Denver-based Antero plans to spend $1.3 billion on drilling and completions — the same as in 2016 — and increase its budget to acquire acreage to $200 million in 2017, compared to $100 million in 2016, for a total capital spending budget of $1.5 billion, up from $1.4 billion in 2016.
With the cash, Antero plans to run an average of seven rigs on its holdings in the Utica and Marcellus shale plays in the Appalachian basin that will drill about 160 new wells, with activity split between 30% in the Utica in Ohio and 70% in the Marcellus in West Virginia.
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