Financial Data and Key Metrics Changes - Antero Midstream reported record-breaking financial results for Q1 2024, with a 4% increase in gathering volumes and a 6% increase in processing volumes compared to the previous year [11] - The company achieved double-digit EBITDA growth alongside double-digit declines in capital expenditures year-over-year, resulting in $182 million of free cash flow before dividends and $74 million after dividends, both record figures [11] - Leverage decreased to 3.1x from 3.3x at year-end 2023, supported by EBITDA growth and debt reduction [12] Business Line Data and Key Metrics Changes - The Grays Peak compressor station was placed in service, with an initial capacity of 160 million cubic feet per day, supporting future throughput growth [6] - Antero Midstream delivered 113,000 barrels per day of freshwater, achieving a 35% improvement in efficiency compared to previous operations [7][8] Market Data and Key Metrics Changes - Antero Resources' firm transportation portfolio allows for premium natural gas price realizations, with expectations of prices above $5 per MMBtu near Henry Hub compared to $3 to $4 per MMBtu further away [9] - 75% of Antero Resources' firm transportation delivers gas to Tier 1 markets, enhancing Antero Midstream's position in supplying LNG globally [9] Company Strategy and Development Direction - The company focuses on capital efficiency and operational improvements, with a commitment to maintaining low breakeven costs for producers [10] - Antero Midstream aims to achieve a 3x leverage target by the second half of 2024, positioning itself for potential share buybacks and further capital returns [13] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing demand for natural gas driven by data centers and AI, indicating a strategic focus on directing gas to the Gulf Coast for premium pricing [16] - The company anticipates modest throughput growth in Q2 2024, offset by lower expected freshwater delivery volumes due to reduced completion crews [12] Other Important Information - Antero Midstream completed a small acquisition of gathering systems for $2 million, which is expected to provide future capital savings [33] - The company has maintained a consistent free cash flow generation, marking the seventh consecutive quarter of free cash flow after dividends [13] Q&A Session Summary Question: Increased demand for power related to AI and data centers - Management discussed the demand from data centers and the strategy to direct gas to the Gulf Coast for premium pricing [16] Question: Timing of buybacks and capital allocation priorities - Management indicated that as they approach the 3x leverage target, they will evaluate share buybacks, debt paydown, and bolt-on acquisitions [18] Question: Impact of deferred projects on AM volumes - Management clarified that a deferred project would not impact AM volumes for the year [22] Question: Guidance on liquids-rich area and volume forecast - Management confirmed that there was no change in AM's guidance despite AR's revised outlook, solidifying existing forecasts [26] Question: Debt repurchase decision and further paydown plans - Management explained the rationale behind the debt repurchase and indicated that further debt paydown would be considered as they approach the leverage target [31] Question: Details on the recent acquisition - Management provided insights into the recent acquisition, emphasizing its potential for future capital savings despite low current volume [33]

Antero Midstream (AM) reported first-quarter 2024 adjusted earnings per share of 24 cents, in line with the Zacks Consensus Estimate. The bottom line improved from the year-ago quarter’s level of 21 cents.Total quarterly revenues of $279 million surpassed the Zacks Consensus Estimate of $274 million. The top line also increased from $259.5 million recorded in the year-ago quarter.The in-line earnings were driven by higher compression volumes and increased gathering volumes.Operational PerformanceIn the firs ...

Exhibit 99.1 Antero Midstream Announces First Quarter 2024 Financial and Operating Results Denver, Colorado, April 24, 2024—Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its first quarter 2024 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, 2024. First Quarter 2024 Highlights: · Gathering and processing volum ...

Revenue Performance - Total revenues for the three months ended March 31, 2024, were $279.051 million, compared to $259.475 million for the same period in 2023, representing a 7.5% increase [131]. - Revenue from Antero Resources increased to $227.593 million in Q1 2024 from $211.576 million in Q1 2023, a growth of 7.6% [134]. - Total revenues increased by 8%, from $259 million for the three months ended March 31, 2023 to $279 million for the three months ended March 31, 2024 [136]. - Gathering and processing revenues increased by 15%, from $190 million to $218 million during the same period [136]. - Low pressure gathering revenue increased by $19 million due to lower growth incentive fee rebates and increased throughput volumes of 15 Bcf, or 130 MMcf/d [137]. - Fresh water delivery revenue decreased by $2 million primarily due to decreased delivery volumes of 1 MMBbl, or 10 MBbl/d [140]. - Equity in earnings of unconsolidated affiliates increased by 13%, from $24 million to $28 million [144]. - Net cash provided by operating activities increased from $183 million to $211 million [149]. Operating Income and Expenses - Operating income for the gathering and processing segment was $154.025 million in Q1 2024, up from $134.186 million in Q1 2023, reflecting a 14.8% increase [134]. - Operating expenses for the three months ended March 31, 2024, totaled $112.800 million, compared to $111.130 million for the same period in 2023, a slight increase of 1.5% [134]. - Direct operating expenses decreased by 7%, from $58 million to $54 million [141]. - Capital expenditures totaled $29.8 million for the three months ended March 31, 2024, down from $33.6 million in the same period of 2023 [152]. - The company announced a capital budget for 2024 ranging from $150 million to $170 million to support maintenance capital programs [151]. Net Income and Shareholder Returns - Net income for the three months ended March 31, 2024, was $103.926 million, compared to $86.507 million for the same period in 2023, indicating a 20.2% increase [134]. - A cash dividend of $0.2250 per share was declared for the quarter ended March 31, 2024 [147]. - A share repurchase program was authorized on February 13, 2024, allowing the company to repurchase up to $500 million of its common stock [125]. Financial Position and Debt - The company issued $600 million of 2032 Notes on January 16, 2024, to repay outstanding borrowings on the Credit Facility [124]. - As of March 31, 2024, the company had no borrowings or letters of credit outstanding under the Credit Facility [158]. - A 1.0% increase in the Credit Facility interest rate would result in an estimated increase in interest expense of less than $1 million for the three months ended March 31, 2024 [158]. Market Conditions and Risks - The company expects commodity prices to remain volatile but does not anticipate significant variability in throughput volumes due to Antero Resources' improved liquidity and leverage position [126]. - The Federal Reserve increased the federal funds interest rate by 5.25% from March 2022 to March 2024, impacting the company's financial condition [127]. - The company is highly dependent on Antero Resources, expecting to derive substantially all revenues from them for the foreseeable future [159]. - Any adverse events affecting Antero Resources' production or financial condition could negatively impact the company's revenues and operating results [160]. - The company faces risks of non-payment or non-performance by Antero Resources under their agreements [160]. Segment Information - The company operates two reportable segments: gathering and processing, and water handling, with significant contributions from both segments to overall revenues [129]. - The company has fixed-fee and cost of service fee structures in agreements with Antero Resources to mitigate commodity price risk [157].

Core Viewpoint - Antero Midstream Corporation (AM) has received a Zacks Rank 1 (Strong Buy) upgrade, indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Outlook - The Zacks Consensus Estimate for Antero Midstream indicates expected earnings of $0.98 per share for the fiscal year ending December 2024, reflecting a year-over-year increase of 27.3% [5]. - Over the past three months, the consensus estimate has risen by 0.8%, showcasing a trend of increasing earnings estimates [5]. Impact of Earnings Estimate Revisions - There is a strong correlation between changes in earnings estimates and near-term stock price movements, with institutional investors using these estimates to assess fair value [3][4]. - The Zacks Rank system effectively utilizes earnings estimate revisions to classify stocks, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [4]. Positioning in the Market - The upgrade to Zacks Rank 1 places Antero Midstream in the top 5% of Zacks-covered stocks, suggesting potential for stock price appreciation in the near term [7].

For those looking to find strong Oils-Energy stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Antero Midstream Corporation (AM) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Oils-Energy peers, we might be able to answer that question.Antero Midstream Corporation is one of 251 individual stocks in the Oils-Energy sector. Collectively, these companies sit at #10 in the Zacks Sector Rank. The Z ...

Antero Midstream Corporation (AM) has witnessed upward earnings estimate revisions for 2024 in the past 60 days.The company, currently carrying a Zacks Rank #3 (Hold), beat the Zacks Consensus Estimate for earnings in the trailing four quarters, delivering a surprise of 11.1% on average.Sustained Earnings GrowthAntero Midstream has shown consistent earnings growth, with an 18% compound annual growth rate in EBITDA from 2014 to 2023, and is guiding to a mid-point of $1.04 billion of EBITDA for 2024. The comp ...

onurdongel Finally, after several years of the same dividend, Antero Midstream (NYSE:AM) management "let the cat out of the bag". It is finally time to put a dividend increase up for discussion in the future. Management still wants to get that debt ratio below 3.0. That is extremely conservative for a midstream company. However, captive midstream companies are typically run conservatively. In the meantime, management forecasts steady growth as parent company Antero Resources (AR) waits for more export capac ...

A month has gone by since the last earnings report for Antero Midstream Corporation (AM) . Shares have added about 8% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Antero Midstream Corporation due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Antero Midstream Q4 Ear ...

Diy13 Last February, I started coverage of Antero Midstream (NYSE:AM) with a “Buy” rating, citing benefits coming from upcoming rebate roll-offs, a recent acquisition, and a commitment to lower its leverage. The stock has generated a 24% return since then, keeping pace with S&P. I last covered the stock in November, saying I thought a potential distribution increase sometime in 2024 could be a catalyst. The stock has a return of -4% versus a 10% gain in the S&P over the same period. With AM rebounding a ...