Antero Resources(US:AR)2022-04-29 21:28Financial Performance & Strategy - Antero Resources (AR) did not add any hedges during the quarter, positioning the company for greater exposure to rising commodity prices[7] - AR targets approximately $10 billion in free cash flow through 2026, which is about 100% of its current market value[22] - The company projects a 2022 free cash flow yield of approximately 25% based on market value, which is expected to be the highest among Appalachian peers[23] - AR's net debt has been reduced by $22 billion[19] Production & Guidance - AR's 2022 net production guidance is between 32 and 33 billion cubic feet equivalent per day (Bcfe/d)[30] - Net natural gas production is projected to be between 22 and 225 billion cubic feet per day (Bcf/d)[30] - Net liquids production is expected to range from 175000 to 185000 barrels per day (Bbl/d)[30] - The company anticipates drilling 70 to 80 wells and completing 60 to 65 wells in 2022[30] Market Dynamics - The presentation suggests structurally higher natural gas prices ahead, noting that when storage is neutral with the 5-year average, historical natural gas prices have been between $250 and $325 per MMBtu, while in 2022, prices are expected to be greater than $400 per MMBtu[5] - Antero highlights a shift from a "Shale Growth Era" (2015-2019) to a "Maintenance Era" (2020 to-date) characterized by limited capital access, infrastructure constraints, and a focus on ESG initiatives[6]