Antero Resources sees 2023 net production to average 3.25 to 3.3 Bcfe/d

Antero’s 2023 drilling and completion capital budget is $875M-$925M. The budget reflects approximately 10% year over year service cost inflation. Net production is expected to average between 3.25 and 3.3 Bcfe/d during 2023. "Land capital guidance is $150 million as Antero continues to focus on its organic leasing program that extends the company’s premium drilling locations in the Marcellus liquids-rich fairway. Antero expects approximately 50% of the 2023 land budget to be utilized in the first quarter of 2023. In 2022, Antero added approximately 80 drilling locations in the core of the Appalachia liquids area at an average cost of under $1 million per location, more than offsetting Antero’s maintenance capital plan that assumes an average of 60 to 65 net wells per year. Within the 2023 land budget, approximately $50 million is required for maintenance capital purposes, and approximately $100 million is targeted for incremental drilling locations and for mineral acquisitions to increase its net revenue interest in future drilling locations. The company believes this organic leasing program is the most cost efficient approach to lengthening its core inventory position," Antero said. Michael Kennedy, CFO of Antero Resources said, "In 2023, we plan to continue to focus on reducing debt and returning capital to our shareholders. Our aggressive focus on debt reduction will allow us to maintain low leverage throughout various commodity cycles, while still returning Free Cash Flow to our shareholders. In 2023, we anticipate a return of capital program of approximately 50% of our Free Cash Flow."