Antero Midstream Announces Third Quarter 2022 Financial and Operational Results

The acquisition includes approximately 120,000 gross dedicated acres for gathering and compression and over 425 undeveloped drilling locations from Antero Resources. In addition, through the first nine months of 2022, Antero Resources has also added approximately 60 drilling locations from its organic leasing program. This results in approximately 485 total locations added year-do-date dedicated to Antero Midstream, which represents an additional seven to eight years of drilling inventory at the current development pace.

Brendan Krueger, CFO of Antero Midstream, said "Antero Midstream's highly visible and sustainable Free Cash Flow after dividends profile allowed us to finance the $205 million bolt-on acquisition with revolver borrowings. This strategic acquisition, with over $50 million of discounted future capital avoidance and synergies, is expected to further enhance our Free Cash Flow profile after dividends by over 10% through 2026."

For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage and Free Cash Flow after dividends please see "Non-GAAP Financial Measures."

Third Quarter 2022 Financial Results

Low pressure gathering volumes for the third quarter of 2022 averaged 2,952 MMcf/d, a 3% increase as compared to the prior year quarter.  Low pressure gathering volumes were in excess of the growth incentive fee threshold of 2,900 MMcf/d, resulting in a $12 million rebate to Antero Resources. Compression volumes for the third quarter of 2022 averaged 2,794 MMcf/d, a 2% increase compared to the prior year quarter.  High pressure gathering volumes averaged 2,802 MMcf/d, in line with the third quarter of 2021. Fresh water delivery volumes averaged 103 MBbl/d during the quarter, a 13% increase compared to the third quarter of 2021.

Gross processing volumes from our processing and fractionation joint venture with MPLX, LP (the "Joint Venture") averaged 1,474 MMcf/d for the third quarter of 2022, a 4% decrease compared to the prior year quarter.  Joint Venture processing capacity was 92% utilized during the quarter based on nameplate processing capacity of 1.6 Bcf/d.  Gross Joint Venture fractionation volumes averaged 36 MBbl/d, a 3% decrease compared to the prior year quarter. Joint Venture fractionation capacity was 90% utilized during the quarter based on nameplate fractionation capacity of 40 MBbl/d.

For the three months ended September 30, 2022, revenues were $231 million, comprised of $176 million from the Gathering and Processing segment and $55 million from the Water Handling segment, net of $18 million of amortization of customer relationships.  Water Handling revenues included $2 million from third party water business and $24 million from wastewater handling and high rate water transfer services.

Direct operating expenses for the Gathering and Processing and Water Handling segments were $20 million and $27 million, respectively, for a total of $47 million. Water Handling operating expenses include $23 million from wastewater handling and high rate water transfer services. General and administrative expenses excluding equity-based compensation were $8 million during the third quarter of 2022.  Total operating expenses during the third quarter of 2022 included $6 million of equity-based compensation expense, $34 million of depreciation and a $2 million gain on asset sale. 

Net Income was $84 million, or $0.17 per diluted share.  Net Income adjusted for amortization of customer relationships, impairment expense, and gain on asset sale, net of tax effects of reconciling items, or Adjusted Net Income, was $96 million. Adjusted Net Income was $0.20 per share.

The following table reconciles Net Income to Adjusted Net Income (in thousands):

Adjusted EBITDA was $223 million, a 2% increase compared to the prior year quarter. Interest expense was $48 million, a 7% increase compared to the prior year quarter. Capital expenditures were $37 million, a 54% decrease compared to the prior year quarter.  Free Cash Flow before dividends was $138 million, a 47% increase compared to the prior year quarter. Free Cash Flow after dividends was $30 million compared to a $13 million deficit in the prior year quarter.

The following table reconciles Net Income to Adjusted EBITDA and Free Cash Flow before and after dividends (in thousands):

		Three Months Ended September 30,
			2021						2022
Net Income		$	89,327						84,014
Interest expense, net			44,544						47,835
Income tax expense			32,038						30,332
Amortization of customer relationships			17,668						17,668
Depreciation expense			27,487						34,206
Impairment expense			203 Werbung Mehr Nachrichten zur Antero Midstream Corp Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 10:27 - PR Newswire Fidelity Asian Values Plc - Monthly Factsheet 02:00 - PR Newswire BlackRock Sustainable American Income Trust Plc - Total Voting Rights 23.04.24 - ARIVA.DE Redaktion Deutliches Plus erfreut Inhaber der Nvidia-Aktie (769,1905 €) Solarboom 2024:    5 Gründe die für diese Aktie sprechen… weiterlesen» Anzeige wo-site-teaser-box-16746_site-teaser-box_2024-04-24_08%253A00%253A00_2024-04-25_09%253A00%253A59