Antero Resources Corporation (NYSE:AR) Q1 2023 Results Conference Call April 27, 2023 11:00 AM ET

Company Participants

Brendan Krueger - Vice President, Finance

Paul Rady - Chairman, Chief Executive Officer & President

Michael Kennedy - Chief Financial Officer

Dave Cannelongo - Senior Vice President, Liquids Marketing & Transportation

Conference Call Participants

Subhash Chandra - The Benchmark Company

Bertrand Donnes - Truist Securities

Umang Choudhary - Goldman Sachs

Arun Jayaram - JPMorgan

David Deckelbaum - TD Cowen

Kevin MacCurdy - Pickering

Operator

Greetings, and welcome to the Antero Resources First Quarter 2023 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. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Brendan Krueger, CFO of Antero Midstream, VP of Finance. Thank you, Mr. Krueger, you may begin.

Brendan Krueger

Thank you. Good morning, and thank you for joining us for Antero's first quarter 2023 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, and Dave Cannelongo, Senior Vice President of Liquids Marketing & Transportation.

I will now turn the call over to Paul.

Paul Rady

Thank you, Brendan. I'd like to focus my comments today on our company's operational performance during the quarter. During the first quarter, we set a number of new company and industry drilling and completions records, which highlights our exceptional team and high-quality asset base. Let's begin on Slide number 3 titled Drilling and Completion performance.

The chart on the left-hand side of the slide highlights our lateral footage drilled per day. During the first quarter, we achieved three of the top 10 lateral feet drilled in a 24-hour period. This included a world record of 12,340 lateral feet drilled in a 24-hour period. The chart on the right-hand side of the page illustrates our completion stages per day. We set a new quarterly record at almost 11 stages per day, including a single-day record of 16 stages per day.