McEvers J.,Antero Resources
SPE/IADC Drilling Conference, Proceedings
Antero Resources decided to convert the majority of its drilling operations from diesel to 100% natural gas fueled rigs in late 2012. By September 2014, ten of Antero's largest drill rigs were retrofitted with GE Waukesha rich-burn gas engines and fueled entirely by natural gas. By operating on field gas 50% of the time and LNG for the remaining 50%, Antero realized a savings of more than $72,000 per month on its gas engine rigs versus its comparable diesel fueled rigs. This paper presents how Antero successfully deployed rich-burn natural gas engines into its Patterson-UTI Energy and Precision Drilling drill rigs. Copyright 2015, SPE/IADC Drilling Conference and Exhibition. Source
News Article | April 14, 2015
HOUSTON--(BUSINESS WIRE)--Natural Gas Pipeline Company of America LLC (NGPL) today announced that it has executed binding agreements with Antero Resources, Nicor Gas, North Shore Gas and Occidental Energy Marketing, Inc. for incremental firm transportation service on its Gulf Coast mainline system from the Rockies Express Pipeline (REX) interconnection in Moultrie County, Illinois, to points north on NGPL’s pipeline system. These commitments will support the first phase of NGPL’s Chicago Market Expansion project, which will increase NGPL’s capacity by 238,000 dekatherms per day and provide transportation service to markets in proximity to Chicago, Illinois. The contracts, which include a variety of customers and demonstrate the broad appeal of the project, are for an average term of over 11 years. “This phase of the expansion project meets the current natural gas transportation needs of the Chicago-area markets and Northeast producers by providing competitive rates from the expanded REX interconnection to the Chicago area,” said NGPL President David Devine. “We continue to have the ability to provide additional capacity northbound, as well as southbound to Gulf Coast markets, with further cost-effective expansions.” NGPL intends to file a 7(c) certificate application with the Federal Energy Regulatory Commission in June, with the project expected to be in service in November 2016. Those interested in obtaining more detailed information about NGPL’s potential for further expansion in a second phase of this project should contact Mark Menis, director of Business Development for NGPL, at CMEP@kindermorgan.com or (630) 725-3052, or visit the Kinder Morgan web site at www.kindermorgan.com. NGPL is one of the largest interstate pipeline systems in the country with approximately 9,200 miles of pipeline, more than 1 million horsepower of compressor facilities and 288 billion cubic feet of working gas storage. Kinder Morgan, Inc. operates NGPL and owns a 20 percent interest in the pipeline company. Myria Holdings Inc. owns the remaining interest.
News Article | February 13, 2015
Seth Klarman said his $28.5 billion Baupost Group identified opportunities last year in energy after oil prices plunged, as other prospects for finding bargains dried up. “Baupost wasted no time in redirecting additional investment team members into the energy area to sift through the carnage,” Klarman, 57, wrote in a year-end letter to investors, which was obtained by Bloomberg News. Baupost Group added to positions in Cheniere Energy Inc., Antero Resources Corp. and other energy companies in the fourth quarter, according to a filing by the Boston-based firm, as the price of oil plunged. Cheniere became the firm’s biggest single stock position in the quarter valued at $972 million as of Dec. 31. Klarman, a bargain hunter and author of the 1991 book “The Margin of Safety,” is viewing energy as an area of opportunity as the Federal Reserve’s monetary stimulus has inflated asset prices and boosted stock markets in the U.S. to record levels. Baupost’s cash balances grew as profitable sales couldn’t be completely reinvested. Returns of 7 percent to 8 percent across Baupost’s funds in 2014 lagged behind the Standard & Poor’s 500 Index’s 14 percent gain, including reinvested dividends. “The broader market climbed relentlessly higher with no significant correction,” he wrote. “Bargains became increasingly scarce as the year progressed.” Baupost added about 5.1 million Antero shares to bring its stake in the oil and natural gas producer to 7.85 million, valued at $318.5 million, according to the filing with the U.S. Securities and Exchange Commission. The firm purchased 2.6 million shares of liquefied natural gas producer Cheniere, and 2.5 million shares of Kosmos Energy Ltd., an oil and gas explorer and producer, in the fourth quarter, according to the filing. Baupost also sold almost 32 million shares valued at $1.08 billion of Micron Technology Inc., which was previously the firm’s biggest position. The firm still has 19.7 million shares worth $689.9 million as of the end of the year. Money managers who oversee more than $100 million in equities in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non-U.S. securities, holdings that aren’t publicly traded, or cash. In the letter, Baupost said it was regularly outbid on loan portfolios, private equity and real estate, often by 20 percent to 30 percent or more. “At their winning bids, investors were buying these assets at paltry (sometimes even zero) returns to our base-case assumptions,” Klarman wrote. “This was reminiscent of 2006-2007 behavior.” Klarman challenged the Fed’s easy-money policy of purchasing bonds to keep interest rates low, which he said has artificially pushed up securities lacking strong fundamentals. He also criticized Fed officials, who he said worsened the nation’s wealth disparity through their policies. “Today’s feel-good moment is bound to be replaced by an environment that feels much worse,” he wrote. “How cynical it is for people like Fed chair Janet Yellen and Boston Fed president Eric Rosengren to decry growing economic inequality when it is their own policies that are exacerbating the gaps.” Klarman said his firm’s performance last year was a “tale of two halves”, where it reported high single-digit returns in the first half driven by gains from the $3.9 billion sale of Idenix Pharmaceuticals Inc. to Merck & Co. It also benefited from technology stocks, real estate investments and the liquidations of positions in the Lehman Brothers Holdings Inc. estate. The firm’s returns declined in the second half of 2014, a period with “few resounding successes and several minor mistakes,” according to the letter.
News Article | August 13, 2015
NEW YORK--(BUSINESS WIRE)--MSCI Inc. (NYSE:MSCI), a leading provider of research-based indexes and analytics, announced today the results of the August 2015 Quarterly Index Review for the MSCI Equity Indexes – including the MSCI Global Standard, MSCI Global Small Cap and MSCI Micro Cap Indexes, the MSCI Global Value and Growth Indexes, the MSCI Frontier Markets and MSCI Frontier Markets Small Cap Indexes, the MSCI Frontier Emerging Markets Index, the MSCI Global Islamic and MSCI Global Islamic Small Cap Indexes, the MSCI Pan‐Euro and MSCI Euro Indexes, the MSCI US Equity Indexes, the MSCI US REIT Index and the MSCI China A Indexes. All changes will be implemented as of the close of August 31, 2015. These changes have been posted on the Index Review web page on MSCI’s web site at https://www.msci.com/index-review. MSCI Global Standard Indexes: Fifteen securities will be added to and ten securities will be deleted from the MSCI ACWI Index. In the MSCI World Index, the three largest additions measured by full company market capitalization will be Tableau Software A (USA), St. James’s Place (UK) and Ingenico Group (France). The three largest additions to the MSCI Emerging Markets Index measured by full company market capitalization will be Hanmi Science Co (Korea), Glenmark Pharmaceuticals (India) and BGF Retail (Korea). MSCI Global Small Cap Indexes: There will be ten additions to and 16 deletions from the MSCI ACWI Small Cap Index. MSCI Global Investable Market Indexes: There will be two additions to and three deletions from the MSCI ACWI IMI. MSCI Global All Cap Indexes: There will be no additions to and no deletions from the MSCI World All Cap Index. MSCI Global Value and Growth Indexes: At the August 2015 Quarterly Index Review, Pioneer Foods (South Africa) will be added to both the MSCI ACWI Value Index and the MSCI ACWI Growth Index, with a Value Inclusion Factor of 0.5 and a Growth Inclusion Factor of 0.5 respectively. Indiabulls Housing Finance (India) will be added to MSCI ACWI Value Index, while the three largest additions to MSCI ACWI Growth Index measured by full company market capitalization will be Tableau Software A (USA), St James’s Place (United Kingdom) and Ingenico Group (France). MSCI Frontier Markets Indexes: There will be no additions to and two deletions from the MSCI Frontier Markets Index resulting from the reclassification of the MSCI Ukraine Index as a Standalone Market Index. There will be no additions to and one deletion from the MSCI Frontier Markets Small Cap Index. MSCI Global Islamic Indexes: Thirty-nine securities will be added to and 37 securities will be deleted from the MSCI ACWI Islamic Index. The three largest additions to the MSCI ACWI Islamic Index measured by full company market capitalization will be Cognizant Tech Solutions (USA), Mcgraw Hill Financial (USA) and Biomarin Pharmaceutical (USA). There will be four additions to and one deletion from the MSCI Gulf Cooperation Council (GCC) Countries ex Saudi Arabia IMI Islamic Index. MSCI US Equity Indexes: There will be no securities added to and three securities deleted from the MSCI US Large Cap 300 Index. The three deletions from the MSCI US Large Cap 300 Index will be Michael Kors Holdings, Antero Resources and Chesapeake Energy Corp. Six securities will be added to and seven securities will be deleted from the MSCI US Mid Cap 450 Index. The three largest additions to the MSCI US Mid Cap 450 Index will be Tableau Software A, Antero Resources and Michael Kors Holdings. Seven securities will be added to and three securities will be deleted from the MSCI US Small Cap 1750 Index. The three largest additions to the MSCI US Small Cap 1750 Index will be Joy Global, Superior Energy Services and Cree Inc. There will be no additions to and no deletions from the MSCI US Micro Cap Index. For the MSCI US Investable Market Value Index, there will be one addition or upward change in Value Inclusion Factor (VIF), and two deletions or downward changes in VIFs. For the MSCI US Investable Market Growth Index, there will be two additions or upward changes in Growth Inclusion Factors (GIFs), and one deletion or downward change in GIF. MSCI US REIT Index: There will be one addition to and no deletions from the MSCI US REIT Index. MSCI China A Indexes: There will be two additions to and no deletions from the MSCI China A Index. The additions to the MSCI China A Index will be Wanda Cinema Line Co A and Jiangsu Broadcasting A. There will be no additions to and no deletions from the MSCI China A Small Cap Index. The results of the August 2015 Quarterly Index Review of the MSCI Pan‐Euro and MSCI Euro Indexes and the MSCI Global Islamic Small Cap Indexes have also been posted on MSCI’s web site at www.msci.com. For more than 40 years, MSCI’s research-based indexes and analytics have helped the world’s leading investors build and manage better portfolios. Clients rely on our offerings for deeper insights into the drivers of performance and risk in their portfolios, broad asset class coverage and innovative research. Our line of products and services includes indexes, analytical models, data, real estate benchmarks and ESG research. MSCI serves 97 of the top 100 largest asset managers, based upon P&I data as of December 2014 and MSCI client data as of June 2015. For more information, visit us at www.msci.com. 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