...Antero Resources Corporation's (Antero) 'BBB-' rating reflects its significant production scale, large reserves and drilling inventory, low lifting costs and conservative gross debt and leverage level. Firm transportation contracts help sell its natural gas and natural gas liquids (NGLs) from the Appalachian Basin to distant markets, primarily the U.S. Gulf Coast. Revenue diversification between natural gas and NGLs supports Antero's credit profile. Although Antero's higher transportation costs are offset by a value uplift from NGLs, its profitability can be considerably affected by weak natural gas prices due to a significant cost base. Antero has a 29% stake in Antero Midstream Corporation (AM; BBB-/Stable), its primary midstream services provider....
