Antero Midstream Corporation (NYSE:AM) Q2 2023 Earnings Conference Call July 27, 2023 12:00 PM ET

Company Participants

Justin Agnew - Director, Finance and Investor Relations

Paul Rady - Chairman, CEO and President, Antero Resources and Antero Midstream

Brendan Krueger - Chief Financial Officer, Antero Midstream

Michael Kennedy - Chief Financial Officer, Antero Resources and Director Antero Midstream

Conference Call Participants

Brian Reynolds - UBS

Gregg Brody - Bank of America

Elias Jossen - JPMorgan

Ned Baramov - Wells Fargo

Operator

Greetings and welcome to the Antero Midstream Second 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. Justin Agnew, Director of Finance. Thank you. Please go ahead.

Justin Agnew

Good morning, and thank you for joining us for Antero Midstream's Second Quarter 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.anteromidstream.com, where we have provided a separate earnings call presentation that will be reviewed during today's call.

Today's call may also 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 of Antero Resources and Antero Midstream; Brendan Krueger, CFO of Antero Midstream; and Michael Kennedy, CFO of Antero Resources and Director of Antero Midstream.

With that I'll turn the call over to Paul.

Paul Rady

Thanks Justin. Antero Midstream delivered another terrific quarter building upon the momentum generated in the first quarter of 2023. In my comments I will discuss the operational and capital efficiencies at both AM and AR. Brendan will then walk through the financial results that have put us on track to achieve our 2023 guidance.

I'll start my comments on slide number 3 titled Drilling and Completion Efficiencies at AR. After a record-breaking first quarter operationally, AR has continued success during the second quarter. As shown on the top left portion of the page, during the second quarter AR completed over 11 stages per day. This is a 40% improvement compared to 2022, and over a 90% improvement compared to 2019.