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Antero Resources Corporation (AR) is an independent oil and natural gas company engaged in the development, production, exploration, and acquisition of natural gas, natural gas liquids (NGLs), and oil properties. The company operates primarily in the Appalachian Basin, focusing on unconventional reservoirs using advanced drilling and fracture stimulation technologies. Antero Resources sells natural gas, NGLs, and oil, and also provides midstream services through its investment in Antero Midstream.
- Exploration and Production (E&P) - Develops and produces natural gas, NGLs, and oil properties in the Appalachian Basin, targeting large, repeatable resource plays with low geologic risk and high operational repeatability.
- Marketing - Optimizes revenues by purchasing and selling third-party natural gas and NGLs and marketing excess firm transportation capacity.
- Midstream Services - Provides gathering, compression, processing, and water handling services through its equity method investment in Antero Midstream, supporting production and completion activities in the Appalachian Basin.
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Given that you have deferred the completion of two pads with 12 wells into 2025 due to current natural gas prices, how will this impact your production levels and cash flows in the near term, and what price signals are you waiting for to resume these completions?
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You mentioned that maintenance capital for sustaining production at 3.3 to 3.4 Bcfe/day in 2025 is around $700 million, incorporating efficiency gains and slightly shorter lateral lengths; can you elaborate on the risks to maintaining these efficiencies and the potential impact if they do not materialize as assumed?
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Despite the current contango in the natural gas futures curve, you remain largely unhedged; what thresholds are you looking for to begin hedging future production, and how might continued volatility in gas prices affect your hedging strategy and financial performance?
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With the first $600 million of free cash flow allocated to debt reduction following your investment-grade achievement, how do you balance debt repayment with potential opportunities for shareholder returns through buybacks, especially in light of anticipated stronger free cash flow in 2025?
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Considering the ongoing constraints in U.S. LPG export capacity and your reliance on Northeast export advantages, how do you plan to mitigate the risks of potential market shifts when new Gulf Coast capacity comes online in mid-2025 and 2026, and what is your outlook on sustaining current premium pricing for your LPG exports?