Antero Resources (AR) has made huge profits in the past from its hedging portfolio. The third quarter saw the hedging program valued at close to $800 million. Those hedges have now jumped in value thanks to falling natural gas prices. That means Antero Resources will be reporting a large unrealized gain from the hedge portfolio unless natural gas prices rise unexpectedly before the end of the first quarter. Unlike many competitors, this management will likely take advantage of that extra liquidity to benefit shareholders.
Source: Antero Resources Fourth Quarter 2019 Earnings Conference Call