AR - Earnings call transcript Q1 2022 | Antero Resources Corporation

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Operator

Greetings and welcome to the Antero Resources First Quarter 2022 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brendan Krueger, CFO of Midstream and Vice President, Finance, Treasurer. you. Thank ahead. go Please

Brendan Krueger

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

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

Paul. Transportation. call and me I and CEO; Michael will Justin Rady, turn Joining Kennedy, the today Marketing Chairman, now on call CFO; of President Fowler, Paul are President to over Gas and Senior the Vice

Paul Rady

I'd like prices. recent the commodity morning, begin increase everyone. and the factors overall Brendan. Thanks, to environment discussing led Good to by the that macro in

in strengthening, demand were commodity of resurgence year, as a the During XXXX, out the last is by pandemic. prices that we came driven

the to chain supply know, by year natural this Unlike side, capital the towards maintenance the strengthened the a the moderated the XX% up of curve, gas Then bullish XXXX, had saw throughout plans Europe. to large supply price strip spikes, curve during all and events constraints supply futures the backdrop fundamental XXXX. geopolitical calendar where prior on further you quarter impact first we shift move was in commodity global as all these the events way growth. On led

As call be shale energy the its U.S. has gas there significant coming strengthen a looks security, become clear on will decades. in that Europe to it

contracts. Importantly, natural of the with a are a Antero's fairways, Bcf the in mix positioned Bcf transportation international are day short-term gas demand. and to to facilities LNG X.X uniquely already LNG X to on firm day of selling increase of we a Today, nearly we supply long-term

and we NYMEX export our is out, As closely to additional LNG will premium more think linked built international capacity increase will to become prices.

or me highlight We day average. gas are and NYMEX titled ahead fairway, shift, compares on such the make The as natural to to a the five-year we'll line point. gas on get corresponding historical the and are capital in outspend ANR levels gas spot capital little whether right from the Prices that historical significantly We're red Station, where now natural growth it's when that during bit unless because prematurely. locations deals, bidding average. touch much the deliver where There cycle, the selling optionality three number fundamentals for contracts with last industry locked of with five on comment to storage prices higher gas. terms X LNG Head the has of return It's deals premium cash on constructive prices shareholders. in going shifted along we're one premiums. of is forward. we to maintenance liquefiers natural today happy later the we Southeast circles remain just this periods free But running interested the versus shorter-term important Higher surplus an flow, price on deficit we supply as month. year Structurally or not and Slide other in commodity to Let our in on longer-term receive as too many Since are LNG of

During the XXXX, as see reflecting to era era prices shale are from storage today. to right storage MMBtu, growth The natural from circles to high gas gas prices per on when XXXX the maintenance the during $X.XX levels XXXX we $X.XX averaged levels. natural green low, represent

a one, constraints and Antero is growth; production best number that limit is, moving storage shift export three, per continued storage levels. a believe MMBtu. well is and During two, versus pricing this inventory shift this outlook to higher LNG supporting prices. prices on for chain to bodes driver access supply have with forward with behind The supply higher side to averaged price and We period, this limits benefit the low that occurred exhaustion; capital, limited commodity has from growth. structural We $X directly build-out pricing also over believe levels. respect primary infrastructure global Also positioned

Now that than natural is the our gas expected and let's exposure XXXX liquids titled peer hedges less on once Antero's natural hedged hedges. rising our XXXX our group. no we have production on natural and Notably, for XX% Commodity a gas commodity Exposure number XXXX natural prices. bullish added Slide Price relative Leading outlook teams gas to since and XXXX liquid X any again, to remain is not to shift testament both depicts and gas focus significant has which, Antero commodity hedge NGLs. to portfolio fundamentals

our XXXX. This peers for the our XXXX. We all in were in sharp X% on hedged hedges in Bcf gas XXXX natural are on on natural XX% of in XX put average, XXXX. a contrast XX% on and are, on for to remains unhedged virtually XXXX, who commodities gas remainder These hedged of except just or production

unique Antero's us and the liquids and As premium of firm continue fundamentals are where deliver diversified commodities industry-leading mix. attribute from our previously is mentioned, portfolio sheet, this let invited us favorable in of With Transportation, to comfortable markets. gas see LPG destination upside with Marketing the allows to on I'll today to we've export expand. be our Fowler, we to we the allow balance President majority and call over demand. very will it for This to Antero Justin to transportation Senior capture are now Gas and Vice mind, and a today. product Justin growing and and the him turn to to LNG

Justin Fowler

you. Thank

contract back the injection a the XXXX Tcf around hit in depicts approximately Storage. reached chart for highest have geopolitical saw Monthly prior Taking a Yesterday, levels Over time XXXX. day. season. have in closer current Through few concerns Gas four the since XXXX, the around per to for winter expiration prices we the to slide $X tensions the This XXXX. prices at key supply months, Bcf storage supply level X.X above look XX-year first of call heating of X.XX months first XXXX, averaged to the supported resulted gas storage X XX.X natural touched the at withdraw by natural May for Tcf gas let's the regions. required highs, global per target have and our supply several estimates of number and turn MMBtu end The last of Working expectations, NYMEX and titled across November. the level of since Slide consensus on season. Consensus this supplies storage U.S. end

we've need the levels. If we current Bcf several to higher would production represents XX the half the adjusted November. beginning X from the day in Assuming have This similar production in XXX level single day Bcf back that supply will production of increase demand likely last per average Bcf of nearly we over XXXX. excess today, a increase not levels does in years, that near-term, need for seen over through every exports today

While at comes even will day, increase expected LNG see in the the This increase growth months, expect to of higher eventual of XXXX per required demand which average this we to very strong incremental that and averaging next Bcf supply year. suggests the continue generation industrial underwhelmed. XX do historical only storage we in power we assumed are see ahead coming is X% be fill exports supply online capacity to above believe winter. is year-to-date X% to had Further, these levels. growth supply to as also

Now transportation Point to firm Exposure Paul Fairways. earlier LNG to slide Gulf on highlights X day This U.S. a LNG number Slide touched what and Peer-Leading of to at Bcf the titled to Cove Antero's with turning Mid-Atlantic Coast our X.X the terminal.

natural As Bcf chart, shown this of approximately production. day the total gas Antero's represents in X.X XX% a inset

higher peers. As direct of any has LNG our significantly depicted, exposure than demand growing this to

at India Pass includes counterparties Freeport, X. Point, today. that Global a facilities, nearly selling currently Cheniere gas such and are of LNG are to Venture We Calcasieu at service X X day Sabine directly includes of Electric Chubu This Phase which Pass Gale at Energy the as X of facilities natural in at Bcf Cove

of Bcf are that the X.X Express today. LNG already discussed service along have build the we Gulf firm the Gas many new Tennessee pipelines in doorstep are to our pipelines. terminals deliver Specifically, of gas or These and being Columbia transport of Gulf,

Phase transportation Sabine Calcasieu to that when capacity delivery context, our corridor ANR pipeline Venture the MMcf companies. Phase X firm Cheniere's firm day careful For delivers the Pass building can in we to points began portfolio there were Global's terminals. and primary The and X with points consideration negotiated supply was that XXX XXXX, interstate the the per LNG Pass

the proposed XXX or Global day offshore Tennessee terminal. to Antero gas terminal Venture recently Fortress Additionally, Plaquemines the announced MMcf on pipeline ability has New per LNG feed the the liquefaction

Driftwood, and other Transport Southbound Tellurian LNG Finally, Gold capable Sabine the Firm Cameron of various Sempra Pass, supplying Colombia contemplated is projects.

trains will and these are to that expect access see the we As NYMEX. and premiums hubs larger additional larger terminals basis pricing completed, pipelines

firm to international both as drilling hubs exports, more years partner link makes This buyers. further overall prices. portfolio, provide supply, resource preferred transportation accessing directly today base the dramatically large XX expected environment with than position will see on than more in they these we suppliers will and This LNG increase Antero NYMEX includes absolute of deep combined a believe Antero's U.S. LNG international both premium support a of to that With percentage an price LNG relative inventory for strategic markets. and increase

Slide Kennedy on turn Antero about as Justin. to why further the Michael in Antero. has rising years on to months are is the develops to like number now, Thanks, will today. on cycle start over itself compared I'd to this charts positioning that, to four The this prices. versus I realizations compare increase gas margins XXXX capitalize this Antero's different on commodity positioned To and market for in With ahead. We Mike. and excited X opportunities it titled XXXX how expand page our

in producer Antero past can five NGL top production years, see, the the and natural significantly has seven U.S. top in gas As and a now grown is you two

dramatically result this has last as of During from transformation and free to cash for an transitioning generator. this more well what during outspend valuation a and leverage business absolute time, growth. was consistent valued Antero E&Ps debt reduced sustainable rewarded a model, remains being the Despite Antero's flow when were a its cycle below it to

focus As of the free believe Antero the free cash industry highlights that E&Ps targets. scale, sustainable sheets, continues favor next in cash increase will attractive return investors The capital flow balance flow like our its development, on capital maintenance strategies. healthy slide we have and generation

now With billion the free increase of expected prices, is plan Antero's development $X.X flow. over to commodity generate cash in XXXX

outstanding our This million estimate free used the later February, amount to we during approximated hedges are flow roll quarter. XXXX flow $XX is line on billion, to is despite cash for expect backward an of dated the of the increase in be able flow five off. Despite market to to for while approximately program our down cash level share will a $XXX pay with similar Once current to expecting to company XX% cash the repurchase also quarter. targeting repurchase $XX.XX to buyback Antero's free stock free of first of occur price commencing share cap. late of current enable free Antero program the the cash brings to our of prices free quarter. we which credit will initial at flow strip Based the program us commodity flow authorized excess share February, We the our continuing free year Board which debt. greater of facility stock. This average cumulative This repurchase prices, billion was approximately in shareholders than has Antero share $X in repaid, essentially of continue repurchase to cash Directors target to up cash in as returning current our second the repurchases substantial in second expect also a In for been share quarter, of capital flow. XX% XX% common

Slide Now our benefit and to peer our that Lowest AR, number can let's here flow of already The of shareholders. the highlights relative having Return. significantly reduced more to position plot our turn shown Leverage, titled scatter X Highest return group. to free return is cash to cash shareholders we debt Appalachian our leverage The

the the among AR XX% highest lowest you leverage, peers. supports cash As see, a return, has can our which

Another puts this similar noteworthy well the of the S&P is in item majors position Antero a and XXX. as ahead

year, Appalachia Highlights, To reduction a opportunities profile Slide summarize commodity debt in with execute X.X leverage on is to Antero very times go rising other we has Antero return on this in debt XX ratio further strongest relative that year. maintain this expect sheet a prices. and high As positioned below turn $X well Antero to limited Shale and E&Ps. become later balance is of expected X.X titled sub to Investment number the to cash billion X.X capitalize

We scale the at have producer attractive fifth in significant product second largest producer largest NGL prices. and the natural diversity providing U.S., as gas

demand. hedge gas natural position transport global firm liquids and prices direct portfolio provide limited by Our rising to driven exposure industry-leading and rising

through if we current Lastly, we generation $XX in flow of is are today's substantial XXXX, forecasting market cash billion assume strip cap. our excess prices, which free

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

Operator

The [Operator today from gentlemen, is Ladies question and Jayaram of ahead. JPMorgan questions. Instructions] for Please coming now the floor go is opened Chase. first Arun

Arun Jayaram

if on this good for wanted see shareholders cash to Mike, returns year. you. potential morning. can maybe elaborate I Yes, to you

the guidance You so mean you could off could for flow can cash is the think just think what does things billion And much mentioned and you talking reload How potentially once in that that updated how this $X.X the this repay accelerate the efficiently or revolver. full this morning? I free debt paid you're flow. $X billion for do year cash buyback mean, you about But do terms authorization your in year? of you even numbers you year? given free

Michael Kennedy

now. would last quarter. We on of have would first what down the $XXX in we we mean about which call, quarter. million pay will paid suggest to an we efficient down this $XXX the I Yes. that's an million commodity approximately basis. highlighted of that additional debt still have on facility, prices in We right $XXX million happen, Arun, In $XXX million credit paid the down the

non-callable to could So maybe efficiently that's then thought $XXX And you million in million. $XXX the get $XXX of remaining we million bonds.

being majority prices So hold that these that's of remaining commodity the debt. billion that with repurchases. around the If and $X.X for used leave would supportive, plan the are share

to this would in program would $X sometime exhaust year. additional you have an So billion the and later put that suggest

Arun Jayaram

Thanks maybe both pricing. NGL Great. one and housekeeping that. gas I had question on for

so about a realized close The a And pre-hedging one and of the little of giving kind with guys numbers there. of a be to XX, gap regarding of XXX price first what CX+ nice XX think the update. was the your your do would pricing, quarterly benchmark us I you bit was job

NYMEX unusual is expect relative and and I would about to $X.XX. parity? thing trade think premium gas is the there the Just your quarter guidance wondering pre-hedged on $X.XX something Same side, $X.XX, if to in at those you the to

your understand realizations of rest implications the any So the in for guidance? from year just to XQ trying

Michael Kennedy

point a the we basis for weekly do now, thanks years terrific always on on NGL Arun, publishing of couple job out for what our our and a to close actuals. that very weekly done – prices, it's a we've of Yes, and

and our NGL you was approximated adjustment adjustment, there barrel. quarter, around, line that mentioned, have This this related those would weekly fill pricing prices value one-time of carrying the $XX the a per to to inventory. we like Without to

a and we very weekly be continue to one-time is item. close a we basis will expect whatever publish on just this So

item gas, On is of related. one-time the kind really another

$X.XX a are We premium.

premium. the in think, the it was fell to $X.XX for day for I is pushed year of the related around the $X.XX. – February would to I $X.XX February, guidance contract increase all This back monthly down, it last recall, if and Our there contract think $X.XX subsequent And that $X.XX that for up way was everyone per to on month Mcf. monthly the trading daily to trading then the

dailies pricing month what that's that's of averaged suggested. on that that month well month that month a was that dailies, on Xst have lower the as of portion sold portion in So and the price the a $X.XX, is would happened much we Xst Xst of sold that below got we a the have

of that kind was We don't that So happening forward. one-time going a see item.

So know than that and third for be fourth higher year. that the that to to we average obviously and we $X.XX we in to guidance expect premium $X.XX kept the second, quarters

Arun Jayaram

lot, a Thanks Mike. Great.

Michael Kennedy

Thanks, Arun.

Operator

Thank question coming Neal is ahead. of you. next from Truist The Please Dingmann Securities. go

Neal Dingmann

is going there are of are a finances be prices opinion there pristine. some your that on. out obviously fantastic put anecdotes to Good anything to heard I'm the teams Mike a that great the of is Slide go doing change there job, X, and obviously, and are that look just that forward hedges cause with pretty go change wondering would – all. we've for might at morning hedges. your lack number you to collars But to cause would on where you to I look, a anything or Paul, know, that

Paul Rady

– put hedges we're Neal. any tempted on. Good to Hi, no, question not but and

product both there our gas pretty a have. is that prices of strong it's pretty for while. bullish and other we our sense, for a were outlook that NGLs The read But collars

have And balance are a position hedge and so, the no pristine – foreseeable you're to as headed future plan to a we sheet that's for right, towards great commodity any be – in. so

so and of the front the at dated curve hedge all. the to the front backward a our on And remain strategy is and philosophy of curve, sell on really not curve into

to And know a the and the the hedging just the occur But to kings delevering the environment. staying future. quicker. will contango we're on now front we foreseeable no end, opposite of used remaining reaping hedge much I our that unhedged. in of So, plans on in benefits with that, be

Neal Dingmann

And Sure. follow-up one on Fantastic just ops. then call.

going about to X contract or over there. capacity the guys of something look You again, having likes don't to, too, What that, later able that you're on The would or LNG be another very stable you once to year, on this front anything side, a bit that know, the again, caused early with bring forward like flexibility some is rigs a different incremental Marcellus, on or add if there I to financial think the activity? anything mean, rig I again, in do so. year, next

Paul Rady

good No, production, in drilling be we in a terms with maintenance about there net, increase partnership, our of might are production small nothing much. feel there. where contemplated not cap We that but

So growing feel are order rig where cards now. another to and nothing up again, start the good pretty stirred in in with us get would that add we

Neal Dingmann

Paul. Thanks, Fantastic.

Paul Rady

Neal. Thanks,

Operator

of Thank you. go Subhash The Chandra is Benchmark ahead. from Company. Please next question coming

Paul Rady

Hi, Subhash.

Subhasish Chandra

morning, Good Paul and Mike. Hi.

be did, of Or and any international any on specific that specific guess, to so are express hubs Magellan Are would cuts that So should LNG I East kind the the premium. premium we That there Permian in world, guess, developing that watching? there question, NYMEX. the are I on. right, is

Paul Rady

right negotiated mechanism. were we didn't years would ago. sharing mentioned we two but bite tracking We Justin to, where maybe downturn, We made with We those We would all. at where Cheniere hubs underwater. certainly, deeply deals be through deliver there and on during those, pleased And that the we're been our all we have kept pitched a seen haven't on calls as that and where the delivered said. Fowler No, those.

that could that But between or tempting. you would could didn't get nibble. say, studying be JKM, capture of haven't So interest say, while premium where or some were the anything into is there glad TTF that it, if versus Henry, would even to seen that minimizing risk, plus somehow that emerge we deal that hub, no we're but let's $XX of particular there a I if you we

stead LNG but do go – we So I in of hubs premium to the most the for the in think are players fairway. good very

Subhasish Chandra

and guess even things Then spring right. war, LPG, sort the How of cetera. out? the summer typical of you and see happening, it. autumn we Got and I We lot shoulder lockdowns play on seasonal a got do et have

Michael Kennedy

LNG, on No, mean I the very the still LPG on we're bullish prices.

low of very a days on very see growth. levels constraints saw propane, on You inventory lot propane a low propane, supply around of

there's ownership growth that fractionation any Appalachia. growth own lot we much have the from nothing We of – see overwhelm coming of basins, and but a some Asia. don't our and and would low processing other market, and still out see Yes, in very demand

So, continues bullish we unhedged, and we're largest very in to the the second LPG mentioned as story on producer. be

feel it. very about we good So

Subhasish Chandra

blunt just processing And a than question. But It seems bit helped I and increases. down some Thanks. costs right. housekeeping in be transportation costs this a All quite of quarter, expecting bit guess, at went terms was the I of probably least that higher GP&T of could a was. sequentially it I ask if

You what for be gave XQ in should of – and of of guide kind sort the but the for dynamic we the rest year, year? looking what

Michael Kennedy

happens haul with of more is that of I local it. is firm was the expected as transport. the cost look Gulf transport to first Conversely, that like so the with – When at was the we associated marketing in little and I the expense would better that, a transport less trans – unutilized it had used longer bit has Yes. what GP&T for include the because expense – the quarter, than

was higher a guidance. bit than So our our marketing expense

were combination end. they the of still those in two, at low So

suggest. expense numbers, as but built still obviously conservatism in So we've as quite transport were combination, would weren't our ranges, good the into low they so they that

summer consider start our of using local we and We'll with will kind not think the basis the reverse transport longer – haul in the I widening, use So local. months. those

transport probably higher bit bit see lower. so, flip expense expense And a a you'll those with marketing

the same. left So guidance we the

Subhasish Chandra

Yes, Thank you. Okay. makes sense.

Operator

Thank you. Please next Umang of ahead. Goldman is The go from Choudhary question coming Sachs.

Umang Choudhary

thank taking questions. Thank you and for you and my good morning

Paul Rady

Umang. Hi,

Umang Choudhary

you of think view you have talk NGL to You all highlighted on risk free program this positive I'm gas if risk a I the to about can flow, we'll about and if share management you bit year some a little or cash market. look and would which wondering just was cash understand trying building would deploy the repurchase generate towards on your sheet? balance here.

Michael Kennedy

No.

first get of debt But leverage have no The is call that worth nothing of that for turn around low in It callable once that to billion $X mean, of for on company reduction, and prices. commodity on be debt, course. I a will current debt in occurs, in. a half efficiently the we'll

think I good it's really cash shape flow, $X.X free there. in a billion plus so

flow sub-four right then you in when as reason to trades look five-year where That into and balances. would the be really at a free yield beyond. And stock our cash quickly flow covered cash So adding any and as The suggest free you should XXXX continues could. you times cash caps the market now. XX% with build shares no buying actually that

majority of we'll that be So credit cash on facility, deploying share debt buybacks. the once the that to gets down

Umang Choudhary

to that premium contracts. And the we Bcf like? just short-term which will that wanted sell Can facilities LNG you Got it. on then premium look think to per That's the Henry up for to the in as around Hub I you should about near-term? help question how to framework could the How on day, with us helpful. follow that

Paul Rady

It's Yes. numbers. lower

that's maybe as now of we NYMEX quantities So or the range $X.XX, from gas. for liquefiers right the plus flat to get bidding would be NYMEX it $X.XX probably

Michael Kennedy

going where But We as with lot know I Antero that current of is that is gas the a next you to around competition spot. and substantial think with being the optionality be for going built. There that's see because LNG the the the go that just being of for to wave key the that ones to we're that's don't transport.

spot that next that's are LNG where to whole think see the years, I going And couple a like try amount transport of that that corridor. have of compete All secure on because we over finite that volumes they're goes these to there retain to the to supply. optionality. going mentioned, the is down I to is So a And point basis. we're to

we're a in really position. So, good

Umang Choudhary

you. Thank you. Got That's helpful.

Michael Kennedy

you. Thank

Operator

The Thank is ahead. David next Cowen. question from you. of coming Deckelbaum go Please

David Deckelbaum

everyone. morning questions. Good taking for Thanks my

Paul Rady

Hi, morning. David. Good

David Deckelbaum

the great as of an on and your evolution view on the in of considering indication your or shape? complex the quite had on Just commodities first the market question of not out risk bit the you fact that such view whole the management, quarter pointed the the quick a in when Should take just forward hedges add strength buyback that – you guys is did any balance just commodity moved sheet a higher. we

Paul Rady

power to optionality. demand didn't even Well, above on it's want good just bullish I've new, and uses outlook don't want hedge we a like we it's about ahead dated backward flat a where primarily, said, at that prices are of on. We – curve we even everyone and give to or are just the think but supply so and now. times we And as just watching higher the see feel more in up curve brighter and our stack I commodity course, our We both, itself. in

David Deckelbaum

redemption so the the Or the that the first the that acquired think be of last to six said the that sort And something... the in work cadence shares the redeem I completing notes – just coincident you Or million is in would that you quarter cash XX% enough. that know a XQ. free once bit buybacks. which revolver just you to timing, color you paid with that I quarter. then used in weeks of of in the triggered time? notes? down on the of or to the was that's the was using of Was I senior you of of $XXX Fair to guess just alluded with had window quarter, little this you

Michael Kennedy

No.

recall, you our which didn't mid-February, our reach $X we conference until debt billion consistent for was target If with under David, call.

not to estimates our program prices, $X.X buyback the did forecast first us days the we would a the What at time couple billion a So cash call, that flow quarter. on did left conference after is that commodity which looked $X.X $XXX million it initiate in billion about was first the we we free of until the share quarter. occur weeks of six in at

plan XXbX-X a to XXst. back in March put we So, buy by million $XXX

better we went prices thought. performed higher. We course, than Of

free window. of million So in outside $XXX change put we $XXX so flow couldn't hit we're we that ended still, But are up XXbX-X million, million, confident to cash in. ability we very plan because having open an our $XXX but the

during course, assumed. be what's at going that cash assumption what well million now, look bought excess facility free paid estimates, a down we the that be are quarter the during forward good originally cash during the pretty of estimates $XXX in credit of have We above back the anything the of it's to But quarter. quarter. for free going Of flow your we flow will do that

David Deckelbaum

are Board just same communicating you guess along the with I around And often how Absolutely. authorizations? lines, those

Michael Kennedy

that get we billion. when It's number, communication. We that's against them on our one the $X for back it the report was There progress to but communication. authorized

David Deckelbaum

Mike. Thanks, Perfect.

Michael Kennedy

Thanks, David.

Operator

question next The Fargo. Kumar go Please from Nitin of Wells ahead. you. Thank is coming

Nitin Kumar

the want taking place the I still questions. at stock you just leaning of like is to you earlier start it's buyback looking are undervalued that my getting in and and your why gentlemen to – for as feel still – call my on dividend indicated. But any to what almost commentary. Hi. this XXX% is Obviously, phenomenal debt targets be a Good makes understand there with thanks morning or you thoughts to stock a you up and... like year. are focused your want I

Michael Kennedy

undervalued. I that commodity like I it's EBITDA. with is a you look on at think it of sub Well, free it's also – undervalued, these PDP just basis, we substantially cash If four put there. qualifies being anything close anything PDP type a And occurs, a prices flow you on XX. to XX% mean, if yield are times

should as be back buying as shares can. we we So quickly

at initial $X of Once and further And is program. so, but billion first strategies that's exhausted share what this of the Once we behind that frame. time course, what that buyback have, we'll look capital is we're in done, we're billion firmly return $X it see reassess, doing.

Nitin Kumar

All movement right. other That seeing there? or you get you. your question And and incremental movement LNG, ability FID are the of Are FID the for gas LNG terms gas. there mentioned any any to sense. Coast, out discussions is transport to makes but Gulf guess their the seeing I you you Thank projects or on position in the firm supplying in potentially

Paul Rady

even lines. it's compression We now No. – a aware, difficult on installing or builds new right do as you're existing expansions to it's time whether pipeline

or the Chicago north So transportation firm there's at nothing say their potential to boost from corridor, in happening the Gulf boost, in material LNG that ideas say, even the economically. particularly Appalachia a get is there that that's know fairway, the gas down as are of Haynesville from a to try figure are far there's nothing we to the where out circle as into number let's newly to happening players least to I arrived going Haynesville and and way continuing of are.

be builds From think north of could some about Haynesville, see I it So Appalachia, don't it's or I all coming but out anything. enhancements new further of. can in

Michael Kennedy

a we X.X it. I of our But such highlight that's to continue of and transport. Bcf portion why resource, significant finite we've captured a mean, such

LNG have built to don't be already any need our at we We're really gas. So of pipelines exposure. to XX% further our

a So in we're good position.

Nitin Kumar

helpful. That's you Thank gentlemen. Great. very

Paul Rady

Thank you.

Operator

is question next of go ahead. Howard from Please The Holly Weil. you. coming Scotia Stewart Thank

Holly Stewart

Good morning, gentlemen.

Paul Rady

Holly. Hi,

Holly Stewart

Two ones me. quick for – two ones quick

peers their any of on as taxes free updated assuming the I'm of the First, over you in give flow your years. on here kind can impact cash that five next the Any you magnitude? your highlighted I cash inclination portfolio you – numbers in of have well. Mike, kicks one when that probably think, guys us that in,

Michael Kennedy

Yes.

projected the cash taxes. course, already Of cash free our include projections flow

we of $X.X billion XXX%. everyone, have the of remind to NOLs, are vast which majority Just

prior be did well. XX-year but can can need going in also expense not not have plan periods that and that of are our IDCs that capitalized $XXX them, as We have over we from million leases we forward we use

tax attributes. a lot we So have of

and this year you you next, have excess flow of when However, those through $X.X of cash free an chew billion quickly. pretty

is in now, late these taxpayer. not when XXXX prices year, cash would sometime commodity but So a we this become right

Holly Stewart

an Okay. ownership just Paul, That's AM. your next billion I you've in of maybe, mean then helpful. years. And $XX the over update on this morning highlighted here cash free five flow

give around thoughts Just that us some maybe ownership?

Paul Rady

mile is XX%. It's huge of LNG a throughput. it, of which asset, the story, the first inventory lot Yes. XXX a shares, We own behind terrific about million

it we So, plans have divesting and own no want any. of to

Holly Stewart

guys. right. Thank you All

Paul Rady

Holly. Thanks,

Michael Kennedy

you. Thanks, closing to Krueger floor to At would like turn time, Thank I the back comments. over Holly. Operator this Mr. for

Brendan Krueger

Please Yes. today's Thank any further us questions. out you. you call. Thank with joining on reach for

Operator

for your This Ladies concludes event. participation. you today's and gentlemen, thank

disconnect your rest at enjoy the of day. may and lines this time, your You

Antero Resources (AR) 28 Apr 222022 Q1 Earnings call transcript