
Core Viewpoint - Antero Midstream reported first-quarter 2024 adjusted earnings per share of 24 cents, matching the Zacks Consensus Estimate, and showing an improvement from 21 cents in the same quarter last year. Total revenues of $279 million exceeded the Zacks Consensus Estimate of $274 million and increased from $259.5 million year-over-year, driven by higher compression and gathering volumes [1]. Operational Performance - Average daily compression volumes reached 3,260 million cubic feet (MMcf/d), up from 3,137 MMcf/d in the prior year and exceeding the estimate of 3,195 MMcf/d. The compression fee remained at 21 cents per Mcf, consistent with the previous year [2]. - High-pressure gathering volumes totaled 2,966 MMcf/d, an increase from 2,801 MMcf/d year-over-year and above the estimate of 2,882 MMcf/d. The average high-pressure gathering fee rose to 22 cents per Mcf from 21 cents [2]. - Low-pressure gathering volumes averaged 3,301 MMcf/d, up from 3,171 MMcf/d in the first quarter of 2023, surpassing the estimate of 3,202 MMcf/d. The average low-pressure gathering fee increased to 36 cents per Mcf from 35 cents [2]. Freshwater Delivery - Freshwater delivery volumes were recorded at 113 MBbls/d, down approximately 8% from 123 MBbls/d in the prior year. The average freshwater distribution fee increased to $4.30 per barrel from $4.21 [3]. Operating Expenses - Direct operating expenses were $53.9 million, a decrease from $57.9 million year-over-year. Total operating expenses rose to $112.8 million from $111.1 million in the same period of 2023 [4]. Balance Sheet - As of March 31, 2024, the company had cash and cash equivalents of $26.1 million and long-term debt of $3,174.9 million [5]. Outlook - For 2024, Antero Midstream expects adjusted EBITDA in the range of $1,020-$1,060 million, indicating a 5% increase from 2023 at the midpoint. Projected free cash flows after dividends are estimated to be between $235-$275 million, with a capital budget of $150-$170 million, reflecting a 14% decrease from 2023 at the midpoint [6].