Antero Midstream Announces Fourth Quarter 2023 Results, 2024 Guidance and $500 Million Share Repurchase Program

Core Viewpoint - Antero Midstream Corporation reported strong financial results for Q4 2023 and provided optimistic guidance for 2024, including a $500 million share repurchase program to enhance shareholder returns [1][4]. Q4 2023 Highlights - Net Income was $100 million, or $0.21 per diluted share, a 24% increase compared to the prior year quarter [2][16]. - Adjusted Net Income was $114 million, or $0.24 per diluted share, a 20% increase compared to the prior year quarter [2][16]. - Adjusted EBITDA was $254 million, a 10% increase compared to the prior year quarter [2][18]. - Capital expenditures were $46 million, a 27% decrease compared to the prior year quarter [2][24]. - Free Cash Flow after dividends was $48 million, compared to $8 million in the prior year quarter [2][18]. Full Year 2023 Highlights - Net Income was $372 million, or $0.77 per diluted share [3]. - Adjusted EBITDA was $989 million, at the high end of the guidance range [3]. - Capital expenditures were $185 million, at the lower end of the guidance range [3]. - Free Cash Flow after dividends was $155 million compared to a $1 million deficit in 2022 [3]. - Leverage declined to 3.3x as of December 31, 2023 [3]. - Return on Invested Capital increased to 18%, compared to 17% in 2022 [3]. 2024 Guidance Highlights - Forecasted Net Income of $405 to $445 million, representing GAAP earnings of $0.84 to $0.93 per share [6]. - Adjusted EBITDA of $1,020 to $1,060 million, a 5% increase compared to 2023 at the midpoint [6]. - Capital budget of $150 to $170 million, a 14% decrease compared to 2023 at the midpoint [6]. - Free Cash Flow after dividends of $235 to $275 million, a 65% increase compared to 2023 at the midpoint [6]. - Authorized a $500 million share repurchase program, representing approximately 9% of Antero Midstream's market capitalization [4][6]. Operational Update - During Q4 2023, Antero Midstream connected 21 wells to its gathering system [23]. - Water delivery systems serviced 15 well completions during Q4 2023, with a total of 76 well completions for the full year [23]. Capital Investments - Capital expenditures during Q4 2023 were $46 million, with $34 million invested in gathering and compression and $12 million in water infrastructure [24].