First Quarter 2025 Earnings Presentation May 1, 2025 Antero Midstream (NYSE: AM) Legal Disclaimer Forward-Looking Statements: This presentation includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under AM's control. All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments AM expects, believes or anticipates will or may occur in the future, such ...

Core Viewpoint - Antero Midstream Corporation (AM) reported strong first-quarter 2025 results, with adjusted earnings per share of 28 cents, surpassing estimates and showing an increase from the previous year [1]. Financial Performance - Total quarterly revenues reached $291 million, exceeding the Zacks Consensus Estimate of $281 million and up from $279 million in the prior-year quarter [1]. - Adjusted earnings per share increased from 24 cents in the prior-year quarter to 28 cents [1]. Operational Performance - Average daily compression volumes were 3,330 million cubic feet (MMcf/d), up from 3,260 MMcf/d in the year-ago quarter and above the estimate of 3,298 MMcf/d [3]. - High-pressure gathering volumes totaled 3,106 MMcf/d, an increase from 2,966 MMcf/d year-over-year and above the estimate of 3,049 MMcf/d [4]. - Low-pressure gathering volumes averaged 3,348 MMcf/d, slightly up from 3,301 MMcf/d a year ago but below the estimate of 3,466 MMcf/d [5]. - Freshwater delivery volumes were 105 MBbls/d, down approximately 7% from 113 MBbls/d in the prior year, but the average distribution fee increased to $4.38 from $4.30 [6]. Operating Expenses - Direct operating expenses rose to $56.8 million from $53.9 million a year ago [7]. - Total operating expenses increased to $113.9 million from $112.8 million in the corresponding period of 2024 [7]. Balance Sheet - As of March 31, 2024, the company reported no cash and cash equivalents and had long-term debt of $3,116.9 million [8]. Market Position - Antero Midstream currently holds a Zacks Rank 3 (Hold) [9]. - Other notable companies in the energy sector include Archrock Inc. (AROC), Kinder Morgan, Inc. (KMI), and Enterprise Products Partners L.P. (EPD), with varying ranks and performance metrics [9][10][11][13].

Group 1 - Antero Midstream (NYSE: AM) is reporting better results than previously anticipated, particularly in terms of free cash flow, which has allowed the company to repurchase common stock [2] - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [2] Group 2 - The analysis provided in the article focuses on the balance sheet, competitive position, and development prospects of oil and gas companies, highlighting the search for undervalued names in the sector [1]

Financial Performance - Antero Midstream reported a net income of $121 million, or $0.25 per diluted share, representing a 19% increase per share compared to the prior year quarter[4]. - Adjusted EBITDA for the first quarter of 2025 was $274 million, a 3% increase year-over-year[15]. - Free Cash Flow after dividends was $79 million, reflecting a 7% increase compared to the prior year quarter[15]. - Revenues for the first quarter were $291 million, with $229 million from the Gathering and Processing segment and $62 million from the Water Handling segment[9]. - Antero Midstream's net income for the three months ended March 31, 2025, was $120,737,000, an increase of 16.1% compared to $103,926,000 for the same period in 2024[36]. - Total revenue for the three months ended March 31, 2025, was $291,129,000, up from $279,051,000 in the same period of 2024, representing a growth of 4.0%[36]. - Operating income for the three months ended March 31, 2025, was $177.223 million, up from $170.401 million in the same period of 2024[41]. - Cash flows provided by operating activities for the three months ended March 31, 2025, were $198.942 million, compared to $210.561 million in the same period of 2024[43]. - Total operating expenses for the three months ended March 31, 2025, were $113.906 million, compared to $58.345 million in the same period of 2024[41]. - The company incurred interest expense of $48.410 million for the three months ended March 31, 2025[41]. - Cash paid for interest during the period was $65.272 million for the three months ended March 31, 2025[43]. - Dividends to common stockholders increased to $112.615 million for the three months ended March 31, 2025, from $107.918 million in the same period of 2024[43]. Capital Expenditures and Investments - Capital expenditures increased by 25% year-over-year to $37 million, with $23 million allocated to gathering and compression and $12 million to water infrastructure[19]. - The company repurchased 1.7 million shares for $29 million, with approximately $443 million remaining under its $500 million share repurchase program[5]. - The company repurchased $28.569 million in common stock during the three months ended March 31, 2025[43]. - Net cash used in investing activities for the three months ended March 31, 2025, was $32.271 million, compared to $37.123 million in the same period of 2024[43]. Operational Metrics - Low pressure gathering volumes averaged 3,348 MMcf/d, a 1% increase from the prior year quarter, while high pressure gathering volumes increased by 5% to 3,106 MMcf/d[6]. - Fresh water delivery volumes averaged 105 MBbl/d, a 7% decrease compared to the prior year quarter[6]. - The company serviced 28 wells with fresh water delivery in the first quarter of 2025, an increase of 65% from 17 wells in the same period of 2024[38]. - The average compression fee increased by 5% to $0.22 per Mcf for the three months ended March 31, 2025[38]. - Gathering—high pressure volumes increased by 4% to 279,579 MMcf for the three months ended March 31, 2025[38]. Balance Sheet and Financial Position - Leverage ratio as of March 31, 2025, was 2.95x, indicating a strong balance sheet[4]. - Total current assets rose to $127,652,000 as of March 31, 2025, compared to $118,064,000 as of December 31, 2024[34]. - Long-term debt decreased slightly to $3,110,975,000 as of March 31, 2025, from $3,116,958,000 as of December 31, 2024[34]. - Antero Midstream's total assets were $5,752,118,000 as of March 31, 2025, compared to $5,761,748,000 as of December 31, 2024[34]. Future Outlook - The company anticipates continued growth in demand for its services due to Antero Resources' expected production increases[30].

Revenue Growth - Total revenues increased by 4%, from $279 million for the three months ended March 31, 2024 to $291 million for the three months ended March 31, 2025[130] - Gathering and processing revenues increased by 5%, from $218 million to $229 million during the same period[130] - Water handling revenues increased by 3%, from $61 million to $62 million for the three months ended March 31, 2025[130] - Low pressure gathering revenue increased by $2 million due to increased rates and throughput volumes of 1 Bcf, or 47 MMcf/d[130] - Compression revenue increased by $3 million, driven by increased rates and throughput volumes of 3 Bcf, or 70 MMcf/d[130] - High pressure gathering revenue increased by $6 million, attributed to increased rates and throughput volumes of 10 Bcf, or 140 MMcf/d[130] Share Repurchase and Dividends - The company repurchased approximately 2 million shares for a total cost of $29 million, with $443 million remaining under the share repurchase program[116] - The company declared a cash dividend of $0.2250 per share for the quarter ended March 31, 2025, payable on May 7, 2025[140] Operating Performance - Operating income for the three months ended March 31, 2025 was $177.2 million, compared to $166.3 million for the same period in 2024[130] - Direct operating expenses increased by 5%, from $54 million for the three months ended March 31, 2024 to $57 million for the three months ended March 31, 2025[132] - Equity-based compensation expenses rose by 33%, from $9 million for the three months ended March 31, 2024 to $12 million for the three months ended March 31, 2025[134] - Depreciation expense decreased by 12%, from $37 million for the three months ended March 31, 2024 to $33 million for the three months ended March 31, 2025[135] - Interest expense decreased by 9%, from $53 million for the three months ended March 31, 2024 to $48 million for the three months ended March 31, 2025[136] Cash Flow and Capital Expenditures - Net cash provided by operating activities was $210.6 million for the three months ended March 31, 2024, decreasing to $198.9 million for the same period in 2025[143] - Total capital expenditures increased from $29.8 million for the three months ended March 31, 2024 to $37.3 million for the same period in 2025[147] - The company announced a capital budget for 2025 ranging from $170 million to $200 million to support Antero Resources' maintenance capital program[146] Market Outlook - The company expects commodity prices to remain volatile but does not anticipate significant variability in throughput volumes due to Antero Resources' improved liquidity[117] Fresh Water Delivery - Fresh water delivery revenue decreased by $3 million due to a reduction in delivery volumes of 1 MMBbl, or 8 MBbl/d[139] Borrowings - As of March 31, 2025, the company had $477 million of borrowings under the Credit Facility, with no letters of credit outstanding[152]

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 ...

Core Points - The Inter-Governmental Agreement between India and France has been signed, allowing India to acquire 26 Rafale Marine aircraft for its Navy [2][3] - This contract signifies India's satisfaction with the Rafale's capabilities and its intention to expand operational use [3][4] - The acquisition highlights the strategic relationship between India and France, recognizing the Rafale as vital for national sovereignty [4][6] Company Insights - Dassault Aviation has a long-standing commitment to meeting the operational needs of Indian Forces, dating back to the Toofany induction [5][7] - The Rafale Marine will enhance the capabilities of the Indian Armed Forces, benefiting from the operational experience of the French Navy [6] - In 2024, Dassault Aviation reported sales of €6.2 billion and employs 14,600 people, showcasing its significant presence in the aerospace industry [7]

Company Overview - Dassault Aviation has delivered over 10,000 military and civil aircraft, including 2,700 Falcons, in more than 90 countries over the last century, establishing a recognized expertise in aircraft design, production, sale, and support [6] - In 2024, Dassault Aviation reported revenues of €6.2 billion and employs nearly 14,600 individuals [6] General Meeting Details - The Combined General Meeting is scheduled for Friday, 16 May 2025, at 3 PM at the registered office located at 9, Rond-Point des Champs-Élysées - Marcel Dassault - Paris (75008) [1] - The meeting notice, including the agenda and resolutions from the Board of Directors, was published on 9 April 2025 in the French official legal announcement publication [2] - Shareholders can obtain documents related to the General Meeting from Société Générale Securities Services upon request, starting from 28 April 2025 [3] - Shareholders holding bearer shares must provide a certificate from their authorized intermediary to obtain the necessary documents [4] - The 2024 Annual Report is available for shareholders and can be consulted at the registered office within the statutory deadline [5]

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