Introduction
I wrote an article in December of 2017, “Antero Resources: An Undervalued Natural Gas and Gas Liquids Producer”, which provided my valuation of Antero Resources Corporation (AR). At the time, Antero's stock was trading at $17.65 per share, as compared to $7.99 at the close on May 8, 2019. My 2017 valuation, based on company presentations and SEC filings of financial statements, was in the upper $20s per share at $3.00/Mcf natural gas and $54/Bbl oil prices. I believe this decline in share price mandates another look at the fundamentals and a