Antero Resources Corporation

Greetings, and welcome to the Intero Resources first quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. A brief 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. It is now my pleasure to introduce your host, Brendan Kruger, Vice President of Binance. Thank you, sir. You may begin.

Thank you, and good morning. Thank you for joining us for Antero's first 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.anteroresources.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 reconciliations to the most comparable GAAP financial measures. Joining me on the call today are Paul Rady, Chairman, CEO, and President, Michael Kennedy, CFO, Dave Canalongo, Senior Vice President of Liquids Marketing and Transportation, and Justin Fowler, Senior Vice President of Natural Gas Marketing. I will now turn the call over to Paul.

Thanks, Brendan, and good morning, everyone. Well, this year is off to an excellent start. Let me begin with slide number three, titled Drilling and Completion Efficiencies, which details the drivers behind our exceptional performance during the first quarter. Starting with the chart on the left side of the slide, we increased our completed feet per day to an average of 2,452 feet. This represents an increase of 15% from the 2,140 feet per day average in 2023. On the right side of the slide, we highlight our completion stages per day. During the first quarter, we averaged 12.3 completion stages per day. This continues the upward trend when comparing to our performance the past two years. Notably, we set a new company record in the first quarter, achieving 18 completion stages per day on one pad in March. Lastly, shown in the yellow bars of both charts, we included recent records announced by our natural gas peers to provide context on just how efficient our drilling and completion teams are today. This performance allows us to run a very lean program with just two rigs on average and just over one completion crew on average in order to hold flat 3.4 BCF equivalent per day of production. Now let's turn to slide number four to discuss our updated hedges. During the quarter, we added new wide natural gas collars for 2026. The volumes hedged tie to the expected volumes from our lean gas development, which is the leaner BTU, so approximately 1,200 BTU or less, that is planned through the end of 2026. These wide collars lock in attractive rates of return with a floor price of $3.07 and a ceiling of $5.96. Hedging these lean gas pads allows for continuity in our development planning, which is essential to maintaining our capital efficiencies. With these new hedges in place, we have hedged approximately 9% of our expected natural gas volumes through 2026. 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 Canalongo, for his comments.