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Tuesday, April 15, 2014

Antero Sees Stock Price Tumble in Wake of Adjusted Utica Shale Expectations

From Bloomberg:
Antero Resources Corp. (AR), an oil and natural gas producer that began trading in October, fell the most ever after cutting its production estimate for a section of its Utica Shale holdings.
Antero dropped 3.8 percent to $60.81 at 11:25 a.m. in New York. The shares earlier tumbled as much as 11 percent, the most intraday since Oct. 10. Prior to today, shares gained 44 percent since the Denver based-company’s public offering on Oct. 9.
Antero reduced its estimate for how much gas one section of its Utica holdings will yield by 34 percent, according to a statement today. Another section’s production forecast was cut by 31 percent. The company’s oil and gas holdings are located in West VirginiaOhio and Pennsylvania.
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