Antero Midstream (AM) - 2025 Q1 - Quarterly Report

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]