Antero Resources Corporation

Greetings and welcome to the Antero Resources Corporation fourth quarter 2025 earnings call. And 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 that this conference is being recorded. I will now turn the conference over to your host, Dan Kassenberg. Finance Director. Thank you. Please go ahead.

Thank you for joining us for Intero's fourth 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 interoresources.com, where we have provided a separate earnings call presentation that will be reviewed during today's calls. Today's call may contain certain non-GAAP financial measures. Please refer to our earnings press release for important disclosures regarding such measures. Joining me on the call today are Michael Kennedy, CEO and President, Brendan Krueger, CFO, Dave Candelago, 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 Mike.

Thank you, Dan, and good morning, everyone. I'd like to start my comments by recognizing the outstanding performance from both our upstream and midstream operation teams during the recent winter storm event. Despite sub-zero temperatures and significant snowfall, we did not experience any shut-in volumes during the period. In fact, our team was able to turn in line a seven-well pad during that time. A truly remarkable achievement by our people in the field enabling Antero to deliver critical natural gas to the various regions that desperately needed it. In addition to navigating through the winter, we had a very successful last few months on other fronts. Last week, we announced the closing of the HG Energy acquisition ahead of our original expectations. This acquisition, combined with the sale of our Ohio Utica asset, solidifies Antero as the premier natural gas and NGL producer in West Virginia. We're also excited that in January, we issued our inaugural investment-grade bonds. This offering provides substantial flexibility along with our free cash flow generation during this period that exceeded our initial expectations. Next, let's turn to slide number three titled Entero's Strategic Initiatives. Last quarter, we introduced our long-term vision and strategic initiatives. The HG acquisition marked significant progress towards all of the goals we highlighted. These include expanding our core Marcellus position in West Virginia. This transaction added 385,000 net acres and over 400 drilling locations, extending our core inventory life by five years. Increasing our dry gas exposure. Our larger production and inventory base positions and terror to capture the significant demand opportunities from LNG exports in the Gulf Coast and data centers and natural gas fired power plants regionally. Adding hedges to lock in attractive free cash flow yields, providing high confidence in our free cash flow outlook over the next several years. Reducing our cash costs and expanding margins. The transaction lowers our cost structure by nearly 10%, assuming no changes to commodity prices, and expands margins. This, in turn, lowers our peer-leading break-even prices even further. Lastly, it highlights the benefits of Intero's integrated structure with Intero 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 Canalongo for his comments.