Antero Resources Corp. sold a carveout of overriding royalty interest (ORRI) in its Appalachia position as part of the company’s strategy this year to pay down debt through asset sales.

Global investment firm Sixth Street Partners LLC agreed to buy the ORRI that Antero said June 15 will result in proceeds to the company of up to $402 million. The Denver-based company plans to use proceeds to repay revolver borrowings, which stood at $745 million as of March 31.

“The ORRI transaction addresses over half of our $650 [million] to $900 million asset sale goal for 2020 and allows us to pay down debt, while importantly retaining the long-term upside of our core acreage position,” Paul Rady, chairman and CEO of Antero, said in a statement.

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