Group 1: Contract Award and Value - TechnipFMC plc has been awarded a significant contract by Equinor for the Johan Sverdrup Phase 3 development, valued between $500 million and $1 billion, highlighting its capability in subsea solutions [1] - This contract represents a key moment in the evolution of one of the largest oil and gas projects in the Norwegian North Sea [1] Group 2: Importance of Johan Sverdrup Field - The Johan Sverdrup field has been a cornerstone of energy production since operations began in 2019 and is one of the most significant oil discoveries in the region [2] - The field is expected to see an increase in production capacity by adding new wells, aligning with sustainable energy goals while providing substantial economic benefits [3] Group 3: TechnipFMC's Role and Execution Model - TechnipFMC has been a trusted partner in the Johan Sverdrup project, having delivered subsea production systems for previous phases, marking a significant milestone in its partnership with Equinor [4] - The iEPCI integrated execution model developed by TechnipFMC streamlines project execution, reducing complexity and improving efficiency, making it the preferred model for large-scale offshore developments [5] Group 4: Scope of the Contract - Under the contract, TechnipFMC will design, manufacture, and install various subsea production systems and equipment, essential for integrating new templates into the existing Johan Sverdrup field center [6] - The integration of new production units will allow Equinor to expand production capacity and optimize field recovery, crucial for meeting rising global energy demands [7] Group 5: Impact on Norwegian Energy Landscape - The Johan Sverdrup Phase 3 development is expected to significantly contribute to Norway's energy strategy and its position as a leading oil and gas producer in Europe [8] - The use of low-emission energy sources will help reduce the carbon footprint of the project, aligning with global sustainability efforts in the oil and gas industry [9] Group 6: Conclusion on TechnipFMC's Leadership - The award of the iEPCI contract further solidifies TechnipFMC's position as a leader in subsea systems and integrated offshore solutions, with a commitment to high-quality project delivery [10] - The completion of this phase will validate TechnipFMC's ability to execute complex, large-scale offshore projects efficiently, promising a bright future for the Johan Sverdrup development [11]

Core Viewpoint - The U.S. Energy Department reported a higher-than-expected increase in natural gas supplies, leading to a decline in futures prices despite resilient market conditions driven by limited production growth and strong global demand [1][2]. Natural Gas Market Overview - Natural gas stockpiles in the lower 48 states rose by 9 billion cubic feet (Bcf) for the week ended March 14, exceeding analysts' expectations of a 3 Bcf increase [3]. - Total natural gas stocks reached 1,707 Bcf, which is 624 Bcf (26.8%) below the 2024 level and 190 Bcf (10%) lower than the five-year average [4]. - Daily natural gas consumption fell to 104.3 Bcf from 110.1 Bcf the previous week, primarily due to lower residential and commercial usage caused by warm weather [5]. Price Dynamics - Natural gas prices fell by 3% to $3.98 per MMBtu following the larger-than-expected inventory injection, although prices remain elevated after recently hitting a two-year high of $4.491 [6][7]. - The market is experiencing upward pressure on prices due to a combination of cold weather, supply disruptions, and strong global demand, particularly from Europe and Asia [7][9]. Future Outlook - The EIA projects that U.S. natural gas inventories will end the withdrawal season in March about 4% below the five-year average, which could support prices around $4/MMBtu in the near term [10]. Company Highlights - **Antero Resources (AR)**: A leading natural gas producer with a strong production outlook, reporting 316 billion cubic feet equivalent (Bcfe) in the most recent quarter, over 60% of which was natural gas. The Zacks Consensus Estimate for AR's 2025 earnings per share indicates a remarkable 1,381% year-over-year growth [12][13]. - **Coterra Energy (CTRA)**: An independent upstream operator with a significant presence in the Marcellus Shale, Coterra's expected earnings per share growth rate for the next three to five years is 15.5%, outperforming the industry average of 11.4% [13][14]. - **Gulfport Energy (GPOR)**: Focused on natural gas exploration and production, Gulfport has emerged from bankruptcy with a stronger balance sheet. The Zacks Consensus Estimate for GPOR's 2025 earnings per share indicates a 62.2% year-over-year growth [15][16].

Core Insights - Petrobras (PBR) is in advanced discussions with U.S. LNG suppliers for a long-term import deal to address Brazil's energy challenges, as the country consumes more natural gas than it produces [1][2] - The company is shifting its strategy from spot market purchases to securing long-term contracts to ensure stable energy supplies for Brazil [3][4] Brazil's Energy Needs and PBR's Strategy - Brazil's natural gas consumption has consistently outpaced production, leading to reliance on imports, including pipeline gas from Bolivia and LNG cargoes [2] - Spot market purchases are volatile, prompting PBR to seek long-term contracts for a more stable energy supply [2][4] Long-Term LNG Contracts - Petrobras has secured its first long-term LNG supply agreement with Centrica, purchasing 0.8 million tons per annum for 15 years starting in 2027 [4] - This contract marks a significant step in diversifying and strengthening Brazil's LNG supply chain, providing stability in pricing and supply [5] Regional Gas Cooperation - Petrobras is exploring gas imports from Argentina, leveraging its shale gas reserves, particularly from the Vaca Muerta formation [6] - Discussions are ongoing to reverse gas flows through existing infrastructure to facilitate gas supply from Argentina to Brazil [7][8] Challenges and Opportunities - The decline in Bolivia's gas output presents an opportunity for Argentina to provide a more consistent gas supply to Brazil [10] - Price negotiations among Brazil, Argentina, and Bolivia are critical for successful regional gas deals [11] Future Energy Strategy - Petrobras' efforts to secure long-term LNG contracts and regional cooperation are essential for Brazil's energy security and sustainability [12] - The energy strategy is expected to evolve to include a mix of domestic production, LNG imports, and regional agreements, enhancing resilience in Brazil's energy system [13]

Core Viewpoint - Cheniere Energy is expanding its Corpus Christi LNG plant, receiving approval from U.S. regulators, which will enhance the U.S. position as a global leader in LNG exports [1][14]. Group 1: Expansion Details - The Midscale Trains 8 and 9 project will add 3 million metric tons per annum (mtpa) to the Corpus Christi facility, increasing its total production capacity to 18 mtpa [4]. - The Stage 3 expansion at the Corpus Christi site is also underway, which will add an additional 10 mtpa to Cheniere's production capacity [6][7]. Group 2: Strategic Importance - Cheniere Energy has established itself as the largest U.S. LNG producer, playing a crucial role in transforming the U.S. into the world's largest LNG exporter [2][12]. - The expansion efforts are aligned with Cheniere's long-term strategy to diversify and enhance its LNG supply chain, catering to international markets [5]. Group 3: Regulatory Approval - The Federal Energy Regulatory Commission (FERC) granted approval for the construction of the Midscale Trains 8 and 9 project, marking a significant milestone in Cheniere's growth trajectory [8][9]. - The approval process underscores Cheniere's commitment to maintaining high standards in energy production and navigating the regulatory landscape effectively [9]. Group 4: Future Outlook - Cheniere's ongoing investments in expanding the Corpus Christi LNG plant indicate a commitment to growth and innovation, positioning the company for continued success in the global energy market [13].

Financial Data and Key Metrics Changes - In 2024, Antero Resources Corporation achieved a full drilling and completion capital of $620 million, which is $55 million or 8% below initial guidance and nearly $300 million below 2023's CapEx of $909 million [7] - Production averaged over 3.4 Bcf equivalent per day, which is 2% above initial guidance [8] - The company generated positive free cash flow of $73 million in 2024 despite being unhedged at a $2.27 natural gas price [28] Business Line Data and Key Metrics Changes - Drilling efficiency improved, reducing the average time to drill a well to just ten days in 2024, a nearly 30% improvement compared to 2022 [9] - Completion stages per day averaged 12.2 in 2024, with a record of 13.2 in Q4 2024, representing a 53% increase compared to 2022 [10] - The company expects production to be 50 million cubic feet per day higher than prior targets for 2025 [29] Market Data and Key Metrics Changes - Antero realized a $1.41 per barrel premium over Mont Belvieu in 2024, with Q4 2024 averaging $3.09 per barrel [12] - U.S. propane exports averaged 1.8 million barrels per day year-to-date in 2025, a 9% increase compared to the same period last year [16] - Natural gas storage is currently 111 Bcf below the five-year average, indicating a tightening inventory [21] Company Strategy and Development Direction - The company plans to use free cash flow to first pay down its credit facility and senior notes, then return to a 50-50 debt reduction and capital return strategy via share buybacks [33] - Antero is focused on maintaining a low-cost structure and maximizing exposure to rising prices through its firm transportation agreements [34] - The company is strategically positioned to benefit from increasing LNG demand and expects significant calls on natural gas over the next twelve months [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving higher prices in 2025 and 2026 due to supportive fundamentals and low rig counts [22] - The company anticipates a substantial year-over-year increase in free cash flow for 2025, projecting over $1.6 billion based on current strip pricing [32] - Management highlighted the importance of maintaining flexibility in capital structure and the potential for share buybacks once debt is reduced [80] Other Important Information - Antero's marketing strategy has enhanced pricing by selling more products to key distributors and end users [15] - The company has locked in almost all domestic propane sales and a significant portion of export sales at attractive premiums [15] - The anticipated startup of new LNG facilities is expected to significantly increase demand for natural gas [25] Q&A Session Summary Question: Can you discuss the gas macro situation and Antero's ability to respond to increased demand? - Management indicated that the ability to grow production is limited to local basins and emphasized their strategy of not selling local gas [39] Question: Can you provide details on the drilling partnership mentioned in the 10-K? - Management confirmed the continuation of a drilling JV that allows for operational efficiencies and a consistent program [42] Question: What is the current status of your well completions and production guidance? - Management confirmed that they brought on sixteen wells in January and have one duct pad with seven wells expected in Q3 [48] Question: How do you view your inventory and midstream runway? - Management stated that they have a strong inventory and are well-positioned for long-term liquids drilling [58] Question: What are your thoughts on return of capital and share buybacks? - Management plans to focus on debt repayment first, followed by a balanced approach to share buybacks [80]

Antero Resources (AR) Q4 2024 Earnings Call February 13, 2025 11:00 AM ET Company Participants Brendan Krueger - CFO, VP of Finance & TreasurerPaul Rady - President, Chairman & CEODavid Cannelongo - Senior Vice President of Liquids Marketing & TransportationJustin Fowler - Senior Vice President of Gas Marketing and TransportationMichael Kennedy - SVP, Finance & CFOArun Jayaram - Vice PresidentJohn Freeman - Managing DirectorCarlos Escalante - Senior AssociateNeil Mehta - Head of Americas Natural Resources E ...

February 13th, 2025 Antero Resources (NYSE: AR) Fourth Quarter 2024 Earnings Call Presentation Legal Disclaimer This presentation includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under AR's control. All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments AR expects, believes or anticipates will or may occur in the future, such as those regar ...

Production and Reserves - Antero Resources reported net production averaging 3.4 Bcfe/d in Q4 2024, with natural gas production at 2.1 Bcf/d (7% decrease) and liquids production at 217 MBbl/d (14% increase) compared to the previous year[5]. - Estimated proved reserves at year-end 2024 were 17.9 Tcfe, with 77% classified as proved developed reserves, totaling 13.7 Tcfe[18][19]. - Antero placed 5 horizontal Marcellus wells to sales in Q4 2024, with an average rate per well of 34 MMcfe/d, including 1,650 Bbl/d of liquids per well[23]. - The company added approximately 4,200 net acres in Q4 2024, representing 15 incremental drilling locations at an average cost of $950,000 per location[17]. - Antero's estimated future development cost for 4.2 Tcfe of proved undeveloped reserves is $0.44 per Mcfe, requiring an estimated $1.8 billion of future development capital over the next five years[20]. Financial Performance - The company achieved Free Cash Flow of $159 million in Q4 2024, with net income of $150 million and Adjusted Net Income of $181 million[15]. - Adjusted Net Income for Q4 2024 was $149,649, a 83% increase from $81,839 in Q4 2023[26]. - Adjusted EBITDAX for Q4 2024 was $331,936, compared to $322,446 in Q4 2023, reflecting a slight increase of 3%[38]. - Free Cash Flow for the year ended December 31, 2024, was $849,288, down from $994,721 in 2023[38]. - Net income attributable to Antero Resources Corporation for the year ended December 31, 2024, was $57,226,000, down from $198,404,000 in 2023, a decrease of 71.2%[49]. - Operating income for the year ended December 31, 2024, was $460,000, a significant drop from $396,247,000 in 2023[49]. - The company reported a net income per common share—diluted of $0.48 for the three months ended December 31, 2024, compared to $0.26 for the same period in 2023[49]. - The company reported a net income attributable to noncontrolling interests of $9,164 for Q4 2024, down from $21,169 in Q4 2023[26]. - Net income for the year ended December 31, 2023, was $297,329, a decrease of 85.1% compared to $1,998,837 in 2022[52]. Revenue and Sales - Total revenue for the year ended December 31, 2024, was $4,681,972,000, a decrease of 6.7% from $4,325,596,000 in 2023[49]. - Natural gas sales decreased to $1,818,297,000 in 2024 from $2,192,349,000 in 2023, representing a decline of 17.0%[49]. - Natural gas liquids sales increased to $2,066,975,000 in 2024 from $1,836,950,000 in 2023, reflecting a growth of 12.5%[49]. - Total operating expenses for the three months ended December 31, 2023, were $1,055,815, an increase of 5% from $1,110,972 in 2024[54]. Costs and Expenditures - Antero's capital expenditures for drilling and completion in Q4 2024 were $120 million, with an additional $22 million invested in land[17]. - Drilling and completion costs on a cash basis for Q4 2024 were $105,552, significantly lower than $204,494 in Q4 2023[39]. - The company anticipates future capital spending plans to improve capital efficiency and reduce costs[42]. Debt and Equity - Net Debt decreased from $1,537,596 in 2023 to $1,489,230 in 2024, indicating improved financial position[28]. - The total long-term debt as of December 31, 2024, was $1,489,230, a decrease from $1,537,596 in 2023[28]. - Total liabilities decreased to $5,793,517,000 in 2024 from $6,383,025,000 in 2023, a reduction of 9.2%[47]. - Stockholders' equity increased to $7,216,533,000 in 2024 from $7,134,214,000 in 2023, an increase of 1.2%[47]. Market Conditions and Pricing - The company anticipates a realized natural gas price premium of $0.10 to $0.20 per Mcf to NYMEX and a C3+ NGL price premium of $1.50 to $2.50 per barrel to Mont Belvieu in 2025[9]. - The average realized natural gas price before hedges in Q4 2024 was $2.77 per Mcf, reflecting a $0.02 discount to the benchmark index price[13]. - Average realized price for natural gas (per Mcf) for the three months ended December 31, 2023, was $2.68, up 3% from $2.76 in 2024[55]. Impairments and Adjustments - The company experienced a significant increase in impairment of property and equipment, rising to $28,475,000 in Q4 2024 from $6,556,000 in Q4 2023[49]. - The company reported a significant increase in impairment of property and equipment, rising 334% to $28,475 for the three months ended December 31, 2024[54]. Strategic Focus - The company is focused on expanding its operations in the Appalachian Basin, enhancing its position as a leading natural gas producer in the U.S.[41].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 1615 Wynkoop Street, Denver, Colorado (Address of principal executive offices) 80-0162034 (IRS Employer Identification No.) 80202 (Zip Code) (303) 357-7310 (Registrant's telephone number, ...

Financial Data and Key Metrics Changes - Antero Resources reported a reduction in drilling and completion capital budget to $650 million for 2024, a 28% decrease from 2023 while maintaining production levels [9][28] - The company achieved a free cash flow breakeven level of approximately $2.20, benefiting from low maintenance capital requirements and high exposure to liquids [23][24] - Total capital budget is expected to decrease by over $300 million in 2024 compared to the previous year while maintaining production [28] Business Line Data and Key Metrics Changes - The company set a new quarterly record for completion stages, averaging 12.1 stages per day, a 51% increase compared to 2022 [7][8] - Total well costs have decreased by 8% since last year, reaching the lowest level since 2021 [8] - Antero's maintenance capital per Mcfe is $0.52, which is 41% below the peer average of $0.88 [26] Market Data and Key Metrics Changes - U.S. propane demand exceeded 3 million barrels a day recently, driven by seasonal crop drying and heating demand [16] - Antero realized an average propane export premium of $0.22 per gallon in Q3, up from $0.08 to $0.09 per gallon at the start of the year [17] - Natural gas power burn demand is averaging 1.4 Bcf higher than last year, with expectations for continued growth driven by AI data centers and electric vehicles [19][20] Company Strategy and Industry Competition - Antero plans to continue focusing on improving operational efficiencies and has switched to an e-fleet for completion activities, potentially saving $150,000 to $200,000 per well [10] - The company is well-positioned to benefit from robust export premiums due to its unconstrained access at the Marcus Hook terminal [18] - Antero's firm transportation portfolio delivers 75% of its natural gas to the LNG corridor, providing direct exposure to growing LNG demand [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to maintain production levels while deferring completions based on natural gas prices [27][44] - The company anticipates that low rig counts and increased demand will support a tightening of inventories and lead to higher prices in 2025 and beyond [22] - Management highlighted the importance of maintaining a flexible capital program to adapt to market conditions [26] Other Important Information - Antero has built two DUC pads with 12 wells that are not being completed this year, with completion timing dependent on natural gas prices [31] - The company plans to use the first $600 million of free cash flow to reduce debt before considering buybacks [33] Q&A Session Summary Question: Guidance on DUCs and future completions - Management confirmed they have two DUC pads with 12 wells that are not being completed this year, with future completions dependent on natural gas prices [31][32] Question: Buyback strategy and free cash flow - The first $600 million of free cash flow will be used to reduce debt, with buybacks considered afterward [33] Question: Northeast LPG export advantage and premium sustainability - Management expects strong premiums to continue until new export capacity comes online in mid to late 2025 [35][36] Question: Conditions for completing DUCs - Completion of DUCs will depend on achieving a natural gas price of $2.50 or higher [39][40] Question: Maintenance capital and production levels - Maintenance capital is expected to be around $700 million to maintain production levels of 3.3 to 3.4 Bcfe per day [44][59] Question: Hedging strategy and future pricing - Management is monitoring the market for potential hedging opportunities but remains unhedged for now [51] Question: Impact of efficiencies on 2025 budget - The 2025 budget includes efficiencies and is expected to be lower due to improved operational performance [55]