Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[Timothy Smith]

Antero Resources (AR -3.8%) extends its two-day loss to 10% since announcing a 23% Y/Y reduction to its 2016 capital budget to $1.4B from its prior-year spending of $1.8B.
$AR plans to operate an average of 7 drilling rigs between the Marcellus and Utica Shale plays, 50% fewer than its average 14 drilling rigs operated in 2015; in shifting activity toward the Marcellus from the Utica, AR says ~75% of its drilling and completion budget is allocated toward the Marcellus.

AR forecasts FY 2016 production to rise 15% Y/Y to 1.715B cf/eday of gas, with net liquids increasing 24% to 60K bbl/day.