Analyst Note
| Dave Meats, CFA |We have increased our fair value estimate for Antero Resources to $29 per share from $24 after taking a second look at the company's first-quarter financial and operating results. The increase was primarily driven by the rapidly improving outlook for near-term U.S. natural gas prices, which reflects rising overseas demand for U.S. LNG exports, coupled with severe infrastructure constraints limiting the ability of U.S. producers to ramp up production and meet the call.