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    Antero Midstream Announces Fourth Quarter 2024 Results and 2025 Guidance

    2/12/25 4:15:00 PM ET
    $AM
    $AR
    Natural Gas Distribution
    Utilities
    Oil & Gas Production
    Energy
    Get the next $AM alert in real time by email

    DENVER, Feb. 12, 2025 /PRNewswire/ -- Antero Midstream Corporation (NYSE:AM) ("Antero Midstream" or the "Company") today announced its fourth quarter 2024 financial and operating results and 2025 guidance.  The relevant consolidated financial statements are included in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2024.

    (PRNewsfoto/Antero Midstream) (PRNewsfoto/Antero Midstream)

    Fourth Quarter 2024 Highlights:

    • Net Income was $111 million, or $0.23 per diluted share, a 10% per share increase compared to the prior year quarter
    • Adjusted Net Income was $124 million, or $0.26 per diluted share, an 8% per share increase compared to the prior year quarter (non-GAAP measure)
    • Adjusted EBITDA was $274 million, an 8% increase compared to the prior year quarter (non-GAAP measure)
    • Capital expenditures were $24 million, a 47% decrease compared to the prior year quarter
    • Free Cash Flow after dividends was $93 million, a 91% increase compared to the prior year quarter (non-GAAP measure)
    • Repurchased 1.9 million shares for $29 million

    Full Year 2024 Highlights:

    • Net Income was $401 million, or $0.83 per diluted share, an 8% per share increase compared to the prior year
    • Adjusted EBITDA was $1.05 billion, a 6% increase compared to the prior year (non-GAAP measure)
    • Capital expenditures were $161 million, a 13% decrease compared to the prior year
    • Free Cash Flow after dividends was $250 million, a 61% increase compared to the prior year (non-GAAP measure)
    • Leverage declined to below 3.0x as of December 31, 2024 (non-GAAP measure)

    2025 Guidance Highlights:

    • Net Income of $445 to $485 million, representing GAAP earnings of $0.92 to $1.00 per share
    • Adjusted EBITDA of $1.08 to $1.12 billion, a 5% increase compared to 2024 at the midpoint (non-GAAP measure)
    • Capital expenditures of $170 to $200 million
    • Free Cash Flow after dividends of $250 to $300 million assuming an annualized dividend of $0.90 per share, a 10% increase compared to 2024 at the midpoint (non-GAAP measures)

    Paul Rady, Chairman and CEO said, "Antero Midstream delivered an exceptional year in 2024 with throughput, Net Income, Adjusted EBITDA, and Free Cash Flow setting company records.  This Free Cash Flow growth in 2024 provided us with the ability to internally finance an accretive bolt-on acquisition, reduce absolute debt, pay an attractive dividend and repurchase shares in 2024."

    Brendan Krueger, CFO of Antero Midstream, said "In 2024, Antero Midstream reduced its absolute debt by nearly $100 million and reduced leverage to under 3.0x.  This absolute debt and leverage reduction positioned us to commence our share repurchase program during the fourth quarter of 2024, repurchasing $29 million of shares."

    Mr. Krueger added, "Looking ahead to 2025, we expect another year of increases in our EBITDA and Free Cash Flow after dividends.  This positions us well for further debt reduction and increases in return of capital to shareholders."

    For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, and Free Cash Flow after dividends please see "Non-GAAP Financial Measures."

    Share Repurchases

    During the fourth quarter of 2024, Antero Midstream repurchased 1.9 million shares for $29 million.  Antero Midstream had approximately $471 million of remaining capacity under its $500 million authorized share repurchase program as of December 31, 2024.

    2025 Guidance

    Antero Midstream is forecasting Net Income of $445 to $485 million and Adjusted Net Income (adjusted for amortization of customer relationships and effective tax rate impact) of $500 to $540 million.  The Company is forecasting Adjusted EBITDA of $1.08 to $1.12 billion, which represents a 5% increase compared to 2024 at the midpoint.  This Adjusted EBITDA growth is driven by low-single digit year-over-year throughput growth and inflation adjustments to Antero Midstream's fixed fees.  Antero Midstream expects to service 70 to 75 wells with its fresh water delivery system, with the wells having an average lateral length of approximately 13,200 feet.  The Company's 2025 guidance includes approximately $135 to $145 million of combined distributions from its interests in the processing and fractionation joint venture with MPLX, LP (the "Joint Venture") and in Stonewall Gathering LLC ("Stonewall Joint Venture").

    Antero Midstream is forecasting a capital budget of $170 to $200 million.  The midpoint of the 2025 capital budget includes approximately $85 million of investment in gathering and compression infrastructure for low pressure gathering connections and compression.  Antero Midstream has budgeted an investment of $85 million for water infrastructure in 2025, primarily focused on the expansion to the southern Marcellus liquids-rich midstream corridor.  This investment in wastewater blending and pipeline infrastructure creates one integrated water system in the Marcellus Shale, allowing for future capital efficient development across the entire liquids-rich midstream corridor.  The Company is also budgeting $10 to $15 million of capital contributions to the Stonewall Joint Venture to increase its capacity.

    Antero Midstream is forecasting Free Cash Flow before dividends of $690 to $730 million and Free Cash Flow after dividends of $250 to $300 million for 2025, assuming an annualized dividend of $0.90 per share.  This represents a 10% increase in Free Cash Flow after dividends at the midpoint of guidance compared to 2024.

    The following is a summary of Antero Midstream's 2025 guidance ($ in millions, except per share amounts):





    Twelve Months Ended

    December 31, 2025





    Low



    High





    Net Income



    $445



    $485





    Adjusted Net Income



    500



    540





    Adjusted EBITDA



    1,080



    1,120





    Capital Expenditures



    170



    200





    Interest Expense



    195



    205





    Cash Taxes



    —



    10





    Free Cash Flow Before Dividends



    690



    730





    Dividend Per Share



    $0.90





    Free Cash Flow After Dividends



    250



    300





















    Fourth Quarter 2024 Financial Results

    Low pressure gathering volumes for the fourth quarter of 2024 averaged 3,276 MMcf/d, a 3% decrease compared to the prior year quarter.  Compression volumes for the fourth quarter of 2024 averaged 3,266 MMcf/d, a 2% decrease compared to the fourth quarter of 2023.  High pressure gathering volumes averaged 3,045 MMcf/d, in line with the prior year quarter.  Fresh water delivery volumes averaged 114 MBbl/d during the quarter, a 21% increase compared to the fourth quarter of 2023.  The increase in fresh water delivery volumes was driven by an increase in completion activity by Antero Resources.

    Gross processing volumes from the processing and fractionation Joint Venture averaged 1,622 MMcf/d for the fourth quarter of 2024, a 2% decrease compared to the prior year quarter.  Joint Venture processing capacity was 100% utilized during the quarter based on nameplate processing capacity of 1.6 Bcf/d.  Gross Joint Venture fractionation volumes averaged 40 MBbl/d, in line with the prior year quarter.  Joint Venture fractionation capacity was 100% utilized during the quarter based on nameplate fractionation capacity of 40 MBbl/d.





    Three Months Ended

    December 31,



    Average Daily Volumes:



    2023



    2024



    % Change



    Low Pressure Gathering (MMcf/d)



    3,377



    3,276



    (3) %



    Compression (MMcf/d)



    3,343



    3,266



    (2) %



    High Pressure Gathering (MMcf/d)



    3,047



    3,045



     *



    Fresh Water Delivery (MBbl/d)



    94



    114



    21 %



    Gross Joint Venture Processing (MMcf/d)



    1,649



    1,622



    (2) %



    Gross Joint Venture Fractionation (MBbl/d)



    40



    40



     *























    * Not meaningful or applicable.



















    For the three months ended December 31, 2024, revenues were $287 million, comprised of $225 million from the Gathering and Processing segment and $62 million from the Water Handling segment, net of $18 million of amortization of customer relationships.   Water Handling revenues include $25 million from wastewater handling and high rate water transfer services.

    Direct operating expenses for the Gathering and Processing and Water Handling segments were $26 million and $30 million, respectively, for a total of $56 million.  Water Handling operating expenses include $22 million from wastewater handling and high rate water transfer services.  General and administrative expenses excluding equity-based compensation were $9 million during the fourth quarter of 2024.  Total operating expenses during the fourth quarter of 2024 included $11 million of equity-based compensation expense and $33 million of depreciation expense.

    Net Income was $111 million, or $0.23 per diluted share, a 10% per share increase compared to the prior year quarter.  Net Income adjusted for amortization of customer relationships, impairment of property and equipment, loss on settlement of asset retirement obligations, and gain on asset sale, net of tax effects of reconciling items, or Adjusted Net Income, was $124 million.  Adjusted Net Income was $0.26 per diluted share, an 8% per share increase compared to the prior year quarter.

    The following table reconciles Net Income to Adjusted Net Income (in thousands):



















    Three Months Ended

    December 31,







    2023





    2024



    Net Income



    $

    100,447





    111,189



    Amortization of customer relationships





    17,668





    17,668



    Impairment of property and equipment





    146





    —



    Loss on settlement of asset retirement obligations





    185





    —



    Gain on asset sale





    (6)





    (183)



    Tax effect of reconciling items(1)





    (4,657)





    (4,574)



    Adjusted Net Income



    $

    113,783





    124,100







    (1)       The statutory tax rate for each of the three months ended December 31, 2023 and 2024 was approximately 26%.



    Adjusted EBITDA was $274 million, an 8% increase compared to the prior year quarter.  Interest expense was $50 million, a 4% decrease compared to the prior year quarter, driven primarily by lower outstanding average total debt.  Capital expenditures were $24 million, a 47% decrease compared to the fourth quarter of 2023.  Free Cash Flow before dividends was $201 million, a 28% increase compared to the prior year quarter.  Free Cash Flow after dividends was $93 million, a 91% increase compared to the prior year quarter.

    The following table reconciles Net Income to Adjusted EBITDA and Free Cash Flow before and after dividends (in thousands):





    Three Months Ended

    December 31,







    2023





    2024



    Net Income



    $

    100,447





    111,189



    Interest expense, net





    52,000





    49,721



    Income tax expense





    30,865





    44,603



    Depreciation expense





    34,885





    32,795



    Amortization of customer relationships





    17,668





    17,668



    Gain on asset sale





    (6)





    (183)



    Accretion of asset retirement obligations





    44





    49



    Impairment of property and equipment





    146





    —



    Loss on settlement of asset retirement obligations





    185





    —



    Equity-based compensation





    8,431





    11,461



    Equity in earnings of unconsolidated affiliates





    (27,631)





    (27,778)



    Distributions from unconsolidated affiliates





    36,935





    34,749



    Adjusted EBITDA



    $

    253,969





    274,274



    Interest expense, net





    (52,000)





    (49,721)



    Capital expenditures (accrual-based)





    (45,536)





    (24,011)



    Free Cash Flow before dividends



    $

    156,433





    200,542



    Dividends declared (accrual-based)





    (107,941)





    (107,735)



    Free Cash Flow after dividends



    $

    48,492





    92,807



    The following table reconciles net cash provided by operating activities to Free Cash Flow before and after dividends (in thousands):



















    Three Months Ended

    December 31,







    2023





    2024

    Net cash provided by operating activities



    $

    208,321





    232,691

    Amortization of deferred financing costs





    (1,516)





    (1,283)

    Settlement of asset retirement obligations





    389





    282

    Income tax expense





    30,865





    44,603

    Deferred income tax expense





    (37,242)





    (44,603)

    Changes in working capital





    1,152





    (7,137)

    Capital expenditures (accrual-based)





    (45,536)





    (24,011)

    Free Cash Flow before dividends



    $

    156,433





    200,542

    Dividends declared (accrual-based)





    (107,941)





    (107,735)

    Free Cash Flow after dividends



    $

    48,492





    92,807





















    Fourth Quarter 2024 Operating Update

    During the fourth quarter of 2024, Antero Midstream connected 5 wells to its gathering system and serviced 16 wells with its fresh water delivery system.

    Capital Investments

    Capital expenditures were $24 million during the fourth quarter of 2024.  The Company invested $17 million in gathering and compression, $6 million in water infrastructure, and $1 million in the Stonewall Joint Venture. 

    Conference Call

    A conference call is scheduled on Thursday, February 13, 2025 at 10:00 am MT to discuss the financial and operational results.  A brief Q&A session for security analysts will immediately follow the discussion of the results.  To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference "Antero Midstream."  A telephone replay of the call will be available until Thursday, February 20, 2025 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13750393.  To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com.  The webcast will be archived for replay until Thursday, February 20, 2025 at 10:00 am MT.

    Presentation

    An updated presentation will be posted to the Company's website before the conference call.  The presentation can be found at www.anteromidstream.com on the homepage.  Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release.

    Non-GAAP Financial Measures and Definitions

    Antero Midstream uses certain non-GAAP financial measures.  Antero Midstream defines Adjusted Net Income as Net Income plus amortization of customer relationships, impairment of property and equipment, loss on early extinguishment of debt, and loss (gain) on asset sale, net of tax effect of reconciling items.  Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets.  Antero Midstream defines Adjusted EBITDA as Net Income plus net interest expense, income tax expense, depreciation expense, amortization of customer relationships, loss (gain) on asset sale, accretion of asset retirement obligations, impairment of property and equipment, loss on early extinguishment of debt, loss on settlement of asset retirement obligations, and equity-based compensation expense, excluding equity in earnings of unconsolidated affiliates, plus distributions from unconsolidated affiliates.

    Antero Midstream uses Adjusted EBITDA to assess:

    • the financial performance of Antero Midstream's assets, without regard to financing methods, capital structure or historical cost basis;
    • its operating performance and return on capital as compared to other publicly traded companies in the midstream energy sector, without regard to financing or capital structure; and
    • the viability of acquisitions and other capital expenditure projects.

    Antero Midstream defines Free Cash Flow before dividends as Adjusted EBITDA less net interest expense and accrual-based capital expenditures.  Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates.  Capital expenditures exclude acquisitions.  Free Cash Flow after dividends is defined as Free Cash Flow before dividends less accrual-based dividends declared for the quarter.  Antero Midstream uses Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period.

    Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow before and after dividends are non-GAAP financial measures.  The GAAP measure most directly comparable to these measures is Net Income.  Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities.  The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by operating activities.  You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP.  Antero Midstream's definitions of such measures may not be comparable to similarly titled measures of other companies.

    The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):





    Three Months Ended

    December 31,









    2023





    2024



    Capital expenditures (as reported on a cash basis)



    $

    53,708





    39,840



    Change in accrued capital costs





    (8,172)





    (15,829)



    Capital expenditures (accrual basis)



    $

    45,536





    24,011

























    Antero Midstream defines net debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash and cash equivalents ("Net Debt").  Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream's financial leverage.  Antero Midstream defines leverage as Net Debt divided by Adjusted EBITDA for the last twelve months.  The GAAP measure most directly comparable to Net Debt is total debt, excluding unamortized debt premiums and debt issuance costs.

    The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands):

























    December 31,







    2023





    2024

    Bank credit facility



    $

    630,100





    484,300

    7.875% senior notes due 2026





    550,000





    —

    5.75% senior notes due 2027





    650,000





    650,000

    5.75% senior notes due 2028





    650,000





    650,000

    5.375% senior notes due 2029





    750,000





    750,000

    6.625% senior notes due 2032





    —





    600,000

    Consolidated total debt



    $

    3,230,100





    3,134,300

    Less: Cash and cash equivalents





    66





    —

    Consolidated net debt



    $

    3,230,034





    3,134,300

































    The following table reconciles Net Income to Adjusted EBITDA and Free Cash Flow for the years ended December 31, 2023 and 2024 as used in this release (in thousands):





    Twelve Months Ended

    December 31,







    2023





    2024

    Net Income



    $

    371,786





    400,892

    Interest expense, net





    217,245





    207,027

    Income tax expense





    128,287





    147,729

    Depreciation expense





    136,059





    140,000

    Amortization of customer relationships





    70,672





    70,672

    Impairment of property and equipment





    146





    332

    Loss on asset sale





    6,030





    723

    Accretion of asset retirement obligations





    177





    189

    Loss on settlement of asset retirement obligations





    805





    —

    Loss on early extinguishment of debt





    —





    14,091

    Equity-based compensation





    31,606





    44,332

    Equity in earnings of unconsolidated affiliates





    (105,456)





    (110,573)

    Distributions from unconsolidated affiliates





    131,835





    135,660

    Adjusted EBITDA



    $

    989,192





    1,051,074

    Interest expense, net





    (217,245)





    (207,027)

    Capital expenditures (accrual-based)





    (184,994)





    (161,324)

    Free Cash Flow before dividends



    $

    586,953





    682,723

    Dividends declared (accrual-based)





    (431,727)





    (432,596)

    Free Cash Flow after dividends



    $

    155,226





    250,127

    The following table reconciles net cash provided by operating activities to Free Cash Flow before and after dividends for the years ended December 31, 2023 and 2024 as used in this release (in thousands):





    Twelve Months Ended

    December 31,







    2023





    2024

    Net cash provided by operating activities



    $

    779,063





    843,994

    Amortization of deferred financing costs





    (5,979)





    (6,004)

    Settlement of asset retirement obligations





    1,258





    795

    Income tax expense





    128,287





    147,729

    Deferred income tax expense





    (134,664)





    (147,729)

    Changes in working capital





    3,982





    5,262

    Capital expenditures (accrual-based)





    (184,994)





    (161,324)

    Free Cash Flow before dividends



    $

    586,953





    682,723

    Dividends declared (accrual-based)





    (431,727)





    (432,596)

    Free Cash Flow after dividends



    $

    155,226





    250,127

















    Antero Midstream has not included a reconciliation of Adjusted Net Income, Adjusted EBITDA and Free Cash Flow before and after dividends to the nearest GAAP financial measures for 2025 because it cannot do so without unreasonable effort and any attempt to do so would be inherently imprecise.  Antero Midstream is able to forecast the following reconciling items between such measures and Net Income (in millions):





    Twelve Months Ended

    December 31, 2025





    Low



    High





    Depreciation expense



    $130



    $140





    Equity based compensation expense



    40



    45





    Amortization of customer relationships



    70



    75





    Distributions from unconsolidated affiliates



    135



    145





















    Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation's (NYSE:AR) ("Antero Resources") properties.

    This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream's control.  All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, Antero Resources' expected production and development plan, natural gas, NGLs and oil prices, Antero Midstream's ability to realize the anticipated benefits of its investments in unconsolidated affiliates, Antero Midstream's ability to execute its share repurchase program, Antero Midstream's ability to execute its business plan and return capital to its stockholders, impacts of geopolitical and world health events, information regarding Antero Midstream's return of capital policy, information regarding long-term financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources' expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources' drilling partner, the impact on demand for Antero Midstream's services as a result of incremental production by Antero Resources, and expectations regarding the amount and timing of litigation awards are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  All forward-looking statements speak only as of the date of this release.  Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved.  Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.  Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

    Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to our business, most of which are difficult to predict and many of which are beyond Antero Midstream's control.  These risks include, but are not limited to, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources' drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources' future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, the state of markets for and availability of verified quality carbon offsets and the other risks described under the heading "Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2024.

    ANTERO MIDSTREAM CORPORATION

    Consolidated Balance Sheets

     (In thousands, except per share amounts)

     





    December 31,







    2023



    2024



    Assets

    Current assets:















    Cash and cash equivalents



    $

    66





    —



    Accounts receivable–Antero Resources





    88,610





    115,180



    Accounts receivable–third party





    952





    832



    Other current assets





    1,500





    2,052



    Total current assets





    91,128





    118,064



    Long-term assets:















    Property and equipment, net





    3,793,523





    3,881,621



    Investments in unconsolidated affiliates





    626,650





    603,956



    Customer relationships





    1,215,431





    1,144,759



    Other assets, net





    10,886





    13,348



    Total assets



    $

    5,737,618





    5,761,748



















    Liabilities and Stockholders' Equity

    Current liabilities:















    Accounts payable–Antero Resources



    $

    4,457





    4,114



    Accounts payable–third party





    10,499





    12,308



    Accrued liabilities





    80,630





    83,555



    Other current liabilities





    831





    635



    Total current liabilities





    96,417





    100,612



    Long-term liabilities:















    Long-term debt





    3,213,216





    3,116,958



    Deferred income tax liability, net





    265,879





    413,608



    Other





    10,375





    15,399



    Total liabilities





    3,585,887





    3,646,577



    Stockholders' equity:















    Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2023 and December 31, 2024















    Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2023 and December 31, 2024





    —





    —



    Common stock, $0.01 par value; 2,000,000 authorized; 479,713 and 479,422 issued and outstanding as of December 31, 2023 and December 31, 2024, respectively





    4,797





    4,794



    Additional paid-in capital





    2,046,487





    2,019,830



    Retained earnings





    100,447





    90,547



    Total stockholders' equity





    2,151,731





    2,115,171



    Total liabilities and stockholders' equity



    $

    5,737,618





    5,761,748



     

    ANTERO MIDSTREAM CORPORATION

    Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)

    (In thousands, except per share amounts)







    Three Months Ended December 31,







    2023



    2024



    Revenue:















    Gathering and compression–Antero Resources



    $

    216,726





    234,630



    Water handling–Antero Resources





    60,627





    70,053



    Water handling–third party





    485





    462



    Amortization of customer relationships





    (17,668)





    (17,668)



    Total revenue





    260,170





    287,477



    Operating expenses:















    Direct operating





    50,783





    55,925



    General and administrative (including $8,431 and $11,461 of equity-based compensation in 2023 and 2024, respectively)





    17,926





    20,774



    Facility idling





    526





    382



    Depreciation





    34,885





    32,795



    Impairment of property and equipment





    146





    —



    Accretion of asset retirement obligations





    44





    49



    Loss on settlement of asset retirement obligations





    185





    —



    Gain on asset sale





    (6)





    (183)



    Total operating expenses





    104,489





    109,742



    Operating income





    155,681





    177,735



    Other income (expense):















    Interest expense, net





    (52,000)





    (49,721)



    Equity in earnings of unconsolidated affiliates





    27,631





    27,778



    Total other expense





    (24,369)





    (21,943)



    Income before income taxes





    131,312





    155,792



    Income tax expense





    (30,865)





    (44,603)



    Net income and comprehensive income



    $

    100,447





    111,189



















    Net income per common share–basic



    $

    0.21





    0.23



    Net income per common share–diluted



    $

    0.21





    0.23



















    Weighted average common shares outstanding:















    Basic





    479,709





    480,991



    Diluted





    483,733





    486,133



     

    ANTERO MIDSTREAM CORPORATION

    Selected Operating Data (Unaudited)

     

















    Amount of















    Three Months Ended December 31,



     Increase



    Percentage







    2023



    2024



    or Decrease



    Change



    Operating Data:





























    Gathering—low pressure (MMcf)





    310,705





    301,418





    (9,287)





    (3)

    %



    Compression (MMcf)





    307,511





    300,453





    (7,058)





    (2)

    %



    Gathering—high pressure (MMcf)





    280,287





    280,115





    (172)





    *





    Fresh water delivery (MBbl)





    8,627





    10,476





    1,849





    21

    %



    Other fluid handling (MBbl)





    5,205





    4,659





    (546)





    (10)

    %



    Wells serviced by fresh water delivery





    15





    16





    1





    7

    %



    Gathering—low pressure (MMcf/d)





    3,377





    3,276





    (101)





    (3)

    %



    Compression (MMcf/d)





    3,343





    3,266





    (77)





    (2)

    %



    Gathering—high pressure (MMcf/d)





    3,047





    3,045





    (2)





    *





    Fresh water delivery (MBbl/d)





    94





    114





    20





    21

    %



    Other fluid handling (MBbl/d)





    57





    51





    (6)





    (11)

    %



    Average Realized Fees(1):





























    Average gathering—low pressure fee ($/Mcf)



    $

    0.35





    0.36





    0.01





    3

    %



    Average compression fee ($/Mcf)



    $

    0.21





    0.21





    —





    *





    Average gathering—high pressure fee ($/Mcf)



    $

    0.21





    0.23





    0.02





    10

    %



    Average fresh water delivery fee ($/Bbl)



    $

    4.22





    4.31





    0.09





    2

    %



    Joint Venture Operating Data:





























    Processing—Joint Venture (MMcf)





    151,727





    149,266





    (2,461)





    (2)

    %



    Fractionation—Joint Venture (MBbl)





    3,680





    3,680





    —





    *





    Processing—Joint Venture (MMcf/d)





    1,649





    1,622





    (27)





    (2)

    %



    Fractionation—Joint Venture (MBbl/d)





    40





    40





    —





    *





    ___________________________

    *       Not meaningful or applicable.

    (1)     The average realized fees for the three months ended December 31, 2024 include annual CPI-based adjustments of approximately 1.6%.

     

    ANTERO MIDSTREAM CORPORATION

    Condensed Consolidated Results of Segment Operations (Unaudited)

    (In thousands)

     





    Three Months Ended December 31, 2024







    Gathering and



    Water







    Consolidated







    Processing



    Handling



    Unallocated



    Total



    Revenues:



























    Revenue–Antero Resources



    $

    234,630





    70,053





    —





    304,683



    Revenue–third-party





    —





    462





    —





    462



    Amortization of customer relationships





    (9,272)





    (8,396)





    —





    (17,668)



    Total revenues





    225,358





    62,119





    —





    287,477



    Operating expenses:



























    Direct operating





    26,204





    29,721





    —





    55,925



    General and administrative (excluding equity-based compensation)





    6,974





    1,537





    802





    9,313



    Equity-based compensation





    9,194





    2,018





    249





    11,461



    Facility idling





    —





    382





    —





    382



    Depreciation





    18,737





    14,058





    —





    32,795



    Accretion of asset retirement obligations





    —





    49





    —





    49



    Gain on asset sale





    —





    (183)





    —





    (183)



    Total operating expenses





    61,109





    47,582





    1,051





    109,742



    Operating income





    164,249





    14,537





    (1,051)





    177,735



    Other income (expense):



























    Interest expense, net





    —





    —





    (49,721)





    (49,721)



    Equity in earnings of unconsolidated affiliates





    27,778





    —





    —





    27,778



    Total other income (expense)





    27,778





    —





    (49,721)





    (21,943)



    Income before income taxes





    192,027





    14,537





    (50,772)





    155,792



    Income tax expense





    —





    —





    (44,603)





    (44,603)



    Net income and comprehensive income



    $

    192,027





    14,537





    (95,375)





    111,189



     

    ANTERO MIDSTREAM CORPORATION

    Consolidated Statements of Cash Flows

    (In thousands)



























    Year Ended December 31,







    2022



    2023



    2024



    Cash flows provided by (used in) operating activities:





















    Net income



    $

    326,242





    371,786





    400,892



    Adjustments to reconcile net income to net cash provided by operating activities:





















    Depreciation





    131,762





    136,059





    140,000



    Accretion of asset retirement obligations





    222





    177





    189



    Impairment of property and equipment





    3,702





    146





    332



    Deferred income tax expense





    117,494





    134,664





    147,729



    Equity-based compensation





    19,654





    31,606





    44,332



    Equity in earnings of unconsolidated affiliates





    (94,218)





    (105,456)





    (110,573)



    Distributions from unconsolidated affiliates





    120,460





    131,835





    135,660



    Amortization of customer relationships





    70,672





    70,672





    70,672



    Amortization of deferred financing costs





    5,716





    5,979





    6,004



    Settlement of asset retirement obligations





    (5,454)





    (1,258)





    (795)



    Loss on settlement of asset retirement obligations





    539





    805





    —



    Loss (gain) on asset sale





    (2,251)





    6,030





    723



    Loss on early extinguishment of debt





    —





    —





    14,091



    Changes in assets and liabilities:





















    Accounts receivable–Antero Resources





    (3,354)





    (2,458)





    (26,571)



    Accounts receivable–third party





    723





    359





    748



    Income tax receivable





    —





    940





    —



    Other current assets





    (313)





    (2,041)





    (781)



    Accounts payable–Antero Resources





    782





    (1,267)





    (54)



    Accounts payable–third party





    7,973





    (7,766)





    3,722



    Accrued liabilities





    (747)





    8,251





    17,674



    Net cash provided by operating activities





    699,604





    779,063





    843,994



    Cash flows provided by (used in) investing activities:





















    Additions to gathering systems, facilities and other





    (227,561)





    (130,305)





    (141,832)



    Additions to water handling systems





    (71,363)





    (53,428)





    (30,515)



    Additional investments in unconsolidated affiliate





    —





    (262)





    (2,393)



    Return of investment in unconsolidated affiliate





    17,000





    —





    —



    Acquisition of gathering systems and facilities





    (216,726)





    (266)





    (69,992)



    Cash received in asset sales





    5,726





    1,087





    1,342



    Change in other assets





    (98)





    (32)





    (2)



    Change in other liabilities





    (804)





    —





    659



    Net cash used in investing activities





    (493,826)





    (183,206)





    (242,733)



    Cash flows provided by (used in) financing activities:





















    Dividends to common stockholders





    (432,825)





    (434,846)





    (437,634)



    Dividends to preferred stockholders





    (550)





    (550)





    (550)



    Repurchases of common stock





    —





    —





    (28,690)



    Issuance of Senior Notes





    —





    —





    600,000



    Redemption of Senior Notes





    —





    —





    (560,862)



    Payments of deferred financing costs





    (302)





    —





    (12,793)



    Borrowings on Credit Facility





    1,269,300





    1,037,700





    1,565,000



    Repayments on Credit Facility





    (1,034,500)





    (1,189,600)





    (1,710,800)



    Employee tax withholding for settlement of equity-based compensation awards





    (6,901)





    (8,495)





    (14,998)



    Net cash used in financing activities





    (205,778)





    (595,791)





    (601,327)



    Net increase (decrease) in cash and cash equivalents





    —





    66





    (66)



    Cash and cash equivalents, beginning of period





    —





    —





    66



    Cash and cash equivalents, end of period



    $

    —





    66





    —

























    Supplemental disclosure of cash flow information:





















    Cash paid during the period for interest



    $

    183,079





    213,955





    189,908



    Cash received during the period for income taxes



    $

    —





    9,626





    104



    Increase (decrease) in accrued capital expenditures and accounts payable for property and equipment



    $

    (17,003)





    1,288





    (13,416)



     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/antero-midstream-announces-fourth-quarter-2024-results-and-2025-guidance-302375260.html

    SOURCE Antero Midstream Corporation

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