Antero Midstream (US:AM)2025-10-29 20:48Financial Performance - Net Income for Q3 2025 was $116 million, or $0.24 per diluted share, representing a 14% increase per share compared to the prior year quarter[4] - Adjusted EBITDA reached $281 million, a 10% increase compared to the prior year quarter[4] - Free Cash Flow after dividends was $78 million, a 94% increase compared to the prior year quarter[4] - Antero Midstream's total revenue for the three months ended September 30, 2025, was $294,821,000, an increase of 9.1% from $269,870,000 in the same period of 2024[33] - Net income for the three months ended September 30, 2025, was $115,984,000, representing a 16.3% increase compared to $99,740,000 in the prior year[33] - Adjusted EBITDA for the twelve months ended September 30, 2025, was $1,114,072,000, reflecting strong operational performance[26] - Operating income was reported at $180.493 million, with operating expenses totaling $114.328 million[40] Capital Expenditures and Investments - Capital expenditures were $51 million, a 9% decrease compared to the prior year quarter[4] - The company invested $67.960 million in gathering systems and facilities during the nine months ended September 30, 2025[42] - Antero Resources completed approximately $260 million of acquisitions in the Marcellus Shale, including production already gathered by Antero Midstream[8] Debt and Leverage - Leverage declined to 2.7x as of September 30, 2025[4] - Total consolidated net debt as of September 30, 2025, was $3,029,600,000, down from $3,189,900,000 in the previous year[26] - The company reported a decrease in long-term debt to $3,008,694,000 as of September 30, 2025, from $3,116,958,000 in the previous year[32] - The company issued $650 million in Senior Notes during the nine months ended September 30, 2025, to support financing activities[42] - Net cash used in financing activities increased to $557.721 million for the nine months ended September 30, 2025, compared to $408.293 million in the previous year[42] - The company reported a loss on early extinguishment of debt of $1.313 million for the three months ended September 30, 2025[40] Operational Highlights - Antero Midstream reported a 5% year-over-year growth in gathering and compression volumes, with fresh water delivery volumes increasing by 30% year-over-year[3] - The company connected 16 wells to its gathering system and serviced 17 wells with its fresh water delivery system during Q3 2025[6] - Fresh water delivery increased by 30% to 8,472 MBbl for the three months ended September 30, 2025, compared to 6,514 MBbl in the same period of 2024[36] - The number of wells serviced by fresh water delivery rose to 17, an increase of 89% from 9 wells in the prior year[36] - Average compression fee increased by 5% to $0.22 per Mcf for the three months ended September 30, 2025[36] Shareholder Returns - Antero Midstream repurchased 2.3 million shares for $41 million during Q3 2025, with approximately $385 million remaining under its $500 million share repurchase program[5] - Dividends to common stockholders for the nine months ended September 30, 2025, were $331.820 million, slightly higher than the previous year's $329.252 million[42] Asset Management - Antero Midstream's total assets as of September 30, 2025, were $5,717,088,000, slightly down from $5,761,748,000 at the end of 2024[32]