DENVER, April 30, 2025 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its first 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 March 31, 2025.First Quarter 2025 Highlights: Low pressure gathering and processing volumes increased by 1% and 3%, respectively, compared to the prior year quarte ...

Financial Data and Key Metrics Changes - For Q1 2025, net income was $161 million, down from $172 million in Q4 2024. Adjusted EBITDA decreased to $292 million from $298 million in the previous quarter, primarily due to lower volumes and revenues, partially offset by lower costs and annual rate increases due to inflation [12][13] - Total revenues, excluding pass-through revenues, decreased by approximately $13 million, driven by lower throughput volumes from severe winter weather [12] Business Line Data and Key Metrics Changes - Throughput volumes averaged 424 million cubic feet per day for gas processing, 125,000 barrels per day for crude terminaling, and 126,000 barrels per day for water gathering, reflecting a decrease compared to Q4 2024 due to lower production from Hess [6][12] - Processing revenues decreased by approximately $7 million, while gathering revenues decreased by approximately $6 million [12] Market Data and Key Metrics Changes - Hess reported first quarter net production for the Bakken averaged 195,000 barrels of oil equivalent per day, with expectations for Q2 production to be in the range of 210,000 to 215,000 barrels, representing a 9% increase at the midpoint compared to Q1 [6][12] Company Strategy and Development Direction - The company remains focused on disciplined, low-risk investments to meet basin demand while maintaining reliable operations and strong financial performance. The capital program includes completion of two new compressor stations and starting civil construction on the Capa gas plant, with total capital expenditures expected to be approximately $300 million for 2025 [9][12] - The company aims to generate sustainable cash flow and create opportunities to return additional capital to shareholders, with a targeted annual distribution growth of at least 5% through 2027 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in throughput volumes following severe winter weather, indicating a strong performance in March and a positive trajectory into Q2 [43] - The company highlighted its ability to maintain stability and visibility even during volatile periods, supported by contracts with no direct commodity price exposure and a low leverage ratio of approximately 3.1 times adjusted EBITDA [22][11] Other Important Information - The company has returned $1.95 billion to shareholders through accretive repurchases since the beginning of 2021, with a total shareholder return yield among the highest in the midstream sector [10] - Adjusted free cash flow for Q1 2025 was approximately $191 million, with expectations for excess adjusted free cash flow of approximately $135 million after fully funding targeted growing distributions for the year [13] Q&A Session Summary Question: Bakken outlook amidst macroeconomic volatility - Management noted that activity levels remain consistent, with Hess reaffirming plans to run four rigs for the rest of the year, supported by established MVCs through 2027 [20][21] Question: Volumes in excess of MVCs - Management indicated that MVCs are set at approximately 80% of nomination, with expectations for long-term growth in both Hess and third-party volumes [26] Question: Rig count and potential reductions - Management expressed confidence in maintaining the four rig count, emphasizing a focus on long-term supply-demand dynamics despite short-term volatility [31][32] Question: Buybacks and secondaries - Management clarified that there are no specific plans for secondaries, and they expect to continue multiple repurchases per year, maintaining financial flexibility [36][38] Question: Gas processing volumes recovery - Management reported a strong recovery in processing volumes following weather challenges, with optimism for meeting annual guidance [43] Question: Capital allocation and leverage - Management explained that the $1.25 billion of financial flexibility is driven by both leverage capacity and excess cash flow, with plans to maintain a leverage ratio below 2.5 times by the end of 2026 [58]

Financial Data and Key Metrics Changes - First quarter 2025 net income attributable to ONEOK totaled $636 million or $1.04 per share [11] - Adjusted EBITDA for the first quarter was $1.78 billion, or $1.81 billion excluding transaction costs, driven by higher NGL and natural gas processing volumes [11][12] - The acquired EnLink and Medallion assets contributed nearly $450 million during the first quarter [12] - The company ended the quarter with no borrowings under its $3.5 billion facility and over $140 million in cash [13] Business Line Data and Key Metrics Changes - NGL volumes increased by 4% year over year, with a 15% increase in the Rocky Mountain region and an 8% increase in the Gulf Coast Permian region [17] - Refined product volumes were nearly unchanged year over year, with expectations for increased volumes in the coming months due to seasonal demand [20] - Midland crude gathered volumes were up more than 20% year over year, including contributions from the EnLink and Medallion systems [21] Market Data and Key Metrics Changes - The company is seeing increased demand for natural gas due to ongoing negotiations related to power demand for data centers and industrial demand along the Mississippi River [26] - The Oklahoma natural gas storage expansion project was completed, adding an additional 4 Bcf of working storage capacity, which is 80% committed with third-party contracts [27] Company Strategy and Development Direction - ONEOK is focused on optimizing existing assets and expanding strategically in high-growth areas like the Permian Basin [28] - The company is committed to capital discipline and maintaining a strong balance sheet, with plans to adjust capital expenditures if necessary [50][51] - The integration of acquired assets is expected to provide significant synergies and growth opportunities, with a focus on operational efficiencies and commercial alignment [12][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the evolving macroeconomic environment but expressed confidence in the company's ability to navigate through various cycles [6][10] - The company expects seasonal refined product demand and volume growth from completed capital projects to enhance results in the coming quarters [14] - Management remains optimistic about long-term fundamentals and the strength of integrated assets [28] Other Important Information - The company is nearing completion of several organic growth projects, including pipeline expansions in the Permian and Rocky Mountain regions [5] - The strategic Texas City LPG export joint venture is expected to provide customers with a fully integrated solution for their products [19] Q&A Session Summary Question: Can you elaborate on the synergies and outlook for 2025 and 2026? - Management highlighted that LNG exports and data center demand are expected to drive growth, with synergies not dependent on production volume [34][36] Question: How are producer conversations going regarding concessions? - Management indicated constructive conversations with producers, focusing on win-win solutions through bundling strategies [41] Question: How has the potential for tariffs on LPGs impacted commercialization? - Management stated that tariffs have not impacted their LPG export project or contracting approach [44] Question: How flexible can capital expenditures be if the macro environment worsens? - Management noted that they can flex down about $1 billion of their annual capital expenditures if necessary [50] Question: How much of the synergies for 2025 are already underway? - Management confirmed that a substantial amount of synergies are already in progress, with ongoing capital projects to connect systems [53][56] Question: What is the outlook for Bakken volumes? - Management indicated that low single-digit growth in Bakken volumes is expected, with confidence in recovery as winter issues subside [63] Question: How sensitive is ethane recovery to market pricing? - Management explained that ethane recovery is affected by pricing, but they have flexibility to adjust based on market conditions [66] Question: What is the outlook for the gas pipeline business? - Management expressed optimism about the natural gas pipeline segment, which performed well in Q1 and is expected to continue strong performance [98]

Financial Data and Key Metrics Changes - First quarter 2025 net income attributable to ONEOK totaled $636 million or $1.04 per share [11] - Adjusted EBITDA for the first quarter was $1.78 billion, or $1.81 billion excluding transaction costs, driven by higher NGL and natural gas processing volumes [11][12] - The acquired EnLink and Medallion assets contributed nearly $450 million during the first quarter [12] - The company ended the quarter with no borrowings under its $3.5 billion facility and over $140 million in cash [14] Business Line Data and Key Metrics Changes - NGL volumes increased 4% year over year, with a 15% increase in the Rocky Mountain Region and an 8% increase in the Gulf Coast Permian volume [17] - Refined product volumes were nearly unchanged year over year, with expectations for increased volumes in the coming months due to seasonal demand [20] - Midland crude gathered volumes were up more than 20% year over year, including contributions from EnLink and Medallion systems [21] Market Data and Key Metrics Changes - The company is experiencing increased demand for natural gas due to ongoing negotiations related to power demand for data centers and industrial needs [25] - The Oklahoma natural gas storage expansion project will add an additional four Bcf of working storage capacity, which is 80% committed with third-party contracts [26] Company Strategy and Development Direction - ONEOK is focused on optimizing existing assets and expanding strategically in high-growth areas like the Permian Basin [27] - The company is committed to capital discipline and maintaining a strong balance sheet, with plans to adjust capital expenditures if necessary [15][52] - The integration of acquired assets is expected to provide significant synergies and growth opportunities, with a focus on operational efficiencies and commercial alignment [12][78] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the evolving macroeconomic environment but believes ONEOK is structured to perform through various cycles [7][10] - The company expects seasonal refined product demand and volume growth from completed capital projects to enhance results in the coming quarters [15] - Management remains confident in the long-term fundamentals of the business, supported by a strong integrated asset base and market understanding [27] Other Important Information - The company is nearing completion of several organic growth projects, including pipeline expansions in West Texas and the Rocky Mountain region [6] - The strategic Texas City LPG export joint venture is expected to provide customers with a fully integrated solution for their products [19] Q&A Session Summary Question: Can you elaborate on the synergies and outlook for 2025 and 2026? - Management highlighted that LNG exports and increasing demand for data centers are key drivers for growth, with synergies not dependent on volume [34][36] Question: How are producer conversations going regarding concessions? - Management indicated constructive conversations with producers, focusing on win-win solutions through bundling strategies [41] Question: How has the potential for tariffs on LPGs impacted commercialization? - Management stated that tariffs have not impacted their LPG export project or contracting approach [44] Question: How flexible can capital expenditure plans be if the macro environment worsens? - Management noted that approximately $1 billion of annual capital can be flexed, with a history of successfully managing capital programs during downturns [50][52] Question: How is the Bakken region trending for the rest of the year? - Management expressed confidence in low single-digit growth in the Bakken, with expectations for improved volumes as winter issues subside [64][66] Question: What is the outlook for NGL volumes and ethane recovery? - Management confirmed that ethane rejection was in line with expectations, with increased recovery anticipated as gas prices stabilize [73][74] Question: Can you clarify the incremental EBITDA from combining the four companies? - Management confirmed that there is an expected additional $1.3 billion of incremental EBITDA realizable by 2027 from synergies and growth projects [78][84]

Core Points - DT Midstream, Inc. reported a net income of $108 million, or $1.06 per diluted share, for the first quarter of 2025, with Operating Earnings also at $108 million and Adjusted EBITDA at $280 million [1][2][25] - The company declared a dividend of $0.82 per share, payable on July 15, 2025, to stockholders of record by June 16, 2025 [2] - The integration of new interstate pipelines has progressed well, contributing to a strong start for the year [2][7] Financial Performance - For the first quarter of 2025, the net income attributable to DT Midstream was $108 million, compared to $73 million in the same period of 2024 [25][30] - Adjusted EBITDA increased to $280 million in Q1 2025 from $235 million in Q1 2024 [25][30] - The company reported a Distributable Cash Flow (DCF) of $250 million for Q1 2025, significantly higher than $133 million in Q1 2024 [30] Business Updates - The company has successfully integrated new interstate pipelines into its financial system and commenced construction activities for a new power plant lateral [7] - DT Midstream is advancing on a project backlog valued at approximately $2.3 billion [7] - The company is committed to achieving net zero greenhouse gas emissions by 2050, with a target of 30% reduction in carbon emissions by 2030 [4] Operational Metrics - The company’s Adjusted EBITDA is calculated by adding back interest expense, income tax expense, depreciation and amortization, and other adjustments to net income [6][9] - The reconciliation of net income to Adjusted EBITDA for Q1 2025 shows a significant contribution from equity method investees, with $73 million included in the calculation [25][27]

Group 1: Investment Themes - Warren Buffett's investment decisions are closely monitored due to the strong performance of Berkshire Hathaway [1] - High-yield stocks that align with Buffett's investment themes include midstream energy, utilities, and banks [1] Group 2: Midstream Energy Sector - Berkshire Hathaway has a significant presence in the midstream energy sector, which offers more consistent revenue and earnings compared to oil production [2] - Enbridge (ENB) is highlighted as a midstream investment opportunity, offering a 5.7% dividend yield supported by a $15 billion capital spending plan through 2029 [3][4] Group 3: Utility Sector - Utilities are characterized by regulated growth and monopolistic positions, making them resilient during economic downturns [5] - Black Hills (BKH) is presented as a utility option with a 4.4% yield and a history of 55 annual dividend increases, benefiting from a growing customer base [6] Group 4: Banking Sector - Toronto-Dominion Bank (TD) is suggested as a potential investment, currently yielding approximately 4.8%, despite facing challenges in its U.S. division due to regulatory issues [7][8] - The bank's growth is temporarily limited by an asset cap related to past money laundering issues, but these problems are being addressed [9] Group 5: Investment Strategy - Investors are encouraged to learn from Buffett's strategies rather than replicate them exactly, focusing on high-yield opportunities in midstream and utility sectors, as well as considering TD Bank as a turnaround investment [10]

Higher Year-Over-Year Rocky Mountain Region Volumes TULSA, Okla., April 29, 2025 /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced higher first quarter 2025 results and affirmed full-year 2025 financial guidance.Higher First Quarter 2025 Results, Compared With First Quarter 2024: ONEOK announces higher first quarter 2025 earnings and affirms 2025 financial guidance. Net income of $691 million (includes noncontrolling interests). Net income attributable to ONEOK of $636 million, resulting in $1 ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $2.4 billion, with a distribution coverage ratio of 1.7 times and retained DCF of $842 million [6][14][17] - Net income attributable to common unitholders was $1.4 billion, or $0.64 per common unit, compared to $0.66 per common unit in Q1 2024 [14] - The partnership declared a distribution of $0.0535 per common unit, a 3.9% increase from Q1 2024 [15] Business Line Data and Key Metrics Changes - The company moved 13.2 million barrels of oil equivalent per day and 2 million barrels per day of liquid hydrocarbon exports [6] - PDH facilities experienced downtime, with PDH 1 down for 63 days due to unplanned maintenance, but both PDH plants are now operational [6][7] Market Data and Key Metrics Changes - The company noted a strong demand for U.S. hydrocarbons globally, particularly from China and India, despite ongoing tariff discussions [8][10] - LPG exports have not been significantly disrupted, with 85% to 90% of LPG exports contracted [22][61] Company Strategy and Development Direction - The company plans to bring online two gas processing plants in the Permian in Q3 2025 and several other projects throughout the year, indicating a focus on expanding processing and export capacity [7][16] - The management emphasized the importance of U.S. energy production and exports, aligning with the administration's pro-energy policies [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for U.S. oil, natural gas, and natural gas liquids, despite global market volatility [10][12] - The outlook for the Permian Basin remains positive, with expectations of continued production growth [35][39] Other Important Information - Total capital investments in Q1 2025 were $1.1 billion, with $964 million allocated for growth capital projects [16] - The company has returned approximately $58 billion to unitholders since its IPO in 1998 [16] Q&A Session Summary Question: Current status of U.S. LPG exports and competitive landscape - Management indicated that U.S. LPG is being rerouted effectively, with no disruptions in exports, and highlighted the capital efficiency of their expansion projects [22][23] Question: Outlook for projects coming online in 2025 - Management confirmed that many projects are expected to be fully contracted upon completion, with a rapid ramp-up in EBITDA anticipated [26][32] Question: Impact of recent market price volatility on buybacks - Management noted that excess distributable cash flow is expected to increase significantly in 2026, allowing for potential buybacks and debt paydown [53] Question: Update on PDH utilization and outlook for the segment - Both PDH plants are running well, with expectations to maintain current operational rates [43][44] Question: Global demand and potential impacts of tariff policies - Management acknowledged a demand slowdown internationally but emphasized that pricing will adjust to clear the market [61][71] Question: CapEx plans and potential adjustments due to market conditions - Management indicated that current projects are well contracted and unlikely to slow down despite tariff concerns [70][72]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 was $2.4 billion with a distribution coverage ratio of 1.7 times and retained DCF of $842 million [6][14] - Net income attributable to common unitholders was $1.4 billion or $0.64 per common unit, compared to $0.66 per common unit in Q1 2024 [14] - Distribution declared was $0.0535 per common unit, a 3.9% increase from Q1 2024 [15] - Total debt principal outstanding was approximately $31.9 billion with a weighted average cost of debt of 4.7% [17] Business Line Data and Key Metrics Changes - The company moved 13.2 million barrels of oil equivalent per day and 2 million barrels per day of liquid hydrocarbon exports [6] - PDH facilities experienced downtime; PDH1 was down for 63 days due to unplanned maintenance, but both PDH plants are now operational [6][7] - Total capital investments in Q1 2025 were $1.1 billion, including $964 million for growth capital projects [16] Market Data and Key Metrics Changes - The company noted a strong demand for U.S. hydrocarbons globally, particularly from China and India, despite tariff uncertainties [8][10] - LPG exports have not been significantly disrupted, with 85% to 90% of LPG exports contracted [22][60] Company Strategy and Development Direction - The company plans to bring online two gas processing plants in the Permian and several other projects throughout 2025 [7][16] - The focus remains on increasing capacity to gather, process, transport, and export hydrocarbons, with a significant backlog of wells expected to be connected [12][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for U.S. energy production and exports, citing supportive policies from the current administration [12] - The company anticipates continued growth in the Permian Basin, with expectations of connecting a similar number of wells in 2025 as in 2024 [39] Other Important Information - The company has returned approximately $58 billion to unitholders since its IPO in 1998 through distributions and buybacks [16] - The expected range of growth capital expenditures for 2025 is $4 billion to $4.5 billion, with sustaining capital expenditures around $525 million [16] Q&A Session Summary Question: Current U.S. LPG rerouting and competitive landscape - Management indicated that trade flows are balancing, with no disruptions in exports, and highlighted their capital-efficient expansion plans [22][23] Question: Incremental EBITDA from upcoming projects - Management confirmed that many projects are expected to be fully contracted upon coming online, leading to a rapid ramp-up in EBITDA [26][32] Question: Impact of recent market price volatility on buybacks - Management discussed their strategy for excess distributable cash flow and indicated a significant increase in cash flow expected in 2026 [53] Question: Outlook for the petchem and refined product segment - Management noted that both PDH plants are running well and expressed optimism for the segment's performance for the remainder of the year [42][44] Question: Global demand and tariff impacts - Management acknowledged a demand slowdown internationally but emphasized that pricing would adjust to clear the market [61] Question: CapEx plans in light of potential demand slowdown - Management stated that current projects are well contracted and unlikely to slow down despite tariff concerns [70] Question: Update on major capital projects - Management confirmed that major capital projects are progressing well and are expected to come online ahead of schedule [81]

Core Viewpoint - Energy Transfer is a leading midstream company that generates substantial cash flow through its diversified portfolio of energy infrastructure, making it an attractive investment for passive income seekers [1][2]. Financial Performance - The master limited partnership (MLP) generated $8.4 billion in cash last year, distributing $4.4 billion to investors, with a current distribution yield of 7.5% [2]. - The latest quarterly distribution payment is set at $0.3275 per unit, reflecting a more than 3% increase from the previous year [3]. - The company produced enough cash to cover its distribution by 1.9 times last year, with a 10% increase in distributable cash flow driven by acquisitions and organic growth [4]. Growth Strategy - Energy Transfer invested $3 billion in growth capital projects last year and plans to invest an additional $5 billion this year, targeting a 5% earnings growth [6][7]. - The company has ongoing expansion projects, including a large-scale LNG export terminal, and anticipates growth from increased demand in the Permian Basin and global LNG exports [8]. Acquisition Activity - Energy Transfer has a history of strategic acquisitions, including WTG Midstream and Crestwood Equity Partners, aimed at expanding its midstream system and enhancing earnings [9]. Investment Appeal - The company is characterized as an income-producing machine, providing a stable and growing cash distribution to investors, making it a suitable option for those interested in MLPs [10].