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Antero Midstream Announces First Quarter 2024 Financial and Operating Results
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PR Newswire
DENVER, April 24, 2024
DENVER, April 24, 2024 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its first 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 March 31, 2024.
First Quarter 2024 Highlights:
- Gathering and processing volumes increased by 4% and 6%, respectively, compared to the prior year quarter
- Placed in service the Grays Peak compressor station with an initial capacity of 160 MMcf/d
- Net Income was a company record $104 million, or $0.21 per diluted share, a 17% per share increase compared to the prior year quarter
- Adjusted Net Income was $117 million, or $0.24 per diluted share, a 14% per share increase compared to the prior year quarter (non-GAAP measure)
- Adjusted EBITDA was $265 million, a 10% increase compared to the prior year quarter (non-GAAP measure)
- Capital expenditures were $30 million, an 11% decrease compared to the prior year quarter
- Free Cash Flow after dividends was $74 million, a 62% increase compared to the prior year quarter (non-GAAP measure)
- Leverage declined from 3.3x at year-end 2023 to 3.1x as of March 31, 2024 (non-GAAP measure)
Paul Rady, Chairman and CEO said, "Antero Midstream delivered another exceptional quarter with double-digit Adjusted EBITDA growth combined with double-digit declines in capital expenditures year-over-year. As a result, Antero Midstream generated $74 million of Free Cash Flow after dividends during the quarter, which is over 60% higher than last year. These results highlight the value of Antero's integrated planning and development program in Appalachia."
Brendan Krueger, CFO of Antero Midstream, said "With the Free Cash Flow after dividends generated during the quarter, we made significant progress towards our 3.0x Leverage target, reducing Leverage from 3.3x at year-end to 3.1x at the end of the quarter. We continue to expect to achieve the 3.0x Leverage target in 2024, which will position us well to pursue further return of capital to shareholders."
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."
First Quarter 2024 Financial Results
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Low pressure gathering volumes for the first quarter of 2024 averaged 3,301 MMcf/d, a 4% increase as compared to the prior year quarter. Compression volumes for the first quarter of 2024 averaged 3,260 MMcf/d, a 4% increase compared to the prior year quarter. High pressure gathering volumes averaged 2,966 MMcf/d, a 6% increase compared to the prior year quarter. Fresh water delivery volumes averaged 113 MBbl/d during the quarter, an 8% decrease compared to the first quarter of 2023.
Gross processing volumes from the processing and fractionation joint venture with MPLX, LP (the "Joint Venture") averaged 1,602 MMcf/d for the first quarter of 2024, a 6% increase compared to the prior year quarter. Joint Venture processing capacity was approximately 100% utilized during the quarter based on nameplate processing capacity of 1.6 Bcf/d. Gross Joint Venture fractionation volumes averaged 40 MBbl/d, an 11% 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 March 31, | | ||||||
| Average Daily Volumes: | | 2023 | | 2024 | | % Change | | ||
| Low Pressure Gathering (MMcf/d) | | 3,171 | | 3,301 | | 4 % | | ||
| Compression (MMcf/d) | | 3,137 | | 3,260 | | 4 % | | ||
| High Pressure Gathering (MMcf/d) | | 2,801 | | 2,966 | | 6 % | | ||
| Fresh Water Delivery (MBbl/d) | | 123 | | 113 | | (8) % | | ||
| Gross Joint Venture Processing (MMcf/d) | | 1,508 | | 1,602 | | 6 % | | ||
| Gross Joint Venture Fractionation (MBbl/d) | | 36 | | 40 | | 11 % | | ||
For the three months ended March 31, 2024, revenues were $279 million, comprised of $218 million from the Gathering and Processing segment and $61 million from the Water Handling segment, net of $18 million of amortization of customer relationships. Water Handling revenues include $24 million from wastewater handling and high rate water transfer services and approximately $1 million of third-party revenues.
Direct operating expenses for the Gathering and Processing and Water Handling segments were $26 million and $28 million, respectively, for a total of $54 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 $12 million during the first quarter of 2024. Total operating expenses during the first quarter of 2024 included $9 million of equity-based compensation expense and $37 million of depreciation.
Net Income was $104 million, or $0.21 per diluted share, a 17% per share increase compared to 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 gain on asset sale, net of tax effects of reconciling items, or Adjusted Net Income, was $117 million. Adjusted Net Income was $0.24 per share, a 14% per share increase compared to the prior year quarter.
The following table reconciles Net Income to Adjusted Net Income (in thousands):
| | | | | | | | ||||
| | | Three Months Ended March 31, | ||||||||
| | | | 2023 | | | 2024 | | |||
| Net Income | | $ | 86,507 | | | 103,926 | | |||
| Amortization of customer relationships | | | 17,668 | | | 17,668 | | |||
| Loss on early extinguishment of debt | | | — | | | 59 | | |||
| Loss on settlement of asset retirement obligations | | | 341 | | | — | | |||
| Gain on asset sale | | | (245) | | | — | | |||
| Tax effect of reconciling items(1) | | | (4,567) | | | (4,565) | | |||
| Adjusted Net Income | | $ | 99,704 | | | 117,088 | | |||
| | | | | | | | | | | |
| |
| (1) The tax rates for the three months ended March 31, 2023 and 2024 were 25.7% and 25.8%, respectively. |
Adjusted EBITDA was $265 million, a 10% increase compared to the prior year quarter, driven primarily by volumetric growth and the expiration of the low pressure gathering rebate program. Interest expense was $53 million, a 2% decrease compared to the prior year quarter, driven by lower average total debt, partially offset by higher interest rates on our revolving credit facility borrowings. Capital expenditures were $30 million, an 11% decrease compared to the prior year quarter. Free Cash Flow before dividends was $182 million, a 19% increase compared to the prior year quarter. Free Cash Flow after dividends was $74 million, a 62% 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 March 31, | |||||
| | | | 2023 | | | 2024 | |
| Net Income | | $ | 86,507 | | | 103,926 | |
| Interest expense, net | | | 54,624 | | | 53,308 | |
| Income tax expense | | | 31,670 | | | 36,488 | |
| Depreciation expense | | | 35,196 | | | 37,095 | |
| Amortization of customer relationships | | | 17,668 | | | 17,668 | |
| Gain on asset sale | | | (245) | | | — | |
| Accretion of asset retirement obligations | | | 44 Werbung Mehr Nachrichten zur Antero Resources Aktie kostenlos abonnieren
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