Antero Resources Corporation (NYSE:AR) Q1 2024 Earnings Conference Call April 25, 2024 11:00 AM ET
Company Participants
Brendan Krueger - VP, Finance & Treasurer
Paul Rady - Co-Founder, President, Chairman & CEO
David Cannelongo - SVP, Liquids Marketing & Transportation
Justin Fowler - SVP, Gas Marketing & Transportation
Michael Kennedy - SVP, Finance & CFO
Conference Call Participants
Arun Jayaram - JPMorgan Chase & Co.
Subhasish Chandra - The Benchmark Company
Bertrand Donnes - Truist Securities
Betty Jiang - Barclays Bank
Kevin MacCurdy - Pickering Energy Partners
Neil Mehta - Goldman Sachs Group
Jacob Roberts - TPH
Operator
Greetings, and welcome to the Antero Resources First Quarter 2024 Earnings Call. [Operator Instructions].
It is now my pleasure to introduce Brendan Krueger, Vice President of Finance and Treasurer of Antero Resources and Chief Financial Officer of Antero Midstream. Thank you. You may begin.
Brendan Krueger
Good morning. Thank you for joining us for Antero's First Quarter 2024 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
Thank you, Brendan. Good morning, everyone. I'll start my comments on Slide 3 titled, "Drilling and Completion Efficiencies." As I started my comments off last quarter, the year 2023 was a transformational year for Antero for operational efficiency gains. This year, 2024, continues that trend.
Starting with the chart on the top left-hand side of the slide, days per 10,000 lateral feet drilled averaged 5.4 days during the first quarter, down from 5.5 days in 2023. On the completion side, we averaged a quarterly record of 11.3 stages per day during the first quarter, an increase from the pace in 2023 of just under 11 stages per day. These operational improvements result in shorter cycle times, as shown on the bottom of the page. Our year-to-date cycle time per pad is currently trending ahead of last year's 2023 average.