Antero Resources Corp. (NYSE: AR) detailed first-quarter 2015 operational highlights on April 15.
For the year, 1,485 million cubic feet equivalent per day (MMcfe/d) of gas was produced on average. This was an 89% increase over 2014. Net liquids production averaged 40 Mbbl/d. This was a 145% increase over 2014.
Regarding operations, in the Marcellus, the company used shorter stage length completions on all 41 horizontal wells completed and placed online during the quarter. The average lateral length was about 8,150 feet. Of the wells, 30 have been online for more than a month, with an average 30-day rate of 13MMcfe/d while rejecting ethane, 19% liquids.
In the Marcellus, Antero runs seven rigs and two completion crews.
The company deferred 50 well completions in the Marcellus into 2016; they were scheduled to be completed in 2015’s second and third quarters. Because of the reduced drilling activity, daily production should average 1,375 MMcfe/d to 1,425 MMcfe/d during the remainder of 2015.
There was record production of 274MMcfe/d in the Utica; this includes 11,300bbl/d of liquids. The play is transitioning to seven-well pads, the company said.
There are 45 well completions planned for the remainder of the year, including three separate seven-well pads to be completed in the third quarter. Antero operates four drilling rigs and five completion crews in the Utica.
Overall during the first quarter, Antero reduced its drilling rig count from 21 to 11 rigs and reduced its completion crews from 10 to seven.
About 36% of the $1.6 billion drilling and completions budget for 2015 was spent during the first quarter, due to higher rig count and completions activity. The remaining 64% will be spent through the remainder of the year.
Denver-based Antero Resources Corp. produces and develops domestic oil and natural gas.
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