Antero Midstream Corporation

Greetings and welcome to the Antero Resources third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Dan Katzenberg, Director of Investor Relations. Thank you. You may begin.

Thank you for joining us for Intero's third quarter 2025 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 www.interoresources.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 for important disclosures regarding such measures. Joining me on the call today are Michael Kennedy, CEO and President, Brendan Krueger, CFO, Dave Cantalongo, Senior Vice President of Liquid Marketing and Transportation, and Justin Fowler, Senior Vice President of Natural Gas Marketing. I will now turn the call over to Mike.

Thank you, Dan, and good morning, everyone. I'd like to start on slide number three, titled Antero Strategic Initiatives. We are entering an exciting time period for the natural gas market. Rarely have we witnessed such a visible step change in demand. This significant demand growth is driven by increasing U.S. LNG exports, combined with a surge in natural gas power generation that is accelerating from the build-out of new data centers. And Taro is poised to benefit from these structural demand changes through our long-term vision and recent strategic initiatives, which includes adding to our core Marcellus position in West Virginia. We accomplished this through both bolt-on transactions and continuing our organic leasing program to increase our position in the West Virginia Marcellus fairway. Returning to West Virginia dry gas development, to highlight our ability to quickly respond to the regional demand that is beginning to show up in Appalachia. We can either supply directly into future demand projects or grow into the local market if the local basis tightens. Also use hedging as a tool to lock in attractive free cash flow yields to support our dry and lean gas development program and our efforts to be counter cyclical in transactions and share repurchases. We believe the execution of these strategic initiatives will enhance our ability to capitalize on the significant demand increases that are expected for natural gas over the long term. Now let's turn to slide number four, which highlights our third quarter operating results. Continuing our trend of improving our drilling and completion results, the third quarter was our most impressive operating performance to date. We sent numerous company records and achieved significant progress. The right-hand side of the slide highlights the various company records 5,000 feet. On the completion side, our completion stages per day continues to climb higher, averaging another quarterly record at 14 and a half stages per day, or 2,900 feet per day. And as Patterson UTI highlighted on their call last week, we set what we believe to be a world record for continuous pumping hours, 15 days of nonstop pumping hours, a truly remarkable feat. Next, let's turn to slide number five, titled Marcellus Core Fairway Expansion. Our additional land investment is driven by the ongoing success we are seeing from our development plan and on the ground from our organic leasing effort. Strong well performance continues to expand our view of where the Marcellus Core boundaries extend. The map on the left of this slide depicts what we believe to be the Marcellus Core at the time of our IPO in 2013. As you can see, we built our position focused on Doddridge and Harrison counties which we believed would deliver the best drilling results. However, over the past decade as our development focus shifted into the neighboring counties and our well performance continued to strengthen, these results have driven an increased organic leasing program into those counties. And Terra's organic leasing efforts have been a tremendous success over the years. We continue to acquire acreage at attractive levels per location with the incremental locations more than offsetting our annual turning lines. Further, this program allows us to maintain our development focus in close proximity to our current footprint, reducing geologic risk while leveraging the benefits of Ontario midstream. Now, to touch on the current liquids and NGL fundamentals, I'm going to turn it over to our Senior Vice President of Liquids Marketing and Transportation, Dave Connelongo, for his comments.