Antero Midstream (AM) - 2025 Q1 - Quarterly Results

Financial Performance - Antero Midstream reported a net income of $121 million, or $0.25 per diluted share, representing a 19% increase per share compared to the prior year quarter[4]. - Adjusted EBITDA for the first quarter of 2025 was $274 million, a 3% increase year-over-year[15]. - Free Cash Flow after dividends was $79 million, reflecting a 7% increase compared to the prior year quarter[15]. - Revenues for the first quarter were $291 million, with $229 million from the Gathering and Processing segment and $62 million from the Water Handling segment[9]. - Antero Midstream's net income for the three months ended March 31, 2025, was $120,737,000, an increase of 16.1% compared to $103,926,000 for the same period in 2024[36]. - Total revenue for the three months ended March 31, 2025, was $291,129,000, up from $279,051,000 in the same period of 2024, representing a growth of 4.0%[36]. - Operating income for the three months ended March 31, 2025, was $177.223 million, up from $170.401 million in the same period of 2024[41]. - Cash flows provided by operating activities for the three months ended March 31, 2025, were $198.942 million, compared to $210.561 million in the same period of 2024[43]. - Total operating expenses for the three months ended March 31, 2025, were $113.906 million, compared to $58.345 million in the same period of 2024[41]. - The company incurred interest expense of $48.410 million for the three months ended March 31, 2025[41]. - Cash paid for interest during the period was $65.272 million for the three months ended March 31, 2025[43]. - Dividends to common stockholders increased to $112.615 million for the three months ended March 31, 2025, from $107.918 million in the same period of 2024[43]. Capital Expenditures and Investments - Capital expenditures increased by 25% year-over-year to $37 million, with $23 million allocated to gathering and compression and $12 million to water infrastructure[19]. - The company repurchased 1.7 million shares for $29 million, with approximately $443 million remaining under its $500 million share repurchase program[5]. - The company repurchased $28.569 million in common stock during the three months ended March 31, 2025[43]. - Net cash used in investing activities for the three months ended March 31, 2025, was $32.271 million, compared to $37.123 million in the same period of 2024[43]. Operational Metrics - Low pressure gathering volumes averaged 3,348 MMcf/d, a 1% increase from the prior year quarter, while high pressure gathering volumes increased by 5% to 3,106 MMcf/d[6]. - Fresh water delivery volumes averaged 105 MBbl/d, a 7% decrease compared to the prior year quarter[6]. - The company serviced 28 wells with fresh water delivery in the first quarter of 2025, an increase of 65% from 17 wells in the same period of 2024[38]. - The average compression fee increased by 5% to $0.22 per Mcf for the three months ended March 31, 2025[38]. - Gathering—high pressure volumes increased by 4% to 279,579 MMcf for the three months ended March 31, 2025[38]. Balance Sheet and Financial Position - Leverage ratio as of March 31, 2025, was 2.95x, indicating a strong balance sheet[4]. - Total current assets rose to $127,652,000 as of March 31, 2025, compared to $118,064,000 as of December 31, 2024[34]. - Long-term debt decreased slightly to $3,110,975,000 as of March 31, 2025, from $3,116,958,000 as of December 31, 2024[34]. - Antero Midstream's total assets were $5,752,118,000 as of March 31, 2025, compared to $5,761,748,000 as of December 31, 2024[34]. Future Outlook - The company anticipates continued growth in demand for its services due to Antero Resources' expected production increases[30].