Antero had another great quarter, but I'm scratching my head trying to follow the logic of their bond offerings and redemptions. On June 1 they issued $600M of 5.375% bonds due 2030. Then just a month later, they paid 108.375% to redeem $175M of their 8.375% notes due 2026. They now have zero drawn on their bank line. They could have just issued $175M less bonds on June 1 and still done the $175M redemption on 7/1, by drawing on their bank line. That would have then left them with something to pay down with future free cash flow without having to continue to pay high prepayment premiums on past bond issuances.
In any event its pretty neat to see the huge revenue numbers get booked. Even with the high natty prices, they are getting close to the point where they are going to be generating more revenue from liquids than from natty.