DENVER, July 30, 2025 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its second quarter 2025 financial and operating results. The relevant unaudited condensed consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the three months ended June 30, 2025. Second Quarter 2025 Highlights: 2025 Guidance Updates: Paul Rady, Chairman and CEO said, "During the quarter Antero Midstream gathered 3.5 Bcf/d of p ...

Financial Data and Key Metrics Changes - For Q2 2025, net income was $180 million compared to $161 million in Q1 2025, and adjusted EBITDA increased to $316 million from $292 million in Q1 2025 [14][15] - Adjusted EBITDA margin for Q2 was maintained at approximately 80%, above the target of 75% [15] - Total expected capital expenditures for 2025 are approximately $300 million, with adjusted free cash flow expected to be between $725 million and $775 million [8][17] Business Line Data and Key Metrics Changes - In Q2 2025, throughput volumes averaged 449 million cubic feet per day for gas processing, 137,000 barrels per day for crude terminaling, and 138,000 barrels per day for water gathering [11] - Gas processing and oil terminaling volumes increased by approximately 6% and 10% respectively from Q1 2025, driven by strong upstream production performance [11][12] Market Data and Key Metrics Changes - The company expects oil and gas throughput guidance for the full year 2025 to remain unchanged, with volume growth anticipated in Q3 2025, partially offset by higher seasonal maintenance activity [12][16] - The North Dakota Pipeline Authority forecasts that Bakken gas is expected to grow over the long term, while oil production is expected to remain flat [30][31] Company Strategy and Development Direction - The company aims to continue delivering operational excellence and financial performance, with a focus on disciplined, low-risk investments to meet basin demand [13][10] - The financial strategy prioritizes return of capital to shareholders, maintaining one of the highest total shareholder return yields among peers while keeping low leverage ratios [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and growth trajectory, with an estimated 11% increase in adjusted EBITDA growth for 2025 [7][8] - The company anticipates generating over $1.25 billion of financial flexibility through 2027 for incremental shareholder returns, including potential unit and share repurchases [9][17] Other Important Information - Hess Midstream's senior unsecured debt was upgraded to an investment grade rating of BBB- following the Chevron merger [9] - The company has returned over $2 billion to shareholders through repurchases since 2021 and increased distributions per Class A share by more than 60% [9] Q&A Session Summary Question: Insights on Chevron's view on Bakken and rig count changes - Management indicated that they are currently running four rigs and have seen strong upstream performance, with updates to the development plan expected towards the end of the year [20][21] Question: Capital allocation and appetite for buybacks - The company confirmed that it has $1.25 billion of financial flexibility through 2027 and plans to continue repurchases at a rate of approximately $100 million per quarter [23][24][26] Question: Trends in Gas-to-Oil Ratios (GORs) and Bakken outlook - Management noted that GORs are expected to increase over the long term, with Bakken gas anticipated to grow while oil production remains flat [30][31] Question: Guidance and performance expectations - Management confirmed strong Q2 performance and maintained guidance, expecting higher EBITDA in the second half of the year despite some seasonal maintenance [38][41] Question: Governance structure post-GIP exit - The company emphasized the importance of balanced governance and has implemented mechanisms requiring independent director approval for key decisions [49][51] Question: Chevron's participation in buybacks - Management stated that there would be no change in the buyback strategy, with Chevron expected to participate similarly to previous arrangements [44][46]

In the last reported quarter, Enbridge's adjusted earnings of 72 cents per share beat the Zacks Consensus Estimate of 68 cents, driven by higher Adjusted EBITDA contributions from its major business segments like Liquids Pipelines, Gas Transmission, and Gas Distribution and Storage. Key Takeaways Enbridge Inc. (ENB) is set to report second-quarter 2025 results on Aug. 1, before the opening bell. Highlights of Q1 Earnings & Surprise History Earnings surpassed the Zacks Consensus Estimate in two of the traili ...

Core Insights - Enterprise Products Partners LP (EPD) reported second-quarter 2025 adjusted earnings per limited partner unit of 66 cents, surpassing the Zacks Consensus Estimate of 65 cents and increasing from 64 cents in the prior year [1][9] - Total quarterly revenues were $11.4 billion, falling short of the Zacks Consensus Estimate of $14.2 billion and down from $13.5 billion in the same quarter last year [1][9] - The strong earnings performance was primarily driven by record natural gas processing and pipeline volumes [2][9] Segmental Performance - Pipeline volumes for NGL, crude oil, refined products, and petrochemicals reached 8.2 million barrels per day (bpd), up from 7.8 million bpd in the year-ago quarter [3] - Natural gas pipeline volumes increased to 20.4 trillion British thermal units per day (TBtus/d), compared to 18.7 TBtus/d in the previous year [3] - Marine terminal volumes decreased to 2.1 million bpd from 2.2 million bpd in the prior-year period [3] Operating Margins - The gross operating margin for NGL Pipelines & Services remained stable at $1.3 billion, attributed to higher processing volumes despite minor mark-to-market (MTM) hedging losses [4] - Natural Gas Pipelines and Services saw a decrease in gross operating margin to $341 million from $386 million, primarily due to MTM hedging losses and lower margins in Permian and Rockies facilities [4] - Crude Oil Pipelines & Services reported a gross operating margin of $403 million, down from $417 million, due to lower sales volumes and margins [5] - Petrochemical & Refined Products Services experienced a decline in gross operating margin to $354 million from $392 million, impacted by lower margins in octane enhancement [5] Cash Flow - Distributable cash flow totaled $1.9 billion, up from $1.8 billion in the year-ago period, with a coverage ratio of 1.6X [6] - The company retained $748 million of distributable cash flow in the second quarter and generated adjusted free cash flow of $2.1 billion, flat year over year [6] Financials - Total capital investment for the reported quarter was $1.3 billion [7] - As of June 30, 2025, total outstanding debt principal was $33.1 billion, with consolidated liquidity of approximately $5.1 billion [7] Outlook - For 2025, EPD anticipates growth capital expenditures to remain in the range of $4.0-$4.5 billion [8] - Sustaining capital expenditure is expected to be approximately $525 million in 2025 [8]

Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how ...

Energy Transfer has a lot to offer investors this year. Energy Transfer (ET 0.37%) is one of my largest income investments. I'm pleased to have a higher allocation to the master limited partnership (MLP) because of all it offers investors like me. Here are three reasons I'm excited to hold the midstream giant this year. A lucrative and growing income stream My main reason for owning Energy Transfer is its lucrative distribution. With my low cost basis, I earn a yield of more than 10% on this MLP, compared w ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2025 was reported at $2.4 billion, with distributable cash flow (DCF) of $1.9 billion, providing 1.6 times coverage [6][20] - Net income attributable to common unitholders remained stable at $1.4 billion for both Q2 2025 and Q2 2024, while net income per common unit increased by 3% to $0.66 [16][17] - Distributable cash flow increased by $127 million or 7% compared to the previous year, primarily due to lower sustaining capital expenditures [17][20] Business Line Data and Key Metrics Changes - The company set five volumetric records, processing 7.8 billion cubic feet of natural gas per day and transporting over 1 million barrels per day of refined products and petrochemicals [6][7] - The Neches River Terminal began operations with an initial capacity to load 120,000 barrels of ethane per day, expected to increase to 360,000 barrels per day with future expansions [9][15] Market Data and Key Metrics Changes - Export volumes rose by 5 million barrels quarter-over-quarter, but gross operating margin declined by $37 million due to market pricing and a 60% drop in spot rates [12] - The company noted that spot terminal fees for LPG exports have significantly decreased from $0.10 to $0.15 per gallon to lower levels [12] Company Strategy and Development Direction - The company is focused on organic growth projects worth nearly $6 billion, including new gas processing plants in the Permian [7][8] - The competitive landscape for LPG exports is becoming increasingly challenging, with new midstream companies entering the market [11][13] - The company aims to leverage its existing infrastructure to maintain competitive advantages and meet customer needs through brownfield expansions [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic and geopolitical challenges, emphasizing the importance of U.S. energy exports [10][11] - The management team believes that the demand for U.S. ethane and ethylene remains strong in Asia and Europe, despite recent market pressures [13][14] - The company anticipates continued profitability in the Permian Basin, with producers maintaining their guidance despite market fluctuations [40][42] Other Important Information - The company declared a distribution of $0.545 per common unit for Q2 2025, a 3.8% increase from the previous year [18] - Total capital investments for 2025 were reported at $1.3 billion, with growth capital expenditures expected to remain in the range of $4 to $4.5 billion for 2025 [19][20] Q&A Session Summary Question: Ramp-up of new assets in the second half of 2025 - Management indicated that the new processing plants are expected to ramp up quickly, with high utilization rates anticipated [23][24][26] Question: Capital allocation and buyback strategy - The company plans to continue opportunistic buybacks, with expectations of increased free cash flow in 2026 [28][30] Question: LPG export fees and market dynamics - Management confirmed that they are 85-90% contracted for LPG exports through the end of the decade, indicating that significant margin compression challenges are likely over [73] Question: Outlook for PDH and refined product services - Operating rates for PDH have improved, but management noted that they have not yet met expectations [49] Question: Impact of potential LNG projects on Haynesville Shale - The company is optimistic about the Acadian gas system and expects to benefit from increased activity in the Haynesville [68][69] Question: Strategic importance of growth backlog - Management emphasized the importance of maintaining a robust growth backlog to attract equity investment and support future capital allocation decisions [89][90]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q2 2025 was reported at $2.4 billion, with distributable cash flow (DCF) providing 1.6 times coverage and retaining $740 million of DCF [5][15][18] - Net income attributable to common unitholders remained stable at $1.4 billion for both Q2 2025 and Q2 2024, while net income per common unit increased by 3% to $0.66 [14][15] - Distributable cash flow increased by $127 million or 7% to $1.9 billion for Q2 2025, primarily due to lower sustaining capital expenditures compared to the previous year [15][17] Business Line Data and Key Metrics Changes - The company set five volumetric records, processing 7.8 billion cubic feet of natural gas per day and transporting over 1 million barrels per day of refined products and petrochemicals [5][6] - The Neches River Terminal began operations with an initial capacity to load 120,000 barrels of ethane per day, expected to reach full operational capacity in the first half of 2026 [7] Market Data and Key Metrics Changes - Export volumes rose by 5 million barrels quarter-over-quarter, but gross operating margin declined by $37 million due to market pricing and a 60% drop in spot rates [10][11] - The company noted a shift in the LPG export market, with spot terminal fees previously ranging from $0.10 to $0.15 per gallon, now facing increased competition [9][10] Company Strategy and Development Direction - The company is focused on organic growth projects worth nearly $6 billion, including gas processing plants in the Permian [6][12] - The competitive advantage lies in existing export infrastructure, allowing the company to meet customer needs through brownfield expansions [12][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic and geopolitical challenges but expressed confidence in the company's positioning to succeed despite these headwinds [5][8] - The management highlighted the importance of energy and global trade, indicating potential future challenges due to competitive pressures in the LPG export market [9][12] Other Important Information - The company declared a distribution of $0.545 per common unit for Q2 2025, a 3.8% increase from the previous year [16] - Total capital investments for 2025 were reported at $1.3 billion, with growth capital expenditures expected to remain unchanged at $4 to $4.5 billion for 2025 [17][18] Q&A Session Summary Question: How should we think about the ramp-up of $6 billion of assets coming online in the second half of 2025? - Management indicated that processing plants are expected to ramp up quickly, with high utilization rates anticipated [21][23][25] Question: Will the buyback program increase in anticipation of 2026 being a lean year? - Management confirmed that they are being opportunistic with buybacks and expect larger opportunities in 2026 as free cash flow increases [27][29] Question: How do you see the LPG export market evolving? - Management stated that they are 85-90% contracted through the end of the decade and will defend their market position [32][74] Question: What are the lessons learned from the BIS ethane incident during Q2? - Management noted that while they were largely unscathed, the incident compromised the U.S. brand for reliable supply and energy security [45][46] Question: How do you view the outlook for PDH and octane enhancement? - Operating rates for PDHs have improved, but management is still not satisfied with performance, while octane enhancement margins have normalized but remain healthy [48][49]

Enterprise Products Partners (EPD -0.71%), a major operator of pipelines, storage, and processing facilities for oil, gas, and chemicals, released its Q2 2025 earnings on July 28, 2025. The results were mixed: while earnings per unit (GAAP) came in at $0.66, beating analyst estimates by 3.1%, GAAP revenue of $11.36 billion fell well short of the $14.18 billion forecast, marking a notable 15.7% drop from the prior-year period. In contrast, distributable cash flow and adjusted EBITDA (non-GAAP) both improved, ...

Earnings Report - Enterprise Products Partners L.P. is set to release its second-quarter earnings results on July 28, with analysts expecting earnings of 64 cents per share, unchanged from the previous year [1] - Projected quarterly revenue is $14.18 billion, an increase from $13.48 billion a year earlier [1] Recent Financial Activity - On June 17, Enterprise priced its $2.0 billion aggregate principal amount of senior notes [2] - The company's shares fell by 0.8%, closing at $31.55 on the preceding Friday [2] Analyst Ratings - Mizuho analyst Gabriel Moreen maintained an Outperform rating but reduced the price target from $39 to $38 [4] - Barclays analyst Theresa Chen kept an Overweight rating and lowered the price target from $36 to $35 [4] - Citigroup analyst Spiro Dounis maintained a Buy rating and cut the price target from $37 to $35 [4] - JP Morgan analyst Jeremy Tonet maintained an Overweight rating and increased the price target from $37 to $38 [4] - Morgan Stanley analyst Robert Kad maintained an Equal-Weight rating and raised the price target from $36 to $38 [4]