Antero Resources Corporation (NYSE:AR) Q4 2023 Results Conference Call February 15, 2024 11:00 AM ET

Company Participants

Brendan Krueger - Chief Financial Officer of Antero Midstream and Vice President of Finance

Paul Rady - Chairman, Chief Executive Officer and President

Michael Kennedy - Chief Financial Officer

Dave Cannelongo - Senior Vice President of Liquids Marketing and Transportation

Justin Fowler - Senior Vice President of Natural Gas Marketing

Conference Call Participants

Arun Jayaram - JPMorgan Chase & Co

Bertrand Donnes - Truist Securities

Jacob Roberts - Tudor, Pickering, Holt

Roger Read - Wells Fargo

Nitin Kumar - Mizuho Securities

Neil Mehta - Goldman Sachs

David Deckelbaum - TD Cowen

Kevin MacCurdy - Pickering Energy

Operator

Hello, and welcome to the Antero Resources Fourth Quarter 2023 Earnings Conference Call and Webcast. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Brendan Krueger, Vice President of Finance. Please go ahead, Brendan.

Brendan Krueger

Thank you. Good morning, everyone. Thank you for joining us for Antero's fourth 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, CFO; Dave Cannelongo, 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.

Paul Rady

Thanks, Brendan. Good morning, everyone. I'll start my comments on Slide number 3 of our presentation, titled Drilling and Completion Efficiencies.

2023 was a transformational year for Antero as our operating performance made significant advances. Our drilling and completions teams set a number of company and industry records throughout the year. As an example, days per 10,000 feet of lateral drilled averaged 5.5 days in 2023, a decline of 14% since 2019. On the completion side, 2023 completion stages per day averaged nearly 11 stages a day, 35% improvement compared to the 2022 average and more than an 80% increase from 2019 levels.