DENVER, May 15, 2024
/PRNewswire/ -- Antero Resources Corporation (NYSE:
AR) ("Antero Resources," "Antero," or the "Company") today
announced that it has received an investment grade credit rating of
BBB- from S&P Global Ratings ("S&P").
On May 15th, 2024,
S&P upgraded Antero's corporate and issuer credit ratings to
BBB- from BB+ with a stable outlook. The Company has maintained an
investment grade credit rating from Fitch Ratings since
September of 2022. With these two investment grade credit
ratings, Antero expects a substantial reduction in letters of
credit associated with its firm transportation portfolio and
reduced interest expense.
Michael Kennedy, CFO of Antero
Resources said, "Antero's investment grade credit rating reinforces
the strength of our company, driven by the success of our
development program and commitment to debt reduction over the last
several years. Since the start of our debt reduction program in the
fourth quarter of 2019, we have reduced debt by more than
$2 billion. This reduction, combined
with our peer-leading capital efficiency and low breakeven costs,
positions Antero Resources as the premier operator in
Appalachia."
Antero Resources is an independent natural gas and natural
gas liquids company engaged in the acquisition, development and
production of unconventional properties located in the Appalachian
Basin in West Virginia and
Ohio. In conjunction with its
affiliate, Antero Midstream Corporation (NYSE: AM), Antero is one
of the most integrated natural gas producers in the U.S. The
Company's website is located
at www.anteroresources.com.
This release includes "forward-looking statements." Such
forward-looking statements are subject to a number of risks and
uncertainties, many of which are not under Antero Resources'
control. All statements, except for statements of historical fact,
made in this release regarding activities, events or developments
Antero Resources expects, believes or anticipates will or may occur
in the future, such as those regarding anticipated reductions in
letters of credit and interest expense, are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. All
forward-looking statements speak only as of the date of this
release. Although Antero Resources believes that the plans,
intentions and expectations reflected in or suggested by the
forward-looking statements are reasonable, there is no assurance
that these plans, intentions or expectations will be achieved.
Therefore, actual outcomes and results could materially differ from
what is expressed, implied or forecast in such statements. Except
as required by law, Antero Resources expressly disclaims any
obligation to and does not intend to publicly update or revise any
forward-looking statements.
Antero Resources cautions you that these forward-looking
statements are subject to all of the risks and uncertainties,
incident to the exploration for and development, production,
gathering and sale of natural gas, NGLs and oil, most of which are
difficult to predict and many of which are beyond the Antero
Resources' control. These risks include, but are not limited to,
commodity price volatility, inflation, supply chain or other
disruption, availability and cost of drilling, completion and
production equipment and services, environmental risks, drilling
and completion and other operating risks, marketing and
transportation risks, regulatory changes or changes in law, the
uncertainty inherent in estimating natural gas, NGLs and oil
reserves and in projecting future rates of production, cash flows
and access to capital, the timing of development expenditures,
conflicts of interest among our stockholders, impacts of
geopolitical and world health events, cybersecurity risks, our
ability to achieve Net Zero Scope 1 and Scope 2 GHG emissions and
the costs associated therewith, the state of markets for, and
availability of, verified quality carbon offsets and the other
risks described under the heading "Item 1A. Risk Factors" in Antero
Resources' Annual Report on Form 10-K for the year ended
December 31, 2023 and the Quarterly
Report on Form 10-Q for the quarter ended March 31, 2024.
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SOURCE Antero Resources Corporation