AR - Earnings call transcript Q4 2021 | Antero Resources Corporation

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Operator

Greetings, and welcome to the Antero Resources Fourth Quarter 2021 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Brendan Krueger, CFO of Midstream, Vice President of Finance and Treasurer. Please proceed.

Brendan Krueger

morning. Good joining Fourth for Conference XXXX for Call. us you Quarter Antero's Investor Thank few the Q&A. going highlights, spend minutes We'll a through we'll it and open financial up for then operational and to I like at where reviewed presentation have would we during call of a earnings will to you www.anteroresources.com, separate also provided that our the direct today's website homepage be call.

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

Vice & Michael the the Joining President of CEO; Paul Dave to today Paul. Kennedy, over call Transportation. Marketing President Cannelongo, CFO; Rady, call and Liquids I will and turn Chairman, are me on now

Paul Rady

Thank you, Brendan.

equivalent day. capital a Let's average begin per with Slide volumes X.X X In XXXX, plan with maintenance Bcf X.X titled are targeting XXXX we activity. of to

drive production XXXX. is and during on chart the third highlights top through growth half slide increase weighted period fourth of the bottom to production slide as schedule The chart of that into which the activity cadence. our year, second our in expect illustrates on year the completion to that the will of and We volume completion accelerates quarters. The the the the

second year. half second increasing XXXX. average per of X% X.X growth to versus the in Bcf expect in result day, the day We growth XXXX half per will Bcf half to X.X X% X.X production This to exit-to-exit X.X equivalent XXXX to to equivalent in first

let's a waterfall chart XXXX Slide budget. budget. our to capital our XXXX This X, capital Turning discuss bridging XXXX with program our slide depicts

completion X% impact cost sand inflation Our sand benefit regional service budget of million inflation. reflects approximately includes of and capital savings to of from an from the million This $XXX mine. drilling net $XXX expected our

by Further, Our the million $XXX,XXX interest to per additional in well, today. sand increase XXXX well volumes. interest to higher as investment compared during efficiencies higher strong by improving XXXX to million we our generating the to partnership results accretive our working elected attractive to mine rates further price investment liquids-rich single-digit flow second year, the $XX growth that is due to expected will backdrop. wells This to incremental interest year. commodity are of drive low Entering operations. our the cash cost X% given reduce highly return D&C half of this This is capital of working also production drilling $XX this our $XXX,XXX in in working

titled X Drilling Inventory. Premium Peer Slide turn Now Leading to let's Core

We have over of and both increase the public acquisitions couple seen years. in private an last

this footprint. acreage on During our we've our maintained time, focus core

Virginia. balance core can large your tailored in West liquids-rich lever to equity larger and acreage up overhang have dilute more that to opposed packages result position smaller, your preferred our in As transactions a we pick sheet, within

these further many $X.X than at that M&A of location. larger even we location. cost more land, $XX of As this per fourth recent spent additional drilling effective to This million approach to $X the much a attractive, in million relative Making locations was quarter, less used and the example, add averaged transactions location provides liquids part core is review a per million undrilled the providing XX are more portion locations remaining improving which efficiencies. map an on $X on our this overall to in as operating our in the potential. recently acreage core We completed see positions, development peer inventory technical the of of Southwestern annual The acreage slide focused the runway summary of today, areas it. on we Basin we're Appalachian and

We also well EURs. analyzed performance BTU, and

red premium map. you holds the the which results, X,XXX X approximately the XX,XXX these locations the identified ourselves not more core X,XXX XX% of premium and we industry, Ohio to update each feet relative Southwest undeveloped length on subareas. Utica the includes recall, may but optimization of at the located Marcellus on analysis XXX XXX locations. over our XXX As Southwest average premium, than per drilling Based just industry, The of the we and for of total. views reflects liquids-rich in XX% provided those are of bifurcated total, we roughly the that, of decrease X,XXX to the locations the year's In Of increases We've an the on the development our Marcellus program well. Utica, for estimate undeveloped for Antero an holds locations we or outlines beginning within Ohio or which in year. premium, Antero of that lateral into lateral by industry feet locations last which Antero's length of Tier estimate

locations Beyond which X,XXX Tier that can the remaining, there lines. located that, X we are see within estimate blue you are

the acreage with can covered horizontal producing Appalachia see Southwest map. the Utica existing up which are red of in lines on the is wells, much that and Marcellus You

and XX XX which of remaining will with and assumes distinction Appalachian drilling limited on gas producers. we based locations liquids inventory year, the to development premium of drilling the haves Ultimately, years across wells critical that. top dry many of has years believe of Antero net fatigue per least have-nots locations a locations at However, on our between the level maintenance number plan, premium XX be

will shift prices time years both the commodity core incentivize I'll continue the require a to supply Against driver Dave? a Cannelongo drilling required to flat. critical levels prosper prices for inventory higher coming commodity Liquids President it acreage believe short- this in as for his also is to Vice horizons this of hold We X Tier will be Dave over backdrop, comments. Antero Marketing turn that, long-term deep our and believe uniquely the Transportation, & over With position. to our to positioned given we to

David Cannelongo

levels and unhedged months, have focus important seen NGL X-year touching oil markets, Thanks, supported are Paul. start on key geopolitical Omicron WTI on demand current surprised the production environment. to all same crude given will and variants. been and regions. supply time, global few NGL have revised The highest liquids bullish XXXX, as due tensions consumption to benefited and by global with Brent compared concerns also previous reaching prices in on we has primarily of COVID these the of than across upside today demand impact we to My forecasts comments of have view market the upward, more fully past our price the the several prices ever since more highs of current At XXXX. their muted the

commodities on And forward. the Slide NGL to CX+ buying is to Price global relative for to strip contributing resulted we NGL high-quality, we pricing. is continued priority first is how gas growth We created CX+ to Strength pace takeaway for that titled rich a to NGL due illustrates with being believe that entry those are are and remain supply for where NGL access current of record production opposed over shift prices in capacity years. years. limited products XX% relative WTI as tightened in capacity WTI predicated price starts has that at highest the fractionation higher barriers global pricing prices increased quarterly market relative our to robust. have to that currently these that drivers X U.S. acreage, Also having growth markets and in domestic WTI and NGL's processing of exist as on should for demand demand to prices Antero, quarter to factors due XXXX. going pricing, have annual recent another This in pricing export For prior in

on our As has of XXXX, completely a been been Antero both the at on given January the tremendous October expired has X, with since last to Antero AR hedges of This flow we reminder, propane volumes fundamentals and butanes pentanes year, unhedged cash oil exposure NGL that positions meaning end longer-term generation remaining XXXX. free its near- that and NGL these all since prices markets. for unhedged and and fully X and see

X. Slide to Turning

more in market propane the detail. discuss Let's

the XXXX, the have have withdrawal resulting far moderated at remained Although XX% mild U.S. levels beginning XXXX, escalated. in season. of have have of the crude this since the a thus from even they winter WTI retreated propane in been relatively quarter in and as seen fourth particularly in prices around prices Asia, Temperatures of early more

season. in to keep midstream this the the to buy keeping the mild have These Additionally, companies lower is propane this in prevented U.S. despite with a levels X-year around days last shown below supplied. export winter supply barrels order sometimes adequately incentivizing trending arb have continued inventories occasions point resulting still propane U.S. below factors export exports, and and pricing XX% the is year's bid for as local are a season in to domestic closed several needed, buyers Mont market XX% price lower sitting and causing the fundamentals. where Even average type levels willingness in back cargoes, market winter a of up Belvieu blowout

take coming in likely that Basin. of liquid the drillers as see look high environment, some advantage it supply price As particularly towards the commodity growth of the we degree appears will quarters, we Permian

risks the offset outside across geopolitical growing However, dynamic have supply. potential challenges creating U.S. regions of supply impact of the to U.S., are multiple the and

general in have issues controls we and is gradually policies supply the Asian in of East, to which factors recent see impact demand X pandemic In demand movement global as recently rationing, demand including medium citizens. on the months, COVID and These demand several chain in cities endemic near Far for include resolved. power large moves from dampened emissions for On but seen their lockdowns and term, we the likely factors nontraditional tolerance restrictions side, impacting liquids have to temporary. upside are the COVID

North barrels discussed increase PDH that chem in and demand XXXX China we previously, pet during American XXX,XXX same day growth anticipate in and of over day a per XXX,XXX period. from propane-related XXXX to As European barrel have we per nearly

Finally, day be barrels ethane with immediately the slated we for current turn the in cracker and anchor to is will economically worldscale accretive our we Shell year. that an nearly projects XXXX Shell This it Antero we volumes With demand that, regional supplier to new doubling the other cracker shift coming and highlight time with have in prior XX,XXX dramatically gas-linked demand. steam anticipate increasing increasingly to this recovery per ethane be facility. Pennsylvania Mike. new the transformative recovered feedstock would next mentioned new anticipate will in like Overall, new portfolio will to from towards over feed will market Marcellus I Antero increase ethane to pricing, we levels our quarters. ethane by online as

Michael Kennedy

like Thanks, to Antero's Dave. financial strength. Slide I'd X, start on highlighting

quarter, million our used free the $XXX reduce During which we of absolute flow, we to fourth debt. generated cash

the the at X EBITDAX the total reduction, down just top decreased XXXX LTM XXXX represents quadrant natural over the level in EBITDAX improvement from Total of at XXXX end XXXX. over leverage $X LTM for of gas Our end the the slide debt past from decrease from an improvement years. debt the billion the to year, year-end significantly peer. $X.X year-end and decrease lowest combined any $XXX $X.X of for billion at in X.Xx over an to with and million of illustrates $X.X billion billion The right year

cash the turn $XXX will let's Slide This and Balance through million Sheet. the second reduce of free January, funded million or to In of by senior interest by called notes, be XXXX. quarter expense titled Mcfe. Now remaining redemption X, will XXXX Sustainable per Strong $XX we which annual our flow $X.XX

our has to to shareholders. returning positioned us begin Importantly, this capital sheet balance momentum

'XX once the As this slide, you callable be XXXX, toward of not the which until returns. notes cash increasingly maturities free balance flow on are means remaining paid off, can capital the are directed see

a Our us flow generate current our to begin similar to in down with debt. XXXX XXXX substantial based flow enables development to on $X.X shareholders free plan free is continuing prices. to level This $X.X pay billion commodity billion to returning also projected expected cash capital while in cash

company no our natural We our are XX% currently hedged approximately gas the in hedged of production least in history liquids in and 'XX, place. we with hedges expected have

sell we industry-leading basin. our best-in-class commodities. We and us This gas provides of flow beyond forward. with production unhedged our are XXX% out an that portfolio XXXX in also Appalachia infrastructure will the confidence built guidance. being on believe of business and to can essentially allows Further, and of our and firm is on delay realizations our gas natural This generates valuable limited in we likely to in cash deliver transportation prove free continue all area natural MVP going

Now just Supports in Slide more to in detail Sheet Shareholder let's return Returns. XX, Balance capital we titled discuss Appalachia the with announced. Starting framework Strongest

we During first this of achieved before was program. billion, the below of quarter we return initiating set debt which 'XX, our threshold $X target a shareholder internally

of well slide. we the our is level in for by XX% Slide cash to profile XX% the shown integrated significant return cash the compares shareholders. return Antero share capital peer-leading attractive S&P chart top slide This as flow with leverage debt why as as to forward, intend most the at net and return to on major form free the Going of The initially in XX line companies. of buybacks our our are XXX the for the group of average chart peer bottom highlights is supported today. our

EBITDAX, on flow ahead also highlighted commodity our a relative your slide of the see an about asset cash capital as on lead with the value. basis, capital Responsibly the the pilot estimates, cash our excited we On a XX. note, trades free XXXX your side to the step are received sustainable The right-hand at that of the it X.Xx peer below lastly, leader illustrates program are return as trades this yield the and we we Gas you peer If today, Slide market is consensus we it believe MSCI to our our reflects we on first discounted our to more flow slide, Antero and our return free on with report. metric is highlights cash this important highest And On ratings chart debt cash yield. XX% detailed on these to Project we value the cap announced in EBITDAX. announce XX% continued to sharply valued more that slide Based program. the enterprise at Today, chart flow bottom Sourced you on of we stock is the We're An publication the positions as We estimates ESG look group right-hand Canary. the at the side excited a through important a XX% yield annual guidance enterprise the levels at free quarter, trading today success have as in progress Certification just that cycles. of our across based at returns through trading capital of and appropriate or our at left an view Last yield certification use flow ESG expanding cap, consensus highest accretive of top provided whether We enterprise enterprise base. The upgrade market buybacks multiple. can free assuming flow average. cap the hand looked value multiple AR's the X.Xx program. market AR important approximately cash share onset makes combination at value of numbers. cash of most of midpoint return free of and lowest at the

by to driven have net our addition, emissions. to emissions target reduction Scope In our X zero the XXXX include program we expanded date, of success

emissions gas. with the impressive liquids our accomplishments proud and while strength operating titled reliable, gas overall more very of poverty that with we impact U.S. produced summarizes are a also fuels and and natural carbon-intensive Key energy financial X positively the summarize, Slide clean through by ambitious global replacing and responsibly global continues To Antero. position targets, recent natural affordable momentum in today. we're reducing can believe for We these and Highlights Investment

significant natural best-in-class and commodity exposure unhedged, have largest producer NGL in the second We U.S. gas as fifth scale largest producer prices. providing to relatively the the healthy

of premium liquids years, the below further leverage we strengths deleveraging expect truly differentiate the billion the X forward. Xx. we We Since have this program, to and by moving benefit significantly with core $X.X in beginning and X,XXX remaining. locations reduced reduce we just debt absolute debt in well nearly with inventory Antero, extensive XXXX our These expect to shareholders

excess forecasting enterprise Lastly, if outlook $X which free strip, cash billion. we cash NGL flow we are in assume and flow substantial our today's through generation includes strip considered value against prices, XXXX gas a natural billion of backwardated of $X free as

flow leverage call yield X.Xx, the multiple now multiple lowest group free believe for positioned our value uniquely and over a With that, and and the attractive we approximately cash will Antero turn I to to trading shareholders. questions. of is to With of the expansion highest our peer deliver operator

Operator

[Operator Instructions].

with Our Jayaram first Arun JPMorgan. question is from

Arun Jayaram

for around Slide holds. Perhaps of XX% wanted to XX% range, showing to or in flow Paul return cash the -- you're the the Mike, if intentions return on of around XX, XX% kind free midpoint XXXX, the yield. about Mike, cash ask strip to cash I

of So upper towards that of we end would the XX% the this buy should the low you or is reduction outlined. think question of very what with, limited from the how the XX% drive morning debt end XXXXs again, you to the side options which about outside

Michael Kennedy

Right.

flow So the is midpoint of guidance our billion. $X.X free cash

that notes. call So is XXXX $XXX the of million to

market couple further efficient in million repurchase through the ability we of we a to hundred other debt open on plus to that, the reduction. or have of debt So addition some hope that transaction,

on beyond and that, if $XXX think buybacks. you we'll level. to gets probably up that, about so that you focused be Above billion share And billion, $XXX

prices towards upper of the think more I So if hold, trend do end you'd that be range. commodity

that. provide to just we so wanted around flexibility And

Arun Jayaram

us of you outlined billion in from was evolving XX% follow-up, Great. free the flow And that $X as the as to of just give XXXX XXXX. to sense capital just And future? a I on range, do my return could And time? a Antero evolve dividend looking XX% cash at plus to as maybe in see over wondering, thoughts well how over the that how time you've for

Michael Kennedy

Yes.

time, only start out debt to higher you you billion, down. the out would billion XX% debt pay to than because $X obviously, of over with. XX% of it billion $X of $X total So have run trend to

on share a consider, would type discount return think because the suggest those would type focused obviously, And capital would something on free we be XX% a is cash paying debt. more the going that or Obviously, and enterprise I this X.Xx of [indiscernible] So at buybacks lot down metrics. just dividend than to and value opportunities start trade we debt-to-EBITDA at flow capture yields program

dividend focused we're So I and that's then could be after there. cash at we'll a mean But program share on this share this buybacks on is that buybacks on there. flow time. reevaluate complete that, year. free once definitely focused But [indiscernible]

Operator

[Operator Instructions].

Brody Our America. question Bank with next is from Gregg of

Gregg Brody

Just a follow-up that. on

further. You get you there past there you're level after Or a you... year? targeting this are once talked reducing debt debt Is about you

Michael Kennedy

be time just X.X of billion, EBITDA Greg. debt, opportunistically, down mean, billion would be turn. I -- half it No, mean, year, $X.X after basically $X.X is this to which you'd I

we'd to do see got pay have just opportunities, X.XX%, off 'XX. if would then and X.XX% I like we've So we XXXX higher the further coupon like debt at a some there's that

$X our be no type target but $X.X of to efficient And in, notes So after of to billion. with 'XX target those We've will billion. the call it just buy that. at that's real hit coupons

year. this what are thought well targets below last those possible So time we

Gregg Brody

going wondering Yes, I [indiscernible]. I'm not [indiscernible]. just

that's... So

Michael Kennedy

efficiently we an then can in, to opportunistic, efficiently get we end. can Certainly will. we if get that it [indiscernible] And

Gregg Brody

small inventory focused Look, time your with how there. of you of adding a lot job you've and talking been on about great spent bolt-ons And acreage. it

sandbox? core So ask this is in the sense Is I'm of make it going about answered just just it's be your you to this or that opportunities? just inventories -- that you? would But thinking thinking question Or to to basin are have easier just there you may to already. stay and something clear, outside

Paul Rady

We on inventory, it, to from such in just come Paul. it's we ladder need have position, all are of quality there's corner we it's Yes, you of world, processing, where a the liquids-rich fractionation, no because basins. sandbox, quality stay Permian, nature the our We the We the go to years. inside inventory. focused like really Bakken, supply of just that we Haynesville, both appraise really could do takeaway future the and such of our controlling wealth But Greg, things markets. to understand of our elsewhere. name the monitor premium it,

don't of outside are like ourselves see the we and we basin it. leaving So where going

Gregg Brody

last about able to And one how cash you. framework on for think going forward? Are to some you taxes give

Michael Kennedy

billion, in Yes. that's And that taxes $X cash X-year see that net of we the period.

aren't Gregg. there any, years, X first the For

billion Just you, we a to remind have NOL approximate position. $X.X

us serves little the years. of bit having a X start that and So over in X next you But X, well year do taxes. cash

Gregg Brody

That's guys. very me, It's getting been And it congrats impressive. for on just [indiscernible].

Operator

is from Truist next Dingmann Our question Neal with Securities.

Neal Dingmann

additional just see question, opportunities all you anticipate opportunities? best prices. just where receive takeaway wondering -- export I'm you do maybe stronger just takeaway. on the wondering I'm to First

Paul Rady

Well, and more in that is certainly, coming there's the online. Gulf LNG more

Cheniere And at to we already so Sabine, [indiscernible] at sell Freeport.

day goes establishing we to of that now at and LNG Global are firm a to have selling X.X Calcasieu. that Bcf a relationship And transport Venture We fairway.

see Southeast station So be Hub. to like opportunities. a bid Henry do at being prices more places to ANR up Head premium We

liquefiers. of delivering and the So establishing places to right a LNG and we're with the facilities number relationships

of and lot And it see facilities to FID. going in as well. there, do a to there's sure growing. we inertia continue growth our there's across the lot gas for I'm a see of following because more attractive move you're most impetus So the of we'll world, -- prices buyers the [indiscernible] it

Neal Dingmann

to in talking offset And And you're about inflation I'm and my know you prepared even second Mike are wondering by partially of could about contracts offset that agreed. being sand remarks and inflation was areas [indiscernible]. are? cost talk seeing the about Permian kind help that? mentioned of there doing you that? Or Absolutely things of your just maybe the I just then some the sort Yes. I basin. your savings. Are other

Paul Rady

some It shop but definitely very and around, suppliers drilling have in reliable will, of in we course, completions. we

So definitely on and both steal as pressure are people there then is noting. many completions drilling,

tubulars, of discounts, to we take lock going are which pricing advantage done. we cetera, So any et we've them advance in but up, in as can

So on asset definitely diesel so pressure the hard and and side on.

So we're with seeing, our sand and in to some and quite being think more mine by pleased of bit. pressures we're have sand moving about reports I I shortages a offset it and little think basins But more seeing upward probably local bit. able down those gone a other see are can although what you up of prices others

we local So But that makes just are pressures valuable. much like much the sand industry. that seeing of our more

Operator

question with Weil. next Howard is from Scotia Our Holly Stewart

Holly Stewart

all think to know first, certainly for the I'll a being kick then mentioned you hedging one kind Maybe your you here been essentially of on philosophy. strategy. quarters I I updated unhedged now. now, you couple just Paul, of And about hedging talking commodities on XXXX guys have

curious of So here balance if going XX% X your flow to you shareholders. those talk you've out forward? here guidance about kind of gap, of How bridging going XX% the to do free you the concepts cash put can

Paul Rady

the we We've I hedging. Yes. Well, natural right, backed read gas on we've off market Yes. -- think and

XXXX. gas hedges natural put haven't entering dating to spring we of in months, we're I XX think, back just something that, for, the like as So

last we put as the hedges said. were those in, we so And

we of and to the curve. production on we're natural lot this completely quickly of unhedged, have of backwardated with half As more don't for our into to then discussed our But hedge Cannelongo on We a the gas debt no call, willing hedges pay of down really just a the to on Dave front stay as adding liquid just balance was down saying just anymore sheet if now to opportunities side. the we're intention want curve. and

out No don't live front on hedge backwardated it's really and So and into working curves. the well. step to plan

on side. it's on but natural steep pretty As moderate gas you know, the NGL side, the more

to need do that here. no that the dynamics So with outlined we've

back and us So the hedging that, to no future, by a as one. gives and stronger I sheet laying in foreseeable stronger think right continue we front the balance be that on

plan. that's our so And

Holly Stewart

Great. relative Mike, think understand maybe And components looks to it you guidance. it then maybe, mean I nicely pretty the the us some things fourth Okay. if you -- cash help of like just the the if quarter, XXXX. you just on for come Can look I the course production X down expense. expense at over you, of

So trying about components total to thinking relates production kind trying to just those maybe the actuals and versus about XQ to as the even guide. of of expense, it some think just

Michael Kennedy

guide, to the averages we commodity compared for below well 'XX Yes, XQ the the quarter. what just it's really decrease in prices. in are The realized fourth

but off everything is really little production because, it's the to it's just else again, floating There's comes So taxes. That's fixed, Holly. fuel component. commodity-based, [indiscernible] only and fuel a bit of as just and well

Holly Stewart

Okay.

I off think and this year rolled -- about that... FT know some next you year, anything So you had that maybe guys whereas

Michael Kennedy

October the REX had were year-over-year. cash that a less in X, is But $XX about expense marketing of We marketing year expense marketing Yes, there. million we off and definitely roll that's was just down to so the that expense, talking production expense.

that 'XX. the benefit in So we'll realize full of

Holly Stewart

Okay.

we as think GP&T So that line... about

Michael Kennedy

marketing The GP&T line in expense does not expense line different it. have The is item. marketing a

Holly Stewart

Sure. that. I understand

about of production cash thinking last year? guide expense relative the component that to total Just

Michael Kennedy

flat. relatively it's mean I Yes.

Operator

is question Goldman Choudhary Sachs. Umang Our next with from

Umang Choudhary

My share first repurchase. question was on

the of pay XXXX? allocation you're to March, over the cadence repurchase flow cash talk planning course free million in you share $XXX down debt towards of can to in Given

Michael Kennedy

repurchase start to we'll share Monday. Yes, this

So soon reached we're We've as as mentioned. we can. that starting we $X billion that target

end the January. at of it essentially are We at

why quarter. and in that's we'll the it there, so first now, start So initiating we're right got and

buy We at shares cash have the commodity that generation because explosive the flow back down prices. luxury these same of and being pretty able time to at the pay

that's do. So what we'll

about billion, and million divided $XXX it's a cash flow. month months, the $X.X by If that's you about think free of XX

didn't credit the have a You anything drawn on year-end, million $XXX facility at month.

share buyback. but million all pay these the are just X-month and some you in off that that to allows period round have So $XXX numbers, still

what that's we do. So plan to

Umang Choudhary

outlook. question, your wells. to How helpful. outlook turning of your is to spending Got between working and through to in you're production like XXXX question. was XXXX. XXXX the for interest does because XXXX XXXX average in looking I long-term outlook production then Part on multiyear was electing guidance. it. higher a spending that increased impact That's higher your And It more your seems take

Michael Kennedy

go JV It's a are in bit. to the does participating set XX%. election that up about spud. wells is XX% drilling really going X% It's JV from X%, Yes, for just to when it up the a just drilling of The little 'XX. partner

So the 'XX. that to in only spud applies well

So between first time and X-month production. a about well there's spud lag

really aren't because definitely to of have going X% XXXX, of to that 'XX. see in So it we'll growth in much but X%

Operator

is Our Chandra Subash Benchmark. next with from question

Subhasish Chandra

quick say a the Monday. Monday Mike, begins could on buyback began Just on or program clarification. you

Michael Kennedy

blackout -- a window. Begins we're in

have before earnings So you start anything. to till you after your wait XX can hours

So it's that's why Monday.

Paul Rady

This Yes, coming Monday.

Michael Kennedy

coming Monday. This

X You before your can't buyback program enter earnings. days a

Subhasish Chandra

Yes. Well, about. that's Is a... what I was curious like there

Michael Kennedy

Monday. That is day President's Tuesday. is

So ambitious. Tuesday, was too I

Subhasish Chandra

adjustment periods? calendar. something is you get a through there blackout Okay. I'll or that XXb-XX can But make that to my the

Michael Kennedy

Yes.

of when January. $X -- in at we that mean end billion a achieve are the we I Before blackout period

So nothing we there's do can there.

a XXbX-X in you when -- put an have to be have in window. plan, open You it you

intention And XXbX-X the a so probably is you in done in our we've past and that's what forward going put plan.

if opportunities. windows you it through So repurchase and then any blackout see as opportunistically you goes well

Subhasish Chandra

Okay. Great.

XXXX longer happening what about proportionately? getting foot? Or these do a second is, per maintain them lengths versus bit so Will you do there? 'XX. lateral How think see you The EURs are you quite question

Paul Rady

feet in Yes, the that's lateral go question, not yes, a we tailing we've seen off and longer. answer X,XXX EURs as any longer is, good of per but

is have our feet X time, long. down at longest is look feet, pumping as Certainly, can profiles that far at toe we feet, the as short all XX,XXX I [indiscernible] to so at of you the and a see haven't get take break breaking on the able see we We're need we more yet. I XX,XXX. you diminishing of our XX,XXX-plus But the it think lateral lateral had just but of down know the But are and a XX,XXX that to least looking capacity limit production the we seriously. all much problem -- surface, reach and out don't time. as end don't think we -- that to any little we a

time. longer so getting we're the And all

XX,XXX a books, are up we've the couple to coming quite XX,XXX On next of footers few the over years. that got

Subhasish Chandra

And then Got had it. some dry XQ, I you gas think in completions. Utica

work anything to Some Any something. the want to catch-up could change to there recommit be a sort or like basin? of of this ambitions economics, that in just

Paul Rady

We We Utica, as but know, Utica. still Marcellus, rich the completions later liquids year gas No, in we we're you selected have, efficiencies more there's operating Utica. the the free We this over good like the there. for as are. the with particularly in

being bringing later now. year. be we'll It's this what on that's so And completed right

over So dry do. big Marcellus. There's well. stronger pretty Utica gas as in we selective economics volumes in are just in what the our But the over

virtually our going all will next out budget that's where of be years. So of the couple

Michael Kennedy

maybe FT generally it's to XXX next over REX day when shift the you Yes. the years, it, Subash, X look million or full. a a nut paddy full, the keep at And

our full. to decisions contemplate keep transport wanting the that we we when So investment make

Subhasish Chandra

work, Great it. guys. Got Okay.

Operator

Our next is question Nitin from Wells Fargo. with Kumar

Nitin Kumar

other guided -- given that we had on developments the to is that year. Hub $X.XX Henry Could with basin you related what want what you premium to But $X.XX have? for I remind you recent all I this for your $X.XX -- and to premium some of FT to that that's to off schedule us some coming And are your and start the or outlets? you FD. $X.XX MVP know noticed plans the

Michael Kennedy

what's next couple There's off, Yes. long-haul. no and came regional. is just years off this coming the of in REX but

the Midwest going going I some then XX% Point to and going Cove to the to X/X we have, still Gulf, So over guess, [indiscernible].

So we the premium our still have gas getting transport to basin. the premium and

So no there. change

Nitin Kumar

a then but guess is, And the just wondering Great. other give pricing? if -- I license on it. that's I'm you premium about Okay. some can project economic opportunity Canary color have I'm curious to premium being offer you getting peers gas. an us to are of whether a your talked on pricing certified in congrats seeing question addition certification, the But for Some

Michael Kennedy

economic view as don't No, we Yes. opportunity. it an

of you just just a have it operate, something as like seen haven't to We license that's said, business. We required. anything. sustainable It's a think

it. view we how that's So

Operator

we remarks. to to gentlemen, back question-and-answer reached and have turn Kruger of for Ladies call I end over the Brendan closing would the the session, like and

Brendan Krueger

Yes. follow on We're today's you. available. Thank questions. Please call. for Thank any you joining us with up

Operator

concludes This today's conference.

You may disconnect you your your Thank lines at for this time. participation/

Antero Resources (AR) 17 Feb 222021 Q4 Earnings call transcript