Antero Resources
Antero Resources’ natural gas production averaged 2.1 Bcf/d in Q2 2024, a decline of 4% from the year ago period. On the other hand, liquids production averaged 212,000 Bbls/d, an increase of 10% from the year ago period and now represents 37% of total production.
The company continued to achieve record efficiency gains averaging a record 11.9 completion stages per day in the quarter, including a monthly record of 12.8 stages per day during the month of May. Additionally, Antero averaged a record of over 18,000 lateral feet per well for completed wells during the quarter, 16% above the prior quarterly record.
Antero is increasing their full year 2024 production guidance range by ~1% from the prior reporting quarter to 3.375 to 3.425 Bcfe/d due to higher liquids volumes and capital efficiency gains. The increase is still forthcoming despite deferring the turn in line of a well pad to the end of this year from the third quarter. The company’s full year 2024 dry natural gas production guidance looks to be unchanged from the prior reporting period.
Apache Corporation
Apache exceeded the midpoint of their second-quarter U.S. oil production guidance, and they are raising full-year 2024 production guidance from the prior reporting period. In the Permian, the company had outstanding second-quarter oil production performance and are raising their outlook for the back half of the year after adjusting for asset sales. Apache expects to deliver significant organic oil production growth in the Permian Basin.
For the remainder of 2024, Apache plans to average 9 to 10 rigs in the Permian Basin and 11 rigs in Egypt. At this activity rate, the company expects full-year capital to be at or below the company guidance of $2.7 billion.
Full year 2024 dry NG production guidance is unchanged compared to the prior reporting quarter after adjusting for the acquisition of Callon Petroleum and additional production curtailments. Their 2024 dry NG production is expected to be flat YOY.
National Fuel Gas Company (Seneca Production)
National Fuel produced 96.5 Bcf of natural gas, an increase of 2% from the prior year despite approximately 5.6 Bcf of price-related curtailments in Q2 2024. The company reduced its full year 2024 NG production by 0.5% from the prior reporting quarter. The decrease is driven by the impact of approximately 5.6 Bcf of price-related curtailments due to low Northeast natural gas pricing expected to occur during the third quarter of 2024. The company also issued a new full year production guidance for 2025. National Fuel expects their 2025 natural gas production to be 2.5% higher YOY due to improved natural gas pricing and higher expected activity later in 2024 and into early 2025.