Antero Resources Corporation

Greetings and welcome to the Antero Resources Second Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. A 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. Please note, this conference is being recorded. I will now turn the conference over to our host, Brendan Krueger, Vice President of Finance. Thank you. You may begin.

Good morning. Thank you for joining us for Antero's second 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.

Thank you, Brendan, and good morning, everyone. Let's start on slide number three, titled Efficiencies Reduce Maintenance Capital, which highlights the tangible benefit of our best-in-class capital efficiency. For the second consecutive year, we have increased our production guidance while decreasing CapEx. Looking at the chart on the left side of the slide, Since the year 2023, our maintenance production target has increased 5% from under 3.3 BCF equivalent per day to over 3.4 BCF equivalent a day. During that same time, our maintenance capital requirements declined by 26%, from $900 million to $663 million. The chart on the right-hand side of the slide highlights this capital efficiency relative to our peers. Antero has the lowest maintenance cap per MCFE of its peer group at just 53 cents per MCFE. This is 27% below the peer average of 73 cents per MCFE. Now, let's turn to slide number four to discuss our updated hedges. During the quarter, we added additional wide natural gas costless collars for the year 2026. These wide collars lock in attractive rates of return with a floor price of $3.14 and a ceiling of $6.31. With these new hedges in place, we have hedged approximately 20% of our expected natural gas volumes through 2026. Our hedge book allows us to protect the downside while maintaining significant exposure to rising natural gas prices. These hedges lower our 2026 free cash flow breakeven to $1.75 per MCF. 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, and Canalongo for his comments. Dave?