Antero Midstream's (AM) management found out firsthand how damaging it can be to be associated with one customer when that customer is rumored to have financial problems. Even though Antero Midstream has remained among the least leveraged midstream companies I follow, dire consequences for shareholders were just around the corner.
Antero Resources (AR) just put an end to that discussion by repurchasing a fair amount of discounted bonds and some stock as well in the first quarter. In the meantime, the hedging operation yielded enough profits to keep things comfortable.
The banks maintained the committed