Shares of Antero Midstream (NYSE: AM) and Antero Resources (NYSE: AR) are soaring today, up by 21% and 24%, respectively, as of 11:30 a.m. EST. Fueling these two energy stocks' moves higher were agreements to enhance their operations and outlook.
Antero Resources has secured agreements to reduce its gathering, processing, and transportation costs by about $350 million over the next four years. These contracts include a growth incentive fee program with Antero Midstream that aligns with the company's current plan to grow its production at an 8% to 10% compound annual rate through 2021. Antero Resources has also signed agreements with other third-party midstream providers to help relieve its burdensome transportation costs.
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Source: Motley Fool
(December 9, 2019 - 12:32 PM EST)
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