Antero Resources(US:AR)2023-10-26 18:19Production and Efficiency - Antero Resources increased its 2023 production guidance due to drilling and completion efficiencies combined with strong well performance[8] - The company achieved record pumping hours per day, increasing from 11.7 in 2019 to 17.1 YTD 2023, and further to 22.2 in June 2023[6] - Completion stages per day increased from 5.8 in 2019 to 10.8 YTD 2023, with a company record of 16.0 stages in March 2023[6] - Cycle time, representing days from surface spud date to first production date, decreased from 427 days in 2019 to a company record of 129 days in June 2023[6] Inventory and Market Access - Antero Resources claims to have the largest low-cost Appalachia inventory with locations based on 3rd party data, costing below $2.75/Mcfe[12] - 75% of Antero's natural gas is delivered to LNG fairways[27] - Antero is currently selling approximately 1.0 Bcf/d directly to LNG facilities[27] Propane Market - U S propane inventories are above the 5-year historical average, with a current surplus of +16 MMBbls (+18%) above the 5-year average[19] - Despite high propane stocks, days of supply remain within the 5-year range, with 2023 showing +1 day above the 5-year average[19] - China has added 120 MBbl/d of China PDH demand capacity in 2023, with an additional 340 MBbl/d expected by the end of 2024[21] Financial Performance - Antero Resources' Adjusted EBITDAX for the three months ended September 30, 2023, was $271.203 million[42] - Antero Resources' Adjusted EBITDAX for the twelve months ended September 30, 2023, was $1.36278 billion[44] - Antero Resources' net debt increased from $1.183476 billion at the end of 2022 to $1.606895 billion as of September 30, 2023[46]