Antero Resources (NYSE:AR) is sitting on a potential gold mine of liquids-rich natural gas in the Marcellus and Utica shale region.
CEO Paul Rady; pointed out that “we began shipping volumes for the first time in February through our commitment on the Mariner East 2 pipeline,” which is operated by Energy Transfer and moves NGLs from processing facilities in the Marcellus region to Philadelphia, where Energy Transfer’s Marcus Hook Terminal can export them to the global markets.
“We have 50,000 barrels a day of propane and butane capacity contracted on the pipeline, which equates to about one-third of the available capacity on ME2 today. As the largest shipper on ME2 and with approximately 50% of our NGL production being sold into premium international markets today.
“boosted cash flow by approximately $20 million during the first quarter.” That number should improve as the company ramps up its exports. Antero only exported 29% of its volumes during the quarter but expected that number to reach 50% once it hits full stride.
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Source: The Motley Fool