Q2 2024 Antero Midstream Corp Earnings Call Transcript
Key Points
- Antero Midstream Corp (AM) reported a 5% year-over-year increase in adjusted EBITDA for the second quarter, reaching $255 million.
- Free cash flow after dividends during the quarter was $43 million, a 41% increase compared to the second quarter of last year.
- The company successfully closed a $70 million acquisition from Summit Midstream, which was immediately accretive to free cash flow.
- Antero Midstream Corp (AM) maintained its leverage at 3.1 times despite the acquisition, highlighting the attractive purchase price and immediate accretion to free cash flow.
- The company received an upgrade from S&P to double-B plus on its corporate credit rating, marking the fourth ratings increase since the end of 2020.
- There was a notable decline in water volumes, dropping to about 81,000 barrels a day from 113,000 barrels a day in the first quarter.
- The company is currently running only one completion crew, which may impact future volumes and operational efficiency.
- The deferred pad at Antero Resources could potentially delay the gathering and compression of volumes from five wells, affecting future guidance.
- The company faces challenges in securing third-party opportunities, particularly in Ohio, despite ongoing conversations.
- There is uncertainty regarding the timing and impact of the buyback program, which is contingent on achieving the three times leverage target.
Greetings. Welcome to Antero Midstream's Second Quarter 2024 earnings call. (Operator Instructions) Please note this conference is being recorded.
At this time, I'll now turn the conference over to Justin Agnew, Vice President and Finance. Just and you may now begin your presentation.
&
Thanks, operator, and good morning. Thank you for joining us for Antero Midstream Second Quarter Investor Conference Call. We'll spend a few minutes going through the financial and operating highlights, and then we'll open it up for Q&A. I would also like to direct you to the homepage of our website at www.antero Midstream.com. where we have provided a separate earnings call presentation that will be reviewed during today's call.
Today's call may also contain certain non-GAAP financial measures. Please refer to our earnings press release for important disclosures regarding such measures, including reconciliations to the most comparable GAAP
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
