Kale Akamina

Kale Akamina asked if Antero's growth option would lead to 4.5 Bcf/d production early in 2027 and what the new maintenance capital number would be for that volume level. He also questioned whether there is sufficient egress to move these growth volumes around the basin, particularly for dry gas acreage, or if additional midstream capital would be required from Antero Midstream.

Answer

Michael Kennedy, CFO and SVP of Finance, confirmed that the growth option would lead to 4.5 Bcf/d early in 2027, and that running three rigs and two completion crews would continue to add growth in 2028 and 2029, with maintenance capital remaining relatively flat at around $900 million due to high capital efficiency. He added that Antero Midstream has about $20 million in capital this year to build out dry gas eastern connections, which will provide sufficient egress, and local demand will absorb the gas.