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Antero Midstream Announces Fourth Quarter 2024 Results and 2025 Guidance
Antero Midstream Antero Midstream (US:AM) Prnewswireยท2025-02-12 21:15

Core Viewpoint - Antero Midstream Corporation reported record financial and operational results for 2024, with significant growth in throughput, net income, adjusted EBITDA, and free cash flow, while also reducing debt and initiating a share repurchase program [2][4][6]. Fourth Quarter 2024 Highlights - Net income for Q4 2024 was $111 million, or $0.23 per diluted share, reflecting a 10% increase per share compared to the prior year [7][14]. - Adjusted net income was $124 million, or $0.26 per diluted share, an 8% increase per share year-over-year [7][14]. - Adjusted EBITDA reached $274 million, marking an 8% increase from the previous year [7][17]. - Free cash flow after dividends was $93 million, a substantial 91% increase compared to the prior year [7][17]. - Capital expenditures for Q4 2024 were $24 million, a 47% decrease from the prior year [7][17]. Full Year 2024 Highlights - Total net income for 2024 was $401 million, or $0.83 per diluted share, an 8% increase compared to the previous year [7][14]. - Adjusted EBITDA for the full year was $1.05 billion, a 6% increase year-over-year [7][14]. - Free cash flow after dividends for 2024 was $250 million, a 61% increase compared to the previous year [7][14]. - The company reduced its absolute debt by nearly $100 million, achieving a leverage ratio below 3.0x [2][4]. 2025 Guidance Highlights - Antero Midstream forecasts net income between $445 million and $485 million for 2025, with adjusted net income projected between $500 million and $540 million [4][6]. - Adjusted EBITDA is expected to be between $1.08 billion and $1.12 billion, representing a 5% increase at the midpoint compared to 2024 [4][6]. - The company anticipates free cash flow before dividends of $690 million to $730 million, and free cash flow after dividends of $250 million to $300 million, indicating a 10% increase at the midpoint compared to 2024 [6][7]. - Capital expenditures are projected to be between $170 million and $200 million, with significant investments in gathering and compression infrastructure as well as water infrastructure [5][6]. Share Repurchases - In Q4 2024, Antero Midstream repurchased 1.9 million shares for $29 million, with approximately $471 million remaining under its $500 million authorized share repurchase program as of December 31, 2024 [3][4]. Operational Update - During Q4 2024, the company connected 5 wells to its gathering system and serviced 16 wells with its fresh water delivery system [21]. - Low pressure gathering volumes averaged 3,276 MMcf/d, a 3% decrease year-over-year, while fresh water delivery volumes increased by 21% to an average of 114 MBbl/d [8][11].