Group 1 - The article promotes a research service focused on various income-generating investment vehicles such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs, highlighting its extensive research capabilities and positive user testimonials [1] - It mentions that there are 438 testimonials, with most being rated 5 stars, indicating a high level of customer satisfaction with the service [1] Group 2 - The article includes a disclosure from the analyst stating a beneficial long position in the shares of AM and CNQ, indicating a personal investment interest in these companies [2] - It clarifies that the opinions expressed are those of the analyst and not influenced by any compensation from the companies mentioned [2]

Group 1 - The article emphasizes the importance of continuous research and analysis in the investment sector, particularly focusing on various income alternatives such as REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It highlights the positive feedback from users, with 438 testimonials, most of which are rated 5 stars, indicating a strong reputation for the research service offered [1] Group 2 - The article does not provide specific financial data or performance metrics related to any particular company or industry [2]

Group 1 - The article emphasizes the importance of in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It highlights the positive feedback from users, with 438 testimonials, most rated 5 stars, indicating a strong user satisfaction [1] - The article includes a humorous quote about inflation, illustrating the rising costs consumers face [1] Group 2 - The article does not provide specific investment recommendations or advice, emphasizing that past performance does not guarantee future results [2] - It clarifies that the views expressed may not reflect those of the entire platform, indicating a diversity of opinions among analysts [2] - The article notes that the analysts are third-party authors, which may include both professional and individual investors without formal licensing [2]

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 ...

Financial Performance - Net Income for Q4 2024 was $111 million, or $0.23 per diluted share, a 10% increase per share compared to the prior year quarter[4] - Adjusted EBITDA for Q4 2024 was $274 million, an 8% increase compared to the prior year quarter[4] - Free Cash Flow after dividends for Q4 2024 was $93 million, a 91% increase compared to the prior year quarter[4] - Full year 2024 Free Cash Flow after dividends was $250 million, a 61% increase compared to the prior year[4] - 2025 guidance forecasts Net Income of $445 to $485 million, representing GAAP earnings of $0.92 to $1.00 per share[6] - Adjusted EBITDA for 2025 is projected to be $1.08 to $1.12 billion, a 5% increase compared to 2024 at the midpoint[6] - Adjusted EBITDA for the year ended December 31, 2023, was $989,192, increasing to $1,051,074 for 2024, representing a growth of approximately 6.3%[28] - Net Income for 2023 was $371,786, projected to increase to $400,892 in 2024, reflecting a growth of approximately 7.8%[28] - Cash flows from operating activities for 2024 were $843,994,000, an increase from $779,063,000 in 2023[42] Capital Expenditures and Debt - Capital expenditures for 2025 are estimated to be between $170 to $200 million[7] - Capital expenditures on an accrual basis decreased from $184,994 in 2023 to $161,324 in 2024, a decline of approximately 12.8%[29] - Consolidated total debt decreased from $3,230,100 in 2023 to $3,134,300 in 2024, a reduction of about 3%[28] - The company’s leverage, defined as Net Debt divided by Adjusted EBITDA, is a key indicator of financial leverage[27] Free Cash Flow - The company expects Free Cash Flow after dividends of $250 to $300 million for 2025, a 10% increase compared to 2024 at the midpoint[8] - Free Cash Flow before dividends rose from $586,953 in 2023 to $682,723 in 2024, indicating an increase of about 16.3%[29] - The company reported a Free Cash Flow after dividends of $155,226 in 2023, expected to rise to $250,127 in 2024, an increase of about 61.1%[29] Revenue and Operating Metrics - Total revenue for Q4 2024 increased to $287,477,000, up 10.5% from $260,170,000 in Q4 2023[35] - Operating income for Q4 2024 was $177,735,000, a 14.2% increase from $155,681,000 in Q4 2023[35] - Total operating expenses for Q4 2024 were $109,742,000, up from $104,489,000 in Q4 2023, reflecting a 5.4% increase[35] - Interest expense decreased to $49,721,000 in Q4 2024, down from $52,000,000 in Q4 2023[35] Fresh Water Delivery - Fresh water delivery volumes averaged 114 MBbl/d in Q4 2024, a 21% increase compared to the prior year quarter[10] - Fresh water delivery volumes rose by 21% to 10,476 MBbl in Q4 2024, compared to 8,627 MBbl in Q4 2023[37] - The number of wells serviced by fresh water delivery increased by 7% to 16 in Q4 2024, compared to 15 in Q4 2023[37] - Average gathering-low pressure fee increased by 3% to $0.36 per Mcf in Q4 2024, from $0.35 per Mcf in Q4 2023[37] Share Repurchase and Investments - Antero Midstream repurchased 1.9 million shares for $29 million during Q4 2024[5] - Antero Midstream's investments in unconsolidated affiliates were valued at $626,650 in 2023, decreasing to $603,956 in 2024[34] Assets and Cash Position - Total assets increased slightly from $5,737,618 in 2023 to $5,761,748 in 2024[34] - Cash and cash equivalents were reported at $66 in 2023, with no cash reported for 2024[34] Future Plans - The company plans to continue expanding its water handling services and enhancing operational efficiencies in the upcoming quarters[35]

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 ...