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CM - Analyst Notes - June 26, 2020
Antero Resources Corp. (NYSE: AR; $3.77-June 19; Hold; PT-$4) Announced a $402MM headline value ($300MM upfront, ~$102MM contingency payments over next 12mo) transaction for a weighted average ~1.0-1.5% ORRI across AR’s asset base (1.25% ORRI in existing producing wells, 3.75% ORRI in existing acreage in wells completed over next three years; after a 13% IRR and 1.5x cash-on-cash return to buyer, AR will have an 85% reversionary interest); headline valuation ~in-line with TPHe $365-415MM......
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