CHARLESTON, W. Va., March 26, 2014 /PRNewswire/ -- Antero Resources (NYSE: AR) announced today that it has signed an agreement to become the anchor ethane supplier for the Ascent petrochemical complex in Wood County, West Virginia. Under the Agreement, Antero intends to provide 30,000 Barrels per day of ethane to Ascent which represents almost half of the volume required to operate the Ascent ethane Cracker that is planned for the Parkersburg, West Virginia site. This agreement is contingent upon Ascent reaching a final investment decision once the multi-year feasibility analysis is completed and a construction decision has been made.
"Today's announcement highlights one of the important benefits of shale gas production and demonstrates Antero's commitment to the growth of downstream manufacturing in the Appalachian Region," said CEO Paul Rady. "We are excited to work with our partners at Odebrecht and Braskem to help position Ascent as a catalyst for regional economic development."
The ethane supplied by Antero will be utilized by Ascent to manufacture polyethylene, one of the key resins used in the production of plastics products.
"This announcement is exciting news for West Virginia and others in the industry must take note and follow Antero's lead. While we recognize there is still work ahead to bring Project ASCENT to fruition – today's announcement is a major step forward," Gov. Tomblin said. "By utilizing the ethane produced in West Virginia here at home, we can revitalize our manufacturing industry for decades to come – bringing thousands of new jobs and billions of dollars in investments to the Mountain State."
Antero Resources is an independent oil and natural gas company engaged in the acquisition, development and production of unconventional oil and liquids-rich natural gas properties located in the Appalachian Basin in West Virginia, Ohio and Pennsylvania. The Company's website is located at www.anteroresources.com.
This release includes "forward-looking statements". Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Antero's control. All statements, other than historical facts included in this release, are forward-looking statements. All forward-looking statements speak only as of the date of this release. Although Antero believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.
Antero cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital, the timing of development expenditures, and the other risks described under the heading "Item 1A. Risk Factors" in Antero's Annual Report on Form 10-K for the year ended December 31, 2013.
SOURCE Antero Resources