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    Antero Midstream Announces Second Quarter 2024 Financial and Operating Results

    7/31/24 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, July 31, 2024 /PRNewswire/ -- Antero Midstream Corporation (NYSE:AM) ("Antero Midstream" or the "Company") today announced its second quarter 2024 financial and operating results.  The relevant unaudited condensed consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the three months ended June 30, 2024.

    Antero Midstream Logo (PRNewsfoto/Antero Midstream)

    Second Quarter 2024 Highlights:

    • Net Income was $86 million, or $0.18 per diluted share, in line with the prior year quarter on a per share basis
    • Adjusted Net Income was $110 million, or $0.23 per diluted share, a 5% per share increase compared to the prior year quarter (non-GAAP measure)
    • Adjusted EBITDA was $255 million, a 5% increase compared to the prior year quarter (non-GAAP measure)
    • Capital expenditures were $51 million
    • Free Cash Flow after dividends was $43 million, a 41% increase compared to the prior year quarter (non-GAAP measure)
    • Acquired bolt-on Marcellus gathering and compression assets for $70 million
    • Maintained Leverage of 3.1x as of June 30, 2024 (non-GAAP measure)
    • Received an upgrade on corporate and issuer credit ratings to BB+ from S&P Global Ratings
    • Extended credit facility maturity to 2029 and maintained commitments of $1.25 billion

    Paul Rady, Chairman and CEO said, "During the quarter, Antero Midstream closed on a highly strategic bolt-on acquisition, increasing throughput volumes from our primary investment grade customer, Antero Resources.  This acquisition complements our organic just-in-time business model that generates consistent Free Cash Flow after dividends, which increased 41% year-over-year."

    Brendan Krueger, CFO of Antero Midstream, said "During 2024, Antero Midstream improved its balance sheet through the successful refinancing of its highest coupon senior notes and the extension of its credit facility to 2029.  Importantly, over the last year, we have reduced our net debt by $120 million and our leverage has declined from 3.5x to 3.1x.  This balance sheet improvement is evidenced by our upgrade from S&P and highlights our consistent Free Cash Flow generation and the accretive nature of the recent bolt-on acquisition."

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

    Second Quarter 2024 Financial Results

    Antero Midstream's second quarter financial and operating results include two months of contribution from the compression and high pressure gathering assets located in Antero Midstream's core West Virginia Marcellus Shale position acquired from Summit Midstream Partners, LP.

    Low pressure gathering volumes for the second quarter of 2024 averaged 3,258 MMcf/d, a 1% decrease as compared to the prior year quarter.  Compression volumes for the second quarter of 2024 averaged 3,246 MMcf/d, in line with the prior year quarter.  High pressure gathering volumes averaged 2,994 MMcf/d, a 2% increase compared to the prior year quarter.  Fresh water delivery volumes averaged 81 MBbl/d during the quarter, a 23% decrease compared to the second quarter of 2023.  The reduction in fresh water delivery volumes was driven by the previously announced reduction by Antero Resources to one completion crew in early 2024, resulting in fewer completion stages in the second quarter.

    Gross processing volumes from the processing and fractionation joint venture with MPLX, LP (the "Joint Venture") averaged 1,588 MMcf/d for the second quarter of 2024, a 1% decrease compared to the prior year quarter.  Joint Venture processing capacity was 99% utilized during the quarter based on nameplate processing capacity of 1.6 Bcf/d.  Gross Joint Venture fractionation volumes averaged 40 MBbl/d, a 3% increase compared to 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

    June 30,





    Average Daily Volumes:



    2023



    2024



    %

    Change



    Low Pressure Gathering (MMcf/d)



    3,304



    3,258



    (1) %



    Compression (MMcf/d)



    3,251



    3,246



    —



    High Pressure Gathering (MMcf/d)



    2,922



    2,994



    2 %



    Fresh Water Delivery (MBbl/d)



    105



    81



    (23) %



    Gross Joint Venture Processing (MMcf/d)



    1,600



    1,588



    (1) %



    Gross Joint Venture Fractionation (MBbl/d)



    39



    40



    3 %



    For the three months ended June 30, 2024, revenues were $270 million, comprised of $229 million from the Gathering and Processing segment and $59 million from the Water Handling segment, net of $18 million of amortization of customer relationships.  Water Handling revenues include $27 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 $24 million from wastewater handling and high rate water transfer services.  General and administrative expenses excluding equity-based compensation were $10 million during the second quarter of 2024.  Total operating expenses during the second quarter of 2024 included $12 million of equity-based compensation expense and $38 million of depreciation.

    Net Income was $86 million, or $0.18 per diluted share, in line with the prior year quarter.  Net Income adjusted for amortization of customer relationships, loss on early extinguishment of debt, loss on settlement of asset retirement obligation and loss on asset sale, net of tax effects of reconciling items, or Adjusted Net Income, was $110 million.  Adjusted Net Income was $0.23 per diluted share, a 5% per share increase compared to the prior year quarter.

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





    Three Months Ended

    June 30,







    2023





    2024



    Net Income



    $

    87,012





    86,037



    Amortization of customer relationships





    17,668





    17,668



    Loss on early extinguishment of debt





    —





    13,691



    Loss on settlement of asset retirement obligations





    279





    —



    Loss on asset sale





    5,814





    1,379



    Tax effect of reconciling items(1)





    (6,109)





    (8,430)



    Adjusted Net Income



    $

    104,664





    110,345

























    (1)       The statutory tax rates for the three months ended June 30, 2023 and 2024 were 25.7% and 25.8%, respectively.

    Adjusted EBITDA was $255 million, a 5% increase compared to the prior year quarter.  Interest expense was $52 million, a 6% decrease compared to the prior year quarter, driven primarily by lower average total debt.  Capital expenditures were $51 million.  Free Cash Flow before dividends was $152 million, a 9% increase compared to the prior year quarter.  Free Cash Flow after dividends was $43 million, a 41% 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

    June 30,







    2023





    2024

    Net Income



    $

    87,012





    86,037

    Interest expense, net





    55,388





    52,186

    Income tax expense





    29,095





    28,436

    Depreciation expense





    35,233





    37,576

    Amortization of customer relationships





    17,668





    17,668

    Loss on asset sale





    5,814





    1,379

    Accretion of asset retirement obligations





    44





    47

    Loss on settlement of asset retirement obligations





    279





    —

    Loss on early extinguishment of debt





    —





    13,691

    Equity-based compensation





    8,499





    11,599

    Equity in earnings of unconsolidated affiliates





    (25,972)





    (27,597)

    Distributions from unconsolidated affiliates





    29,465





    33,970

    Adjusted EBITDA



    $

    242,525





    254,992

    Interest expense, net





    (55,388)





    (52,186)

    Capital expenditures (accrual-based)





    (48,584)





    (51,276)

    Free Cash Flow before dividends



    $

    138,553





    151,530

    Dividends declared (accrual-based)





    (107,927)





    (108,284)

    Free Cash Flow after dividends



    $

    30,626





    43,246

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





    Three Months Ended

    June 30,







    2023





    2024

    Net cash provided by operating activities



    $

    185,586





    215,806

    Amortization of deferred financing costs





    (1,483)





    (1,495)

    Settlement of asset retirement obligations





    537





    250

    Changes in working capital





    2,497





    (11,755)

    Capital expenditures (accrual-based)





    (48,584)





    (51,276)

    Free Cash Flow before dividends



    $

    138,553





    151,530

    Dividends declared (accrual-based)





    (107,927)





    (108,284)

    Free Cash Flow after dividends



    $

    30,626





    43,246

    Second Quarter 2024 Operating Update

    During the second quarter of 2024, Antero Midstream connected 11 wells to its gathering system and serviced 19 wells with its fresh water delivery system.

    Capital Investments

    Capital expenditures were $51 million during the second quarter of 2024.  The Company invested $41 million in gathering and compression and $10 million in water infrastructure.

    2023 ESG Report

    On July 31, 2024, Antero Midstream published its 2023 ESG Report, marking the Company's 7th year reporting on its environmental, social and governance (ESG) performance.  This year's report highlights the Company's emissions reduction progress, significant local economic impacts, increased water recycling rate, and continued commitment to safety across our operations and can be found at www.anteromidstream.com/esg. 

    Conference Call

    A conference call is scheduled on Thursday, August 1, 2024 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, August 8, 2024 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13743657. 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, August 8, 2024 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, loss on early extinguishment of debt, loss on settlement of asset retirement obligations and loss 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 on early extinguishment of debt, loss on asset sale, accretion of asset retirement obligations, impairment of property and equipment, 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 (used in) 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

    June 30,









    2023





    2024



    Capital expenditures (as reported on a cash basis)



    $

    42,044





    43,399



    Change in accrued capital costs





    6,540





    7,877



    Capital expenditures (accrual basis)



    $

    48,584





    51,276

























    Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash and cash equivalents.  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 consolidated net debt, excluding debt premiums and issuance costs, ("Net Debt") as used in this release (in thousands):







    June 30, 2024



    Bank credit facility



    $

    555,700



    5.75% senior notes due 2027





    650,000



    5.75% senior notes due 2028





    650,000



    5.375% senior notes due 2029





    750,000



    6.625% senior notes due 2032





    600,000



    Consolidated total debt



    $

    3,205,700



    Less: Cash and cash equivalents





    —



    Consolidated net debt



    $

    3,205,700



    The following table reconciles Net Income to Adjusted EBITDA for the last twelve months as used in this release (in thousands):







    Twelve Months Ended

    June 30, 2024



    Net Income



    $

    388,230



    Interest expense, net





    212,727



    Income tax expense





    132,446



    Depreciation expense





    140,301



    Amortization of customer relationships





    70,672



    Accretion of asset retirement obligations





    180



    Impairment of property and equipment





    146



    Equity-based compensation





    37,706



    Equity in earnings of unconsolidated affiliates





    (110,155)



    Distributions from unconsolidated affiliates





    137,195



    Loss on early extinguishment of debt





    13,750



    Loss on settlement of asset retirement obligations





    185



    Loss on asset sale





    1,840



    Adjusted EBITDA



    $

    1,025,223



    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, NGL and oil prices, impacts of geopolitical and world health events, Antero Midstream's ability to execute its share repurchase program, Antero Midstream's ability to realize the benefits of the Marcellus bolt-on acquisition, including the anticipated capital avoidance and synergies, Antero Midstream's ability to execute its business plan and return capital to its stockholders, 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 "Item 1A. Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the three months ended June 30, 2024.

     

    ANTERO MIDSTREAM CORPORATION

    Condensed Consolidated Balance Sheets

    (In thousands, except per share amounts)













    (Unaudited)







    December 31,



    June 30,







    2023



    2024



    Assets

    Current assets:















    Cash and cash equivalents



    $

    66





    —



    Accounts receivable–Antero Resources





    88,610





    101,251



    Accounts receivable–third party





    952





    1,384



    Other current assets





    1,500





    963



    Total current assets





    91,128





    103,598



















    Property and equipment, net





    3,793,523





    3,868,885



    Investments in unconsolidated affiliates





    626,650





    612,847



    Customer relationships





    1,215,431





    1,180,095



    Other assets, net





    10,886





    9,542



    Total assets



    $

    5,737,618





    5,774,967



















    Liabilities and Stockholders' Equity

    Current liabilities:















    Accounts payable–Antero Resources



    $

    4,457





    3,816



    Accounts payable–third party





    10,499





    15,058



    Accrued liabilities





    80,630





    96,202



    Other current liabilities





    831





    893



    Total current liabilities





    96,417





    115,969



    Long-term liabilities:















    Long-term debt





    3,213,216





    3,186,577



    Deferred income tax liability, net





    265,879





    330,802



    Other





    10,375





    14,531



    Total liabilities





    3,585,887





    3,647,879



















    Stockholders' equity:















    Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2023 and June 30,

         2024















    Series A non-voting perpetual preferred stock; 12 designated and 10 issued and

         outstanding as of December 31, 2023 and June 30, 2024





    —





    —



    Common stock, $0.01 par value; 2,000,000 authorized; 479,713 and 481,243 issued and

          outstanding as of December 31, 2023 and June 30, 2024, respectively





    4,797





    4,812



    Additional paid-in capital





    2,046,487





    2,036,239



    Retained earnings





    100,447





    86,037



    Total stockholders' equity





    2,151,731





    2,127,088



    Total liabilities and stockholders' equity



    $

    5,737,618





    5,774,967



     

    ANTERO MIDSTREAM CORPORATION

    Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)

    (In thousands, except per share amounts)







    Three Months Ended June 30,







    2023



    2024



    Revenue:















    Gathering and compression–Antero Resources



    $

    211,068





    228,993



    Water handling–Antero Resources





    64,613





    58,056



    Water handling–third party





    274





    414



    Amortization of customer relationships





    (17,668)





    (17,668)



    Total revenue





    258,287





    269,795



    Operating expenses:















    Direct operating





    52,595





    56,409



    General and administrative (including $8,499 and $11,599 of equity-based compensation

          in 2023 and 2024, respectively)





    18,162





    21,219



    Facility idling





    637





    412



    Depreciation





    35,233





    37,576



    Accretion of asset retirement obligations





    44





    47



    Loss on settlement of asset retirement obligations





    279





    —



    Loss on asset sale





    5,814





    1,379



    Total operating expenses





    112,764





    117,042



    Operating income





    145,523





    152,753



    Other income (expense):















    Interest expense, net





    (55,388)





    (52,186)



    Equity in earnings of unconsolidated affiliates





    25,972





    27,597



    Loss on early extinguishment of debt





    —





    (13,691)



    Total other expense





    (29,416)





    (38,280)



    Income before income taxes





    116,107





    114,473



    Income tax expense





    (29,095)





    (28,436)



    Net income and comprehensive income



    $

    87,012





    86,037



















    Net income per common share–basic



    $

    0.18





    0.18



    Net income per common share–diluted



    $

    0.18





    0.18



















    Weighted average common shares outstanding:















    Basic





    479,502





    481,103



    Diluted





    481,512





    484,778



     

    ANTERO MIDSTREAM CORPORATION

    Selected Operating Data (Unaudited)

















    Amount of















    Three Months Ended June 30,



     Increase



    Percentage







    2023



    2024



    or Decrease



    Change



    Operating Data:





























    Gathering—low pressure (MMcf)





    300,706





    296,489





    (4,217)





    (1)

    %



    Compression (MMcf)





    295,801





    295,400





    (401)





    *





    Gathering—high pressure (MMcf)





    265,890





    272,447





    6,557





    2

    %



    Fresh water delivery (MBbl)





    9,585





    7,362





    (2,223)





    (23)

    %



    Other fluid handling (MBbl)





    4,953





    5,144





    191





    4

    %



    Wells serviced by fresh water delivery





    23





    19





    (4)





    (17)

    %



    Gathering—low pressure (MMcf/d)





    3,304





    3,258





    (46)





    (1)

    %



    Compression (MMcf/d)





    3,251





    3,246





    (5)





    *





    Gathering—high pressure (MMcf/d)





    2,922





    2,994





    72





    2

    %



    Fresh water delivery (MBbl/d)





    105





    81





    (24)





    (23)

    %



    Other fluid handling (MBbl/d)





    54





    57





    3





    6

    %



    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





    0.22





    0.01





    5

    %



    Average fresh water delivery fee ($/Bbl)



    $

    4.21





    4.31





    0.10





    2

    %



    Joint Venture Operating Data:





























    Processing—Joint Venture (MMcf)





    145,645





    144,520





    (1,125)





    (1)

    %



    Fractionation—Joint Venture (MBbl)





    3,553





    3,640





    87





    2

    %



    Processing—Joint Venture (MMcf/d)





    1,600





    1,588





    (12)





    (1)

    %



    Fractionation—Joint Venture (MBbl/d)





    39





    40





    1





    3

    %



    _______________________________

    *         Not meaningful or applicable.

    (1)     The average realized fees for the three months ended June 30, 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 June 30, 2024







    Gathering and



    Water







    Consolidated







    Processing



    Handling



    Unallocated



    Total



    Revenues:



























    Revenue–Antero Resources



    $

    228,993





    58,056





    —





    287,049



    Revenue–third-party





    —





    414





    —





    414



    Amortization of customer relationships





    (9,272)





    (8,396)





    —





    (17,668)



    Total revenues





    219,721





    50,074





    —





    269,795



    Operating expenses:



























    Direct operating





    26,190





    30,219





    —





    56,409



    General and administrative (excluding equity-based

          compensation)





    6,875





    1,128





    1,617





    9,620



    Equity-based compensation





    9,487





    1,862





    250





    11,599



    Facility idling





    —





    412





    —





    412



    Depreciation





    23,608





    13,968





    —





    37,576



    Accretion of asset retirement obligations





    —





    47





    —





    47



    Loss on asset sale





    —





    1,379





    —





    1,379



    Total operating expenses





    66,160





    49,015





    1,867





    117,042



    Operating income





    153,561





    1,059





    (1,867)





    152,753



    Other income (expense):



























    Interest expense, net





    —





    —





    (52,186)





    (52,186)



    Equity in earnings of unconsolidated affiliates





    27,597





    —





    —





    27,597



    Loss on early extinguishment of debt





    —





    —





    (13,691)





    (13,691)



    Total other income (expense)





    27,597





    —





    (65,877)





    (38,280)



    Income before income taxes





    181,158





    1,059





    (67,744)





    114,473



    Income tax expense





    —





    —





    (28,436)





    (28,436)



    Net income and comprehensive income



    $

    181,158





    1,059





    (96,180)





    86,037



     

    ANTERO MIDSTREAM CORPORATION

    Condensed Consolidated Statements of Cash Flows (Unaudited)

    (In thousands)





















    Six Months Ended June 30,







    2023



    2024



    Cash flows provided by (used in) operating activities:















    Net income



    $

    173,519





    189,963



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















    Depreciation





    70,429





    74,671



    Accretion of asset retirement obligations





    88





    91



    Deferred income tax expense





    60,765





    64,924



    Equity-based compensation





    14,826





    20,926



    Equity in earnings of unconsolidated affiliates





    (50,428)





    (55,127)



    Distributions from unconsolidated affiliates





    63,570





    68,930



    Amortization of customer relationships





    35,336





    35,336



    Amortization of deferred financing costs





    2,957





    3,150



    Settlement of asset retirement obligations





    (695)





    (414)



    Loss on settlement of asset retirement obligations





    620





    —



    Loss on asset sale





    5,569





    1,379



    Loss on early extinguishment of debt





    —





    13,750



    Changes in assets and liabilities:















    Accounts receivable–Antero Resources





    (5,470)





    (12,641)



    Accounts receivable–third party





    481





    755



    Other current assets





    (800)





    452



    Accounts payable–Antero Resources





    (2,515)





    (353)



    Accounts payable–third party





    (889)





    3,387



    Accrued liabilities





    942





    17,188



    Net cash provided by operating activities





    368,305





    426,367



    Cash flows provided by (used in) investing activities:















    Additions to gathering systems, facilities and other





    (59,156)





    (62,330)



    Additions to water handling systems





    (25,583)





    (16,142)



    Investments in unconsolidated affiliates





    (262)





    —



    Acquisition of gathering systems and facilities





    (266)





    (70,634)



    Cash received in asset sales





    1,071





    685



    Change in other assets





    (15)





    (1)



    Net cash used in investing activities





    (84,211)





    (148,422)



    Cash flows provided by (used in) financing activities:















    Dividends to common stockholders





    (218,971)





    (220,736)



    Dividends to preferred stockholders





    (275)





    (275)



    Issuance of Senior Notes





    —





    600,000



    Redemption of Senior Notes





    —





    (560,862)



    Payments of deferred financing costs





    —





    (7,274)



    Borrowings on Credit Facility





    502,100





    1,006,400



    Repayments on Credit Facility





    (558,600)





    (1,080,800)



    Employee tax withholding for settlement of equity-based compensation awards





    (8,348)





    (14,464)



    Net cash used in financing activities





    (284,094)





    (278,011)



    Net decrease in cash and cash equivalents





    —





    (66)



    Cash and cash equivalents, beginning of period





    —





    66



    Cash and cash equivalents, end of period



    $

    —





    —



















    Supplemental disclosure of cash flow information:















    Cash paid during the period for interest



    $

    107,607





    88,672



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

          equipment



    $

    (2,814)





    2,576



     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/antero-midstream-announces-second-quarter-2024-financial-and-operating-results-302211418.html

    SOURCE Antero Midstream Corporation

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