Group 1 - Antero Midstream (NYSE: AM) reported free cash flow that exceeded previous management guidance, indicating strong financial performance [2] - Management anticipates further free cash flow growth in the upcoming year, despite an increasing capital budget, suggesting a positive outlook for the company [2] - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [2] Group 2 - The analysis provided is part of a service that focuses on identifying undervalued companies in the oil and gas sector, emphasizing the importance of balance sheets, competitive positioning, and development prospects [1]

Financial Data and Key Metrics Changes - In 2024, Antero Midstream Corporation generated EBITDA of $1.05 billion, marking the tenth consecutive year of EBITDA growth [7] - The company achieved a record return on invested capital (ROIC) of 19% in 2024 [7] - For Q4 2024, EBITDA was $274 million, an 8% increase year over year, while free cash flow after dividends was $93 million, a 91% increase year over year [12][13] - Full-year 2024 free cash flow after dividends reached a record $250 million [13] Business Line Data and Key Metrics Changes - The capital budget for 2025 is set between $170 million and $200 million, with approximately $100 million allocated for organic capital and $15 million for the Stonewall joint venture [8][10] - The water business segment will see an investment of approximately $85 million in 2025, aimed at expanding the water system across the Marcellus footprint [9][10] Market Data and Key Metrics Changes - Antero Midstream expects low single-digit throughput growth in 2025, driven by activity from its primary customer, Antero Resources [14][25] - The company anticipates mid-single-digit EBITDA growth in 2025, supported by annual CPI adjustments to fees [15][25] Company Strategy and Development Direction - The company is focused on maintaining capital efficiency and driving free cash flow growth, with plans to allocate remaining free cash flow after dividends to share repurchases and debt reduction [17][18] - Antero Midstream is exploring M&A opportunities while balancing these against share buybacks and debt repayment [43][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, highlighting a capital budget focused on the lowest-cost natural gas basin in North America [17] - The company is well-positioned to capitalize on potential data center opportunities in the Appalachia region, although discussions are still in early stages [22][23] Other Important Information - Antero Midstream reduced absolute debt by over $50 million in Q4 2024 and commenced a share repurchase program, buying back nearly $30 million of shares [13] - The company expects interest expenses to decrease in 2025 due to lower absolute debt levels [16] Q&A Session Summary Question: Can you talk about Antero Resources' plans regarding future data center deals? - Management indicated that Antero Resources is in discussions about data center opportunities, and Antero Midstream will be involved as the primary midstream service provider [22][23] Question: Can Antero Resources return to higher activity levels in 2025? - Management confirmed that Antero Resources has a drilling joint venture, which will lead to low single-digit volume increases at Antero Midstream [25] Question: Can you provide details on the Veolia lawsuit and the use of the $19 million received? - Management stated there are no additional disclosures beyond the 10-Ks and that cash flow from the lawsuit will likely be allocated to debt repayment and share buybacks [29][30] Question: What specifics can you provide about the $85 million investment in water infrastructure? - The investment will support an integrated water system across the Marcellus, allowing for more efficient development and reduced capital spending [33][34] Question: How should we think about capital allocation with solid free cash flow? - Management indicated a balanced approach of 50/50 between share repurchases and debt pay down moving forward [44]

Financial Performance - Antero Midstream Corporation reported fourth-quarter 2024 adjusted earnings per share of 26 cents, exceeding the Zacks Consensus Estimate of 23 cents, and an increase from 24 cents in the prior-year quarter [1] - Total quarterly revenues reached $287 million, surpassing the Zacks Consensus Estimate of $270 million, and up from $260 million recorded in the year-ago quarter [1] Operational Performance - Average daily compression volumes were 3,266 million cubic feet (MMcf/d), down from 3,343 MMcf/d in the year-ago quarter and below the estimate of 3,358 MMcf/d, with a compression fee of 21 cents per Mcf, remaining flat year over year [3] - High-pressure gathering volumes totaled 3,045 MMcf/d, slightly down from 3,047 MMcf/d a year ago and below the estimate of 3,057 MMcf/d, with an average fee of 23 cents per Mcf, higher than the prior year's 21 cents [4] - Low-pressure gathering volumes averaged 3,276 MMcf/d, down from 3,377 MMcf/d a year ago and below the estimate of 3,346 MMcf/d, with an average fee of 36 cents per Mcf, up from 35 cents in the prior year [5] - Freshwater delivery volumes were 114 MBbls/d, up approximately 21% from 94 MBbls/d a year ago, with an average distribution fee of $4.31 per barrel, compared to $4.22 a year ago [6] Operating Expenses - Direct operating expenses amounted to $55.9 million, an increase from $50.8 million recorded a year ago, with total operating expenses reaching $109.7 million, up from $104.5 million in the corresponding period of 2023 [7] Balance Sheet - As of December 31, 2024, the company had no cash and cash equivalents and reported long-term debt of $3,116.9 million [8] Outlook - Antero Midstream projects net income in the range of $445-$485 million and adjusted net income between $500-$540 million, with a capital budget for 2025 expected to be in the $170-$200 million range [9]

For the quarter ended December 2024, Antero Midstream Corporation (AM) reported revenue of $287.48 million, up 10.5% over the same period last year. EPS came in at $0.23, compared to $0.24 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $269.66 million, representing a surprise of +6.61%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.23.While investors scrutinize revenue and earnings changes year-over-year and how they compare wi ...

Antero Midstream Announces Fourth Quarter 2024 Results and 2025 Guidance Exhibit 99.1 Denver, Colorado, February 12, 2025—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. Fourth Quarter 2024 Highlights: Full Year 2024 Highlights: 2025 Guidance H ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-38075 ANTERO MIDSTREAM CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 6 ...

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.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 ...

Analysts on Wall Street project that Antero Midstream Corporation (AM) will announce quarterly earnings of $0.23 per share in its forthcoming report, representing a decline of 4.2% year over year. Revenues are projected to reach $269.66 million, increasing 3.7% from the same quarter last year.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 1.1% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections dur ...

For Immediate Releases  Chicago, IL – February 7, 2025 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include, Permian Resources Corp. (PR) , Antero Midstream Corp. (AM) , TC Energy Corp. (TRP) and Antero Resources Corp. (AR) .Here are highlights from Friday’s Analyst Blog:3 Energy Stocks Positioned to Surpass Earnings Estima ...

As the fourth-quarter earnings season has commenced, major oil companies are yet to report their results. Given the stronger pricing environment, most energy players, including Permian Resources Corporation (PR) , are expected to deliver better-than-anticipated results. Midstream stocks such as Antero Midstream Corporation (AM) and TC Energy Corporation (TRP) are also drawing attention. By emphasizing high-return investments and enhancing production efficiency, oil and gas companies have positioned themselv ...