Antero Resources Corporation (NYSE:AR) Q3 2024 Results Conference Call October 31, 2024 11:00 AM ET
Company Participants
Brendan Krueger - Vice President, Finance
Paul Rady - President, Chairman and Chief Executive Officer
Dave Cannelongo - Senior Vice President, Liquids Marketing and Transportation
Justin Fowler - Senior Vice President, Natural Gas Marketing
Michael Kennedy - Chief Financial Officer
Conference Call Participants
Bert Donnes - Truth Securities
Arun Jayaram - JPMorgan
Leo Mariani - ROTH Capital
Ati Modak - Goldman Sachs
Josh Silverstein - UBS
Kevin MacCurdy - Pickering Energy Partners
David Deckelbaum - Cowen
Operator
Greetings. Welcome to Antero Resources Third Quarter 2024 Earnings Call. [Operator Instructions]. As a reminder, this call is being recorded.
It is now my pleasure to introduce Brendan Krueger, CFO of Antero Midstream and Vice President of Finance. Thank you. You may begin.
Brendan Krueger
Thank you. Good morning, everyone. Thank you for joining us for Antero's third 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; 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'll start my comments on Slide number 3 titled Drilling and Completion Efficiencies. Our 2024 operating performance continues to set new records. I'd like to highlight the significant gains that we've achieved over the past 2 years. Faster drilling times have reduced the required time it takes for us to drill a well. Now, it's below 11 days from 14 days in 2022. This is a 22% reduction from 2022. And on the completion side, we again set a new quarterly record, averaging 12.1 stages per day. And in this last August, we set a new monthly record at 13.3 completion stages per day.
The quarterly average represents a 51% increase compared to the complete -- completion stages per day average in 2022. These improvements in drilling and completion rates result in reduced cycle times. Shown in the chart on the bottom of the slide, our cycle times have declined to 126 days, which is 23% below the 2022 level of 163 days. Overall, these improvements have reduced our total well cost by 8% since last year to their lowest level since 2021.