Antero Midstream (US:AM)2025-02-12 22:21Financial 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]