Bonds of Antero Resources (AR, Financial), a natural gas producer headquartered in Denver but operating in the Appalachian Basin, have been affected by the steep drop in natural gas prices. In our view, Antero has done a good job of hedging its exposure, and it holds valuable assets, including a sizable portion of its midstream subsidiary.
From First Eagle Investment (Trades, Portfolio)'s High Yield Fund third-quarter 2019 shareholder letter.
