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Antero Resources LLC Jan 11
Standard & Poors, Jan 2011
Abstract
Geographically diverse reserve base; and Favorable hedges that support cash flows. Large, proved undeveloped portion of reserves; Production mix that is heavily weighted toward natural gas; and Elevated debt leverage compared with peers. The 'B' corporate credit rating on Denver-based Antero Resources LLC reflects the volatility of the exploration and production (E&P) industry, small proved developed reserve base, located in the Arkoma, Piceance, and Appalachian basin resource plays, and the need for significant spending to develop those reserves. The rating also incorporates Antero's favorable hedges, fair value of over $250 million as of Sept. 30, 2010, to buffer otherwise weak natural gas prices in the near to intermediate-term, and a management team with a proven track record. Standard & Poor's...
Companies mentioned in this report are: Antero Resources LLC
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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