Antero Midstream Announces Third Quarter 2025 Financial and Operating Results

Core Insights - Antero Midstream Corporation reported strong operational performance in Q3 2025, with a 5% year-over-year growth in gathering and compression volumes and a 30% increase in fresh water delivery volumes [3][6][10] - The company achieved significant Free Cash Flow growth, nearly doubling from the previous year, allowing for debt reduction and share repurchases [3][4][6] - Antero Midstream's credit rating improved, enabling refinancing of near-term debt maturities out to 2033 at favorable rates [3][6] Financial Performance - Net Income for Q3 2025 was $116 million, or $0.24 per diluted share, reflecting a 14% increase per share compared to the prior year [6][14] - Adjusted Net Income was $130 million, or $0.27 per diluted share, a 17% increase per share year-over-year [6][15] - Adjusted EBITDA reached $281 million, a 10% increase from the previous year [6][16] - Free Cash Flow after dividends was $78 million, a 94% increase compared to the prior year [6][16] Operational Highlights - The company connected 16 wells to its gathering system and serviced 17 wells with its fresh water delivery system during Q3 2025 [5] - Capital expenditures totaled $51 million, a 9% decrease from the prior year, with investments focused on gathering, compression, and water infrastructure [5][16] - Low pressure gathering volumes averaged 3,432 MMcf/d, a 5% increase year-over-year, while compression volumes averaged 3,421 MMcf/d, also a 5% increase [10][11] Share Repurchase and Debt Management - 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 [4][6] - The company reduced its total debt to $3.03 billion as of September 30, 2025, down from $3.19 billion the previous year [26][29] Strategic Initiatives - The company is focusing on additional well connections and fresh water delivery for its 2026 development plan, including a new dry gas pad in the Marcellus Shale [8][9] - Antero Resources, a key partner, completed approximately $260 million in acquisitions in the Marcellus Shale, enhancing Antero Midstream's operational capacity [9]