Q2 2024 Antero Resources Corp Earnings Call Transcript
Key Points
- Antero Resources Corp (AR) achieved record operational efficiency gains, with wells averaging over 18,000 lateral feet per well, a 16% increase from the previous record.
- The company set a quarterly record in completion stages, averaging 11.9 stages per day, up from 10.7 stages per day in 2023.
- Antero Resources Corp (AR) recorded the second highest production rate per well in company history, with one pad averaging 37 million cubic feet equivalent per day per well over 60 days.
- The company has the lowest maintenance capital per Mcf equivalent among its peers at $0.54 per MCFE, 43% below the peer average.
- Antero Resources Corp (AR) increased its 2024 annual production guidance due to strong productivity and efficiency gains.
- Natural gas prices have been soft, impacting the company's revenue and leading to deferred payouts.
- The start of the third quarter saw lower propane export numbers due to Hurricane impacts, although recovery is expected.
- Despite operational improvements, the company still faces high storage levels and extended downtime at LNG facilities, affecting natural gas pricing.
- The company's free cash flow breakeven level is dependent on commodity prices, which have trended lower, delaying potential shareholder returns.
- Antero Resources Corp (AR) has deferred some well completions to the end of the year, contingent on natural gas pricing, adding uncertainty to production timelines.
Question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.
And it is now my pleasure to introduce your host, Brendan Krueger, Vice President of Finance.
Thank you.
You may begin.
Yes, good morning. Thank you for joining us for Antero's Second Quarter 2024 investor conference call. We'll spend a few minutes going through the financial and operating highlights, and then we'll open it up for Q&A.
I would also like to direct you to the homepage of our website at w. w. w. dot Antero Resources.com, where we have provided a separate earnings call presentation that will be reviewed during today's call, today's call may contain certain non-GAAP financial measures. Please refer to our earnings press release for important disclosures regarding such measures, including
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