Appalachian pure-play Antero Resources Corp. has entered a drilling partnership worth up to $550 million with an affiliate of Quantum Energy Partners to fund a portion of its Marcellus and Utica shale development through 2024. 

Antero

Under the deal, QL Capital Partners would fund 20% of Antero’s development capital spending in 2021 and 15-20% from 2022 to 2024 in exchange for a working interest in each well spud. QL has also agreed to pay a drilling carry each year if certain performance thresholds are met. 

The drilling partnership would help fund drilling 60 wells over the four-year period. Preliminary plans focus primarily on liquids-rich development in the Marcellus Shale of West Virginia. 

The partnership is expected to increase Antero’s free cash flow by $400 million...