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Kale Akamine

Vice President and Equity Research Analyst at Bank of America Merrill Lynch

Kalei Akamine is a Vice President and Equity Research Analyst at Bank of America Merrill Lynch, specializing in the energy sector with a focus on oil and gas exploration and production companies such as Diamondback Energy. Based in Houston, Texas, he engages deeply with industry leaders on key operational metrics like maintenance capital expenditures, production levels, and drilling efficiencies, contributing to insightful research coverage. Akamine began his career as an Analyst at Brean Capital LLC in 2011, advanced to Research Analyst at Merrill Lynch from 2012 to 2019, and continued at BofA Securities thereafter. He holds FINRA broker registration under CRD# 6127550, confirming his professional credentials in securities regulation.

Kale Akamine's questions to ANTERO RESOURCES (AR) leadership

Question · Q4 2025

Kale Akamine asked if the growth option investment would lead to 4.5 Bcf/d production early in 2027 and what the new maintenance capital associated with that volume level would be. He also inquired about the sufficiency of egress for dry gas growth volumes, whether from legacy Harrison County or new HG acreage, and if additional midstream capital would be required from Antero Midstream (AM).

Answer

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

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