Antero Resources (AR) reported a profit for the second quarter. The company often does breakeven or worse on an operating basis. The hedging program usually makes the quarterly reports look good. This quarter was no exception to that.
Source: Antero Resources Second Quarter 2019 Earnings Press Release
As shown above, nearly the whole profit improvement came from the commodity derivative fair value gains. This happened despite the monetization of some of the hedge position in December 2018 that raised about $357 million.
But Mr. Market has never been really happy with hedge