MPLX - Antero Resources: Associated Gas May Come Back

• Antero Resources' positive outlook is based on a much improved natural gas and liquids pricing environment since early 2020.
• Similar to other gas producers, Antero Resources benefited from the reduced associated gas supply as oil producers curtailed production.
• So far in 2021, we have seen a strong recovery in the oil markets; as oil production recovers, associated gas may come back too.
• Coupled with some structural changes, the increased associated gas supply may prevent Antero Resources from delivering more supersized returns.

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