Antero Resources (AR) 25 Apr 242024 Q1 Earnings call transcript

Greetings, and welcome to the Antero Resources First Quarter 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Brendan Krueger, Vice President of Finance and Treasurer of Antero Resources and Chief Financial Officer of Antero Midstream. Thank you.

You may begin.

Good morning. us First joining Conference XXXX for Call. you for Quarter Antero's Investor Thank few non-GAAP the provided reviewed Q&A. I call going highlights, spend www.anteroresources.com, will the minutes We'll a be website our through financial earnings to you we'll contain at may call it homepage that of like we and open call. Today's financial separate up during also for have measures. today's would where direct certain to a then operating and presentation for release reconciliations press disclosures earnings regarding comparable including our to refer measures, important to GAAP such Please financial most the measures.

today Joining Gas me President on Paul Marketing. I the call will Justin Fowler, Paul. CEO the CFO; and Senior Transportation; call and Kennedy, President; now Vice turn Dave Senior and Cannelongo, to are Michael over Vice Natural Chairman, of Marketing Liquids of Rady, President

year, Thank off everyone. you, comments started Antero #X titled, from start continues As quarter, and days slide, a the operational the with on left-hand trend. Starting efficiency year lateral last my was top in XXXX, days quarter, that the the Slide of on my I Brendan. per first down drilled the Completion chart XXXX transformational Efficiencies." morning, averaged side during "Drilling XX,XXX feet comments X.X X.X XXXX. for I'll days This gains. Good for year

XX the the under completion as shown side, just times, an quarter, first the increase result bottom during per XX.X of XXXX in of page. from operational day of improvements the On pace cycle per we averaged record day. a on stages shorter the in These quarterly stages

lead these single are of per trending operational many improvements time gets currently inputs by line cycle team. examined item ahead year-to-date every our last year's Our is as XXXX average. There to that pad

without will more further swaps However, allows and pad hour to increases in the than completion well technology of We times. pumping this us from that result zipper improved day XXXX in save time on impactful completion well a in any estimate been that having true new each to most move has efficiency downtime. in change an will

benefit also we Avoiding the water water the providing water otherwise of infrastructure, pad congestion trucks and our contend that water get have many for to operations of Our Midstream's sand trucks from pad, something deliverability from significantly our site rates would Antero with. reduces completions. use industry-leading that peers accessing

capital improvements Antero Now of gas led $X.XX of of natural #X Mcf this amount capital these to per level equivalent achieve chart per below the peer peer-leading at simply, of the Put Mcfe. let's peer efficiency. The at per look on capital group lowest our is how is efficiency the of maintenance to group. Mcfe. compares Slide a required capital average its has peer $X.XX production. This XX% just the

led during efficiency, cash the flow to exposure, significant operating first to and best-in-class expected is liquids the for free full with flow cash combined quarter Our positive generate free year.

liquids Liquids Vice Now will for natural Transportation, his over Marketing the I on fundamentals, Senior and Dave or comments. NGL liquids to our to touch it President gas current turn of Cannelongo and

Ongoing liquids. for canal tension, seen last challenges risk but tensions global Middle crude related has the diminished, XXXX fundamentals improved East, high. geopolitical geopolitical in increased demonstrated the XXXX on year Internationally, in of start pricing The year-to-date. particularly Paul. have Thanks, the remain premium

as in quarter per XXXX. Notably, that capacity day the chart averaged has increase WTI with there per resulting January propane X.X the propane in This in exports Slide X.X per all-time the fourth prices. Propane high another continues meet with year, second LPG in waterborne X day global growth XXX,XXX global in PDH facilities export first driving reported quarter million most in have year-to-date, record additions this barrels driven upward a China the of service Exports nearly remained of the to XX% XX% U.S. week export The simultaneously have XXXX. up percentage over X is averaged start significant of XX% X. XXXX build-out the at since totaling growth progress of pressure this to an remains with source average the barrels quarter in the on The front, placed to storage million freeze-offs first of the over in an time, exports occurred on At record strong of the On half in down growing fast-growing drawing demand. same year of domestic important propane market barrels propane demand. illustrates day. demand force start depicted the propane XXXX. and and a compared year-over-year showing are This and expected by new

disconnect Asian against the Mont our As for in Belvieu full propane levels, to allowed Antero of well year out rising our terminal instead as elected Mont pricing is In of international Belvieu pricing a year, premium exports us differentials our reminder, CX+ positioned well production deals. into we entering Mont heavily Antero directly skewed pricing. propane over to Marcus XXXX Belvieu guidance as CX+ international dock and storage sell that XX% spot Pennsylvania. This prices a indices barrels the term from to domestic avoid to exposure. have to event of in has longer Europe strength or in due towards greater Belvieu The of a portion waterborne Mont increase market Hook the additional link to constraints

CX+ per that we quarter touched XXX,XXX just our day Slide benefited exposure prices. As of Paul the approximately our on, condensate produce. results illustrates plus liquids to from first NGLs significant barrels #X

the of see WTI You approximately right-hand the the barrel of of oil slide on the day to in closely separates that the the on side barrel barrels prices. those products left. XX,XXX per breakout are can linked The liquids

gasoline Many down gasoline. are to the to parts enacted natural gasoline markets tailwind refiners implications the condensate. X without specifications desulfurize realizations IsoButane, also their the also to have per a gasoline Tier strong U.S. CX+ XX to includes Butane due unable been of This and million Antero's downgrading in mainly of octane U.S. motor

made a demand octane for as with is products enhancement a result, feedstock. strong there As butanes

been IsoButane as the product. enhancement alkylate, strong octane production is of in key a particularly it used is has which

Just Natural to it gallon when conclusion, other to quarter you've Supportive normal to butane. trade Justin seen morning, to fundamentals product I'll per past are market. this over this compared discuss distinct Marketing, $X.XX President witnessed Fowler, the NGL Gas that, that premium and natural In over illustrate promising Senior is ahead. With the signs IsoButane strategy, our of Vice Antero's at diversification pricing gas turn producers.

of it Slide including all Transport open As natural substantially U.S. to to we titled, is #X approximately Thanks, basin, sell Dave. all Gulf I'd LNG to turning the by like "Not gas the to Coast Equal." XX% our corridor. reminder, up of out a

miles pricing Gulf firm along in X transportation provides with LNG exposure see vicinity and major next the starting the in to sales box prices outside points to we Henry Our price near up view. The range between of portfolio a premium new outside of commodity research XXX above of see points us Tier spread emphasizes a market. expect of $X MMBtu. They year, and could $X sales quote over the Hub facilities Coast that points recent this Henry LNG within from points Hub several blue LNG at the that highlights growing per importantly, the direct call can MMBtu, out a while demand points $X comfortably sales to sales facilities. With team believe this per widening

of selected well are to within located over the stars slide ago that beginning this gas the highlight points side top Looking at Antero this sales order prices yellow Antero closely to sell this chart range the premium market. and on on of sales map, natural These were their into access average, gas Hub at while years this sell fairway. strategically Henry our the at Henry highlights feeder in our XX% lines of LNG XX than The less Hub. peers, doorstep points link the XXX-mile left-hand of XX%

the pricing expected next NYMEX as rise is sales expect XXXX premiums per the along years on in facilities launched addition summer be Global's financial basis a Looking premiums this X in we export An compete summer in the Bcf and in Venture by increased Plaquemine pricing, up increases for these those points LNG as to higher ahead even at TGP XXXL LNG day, the of than XXXX. an nearly over to pool alone supply. Henry priced months. X to of next Hub capacity Antero in the anticipation NYMEX We of example about start few facility $X.XX

Henry pool Express potentially to premiums initial to pipeline TGP Just Global as online summer. the supply is Plaquemine that begin and pricing by Evangeline above with feed demand facility. this into summer LNG the higher NYMEX the XXXL Pipeline from to to requirement year, project only that Intelligence, of FERC feeds will feeder introducing gas immediately lead those day. Market Hub brings were well implied gas NYMEX. X, TGP Gator week prices be per approval July $XXX Venture last received region $X.XX This in the expected LNG XXXX, this same X, the capacity According facility, Tennessee XXX Phase Gas the Pass to Plaquemine as million

project million the the As to will capacity. day feed of supply pool of per reminder, $XXX or that the Antero X delivery XX% Phase a funds XXXL firm the

depicts XXXX for incremental power data base burn Bcf estimate on The of Next, and for a increasing on AI third-party demand I would It in nearly vehicles. case or demand #X XX% its centers, scenario mining gas projects per natural touch like year. through a crypto power outlook demand. of growth result to Slide electric gas as the natural X chart the

exports, clean innings early illustrate by and increase the LNG we grade, increasing natural has toward XX going of ever increase natural on will over the Combined, rising demand an along this in demand that past. to demand of turning been demand It demand in generation same coming higher to combined XXX% Slide in affordable to believe level chart exports, in electrification from shift Mexico an experienced structural expected there continue significantly demand. need. of and the exports, base LNG power gas annually have forward. This burn creates Mexico with reliable, sources than these Bcf is increasing a We result a gas are significant power demand increase expected the growth today. the with electric #X. from XXXX, Next, We

Kennedy, provide periods expect these to prices over lead gas Mike turn I to prices years. to will of it With natural support that, in the higher coming will CFO. fundamentals Antero's and We

start credit outstanding. of notes near-term coupon Thanks, facility cash down have I'd balance We remainder and the paying flow we continued to to allocate to like Justin. with debt. absolute focus higher the plan the our on reducing #XX future and Slide free

going flow We debt our XX-XX repurchase to cash to our to of will then towards return XX% of be in XX% share a program. position reduction and strategy free going

Turning our this cash XXXX conference our peer-leading #XX. shown breakeven This We slide highlighted compares levels. last to call. during Slide slide free flow on breakeven price

compares to quarter. Our free of $X.XX an $X.XX the quarter. average cash unhedged breakeven Despite Antero during first gas NYMEX first million level price, the low flow the the price natural $XX generated in of

Antero differentiated comments backdrop. Our up unhedged conclude price here in Resources: free cash low this as high ,"Antero requirements capital believe macro gas success for E&P on the at quarterly built liquids. in natural maintenance benefited slide, flow and set to breakeven our #XX And my that today titled lowest shown we strategy Company." results The with will results among Slide today's peers. from I exposure We "Unconstrained" the is

We of have premium XX of and inventory. production Bcfe over significant X.X day years scale a with volumes

recent upstream of We the development the long-term in basin. and reliability midstream, transactions the This asset our visibility have development critical is and as provides program. by which evidenced in integrated into

transportation higher firm well LNG prices of sales to start-up that have is of leading lack The We to sell to Hub. discounted Henry Plaquemines our NYMEX summer XXX of terminal point, of the LNG to peers to fairway premiums transportation lead capacity, in them at back expected potentially TGP Gulf Hub. Henry to gas to production our Coast. at this the sell firm us prices higher forcing the XX% the allows portfolio our Many

reinvestment gas Lastly, This natural rate higher our capital efficiency conversion. the of free group. cash lowest peer-leading drives we have flow peer

during natural Henry $X.XX the now over price. With when Our cash turn low to investment we highlighted at Hub the for will quarter rate liquids questions. generated despite unhedged positive and high the was flow first that, gas operator NYMEX being I call free leverage

line the [Operator Instructions] with Our Jayaram first from comes JPMorgan. question of Arun

for one Maybe Justin.

molecules just demand you that Justin, the potential from in centers, of narrow was a the takeaway demand see for bit to if But gas given start could the lack kind that advantaged of as historically, cetera, of area growth rising some et decade, Appalachia on of gas? in comment the what of gas-on-gas wondering this end strong capacity more given seen to I would Appalachia that Obviously, discount a margin maybe competition. kind little you the data the environment. some has could we've a garnered for for of discounts in perspective

Yes. it's Arun, Justin.

we So value Henry when Bcf versus outer we X to continuing corridor, the the premiums the LNG see at just gain years. look Hub down FT to in those

So and that our we or because in basis in Gulf. ability XXXL do, to have to local months TGP production value our will versus XX% centers, well a in to those AI volumes station, the position onshore, compressing we seasonally continue transport think terms prices and again, Appalachia of if as the sell points head of Southeast et Henry. year increase delivery strong of different data the be back cetera, towards will very gaining CGT that Antero have

can on and costs, we et So cetera, that time. that decision make variable measure over

Great.

XX% you system? update Just maybe what so the a you And seeing flex if flex follow-up what of saw the give you're could have molecules, volumes? liquids a your just you marketing terms more little kind And than an of mentioned terms higher in or do that on in Dave, arbitrage, of exporting of mix maybe you front. a greater export rates. shipping in bit CX+ a you're on

in that the, the it, summer. that in now. to Yes, season shoulder shoulder call done through Arun, flex, the is done particular, We've Dave. we've This

particular, percentages the our So we've our to in the reported higher in the shows third well those -- will going of go that where it of volume where it and quarter export we in second be domestic, dock. over are, XX% results summer at amount propane versus we times, is and

So we already. flexed that

the market the rates, and to had what I dramatically those since made. we Panama ways that where the during left the that were to and higher you late ships about year some a of with. And times are take on year, announcement seeing Panama shipping the we're de-optimize global if much was domestic there happened, going actually have is freight concerns for how lot then think but that since in all things last was Canal LPG getting I more Canal don't LPG it, the what the the called improved mean fleet we begin through have to pool

they think canal the ships, I canal move has to initially first, been more forecasted they than able in those restrictions. general, when the had announced through

pricing. that of of rates now the the be allowing linked VLGC that's international we that seen we've at So prices And freight dramatically build-out from and XX large dock we freight where a ultimately to forward waiting collapsed have closer to its quarter. for fourth to We're vessels And year, kind now were the last effect, in you're seeing had price. over in VLGCs. the today

question with from Chandra the next comes Benchmark. Subhasish Our line of

is? million of are yes, Dave do that I close? first. number, shocking pretty Maybe those what commentary some added guess some was kind December. a hedges, caution you I capacity Dave, you updated mean, through X.X And dock there. And for there on think Probably propane show we

Yes.

allow just officially dock. could kind I that's average fall the can that head a number on the minute across of the that next number, happen. the loaded. to the I kind when think a that kind well like above of a can mean rate run scratcher But U.S. believe they we Subhasish. X.X you of timing of ultimately dock happen week, into on certainly we are a is of bit capacity, it that The million, based ships there If

to X.XX barrels somewhere have those that in that of it's docks day across because propane move X.X to you So still million a million butane needs well. as

what they're It's summer. a their see it's it hit we'll So sometimes de-optimizes hotter, this to refrigeration able bit. when

is expansion think this expect second but summer, of that we're they the, when what way think I we'll We've levels these around docks year the until those highly next projects Gulf call see So the utilize our do on saw there players. And we I the some kind can about or expect being on inventory of from it, to of about if propane talked a rise question. Yes, a as concerns you Coast utilized. levels great then docks and decoupling of fully result Mont midstream hedges, the pricing Belvieu, the half of

vast some we And exposure, majority so of still take conservative saw we was export prudent similar just the time. risk this to per do propane, last that that out was off at propane thought year move to the to we I had while domestic table a we and play be with just and gallon thought $X.XX saw wanted we we was our what range. it things the in wise it if down when

a Yes. of XX% production our around But some the vast context pricing. put barrels on gets day, total that's international because majority XX,XXX propane which is

right. That's

versus Right. fracs, And the percent percent well on just adoption curious, maybe what count, year, this like like think prior the year And look of the balance zipper that. the it of TILs, does of for years? Paul, something I

sort is common now, And of basin about a that maybe has come been whereas the nature. more topology it's why while, for things another of

Yes.

course, it decoupling iron there's more fracs a quite have But primitive been for been zipper wells. -- a Subhasish, around for different lot earlier, while. and the a stage, So up maybe of there's re-hooking in of

switches the of with be we different efficient to the we've And wells we way flip so of valves, And on flip more as can to are some frac out and much zipper some just found that. a pumping. turning

it of an would past, efficient, changing zipper be become hour So it's when we're more the downtime at in fracs. much whereas least

visit how early sort of say, last in here year? the application And months of of you in versus, terms 'XX,

X where in last a it's think And it it. the to a development months we've I continue perfected will year on.

line next from Bert of comes question Donnes Truist. Our the with

question around Just little the wanted demand bit center differently. ask to a data

to boost, an kind maybe maybe trying there's a U.S. long-term of a to may overseas you LNG we avoid thought the center-driven be U.S.? no continued data see lock You've And if that lead contract that process to the in to temptation lead with reason the does Is contract. go there to to a in

actual or the it the wasn't the around get centers. Yes. It's the just to we're LNG that No, can docks molecule company around really data to only facilities.

So we commitments We've enter pipeline on itself. our contracts into done didn't any the need in have long-term that. already around to

And stay actually on what so retain demand we for optionality to when like they compete pricing just wanted in with for that have adds obviously, more, look gas. to the centers, data us that would floating gas. for But our that

So that competition just grow. continues to

interest Northeast indirect just volumes for anything rather Okay. maybe or direct, of you'd And both contract boosting no kind legacy long-term a say uplift? in for

that thing continue Yes. Yes. the now an that Gulf what last Coast. highlighted in mean, premium $X.XX That's about. philosophy, stay interesting was at that a next is it's prepared our it for $X.XX XXX to going we year, line that to year, our remarks, I TGP, time talked and in is This go higher.

it that's premiums we Gulf going our sell as the to So Coast, you're gas. where and the go see higher closer continue and closer, gets to in

And then Great. changing gears.

per Or is shorter rates, economic laterals laterals Marcellus it's and that bit gears? the foot laterals. they the shifting too one -- strong was data quarter-over-quarter are surprisingly a that and there just Is are a may maybe XX,XXX-foot more basis, going be not shorter on logic on some long? point were it On little

to economics good cost and it's the but are these we're longer I'd longer still point. that it suggest. data foot, so the laterals the around would provide Yes. lateral Generally, longer more say lateral the drilling completing spread economic one

laterals? end, the there So longer be will from dated production later a maybe stronger tail on the

Yes. clean quickly. would more say, a quickly, I shorter mean, up will lateral more I dewater will

even But are when so going get to and really in the so Mike big run, rate period better out peak And just XX,XXX it we're will longer economics much of are time. the a XX,XXX, feet. shorter as said, to XX,XXX Those over wells.

to peak longer wait little it's it. you you rate, so worth until And get but a

of line Our Neil with Mehta next question Goldman Sachs. comes from the

couple on questions I allocation. capital had of a

The area credit first the deploy debt job Slide one a you free down getting your to done you've your level, and talk facility balance. next XX, to pay great down is about to on cash of flow this

this balance So how buybacks maybe of that the you're when return at of stock? to your inflection perspective And do the equation. curious point shareholder buy you given on into strengthening sheet, back specifically think fit

call Yes. flow on down that I said credit cash and near-term is in to that in the maturity remarks, the pay 'XX. facility first free the

we'll to our $XXX on But that's when half then after depend first prices actually shares. the today's of those. on year. So will be commodity in plus prices, paying down million. XX-XX achieve that, debt we And return buying about back of next commodity strategy It it'd based

And space lot Helpful. across we've E&P the across a seen space, broadly. consolidation of energy then

have really You a deep inventory.

love perspective you just strategy right how and do So on I the organic M&A would your see the is within And landscape? fitting strategy? Antero

We do strategy strategy. believe the the right organic is

locations You in I believe, of compared XX economic to saw locations add, for in we had quarter, go $XX how That's million M&A to we highly landscape. much the first able the land. were

So the the just liquids Marcellus. out continue areas -- our in build position of portion terrific these right wells where we're operation of continue and and our to consolidate to drilling we

believe to we inventory our add that's the increase So and continue best XX-year position. way value to

comes of line question next Jacob the Our Roberts with from TPH.

I I market, comment missed storage may apologize to liquids wanted was the I levels back to on Dave, hoping did have you just and answers, in the circle could moment. I it, this at if your hit but you on

through the as coming where being X-year the those well playing it appears them Specifically, summer? out as you and production X above of PADD see do out just the

this is Jacob, Dave.

months, month, some then pretty quarter, X-year then had change week the continued range and polar that significant the back all first top had didn't and went actually go I or expectation average last the a vortex last until the unusual say EIA X of trend X-year X January that build this at in we've and kind below the X.X then to It weeks, along to from you we If of week. for really had change would we data. X

between are rise the what see over of the inflection how the of range looks the does that So that back X-year we in X-year we'll last above year, below like, point the summer. kind slope and range average. And top that but

a think We that. out forecasts on of this propane who's the in to different rig say right watch count attention lot Hard there on there's I to production basins do pay that. and year. the exactly all

what small exposure And all so doing some our sorry, have part of that's, again, Mont there propane year. amount drove of earlier answered I we questions hedging comments on this domestic just that taking there, But your Belvieu Jacob?

I current they And be just a time are hit? is the us met? that looks second the of when once Martica that's thresholds you what question. Can Yes, will appreciate payments threshold on line remind ultimately perfect. those it. expected like And

Yes.

kind that recall, in to runoff of As back ended there longer that base. you of is they've March rightly PDP revert hit right the actually XXXX, That -- participate that be forecasting they XX, And we're rates starting now, return. us to no of our they 'XX. but when does certain wells in

comes Our line Pickering MacCurdy from Partners. with of next question the Energy Kevin

that CX+ the marketing to quarter And the looks prices, benchmark? first the there as you you if versus than average to expect the do benefited continue? on weekly it Or gave is, you the just benchmark it were prepared your onetime were your in like appreciate curious premium items in better pricing. but some my the much that realized remarks, details We NGL question prices all relates

better there this We've linked switched onetime contracts, any Mont international exposure, more Yes, aren't not really year to items. to Belvieu.

international NGL realizations. So we through And the higher that continues, pricing. than better has Obviously, we're domestic a still relationships those working of been kind pricing see as

saw that in $X. our increased increased it by You guidance,

kind our So more get we'll internationally domestically linked to due in we to on versus forecast, linked kind to years. actuals continue it's a as of that. just the switching us contracts little watch really prior versus in But liquids dialed of

gas until activity of out spot changing the received? would you later the as follow-up, their heard happy weak other with pushing price companies And consider plans are overall are Or from that kind in we've make given a you prices, you year? Great. wells equivalent the what

I still for quarter by at and current based X one be guidance that's of mean dominated completion the one I of determined. that's this and had liquids really it's it be month third in running spot rigs pricing. only low and the on calls, do X we're we X program today, then we pad Yes, do pad. have through. on If that mentioned the that a was have capital prior We deferred have to range. that's you year, would put end prices that the was potentially would one capital

The completion is one line. just other pad

very So Btu content. to it's in much with that very is X,XXX running our X X,XXX very gas, rigs and so high efficient, the liquids

So that's what drives the economics.

XX% was XX% only was I think our liquids in the first gas. revenue, and of quarter

much of the economics really influences these wells. liquids how can you the see prices So

line Barclays. comes Betty of Our from question with next Jiang the

bit first start-up LNG? demand. detail to of gas cargo provide material loading see the Can Plaquemines seeing chemical any you feed a more the we Do the need same startup on or before

has of TGP XXX capacity You XXX line the M. mentioned the that line,

demand levels? Just quickly those those could how reach gas see on we any feed view

analysts Betty, it's that that parked project start July we the correct, you're Pass Capacity Justin. data have marketing of waiting Yes, on should will at be the load. so we so project, Plaquemine, look will tracking the XXX, the up be the to when X. far Tennessee Evangeline vessels

approach and then up that the through facility new will a The see into we showing July, watch. to we'll as nominations to the data are point be Evangeline that vessels that So Pass project.

at trains physical we'll start liquefaction getting is in quickly the a gas are July, to theory, flowing, of we get better completion. how mechanical So least the once ramping gauge to

the you think that No, just prices be that's Clearly, current around And dynamic pricing what relative future higher? helpful. case? your on hub. that is the catalyst that's do not is Got will guys' reflecting up Why view that And following pricing. it. strip drive hub the to

referring Henry So Hub pricing? the to you're

pricing Hub. The line to Henry relative XXX TGP

just that's at at the forward Betty, alone. looking Yes, basis reaction are seeing we XXX price markets in the financial

summers financial That 'XX So plus looking financial. Cal is, are and 'XX the basis Cal $X.XX. at already showing again, just in alone, on

those we but will get start So points will well. to which there physical we'll a closer delivery be to premium, develop physical command premium as component as a

$X.XX So say, $X.XX now starts Henry $X.XX, to as you're to gas that if delivery. to closer $X.XX Hub physical were over it price at or let's

-- it. physical And is gas gas? the for there today Got a physical premium

physical varies, is summer different the premiums. high -- load increase. were seen months in temperatures when in AC very summer, Today it generation and there the We've still side, seeing starts we power requirements Last on the premiums to the hot because Southeast and Betty. get that's

seen So in those premiums but have yes, it flat past, plus. can to trade the we

Got side, just also point? reduce on of that's you gas expect your good organically certified all could helpful. under at turn the you some do emissions certified gas emission Project low certified the question can you relative it. on from If room see to Do increased guys Canary. to coverage get really to more to kudos much here? on guys production And intensity the Is to I it's that That's there peers. you your the to production

Yes.

day. up that our question Canary, to across going first on X of all a your fields. on see do Bcf So We're we Project

So around the field XX% basis. a gross about X/X, it's maybe on of

see it do that entire we overtime, So, field. build out our to continuing across

all of the have is mag and On about being as valve emissions low the that XX% can. We've eliminated probably there. the from new necessary limit emissions, to our as getting to done control we're all work devices we close

we project we offset as our us So in will top, emissions and get can. stove the through XXX,XXX commence as with Ghana initiative. we're level need close saw offset, XXXX metric our to in that's we stoves that why those ultimately into you tons XXX,XXX, cook to getting think We down

the comes Chandra from Our question Subhasish Benchmark. next line of with

Back to TGP and Plaquemine XXX.

the incremental obviously, having showing the do scarcity So over addressed of beginning shows being full in the Is that, over capacity years facility. in no see absolutely that couple next frame? premium what LNG the several that ramp How you time are the strip? there chance forwards gas and with of of there

be There could that volumes drawn to area. other

pipes of corridor et the That that to cetera. traverse and generation west spreads has basis lot that the on east, depending premiums. filling load, a power Southeast Just

depends that need spreads global is I to are of those increase. monthly. spiking, that you competition areas. competition global it into gas can If assume a then finite would point get the Mike's pricing There just think So on and amount of seasonally the will earlier, and

capacity gas we in over when with knew we started that least it is that up XXX Antero, get volume the in-service physical market a just picking pull the to Southeast. So to leg, at on at to the challenge date, or get the years time the contracts ago prior together there putting

it you then price liquefaction to premiums. potentially facility just volatility Bcf a X.X So the of leads X.X, competition and we then and add day, new that expect that

hand queue. questions closing to further in are to the like remarks. I'd no There it for management back

today's for Please us you Thanks. any call. Thank if on joining reach Yes. out further questions.

Ladies and participation. today's teleconference. you gentlemen, does this your conclude Thank for

lines time, wonderful You have at day. and your may a disconnect this