Antero Resources Corporation (NYSE:AR) Q2 2024 Earnings Call August 1, 2024 11:00 AM ET
Company Participants
Brendan Krueger - Vice President, Finance
Paul Rady - President, Chairman and Chief Executive Officer
Michael Kennedy - Chief Financial Officer
Justin Fowler - Senior Vice President, Natural Gas Marketing
Dave Cannelongo - Senior Vice President, Liquids Marketing and Transportation
Conference Call Participants
Bert Donnes - Truist Securities
Arun Jayaram - JPMorgan Chase & Co
David Deckelbaum - TD Cowen
John Abbott - Wolfe Research
Jacob Roberts - TPH & Company
Trafford Lamar - Raymond James
Kevin MacCurdy - Pickering Energy Partners
Operator
Greetings and welcome to the Antero Resources Second Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brendan Krueger, Vice President of Finance. Thank you. You may begin.
Brendan Krueger
Yes, good morning. Thank you for joining us for Antero’s second quarter 2024 investor conference call. We will 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; Justin Fowler, Senior Vice President of Natural Gas Marketing; and Dave Cannelongo, Senior Vice President of Liquids Marketing and Transportation.
I will now turn the call over to Paul.
Paul Rady
Thank you, Brendan and good morning everyone. I’m going to start my comments on Slide #3 titled Drilling and Completion Efficiencies. We continue to realize impressive operational efficiency gains. During the second quarter, we exceeded our record performance that we had in 2023, that’s just last year and in the first quarter of this year. Starting with the chart on the top left hand side of our slide, our wells continue to get longer and averaged a quarterly record of over 18,000 lateral feet per well during this second quarter of 2024. This is 16% longer than our prior quarterly record.
During the quarter, we completed a 5-well pad that averaged nearly 20,000 lateral feet per well. The ability to drill these long laterals reflects the concentrated acreage position that we have built in West Virginia. We also benefit from our organic leasing efforts that are instrumental in filling in acreage blocks around our development program. On the drilling side, we’ve averaged 4 days from spud to kickoff point during the first half of the year, which is an improvement from the 4.4 days last year 2023.