugt:
--> ich schreibe das der abkühlenden US-Konjunktur zu
Tags:
• NatGas
--> ich schreibe das der abkühlenden US-Konjunktur zu
Tags:
• NatGas
Trading Spotlight
Antwort auf Beitrag Nr.: 61.910.408 von faultcode am 13.11.19 11:56:20AR gerade mit neuem 52-Wochentief bei USD2.38
--> paradoxerweise könnte es (bis Ende 2019 noch?) bei AR und anderen NatGas-Werten zu einem scharfen Rebound kommen - trotz NatGas-Überschuss in Texas
--> wenn nämlich die LNG-Lager in den Kältezonen der USA sich weiter leeren und die Kältewelle anhält:
=> wenn dem so wäre, rechne ich aber mit Preis-Spikes, und nicht mit einem Hochhüpfen auf ein erhöhten Preis-Niveau, was mal ein paar Monate halten könnte:
https://www.nau.ch/news/amerika/kaltewelle-bringt-schnee-und…
--> paradoxerweise könnte es (bis Ende 2019 noch?) bei AR und anderen NatGas-Werten zu einem scharfen Rebound kommen - trotz NatGas-Überschuss in Texas
--> wenn nämlich die LNG-Lager in den Kältezonen der USA sich weiter leeren und die Kältewelle anhält:
=> wenn dem so wäre, rechne ich aber mit Preis-Spikes, und nicht mit einem Hochhüpfen auf ein erhöhten Preis-Niveau, was mal ein paar Monate halten könnte:
https://www.nau.ch/news/amerika/kaltewelle-bringt-schnee-und…
beim Wettbewerber Chesapeake Energy (CHK) geht schon mal das böse Wort vom going concern um:
Chesapeake stock falls to lowest price in 25 years as ‘going concern’ warning weighs
https://www.marketwatch.com/story/chesapeake-stock-falls-to-…
...
=>
nebenbei: CEO und Chairman haben erst vor ein paar Tagen Aktien gekauft:
https://www.marketwatch.com/story/chesapeake-energys-ceo-cha…
=> seitdem (7.11.) hat der Preis der Aktie weiter nachgegeben => klassischer Fall von "Falling knife":
--> die wesentliche Ursache liegt hier: es gibt immer noch viel zu viel NatGas in den USA:
--> ich habe irgendwie das Gefühl, irgendwo in Texas gibt es eine riesige NatGas-Quelle, die nicht verschlossen werden kann
Chesapeake stock falls to lowest price in 25 years as ‘going concern’ warning weighs
https://www.marketwatch.com/story/chesapeake-stock-falls-to-…
...
=>
nebenbei: CEO und Chairman haben erst vor ein paar Tagen Aktien gekauft:
https://www.marketwatch.com/story/chesapeake-energys-ceo-cha…
=> seitdem (7.11.) hat der Preis der Aktie weiter nachgegeben => klassischer Fall von "Falling knife":
--> die wesentliche Ursache liegt hier: es gibt immer noch viel zu viel NatGas in den USA:
--> ich habe irgendwie das Gefühl, irgendwo in Texas gibt es eine riesige NatGas-Quelle, die nicht verschlossen werden kann
Hört sich eigentlich gut an. Versteht jemand den Ritt gestern?
https://www.fool.com/earnings/call-transcripts/2019/10/30/an…
https://www.fool.com/earnings/call-transcripts/2019/10/30/an…
Antwort auf Beitrag Nr.: 61.552.749 von R-BgO am 24.09.19 09:11:55in Kurz: der Autor hat seine AR-Longposition auch aufgegeben
--> noch was, siehe auch KEG:
• wenn deine Wettbewerbs-Umgebung im nationalen Öl&Gas-Geschäft (in den USA) in Capter 11 geht - und da auch teilweise wieder raus, und du stehst noch (fast) alleine da mit deiner "alten" Bilanz, ohne aber in Chapter 11 gehen zu müssen, dann siehst du bei der nächsten Investoren-Roadshow immer noch "alt" aus
--> noch was, siehe auch KEG:
• wenn deine Wettbewerbs-Umgebung im nationalen Öl&Gas-Geschäft (in den USA) in Capter 11 geht - und da auch teilweise wieder raus, und du stehst noch (fast) alleine da mit deiner "alten" Bilanz, ohne aber in Chapter 11 gehen zu müssen, dann siehst du bei der nächsten Investoren-Roadshow immer noch "alt" aus
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