Antero Resources — Oct 30, 2024 release
Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001104659-24-112650
Showing in the filing
D&C Capital Expenditures - Low (Revised)
“$ 640”
Period
FY2024
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 6
D&C Capital Expenditures - Low (Revised) for FY2024
“$ 640”
D&C Capital Expenditures - High (Revised) for FY2024
“$ 660”
Maintenance production level
“3.3 to 3.4 Bcfe/d”
Production
“3.3 to 3.4 Bcfe/d”
Drilling and completion capital budget for FY2024
“$640 million to $660 million”
D&C Capital Expenditures for FY2024
“$650”
Exhibit 99.1 · the passage around this item
… earlier in the release
Third Quarter
2024 Highlights:
·
Net production averaged 3.4 Bcfe/d, a 2% decrease from the year ago period
o Natural gas production averaged 2.2 Bcf/d, a 4% decrease from the year ago period
o Liquids production averaged 206 MBbl/d, a 2% increase from the year ago period and represents 36% of
total production
· Realized a pre-hedge natural gas equivalent price of $3.14 per Mcfe, a $0.98 per Mcfe premium to NYMEX
· Realized the highest C3+ NGL price premium to Mont Belvieu in company history at a $2.29 per barrel
premium
· Net loss was $20 million and Adjusted Net Loss was $37 million (Non-GAAP)
· Adjusted EBITDAX was $187 million (Non-GAAP); net cash provided by operating activities was $166 million
· Averaged a quarterly record 12.1 completion stages per day, including a monthly record of 13.3 stages
per day during the month of August
· Achieved a record for the most footage drilled per rig in a month during September, a 17% increase
compared to the 2023 average
· Announced the addition of Jeffrey Muñoz to the Board of Directors
2024 Full-Year Guidance Updates:
· Decreased drilling and completion capital budget for 2024 to a range of $640 to $660 million driven
by capital efficiency gains and the deferral of the completion of one pad
Paul Rady, Chairman, CEO and President of Antero
Resources commented, “During the third quarter we continued to improve our capital efficiency. Over the last two years, we have
reduced the average number of days to drill a well by 20% to just 11 days versus 14 days previously. These meaningful gains result in
an efficient maintenance production program that requires just two rigs to maintain 3.3 to 3.4 Bcfe/d of production going forward. We
continue to defer the turn-in-line date of one drilled but uncompleted pad that was scheduled for 2024. Looking ahead to 2025, we are
now also deferring a second drilled but uncompleted pad scheduled for completion in early 2025 to later in that year due to low natural
gas prices. These efficiency gains combined with the activity deferral, allow us to reduce our capital expenditure budget, while maintaining
our 2024 production guidance.”
Mr. Rady further added, “We are also
pleased to announce the appointment of Jeffrey Muñoz to the Board of Directors. Mr. Muñoz brings an extensive background
with over 30 years in the energy industry
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.