Antero Resources sees net daily production approximately 2.7 Bcfe/d in 2018
2018 Guidance and Long-Term Target Highlights Include: Net daily production is expected to average approximately 2.7 Bcfe/d in 2018, a 20% increase over 2017 levels. Net daily liquids production is projected to grow 23% over 2017 volumes to 130,000 Bbl/d. Stand-alone E&P Adjusted EBITDAX is expected to be $1,700-$1,800 million with consolidated Adjusted EBITDAX of $2,050-$2,150 million in 2018. Expect to fully fund 2018 stand-alone E&P drilling and completion capital with Stand-alone E&P Adjusted Operating Cash Flow. 2018 natural gas realizations before hedges expected to be a $0.00-$0.05/Mcf premium to Henry Hub, with C3+ NGL realized price averaging 62.5% to 67.5% of Nymex WTI. Increasing 5-year planned average lateral lengths by 2,500 feet, or 28%, to 11,400 feet per well. Maintaining a compound annual growth rate target in net production of 20% from 2017 through 2020 and introducing a 15% target in each of 2021 and 2022. Targeting a debt-adjusted compound annual growth rate in net production of 24% through 2020 and 20% to 24% in each of 2021 and 2022. Targeting flat consolidated drilling and completion capital budget of $1.3 billion annually through 2020. Targeting reduced 5-year drilling and completion capital by a cumulative $2.9 billion compared to prior year targets, driven by a combination of longer laterals, improved cycle times, capital re-allocation and enhanced recoveries. Targeting cumulative Free Cash Flow of $1.6 billion through the five-year period ending 2022 based on strip pricing and $2.8 billion based on flat $60 WTI oil and $2.85 natural gas. Targeting stand-alone net debt to Adjusted EBITDAX of low 2x in 2018 and under 2x leverage in 2019 and beyond.