Antero Resources Corp. (NYSE: AR) updated its 2014 capital budget, the company said Aug. 26.
The budget was increased to $3.7 billion. This amount includes $2.4 billion for drilling and completions, $850 million for midstream facilities expansion and $450 million for core leasehold acreage acquisitions, the company said. The total amount for the midstream facilities includes $200 million for freshwater distribution infrastructure, the company added.
The company is accelerating its drilling program in the second half of 2014, and has raised the production guidance for the remainder of the year. An average of 21 rigs is planned, and the drilling and completion budget should stay between $2.3 billion and $2.5 billion for 2015, the company said.
Additionally, the company’s midstream subsidiary increased its capital budget by $100 million, Antero noted.
Denver-based Antero Resources Corp. develops and produces domestic, unconventional oil and natural gas.
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