Core Insights - The article discusses the author's focus on undervalued and disliked companies with strong fundamentals and cash flows, particularly in the Oil & Gas sector [1] - The author expresses a long-term value investing approach while also engaging in deal arbitrage opportunities [1] - There is a mention of a collaborative community on Seeking Alpha aimed at sharing insights and seeking superior returns [1] Company Analysis - Antero Midstream Corporation is highlighted as a company that has not been reviewed recently, despite the author's experience with various midstream companies [1] - Energy Transfer is cited as an example of a company that was initially overlooked but has shown potential for substantial returns [1] Investment Philosophy - The author emphasizes a preference for understanding businesses, avoiding high-tech and certain consumer goods sectors, and expresses skepticism towards cryptocurrencies [1] - The focus remains on identifying investment opportunities that are unjustly unloved, which could lead to significant returns [1]

PresentationI will now turn the conference over to Justin Agnew, CFO for Antero Midstream. Please proceed.Greetings, and welcome to Antero Resources and Antero Midstream Corporate Update Call. [Operator Instructions] Please note, this conference is being recorded.Justin AgnewCFO, VP of Finance & VP of Investor Relations Thank you for joining us for our call to discuss Antero's strategic transactions announced earlier today. We'll start by providing an overview of the transactions, and then we'll open it up ...

Summary of Antero Midstream and Antero Resources Corporate Update Call Company Overview - **Companies Involved**: Antero Midstream (NYSE: AM) and Antero Resources (AR) - **Date of Call**: December 08, 2025 Key Transactions - **Acquisition**: Antero Resources is acquiring West Virginia Marcellus assets for **$2.8 billion** and Antero Midstream is acquiring midstream assets for **$1.1 billion** [3][4] - **Divestiture**: Antero Resources is divesting non-core Ohio Utica assets for **$800 million** and Antero Midstream is divesting midstream assets for **$400 million** [3][4] - **Total Assets Acquired**: 385,000 net acres and approximately 850 million cubic feet per day (MMcf/d) of production [3][4] Strategic Rationale - The acquisition is aligned with Antero's existing operations, adding over **400 drilling locations** in the Marcellus core, with **75%** being liquids-rich [4][18] - Estimated synergies of approximately **$950 million** achievable through cost savings and operational efficiencies [4][10] - The acquisition is expected to reduce the cost structure by approximately **$0.25 per thousand cubic feet equivalent (MCFE)** and increase margins by **$0.15-$0.20 per MCFE** [4][18] Financial Overview - **Financing**: The acquisition will be financed through expected free cash flow of approximately **$500 million** and proceeds from the divestiture of non-core assets [5][6] - **Debt Management**: A three-year term loan will be utilized, with a focus on paying it off using hedged free cash flow from the acquired assets [5][6] - **Production Outlook**: Post-acquisition, the maintenance production target for 2026 is projected to be approximately **4.2 billion cubic feet equivalent (BCFE)** per day [7][18] Operational Synergies - Identified synergies include: - **Drilling and Completion Cost Savings**: Estimated at **$500 million** over ten years [10][28] - **Marketing Synergies**: Expected to improve price realizations and lower net marketing expenses by **$140 million** over ten years [10][28] - **Water Handling Savings**: Resulting from integration into Antero Midstream's water system [10][28] Production and Capital Expenditure - The pro forma maintenance capital target is expected to increase to approximately **$900 million** [7][18] - Potential for increased production through additional capital investment, with a one-to-one increase in net production for every **$100 million** invested [7][18] Market Position and Future Outlook - Antero is positioned as the leading operator in West Virginia, now producing over **50%** of the state's total production [41][18] - The acquisition enhances Antero's ability to capitalize on local gas demand, particularly from data centers and power generators [22][41] - The company maintains a commitment to low debt levels and expects to reaffirm investment-grade ratings [12][13] Conclusion - The strategic transactions are expected to significantly enhance Antero's operational efficiency, cash flow outlook, and market position in the Marcellus region, while also providing a pathway for future growth and shareholder returns [14][18]

Strategic Transactions Overview - Antero Resources (AR) is acquiring HG Energy's upstream business for $2.8 billion plus hedge book, and Antero Midstream (AM) is acquiring HG Energy's midstream business for $1.1 billion[10] - AR is divesting non-core Utica assets, with the upstream assets being sold for $800 million and the midstream assets for $400 million[10] - The HG Energy acquisition is expected to add over 400 drilling locations in the Marcellus Shale core, with 75% being liquids-rich[11, 44] Financial Impact and Synergies - The acquisition is projected to be 30%+ accretive to operating cash flow, free cash flow, and NAV per share metrics[12, 28] - Identified synergies from the HG Energy acquisition are estimated at $950 million (PV-10)[11, 25] - AR anticipates reducing its cost structure by approximately $0.25/Mcfe due to the HG Energy acquisition[12, 53] Production and Capital Expenditure - Pro forma production outlook for 2027 is projected to be between 4,400 and 4,500 MMcfe/d[15] - Targeted maintenance capital expenditure for 2026 is projected to be between $1.1 billion and $1.2 billion[17] Financing and Balance Sheet - The HG Energy acquisition is expected to be fully financed by 2028 through a combination of AR's free cash flow, proceeds from the Utica divestiture, and hedged free cash flow of the acquired assets[13] - AR expects to maintain leverage below 1.0x in 2026 and expects reaffirmed investment grade credit ratings[30, 33] Antero Midstream (AM) Transactions - AM is acquiring HG Midstream for $1.1 billion and divesting Utica Midstream for $400 million[10, 40] - The HG Midstream acquisition is expected to generate approximately $110 million in free cash flow[40]

Core Viewpoint - Infinity Natural Resources announced the acquisition of upstream and midstream assets in Ohio from Antero Resources and Antero Midstream for a total of $1.2 billion [1] Group 1: Acquisition Details - The acquisition involves both upstream and midstream assets [1] - The total value of the transaction is $1.2 billion [1]

Core Viewpoint - Antero Midstream Corporation has announced a definitive agreement to acquire HG II Energy Midstream Holdings, LLC for $1.1 billion in cash, while also divesting its Ohio Utica Shale assets for $400 million, with both transactions expected to close in 2026 [1][3][8] Acquisition Details - The acquisition of HG Midstream will enhance Antero Midstream's asset base, particularly in the Marcellus Shale, adding approximately 50 miles of gathering pipelines and 50 miles of water pipelines [4][5] - The acquired assets are expected to be immediately accretive to Free Cash Flow by over 15% and will add approximately 900 MMcf/d of throughput in 2026 [7] - The transaction multiple for the acquisition is approximately 7.5x the next three years' average annual EBITDA, with identified synergies reducing the adjusted multiple to 7.0x [7] Divestiture Details - Antero Midstream will divest its gathering, compression, and water handling assets in the Ohio Utica Shale for $400 million, with expected average annual EBITDA of approximately $35 million from these assets over the next three years [8] - The divestiture transaction multiple is over 11x the next three years' average annual EBITDA [7] Financial Strategy - The acquisition will be financed through borrowings under Antero Midstream's revolving credit facility, proceeds from the Utica Shale divestiture, and/or debt capital markets transactions [6] - Antero Midstream currently has approximately $900 million of liquidity available under its revolving credit facility, with additional committed financing of $700 million provided by Royal Bank of Canada and Wells Fargo Bank [6]

DASSAULT AVIATION French corporation (société anonyme) with a share capital of 62,717,627.20 euros Headquarters: 9, Rond-Point des Champs-Élysées - Marcel Dassault 75008 PARIS 712 042 456 RCS Paris Information concerning the total number of voting rights and shares as per article L. 233-8 II of the French Commercial Code (Code de commerce) and article 223-16 of the General Regulations (Règlement Général) of the French Market Authority (Autorité des Marchés Financiers) DateTotal number of shares Total number ...

Core Insights - The next three years are deemed crucial for investors due to anticipated phases of disruption in the economy and stock market [1] Group 1: Analyst Background - Leo Nelissen specializes in economic developments related to supply chains, infrastructure, and commodities, providing analysis and investment ideas focused on dividend growth opportunities [2] Group 2: Analyst's Position - The analyst holds a long position in shares of CME, UNP, ODFL, AR, and AM through various financial instruments, indicating a personal investment interest in these companies [3]

Core Viewpoint - Antero Midstream Corporation's recent earnings report showed mixed results, with earnings per share missing estimates but revenues exceeding expectations, indicating a complex operational environment [3][4]. Financial Performance - Q3 2025 earnings per share were reported at 24 cents, missing the Zacks Consensus Estimate of 25 cents, but increased from 21 cents in the same quarter last year [3]. - Total quarterly revenues reached $295 million, surpassing the Zacks Consensus Estimate of $294 million and improving from $270 million year-over-year [3]. - Direct operating expenses rose to $57.9 million from $51.7 million a year ago, contributing to total operating expenses of $114.3 million, up from $107.4 million in the corresponding period of 2024 [9]. Operational Metrics - Average daily compression volumes were 3,421 million cubic feet (MMcf/d), an increase from 3,269 MMcf/d year-over-year but below the estimate of 3,469 MMcf/d [5]. - High-pressure gathering volumes totaled 3,170 MMcf/d, up 4% from 3,046 MMcf/d a year ago, though below the estimate of 3,238 MMcf/d [6]. - Low-pressure gathering volumes averaged 3,432 MMcf/d, up from 3,277 MMcf/d year-over-year and above the estimate of 3,415 MMcf/d [7]. - Freshwater delivery volumes increased by 30% to 92 MBbls/d from 71 MBbls/d in the prior-year quarter, although the average distribution fee was slightly below estimates [8]. Balance Sheet - As of September 30, 2025, Antero Midstream had no cash and cash equivalents, with long-term debt reported at $3,009 million [10]. Market Sentiment - There has been a downward trend in estimates for the stock over the past month, indicating a shift in market sentiment [11]. - Antero Midstream currently holds a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [14].

Core Insights - Dassault Aviation and Thales, through cortAIx, have established a strategic partnership to develop controlled and supervised AI for defense aeronautics, focusing on future air combat systems [1][2][3] - The partnership aims to enhance capabilities for both manned and unmanned aircraft in areas such as observation, situation analysis, decision-making, planning, and control during military operations [2][3] - The collaboration emphasizes adherence to national and European ethical principles and regulations, particularly the AI Act, ensuring a commitment to trusted and sovereign AI solutions [4][6] Company Overview - Dassault Aviation has delivered over 10,000 military and civil aircraft in more than 90 countries, with a reported revenue of €6.2 billion in 2024 and a workforce of 14,600 employees [7] - Thales is a global leader in advanced technologies, generating sales of €20.6 billion in 2024, with over 83,000 employees across 68 countries, investing more than €4 billion annually in Research & Development [9]