AR - Earnings call transcript Q4 2018 | Antero Resources Corporation

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Operator

Good day, and welcome to Antero Resources Fourth Quarter and Year End 2018 Earnings Conference Call and Webcast. All participants will be in listen only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]. is event this note being recorded. Please now Mr. would like to to over conference the turn I Vice of Kennedy, Michael President Relations. of Investor Finance and Head Please ahead. go

Michael Kennedy

provided XXXX www.anteroresources.com, up spend to reviewed our for separate conference presentation operational through call. direct a highlights you joining you we'll for the where I'd and fourth Thank new that open also then it to us the financial of call. Q&A. call website few a be quarter We'll we've and minutes for at going homepage earnings Antero's will investor today's like during

and we that Before management and you will I'd impact of performance will current are is call forecast materially control. financial to they're Antero's to Antero could that such statements. which forward-looking GAAP differ first release our results our Such beyond contain statements the earnings to risks future also to may such what from measures. start remind in disclosures of comments, and reconciliations most non-GAAP press the a certain our number make based Actual Please are uncertainties, measures regarding Antero important measures. financial call, factors comparable refer or during subject of regarding this many implied statements. outcomes on for like judgments expressed, including Today's

call and Joining me the on Paul. President to Warren, Glen CEO; CFO. Rady, today and will are and the turn over call Chairman I now Paul

Paul Rady

we and long-term Glen Thanks, our going call review activity, XXXX capital midstream then transportation and to around development full-year everyone some XXXX cost financial our AR including development Mike, portfolio. expected today. and In flexible have also highlight from reserves be listening will and discuss thank and our long-term you comments, our achieved I'm following outlook. Antero consolidated change outlook and firm in announced to our fourth efficiencies my touch additional the simplification. for recently on budget the the color XXXX to financial proved will provide reporting to Glen quarter discuss and achievements the

the the begin during set during made discussing quarter. new and by XXXX. Let's again efficiency throughout we Antero operational records the Once improvements fourth quarter

the stages and day Looking at Completion in a during the number per entitled quarter, another company for completion X, Marcellus Drilling Efficiencies day. full per X.X averaging fourth set Slide record stages quarter

day. completion For one stages of of per from average the XXXX per averaged in day per XXXX per the full Marcellus year full X.X which day of the was an stage day, stages stages X.X increase

an X.X this XXXX per we of savings. $XXX,XXX assuming Looking some well we well. cost provide one additional per so about at our would stage is additional day, result think of stages can in are day savings, these per resulting an To increase on budget, certainly area savings outperform detail we in

some Moving results. of operational on our recent to

equivalent NGLs, days, average During a cubic length day Marcellus approximately XX,XXX well of One rich and pads. representing of a equivalent first nearly during days CX or day day This barrels was and about a recovered the day this feet on barrels particular XX barrels well. ethane first pad the million XX.X X,XXX the an pad barrels feet The X,XXX ethane, lateral fourth average oil X,XXX liquids of feet per XXXX. XX% XX during rate returned to per quarter XXX XX a per with day liquids an sales pad BTU produced of several cubic a for of pad was recovery. of consisting million plus outstanding X,XXX the

million drilled regime day of completed well nearly in total cubic feet. including from a approximately was nearly per of highest our a feet point data barrels was liquids. XX that equivalent This XX,XXX produced strong XX a X,XXX length Another quarter with we BTU from day, lateral the rate well of

diversification and XXXX scale enter where from standpoint. positioned like we are, both we As we commodity

Appalachia clear increase X, volatility As analysis. than scale commodity. price largest times producer undrilled gas prosper by illustrated in provides and our ability Antero's Position the closest number is rich commodity across Spectrum, and Antero the XX% locations we more on This core liquids the in This are with natural liquids to Slide through Balanced US both producer. inventory with of Commodity titled the fifth on competitive commodities manage any holds us either advantage. competitor the a largest X.X in the extensive NGL over the

plan development our announced XXXX we on which Now January turn X. let's and long-term outlook, to

titled in and annual our range to expecting commodity under highlights XX% cash gas XX% Slide to spending the scenarios We’re Disciplined production pricing. natural production X flow. Long-Term WTI $X.XX ranging number XXXX Plan through multiple $XX growth of barrel growth NYMEX $XX XXXX Development MMBtu $X.XX price while from per per within during to

Antero will depending flexible on outlook. that the is price commodity here away take remain important The

commodity disciplined, remain to costs, ability foot will details grow X to cash target low our case we $XXX capital delivering within I shareholders further some costs and foot. page have return the spending entered per XX,XXX when bridge Marcellus Well in flow To We XXXX, ultimately will standalone you titled a Efficiencies. to prudently improve number appropriate capital Marcellus on XXXX you standalone lateral. this free of well an provide flow in maximize deleverage. from prices XXXX cost if and budgeted Entering Cost our well were point our of for cash a but can to more XXXX see Slide well On to Path our to production a mix

and costs day per renegotiated primarily costs overall year, and primarily related costs well with inflationary were increases As XXXX in a water in rose able hauling the impacted costs XX% sourcing contracts. to throughout facilities We completion were offset costs self by increase in oil expenses. reduced inflation through prices production sand and the through X% to stages

spending better will than we benefit capital XXXX on include pads fourth typically in appears in of capital a of stage in to and and and facilities now last pressure efficiencies savings additional latter during it's this our construction or in expenditures costs Our reductions sand All sourcing invested XX mention the to $XXX and quarter and the XXXX point these target well foot we contract, handling from service XXXX by that assume part weather not progress these pads, mentioned. all in fourth costs. reported year, see We not year efficient water well increase at all multiple important the standalone deflationary in may include made cost optimized which any the improvements to certain XXXX. have Further, we we to capital being particular and per back well of operators also as the lead costs which public costs. water budget the that their XXXX, $XX savings and today D&C pad assumes I sales million XXXX with in of remain flow self to as out like that quarter further on of conditions and deflationary material facility. operational would facilities expect roads said, from Clearwater planned does for I just that costs are in additional to return focused

in to XXXX, transitioned we footprint. larger Additionally, under pads more drilling capital pad us our we wells completing to produce or to from today A drilling and ultimately while continuing results cash primarily side results as or on footprint one building on the the pads we such a spud the between capital on in able completing from different and flow. of to and to discussed cycle in Day meaningful first of allow efficient a at larger operate sales scenarios are spending alignment reduction better other early side be pad. our Analyst This concurrently in times as as wells

as drilling budget billion XXXX $X.XX and of pad announced be a previously completion result we $X.X and capital at end in Looking of a $X.XX low on to billion equipment ahead a of on standalone on infrastructure the our basis. basis $X.X to and billion spending focused billion expect XXXX, the consolidated to to

the Slide nominated first now represented have a Mariner to of barrels and XX,XXX titled to we’re our place February at MEX excited we on Belvieu in volume to service. premium propane the least a of Uplift, X, and receive Marcus committed Turning of East to expect Hook $X.XX number dock. our day contracts task. month Mont at X at Based we the in current butane gallon market pricing pricing a

this into MEX Mont price note important $X slide the the markets. about a uplift will that barrel price will as expense. a translates an on dock net $X or a the to on $X to illustrated the to the compared barrel volume recorded to of to on also It’s railing Conway back received this when MEX the to addition for Belvieu in per As shipped at and basis be cost transportation uplift reflect $X

realized of If of MEX When a you or to would've our about realized to volume another X% in the relative WTI include in of alone the X% pricing point in quarter related the basis position. plus XX% a you think uplift for WTI. pricing XX% on the We CX north the like percent fourth in WTI. X% the to that shift WTI adds sales resulted about NGLs

we the million through market, X per in have NGL to out volatility. simplification accomplishment Marcus day organization. US, reducing and in that exposure scale, we We’re now In nearly also in summary, XXXX strong over months and over production year financial of grew manage XX sheet now of international another equivalent times equivalent had a day last balance to we price Entering X.X cubic strong the feet product diversification, as producer to a leverage a Midstream our BCF we Hook. announced the XXXX is in significant and our largest with the significant XXX commodity the

maintaining of capital strategy cash focus to for on centers return free a cycle Our that, I it and long-term turn flow, full comment. With on while generating Glen balance rates his over will deployment, all sheet. prudent strong continued

Glen Warren

XXXX moderated change we finish with reserves. our a and years some our and following on long-term XXXX ahead. I financial I financial quarter fourth in around Thank succeed comments and provide around and additional outlook also the results transaction, to reporting Paul. guidance In through our my you, thoughts full discuss simplification today are the positioned highlight discussion will how the briefly our year will touch expected

a this We report about Upon is closing for plans transaction, AM simplification the a AR on AM a from interest perspective. its in statements reasons. Let's will first no but consolidate longer number talk will for reporting rather accounting. of midstream AR outcome financial the deconsolidate think AR good through method to equity our AM from GAAP very of financial its of

This basis. more E&P rules. greatly transparency on the complexities to disclosure contrast its and without with of it First, the compare improve standalone enable AR will consolidated investors peers the for will to and accounting into AR a having dive easily

important AR. our free Antero In perspective. capital significantly therefore, integrated we is AR than assuming and to it As received upon times, which from we and is improve cash continue XX% more XXXX is helping an is With services transition on midstream standpoint benefits the out Resources believe we step how New transaction, is the AM stock a X.Xx all to future and to of that and AM’s and it another street net example and minimize standalone Antero's as year-end upstream basis, such leverage viewed few, measure said, EBITDA, what by accounting standalone X.X the stocks, are is of closing still model our FactSet. approximately of name screening excited which services shows financial EBITDAX changes the our times will among an leverage, simplification was and in or non-recourse or financial consolidated E&P will data lower X.X will up important between point in view, mix debt-to-adjusted transparency. analysts, that to investors Bloomberg given It to is screening these on this party simplify and own was debt inconsistencies cooperation flow visibility businesses. from story. AR's occur On as of a appropriate a that cash as a think

quarter. fourth Now on the to moving

liquids barrels Net barrels a developing oil, barrels for rich quarter increased continued of XX,XXX a on emphasis a Antero. XXX,XXX of day acreage. production ethane, a a liquids growth, the averaged production per Liquids day record liquids. record CX a NGLs sequentially, sequential of of delivering a all growth Plus production and XX% and includes day year-over-year reflecting records new year-over-year XX% During Bcfe X.XXX and barrels XX% XXX,XXX including net XX,XXX day XX%

premium During Hub quarter a $X.XX MCF price representing gas Henry to average hedges the Antero price. per natural fourth per before NYMEX $X.XX realized the was MCF

natural in hedges continue to delivering $X.XX gas We $X.XX natural realizations expect gas to premium guidance pure before MCF reflected XXXX as for realizations our leading per Henry a Hub. in to at

monetize we to natural in during to the us further announced in to fourth in a $XXX gas portfolio transaction This and December for the strip our opt maintaining while proceeds. restructuring upside As XXXX. we portion did of delever allows natural million gas quarter, net

natural production Our we portfolio is producer that US notable gas XX% of gas and the number average $X Slide XXX% floor XXX% XXXX XXXX. is publicly that resulting XX% hedge production It an is on protects hedged with expected X per shown in traded natural of XXXX only MMBtu. to targeted remain on of

the price during an barrel. per quarter, realized $XX.XX liquids pricing plus on Moving of CX we NGL unhedged to

realized highlighted, every cash production based basis important our Paul Mont flow This as service. strengthen guidance $X MEX results piece on to our on relative to per of of XXXX we As prices the plus previously in in prices XXXX NGL Belvieu increase plus CX expect per now a is in NGL million and with XXX,XXX CX to an $XXX barrels beyond, realized business in NGL incremental day. in midpoint our barrel an

me let transport relative long-term bit our and Now, portfolio. to our a more on what outlook means that touch firm

so Slide the XX% production Firm year -- Attractive As beyond XXXX outlined XXXX, CAGR we are number five XX% through on from year. titled next Transportation targeting Portfolio, to this growth XX

firm future. us you this foreseeable This committed see is provides slide, now into transportation in on visibility As of our our expected all significant service. for can with the pricing

on several $X.XX realize we $X.XX see expect gas to to next to are can you our in years for to a the NYMEX premium chart. as For that NYMEX green production XXXX, premium forecasting on and

peak utilizing are approximately Mcfe to to per decline we from While $X.XX $X.XX of fully manageable not marketing today, expense Mcfe we XXXX. expect per a than pipelines the our net XXXX in by less

fill firm than committed to FT are the transport we We our cost other expect regional low to.

number taking delivering prior regions. by in can is marketing value fully exclude our more provides potential gas third-party of Further our marketing you million, which essentially and same for at third of mitigation the spread. estimated party expense marketing net net capturing by the In to we our this place benefits some bit It’s titled the XX declining NYMEX years, that discuss growth. our marketing expenses Slide to Consistent proved The proved we XX% SEC several takeaways reserves pathway of the $XX.X proved great billion. a on proved from reserves. at next Reserve realizing XXXX X% and a Growth our of as PV-XX $X.X was over gears increase XXXX and the commitments of to and Shifting marketing continue the as Antero portfolio price million by approximately advantage $XXX hedge into in projected see a reserves the FT that portfolio reserves time increased premiums put was developed reserves. summary, our the As we expenses fill net $XXX highlighted mark-to-market Attractive our XXXX These including PV-XX volumes billion would in periods offset expense. premium Recycle was to expect these was from pricing commitments Ratio, than offsets of like that I

X.X it When basis on ahead Mcfe that is costs a the compare this As important of a XXXX forward be ratio our $X.XX we very a quarter with continue to this with development the attractive outlook. fourth pleased were on we additional to expected generating recycle look look consolidated approximately are expected our or of Overall, you associated we our based and future of out actual growth value on to unhedged the $X.XX development reserves is standalone development basis. with our times. reserves results point costs long-term generating to per

added we presentation appropriately provides reflects true-up market the a mention fundamentals by to natural short, this Slide we XX the that decline strong with market. of I believe on that do magnitude underappreciated to the the base gas number sheer not presentation. the demand, our summary fundamentals I gas want did combined conclude recently website. Before natural as are In

in Secondly, an projections meaningful to strip. impact even the in supply budgets, effort technical to are supply flow depressed number in there with XXXX. XXXX Permian both have long-term Appalachia Further are that capital producers align of with in an cash XXXX factors spending which results and growth more reducing lower

not natural look more on our just taken website you’ve If yet in we our to review thoughts detail. you gas a invite macro to visit

well significant of closing hedged, price We which minimum changing March, scale, positioned with leverage, are look cash. Resources navigate low early to XXXX environments. in in enter we the through to with and simplification million commodity we $XXX forward a will Antero As well provide Midstream

disciplined XXXX. plan targeting We lower reduction the remain development of CapEx end guidance spending a to compared XX% throughout expect expected in plan levels that to the on represents a our range, XXXX the year,

the X excited nearly being us stronger our market over realize NGL liquids are move and NGL years. service placed of the last had to netback than front, half Mariner several we CX-plus allows been to production On receiving the we what about East pricing which in export

executing that also comments. Paul plan to call will returns superior we that, shareholders now investing deliver more flow. the focused With XXXX while on believe a over will the over to are within We the for turn on I cash few long-term

Paul Rady

Thank you, Glen.

years environmental a I'd take seriously not Department piece for the Vice bit recent of press do that EPA regarding short turn a stellar call We violation. questions, more we'd ago a the detail. Senior Administrative million did with We our few Schopp, like settlement track of Before company Chief recent of in just XXXX. little make an provide President release of to record. the our news Justice $X.XX extremely to and over little Al proud occurred of the our a operator like turn to Al? that of the our the X and are West Justice June it incidents to we over clarify Virginia, disappointed regarding operating to regarding Department were and Officer comments reputation

Al Schopp

in take understand Thank consultants that third-party which who hired had some hired and I and built Paul concur the had to of Al It thing about had what our a the in streams disappointed time. in of is with we the Upstream spring at had time pressure Schopp. ended be some. hired the of that This a well built, did interpretation to to in you, little do and people would characterization was at and time. wetlands the up Back we our and a going not intermittent pad being prudent were just one in XXXX, Paul. the on the is do. Midstream and some story. really back delineations, that the would was being there industry ephemeral pad lot There disagreement sites that

which others, EPA or had this The you're be our through interpreted You probably did come the pad. characterization also they for dirt when those about to "fill pad how stream would and to wetland", they problem. some cited called they sites is and what into construction had the building compressor Chesapeake gone like X basically recollect of seeing XPO, alike, out clarified and

to then criteria took the and built, what more that of as wanted went set very we first ever back we Antero every time, interpretations site XXXX, used that And voluntarily EPA reevaluate built. pad stringent had so, through ever had to to we this and the at we

the we backwards, EPA time the that XXXX, consultant entire certainly XX, requirements streams that wetlands. only issues one for go and forward, And had associated program in entire the to we been have they understood environmental our EPA to really ephemeral approved with had that and intermittent of slips. met volunteered sure extent our we June changed from make delineation we've EPA consultant from with Now, when process, and

permits of We since Engineer delineations all our XX, June Army had XXXX. problem Corp have received have of and no hundreds with of

penalty closer $X-$X and $X costs reclamation items We X of costs two then was basically they put will the be the believe associated a over years were that to out million. there reclamation said basically $X So, that the million million. next

of Most pads. the normal years are sites, old. of literally, are of all pads Some These our course be the $X if these, estimates in XX them, the of now thousand. reclamation will not of

We not We the three course now business that them ordinary able be able next do over the years. of reclaim Department with to been the because the Justice. negotiation have ongoing of in to will of

not what believe what would for them need call we $X number, $X that we to million, other mitigation. still their part We're would of mitigation which The but be do give is did determine looking be, that we they what under million. it

that project this whole be so, the And under that certainly, believe million talked $X will done we about. they in

spring press. those unfortunately, not mid-XXXX. intermittent proud issues, been West our in an certainly the record say not literally very good part here a the have in is that of was would fracking the So, dirt This We into environmental time is of or since of I frack ephemeral mischaracterized most for This are Virginia XXXX. dumping. stream in waste. This

Paul Rady

the Thank turn call And questions. you, for now Al. over to operator the we'll

Operator

Instructions]. [Operator

go comes Our Guggenheim from first with Partners. Chandra question ahead. Please, Subash

Subash Chandra

curious in I cost by does as the good or objectives converging change curious how of amount either that Paul. third anything a expense, basis growth gas. I'm purchasing just for parties? Basin, just dips XXXX, subletting into marketing you dynamics, you look mitigate or assume FTE Maybe such slower as capacity from capacity The unused those

Paul Rady

a Yes, that's good question, Subash.

our pipe little the to when and further spreads, there a third-party buy were of able gas pretty through and back past strong as move spread. as much collect day were X.X our it we Bcf in So,

we offsetting pipe the X.X see the available Bcf million We third moment, basis capacity begin so peers tens optimize and the Xpress transportation. on taking of as if the do Mountaineer In demand see we and the so, many At and to just spreads do to were dollars certain differentials NEXUS, again approximately good charges. between differentials fill and narrowed. expect really moving are of of to our we parties basis a and grow meantime, will improve. our and around gas So, have pipe we there's that

right medium the So, pipes the but term. now, spreads over will narrow fill

Glen Warren

And NGL include on that a we on just no those per whatsoever. the clear be basis, to mitigation put numbers out numbers the marketing there, net

So, assumption buy/sell there's sublet Subash. no that we capacity, or gas

So, that's kind and of I find will the think some scenario to we that. worst-case ways mitigate probably

Subash Chandra

some I it. a I annual looked math on did. Got might there I Okay. in NGLs to in think and it divide but of the gross year. go could of of when or the at then production assumed be this sort sort so, because $X can off. works offline be a by charges, I about there It I about XXk you billion talk FTE out

fair was that if guide. more But positive. in it that thought I there that's reflected number isn't, a was even So, your

Michael Kennedy

Subash, Yes, this is Mike.

Your Simply I'll you call out. math is give help off. and me a

Subash Chandra

do. Will

Glen Warren

we not a little total number dollars $XXX million it. be year for firm do something gross in that Yes, this going over utilize to a is that

So, it's as simple as that. It's straightforward. very

Subash Chandra

Got you.

and been, do? give what you could whole to improving. think reference Okay, And a it pads do Got the that's of this spud has larger then, sales what it. mentioned you the as you to Could Paul, frame us sort number. of

Paul Rady

XX well it before pad stretch completing largest drill put one out one can think plugs one really for you you days XX the or I online. Yes, you by drilling do the out by pads of the one, XXX-XXX the by one, one for very things if a

three concurrent call and do bigger operations we what we with at so, once. things And all pads, can

part although think we rig we frack line We So, can't can on where the while frack over another on we move outs. two of drill do working done pad It's can the also I pad, we move drill the least working have spread one and example, one line at and one same in. the other. then one of the conceivable, drill haven't spreads wells, yet it wells an of

same wells this How done we're think cycle much lines out at we have to now of the before we outs the time? shorten I different let's can at days days drill cycle plugs can time. of have XXX something we of can completion it drilling the on We be time. shorten, XXX where calculated extreme, where say

So, time big which a tremendous on definitely to production, of do pads, it. amount take does it these deliver

just pads per the larger pad larger as so definitely guess because there there staging and we with So, day I the is between much mixers. a stages correlation to would logistic deliver I also and is sand say more the

Operator

Our next ahead. with comes from question Sean Sneeden go Guggenheim. Please,

Sean Sneeden

You highlight that you kind quite marketing Hook the we a there uplift there. that guys just of that? some benefit of and of the of dynamics Marcus Should us volumes is to bit and understand a help about be should thinking of kind lot Can How over the kind jump those Europe the of of spreads Asia long-term? thing between are going Europe? be Sometimes around. of

Paul Rady

of first we're year marketing out Hook. So, Marcus of in our

up different buy the it dock. Two of different marketing companies a divide that to got ways. at you've couple So,

think Europe, LPF the portion Far of South go west the that Basin, to could east East, So, one-third and to so Atlantic roughly our of go America, be third goes say to in of you the another third Northwest Africa. I coast will the coast will product then will

the have as indices. that's So, dock the on is Certainly, there we shiploads But marketing it take companies divided can off freedom that it. divert up. the they based

the netbacks. third best and conceptually. do companies third, to obviously marketing Third, go the The logistics

Sean Sneeden

get your Got you of means helpful. full some you for guidance Hook the once remind around scale and on think for realizations what Can there? of there guys what about you it. that out That's Marcus longer-term is kind impact of the assumptions me Basin how in

Paul Rady

seen. It to question. remains a be that's Well, good

know liquids export our between As has to we current NGL. somewhere keep that a sales if When price the a dock sales historically. pool, barrel uptick of said, net been good we've is it of out the price equates the home, one that within there at we $X-$X we

will behind. be Basin the to tighter So, have of more a that we get scarce, advantage Basin, the have it's as will improvement, improve net to obviously. half of know that should We'll the take to to roughly the the we'll make will sales don't Hook Marcus left Hook; we a half liquids it, we and what just the record Marcus liquids do But as stay but track it but see, of within liquids Because exporting there's out the as empirically price yet our see differentials. and price within Basin. all we drain

Sean Sneeden

Right. Yes.

Basin? Just remind in for Is what definitely think how longer-term your it in should any benefit assumed some us, you remains we that of haven't about guidance.

Paul Rady

right. exactly That's

any So, what we've not what assumptions gets made on assumptions improvement on on left but made gets we've behind. exported,

Sean Sneeden

That's very for helpful. the Thanks all it. time, guys. Got

Glen Warren

Yes.

Just follow to producing the a on CX-plus we Basin barrels that, day think is XXX,XXX of NGLs. about up

So, XXX,XXX pull full line XXX,XXX up will its on That to running, of just time of over more the have is drawn capacity as a MEX water and out fully when upwards Basin, the gets positive should MEX a improve day impact. the gets and to able be that shift. barrels maybe you initial to

Operator

question go Stewart next Our Howard comes and from Weil. Please, ahead. with Scotia Holly

Holly Stewart

you up MEX much reach capacity are and flowing your full when do How following comment. just Glen, you today that to Maybe, last expect MEX? on on

Glen Warren

XX,XXX approaching a the today probably barrels on in day barrel we're believe I XX,XXX and some days. plus

on to MEX close capacity firm we're our now. So, transport

Holly Stewart

do Is to there more? availability for you

Glen Warren

step the up short-term, in be on their use possible capacity. think. how depending shippers other quickly It's I Could and

steps of the the day all sooner. end that fully Then the As from day we a this a times, inches Energy year have by up end think hopefully to barrels this by Transfer opened, number XX capacity maybe XXX,XXX year XXX,XXX way. will about barrels year, a talked we

Paul Rady

think certain we we'd And exercise we rights. can our Holly, tranches overflow that that, have

more move should to. we So, we could decide

Holly Stewart

records of color. X, XQ. you you lot this versus kind up good where a Maybe Great. just ended highlight of looking at in company That's slide

stages now, in Just record thinking about guidance what's almost per right completion on the the your even twice did what implied you is XQ. day, in

So, kind a can you the for gap us? few and in just and talk maybe implied of currently guidance those of that what's bridging through items just

Glen Warren

stages assuming day, believe. Yes, In Holly. I the a Thanks. we're guidance, X.X Right?

Paul Rady

X.X.

Glen Warren

the a day X.X. Excuse X.XX me, guidance. in

feel we to that. able So, about good beat being

day, per saves I about think add a can stage another if $XXX you well. that thousand

another save year to the well. X.XX if thousand can then get $XXX per would So, X.XX we throughout that that

Holly Stewart

That's Got good color. it. a

level, bullish Finally, see how just bit gas. year of you're the I versus I'm sort more hedge last. book. of the a a kind of balancing presentations taking are this on Paul, curious little stance on out a higher

Paul Rady

XXXX. months. count day. little put to conditions? year Well, so different mid hedged We've beyond still basins. have is others, has there basins. a the Bcf pretty the some department piece and drilling. we're the things new to book be volumes seen as few XXs looking our We, low reserve watch demand at last certainly closely bit nation's different the rig like over off winter has production decline a big the by watching to to also going level out go Is and hedge there, many just that out of on finance it base, a from We're the that's natural gas there. course. the And But We to the the meet that Glen replaced It take in XXs

dragged are be can they the meeting Scoop will Stack, not the make blaze, that decline the and if but vulnerable of half Permian, dry plays But the really NGL liquids, about the as blaze, the maybe half other and the only growth. up such along in overcoming in by of it's ourselves. gas difference producers many So,

we inventory up remain the declines are in different as people and quality what Usually drill drilling. understanding lot plays a of ourselves So, how inventory. pride of and might people their much quality

itself reason a with the more each to feeling basins is and production prices we're more rise we're will production. the So, in encourage that, build need watching plus that and there up different that of drilling to

So, there. of looking we see and but outer hedging which for it to with the opportunities out do we're years in that way the just the that, watching possibility

Operator

to our session. like to I concludes back now the conference over turn any Michael question-and-answer remarks. would for Mr. This Kennedy closing

Michael Kennedy

Thank joining on call any you again. for further to today. feel us. please If to out reach us Thanks are there free our questions,

Operator

for conference now has attending presentation you now and concluded. may Thank The you disconnect. today's

Antero Resources (AR) 14 Feb 192018 Q4 Earnings call transcript