2024 Guidance Highlights:
Net production is expected to average 3.3 to 3.4 Bcfe/d, including 192 to 204 MBbl/d of liquids
Natural gas production is expected to decline 3% from the prior year]
Liquids production is expected to increase 2% from the prior year
Drilling and Completion capital budget is $650 to $700 million, a decrease of 26% from 2023
Land capital budget is $75 to $100 million, a decrease of 41% from 2023
Currently operating two drilling rigs and one completion crew
Released one drilling rig in December 2023
Released one completion crew in February 2024
Completed lateral lengths are expected to average 15,500 feet, or 2,000 feet longer than in 2023
Paul Rady, Chairman, CEO and President of Antero Resources commented, "2023 was highlighted by significant capital efficiency improvements throughout the year. Our drilling and completions teams maintained a remarkable pace, setting numerous Company records in 2023. This impressive performance led to faster cycle times across our development program and allowed us to release one drilling rig at the end of 2023 and release one completion crew earlier this month. In addition, as we enter year four of targeted maintenance capital, our corporate decline rate is substantially lower. A reduced decline rate and faster cycle times directly leads to a significant reduction in our maintenance capital in 2024."
Mr. Rady continued, "2024 is expected to be a transformational year for our sector as we enter the second wave of LNG export facility buildouts. By the end of 2025, total exports, including LNG and Mexico pipeline flows, are expected to increase by nearly 8 Bcf/d, far outpacing supply growth during that time. Antero is uniquely positioned to benefit from this demand surge through our extensive firm transportation portfolio, which delivers 100% of our natural gas out of basin, including 75% that is delivered to the LNG Fairway. With more than 20 years of premium core locations remaining, we are ready, willing and able to supply this substantial natural gas demand growth."