Antero Midstream Announces Second Quarter 2024 Financial and Operating Results
Second Quarter 2024 Highlights:
-
Net Income was
$86 million , or$0.18 per diluted share, in line with the prior year quarter on a per share basis -
Adjusted Net Income was
$110 million , or$0.23 per diluted share, a 5% per share increase compared to the prior year quarter (non-GAAP measure) -
Adjusted EBITDA was
$255 million , a 5% increase compared to the prior year quarter (non-GAAP measure) -
Capital expenditures were
$51 million -
Free Cash Flow after dividends was
$43 million , a 41% increase compared to the prior year quarter (non-GAAP measure) -
Acquired bolt-on Marcellus gathering and compression assets for
$70 million -
Maintained Leverage of 3.1x as of
June 30, 2024 (non-GAAP measure) -
Received an upgrade on corporate and issuer credit ratings to BB+ from
S&P Global Ratings -
Extended credit facility maturity to 2029 and maintained commitments of
$1.25 billion
For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, Free Cash Flow after dividends, and Net Debt see "Non-GAAP Financial Measures."
Second Quarter 2024 Financial Results
Low pressure gathering volumes for the second quarter of 2024 averaged 3,258 MMcf/d, a 1% decrease as compared to the prior year quarter. Compression volumes for the second quarter of 2024 averaged 3,246 MMcf/d, in line with the prior year quarter. High pressure gathering volumes averaged 2,994 MMcf/d, a 2% increase compared to the prior year quarter. Fresh water delivery volumes averaged 81 MBbl/d during the quarter, a 23% decrease compared to the second quarter of 2023. The reduction in fresh water delivery volumes was driven by the previously announced reduction by Antero Resources to one completion crew in early 2024, resulting in fewer completion stages in the second quarter.
Gross processing volumes from the processing and fractionation joint venture with MPLX, LP (the "Joint Venture") averaged 1,588 MMcf/d for the second quarter of 2024, a 1% decrease compared to the prior year quarter. Joint Venture processing capacity was 99% utilized during the quarter based on nameplate processing capacity of 1.6 Bcf/d. Gross Joint Venture fractionation volumes averaged 40 MBbl/d, a 3% increase compared to the prior year quarter. Joint Venture fractionation capacity was 100% utilized during the quarter based on nameplate fractionation capacity of 40 MBbl/d.
|
|
Three Months Ended |
|
|
|||||
Average Daily Volumes: |
|
2023 |
|
2024 |
|
% |
|
||
Low Pressure Gathering (MMcf/d) |
|
3,304 |
|
3,258 |
|
(1) % |
|
||
Compression (MMcf/d) |
|
3,251 |
|
3,246 |
|
— |
|
||
High Pressure Gathering (MMcf/d) |
|
2,922 |
|
2,994 |
|
2 % |
|
||
Fresh Water Delivery (MBbl/d) |
|
105 |
|
81 |
|
(23) % |
|
||
Gross Joint Venture Processing (MMcf/d) |
|
1,600 |
|
1,588 |
|
(1) % |
|
||
Gross Joint Venture Fractionation (MBbl/d) |
|
39 |
|
40 |
|
3 % |
|
For the three months ended
Direct operating expenses for the Gathering and Processing and Water Handling segments were
Net Income was
The following table reconciles Net Income to Adjusted Net Income (in thousands):
|
|
Three Months Ended |
||||||||
|
|
|
2023 |
|
|
2024 |
|
|||
Net Income |
|
$ |
87,012 |
|
|
86,037 |
|
|||
Amortization of customer relationships |
|
|
17,668 |
|
|
17,668 |
|
|||
Loss on early extinguishment of debt |
|
|
— |
|
|
13,691 |
|
|||
Loss on settlement of asset retirement obligations |
|
|
279 |
|
|
— |
|
|||
Loss on asset sale |
|
|
5,814 |
|
|
1,379 |
|
|||
Tax effect of reconciling items(1) |
|
|
(6,109) |
|
|
(8,430) |
|
|||
Adjusted Net Income |
|
$ |
104,664 |
|
|
110,345 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
(1)
The statutory tax rates for the three months ended |
Adjusted EBITDA was
The following table reconciles Net Income to Adjusted EBITDA and Free Cash Flow before and after dividends (in thousands):
|
|
Three Months Ended |
|||||
|
|
|
2023 |
|
|
2024 |
|
Net Income |
|
$ |
87,012 |
|
|
86,037 |
|
Interest expense, net |
|
|
55,388 |
|
|
52,186 |
|
Income tax expense |
|
|
29,095 |
|
|
28,436 |
|
Depreciation expense |
|
|
35,233 |
|
|
37,576 |
|
Amortization of customer relationships |
|
|
17,668 |
|
|
17,668 |
|
Loss on asset sale |
|
|
5,814 |
|
|
1,379 |
|
Accretion of asset retirement obligations |
|
|
44 |
|
|
47 |
|
Loss on settlement of asset retirement obligations |
|
|
279 |
|
|
— |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
13,691 |
|
Equity-based compensation |
|
|
8,499 |
|
|
11,599 |
|
Equity in earnings of unconsolidated affiliates |
|
|
(25,972) |
|
|
(27,597) |
|
Distributions from unconsolidated affiliates |
|
|
29,465 |
|
|
33,970 |
|
Adjusted EBITDA |
|
$ |
242,525 |
|
|
254,992 |
|
Interest expense, net |
|
|
(55,388) |
|
|
(52,186) |
|
Capital expenditures (accrual-based) |
|
|
(48,584) |
|
|
(51,276) |
|
Free Cash Flow before dividends |
|
$ |
138,553 |
|
|
151,530 |
|
Dividends declared (accrual-based) |
|
|
(107,927) |
|
|
(108,284) |
|
Free Cash Flow after dividends |
|
$ |
30,626 |
|
|
43,246 |
The following table reconciles net cash provided by operating activities to Free Cash Flow before and after dividends (in thousands):
|
|
Three Months Ended |
|||||||
|
|
|
2023 |
|
|
2024 |
|||
Net cash provided by operating activities |
|
$ |
185,586 |
|
|
215,806 |
|||
Amortization of deferred financing costs |
|
|
(1,483) |
|
|
(1,495) |
|||
Settlement of asset retirement obligations |
|
|
537 |
|
|
250 |
|||
Changes in working capital |
|
|
2,497 |
|
|
(11,755) |
|||
Capital expenditures (accrual-based) |
|
|
(48,584) |
|
|
(51,276) |
|||
Free Cash Flow before dividends |
|
$ |
138,553 |
|
|
151,530 |
|||
Dividends declared (accrual-based) |
|
|
(107,927) |
|
|
(108,284) |
|||
Free Cash Flow after dividends |
|
$ |
30,626 |
|
|
43,246 |
Second Quarter 2024 Operating Update
During the second quarter of 2024,
Capital Investments
Capital expenditures were
2023 ESG Report
On
Conference Call
A conference call is scheduled on
Presentation
An updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteromidstream.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release.
Non-GAAP Financial Measures and Definitions
- the financial performance of
Antero Midstream's assets, without regard to financing methods, capital structure or historical cost basis; - its operating performance and return on capital as compared to other publicly traded companies in the midstream energy sector, without regard to financing or capital structure; and
- the viability of acquisitions and other capital expenditure projects.
Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow before and after dividends are non-GAAP financial measures. The GAAP measure most directly comparable to these measures is Net Income. Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities. The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by (used in) operating activities. You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP. Antero Midstream's definitions of such measures may not be comparable to similarly titled measures of other companies.
The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):
|
|
Three Months Ended |
|
|||||||
|
|
|
2023 |
|
|
2024 |
|
|||
Capital expenditures (as reported on a cash basis) |
|
$ |
42,044 |
|
|
43,399 |
|
|||
Change in accrued capital costs |
|
|
6,540 |
|
|
7,877 |
|
|||
Capital expenditures (accrual basis) |
|
$ |
48,584 |
|
|
51,276 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
The following table reconciles consolidated total debt to consolidated net debt, excluding debt premiums and issuance costs, ("Net Debt") as used in this release (in thousands):
|
|
|
|
|
||
Bank credit facility |
|
$ |
555,700 |
|
||
5.75% senior notes due 2027 |
|
|
650,000 |
|
||
5.75% senior notes due 2028 |
|
|
650,000 |
|
||
5.375% senior notes due 2029 |
|
|
750,000 |
|
||
6.625% senior notes due 2032 |
|
|
600,000 |
|
||
Consolidated total debt |
|
$ |
3,205,700 |
|
||
Less: Cash and cash equivalents |
|
|
— |
|
||
Consolidated net debt |
|
$ |
3,205,700 |
|
The following table reconciles Net Income to Adjusted EBITDA for the last twelve months as used in this release (in thousands):
|
|
|
Twelve Months Ended |
|
||
Net Income |
|
$ |
388,230 |
|
||
Interest expense, net |
|
|
212,727 |
|
||
Income tax expense |
|
|
132,446 |
|
||
Depreciation expense |
|
|
140,301 |
|
||
Amortization of customer relationships |
|
|
70,672 |
|
||
Accretion of asset retirement obligations |
|
|
180 |
|
||
Impairment of property and equipment |
|
|
146 |
|
||
Equity-based compensation |
|
|
37,706 |
|
||
Equity in earnings of unconsolidated affiliates |
|
|
(110,155) |
|
||
Distributions from unconsolidated affiliates |
|
|
137,195 |
|
||
Loss on early extinguishment of debt |
|
|
13,750 |
|
||
Loss on settlement of asset retirement obligations |
|
|
185 |
|
||
Loss on asset sale |
|
|
1,840 |
|
||
Adjusted EBITDA |
|
$ |
1,025,223 |
|
This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under
|
|||||||
|
|||||||
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
||
|
|
2023 |
|
2024 |
|
||
Assets |
|||||||
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
66 |
|
|
— |
|
Accounts receivable–Antero Resources |
|
|
88,610 |
|
|
101,251 |
|
Accounts receivable–third party |
|
|
952 |
|
|
1,384 |
|
Other current assets |
|
|
1,500 |
|
|
963 |
|
Total current assets |
|
|
91,128 |
|
|
103,598 |
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
3,793,523 |
|
|
3,868,885 |
|
Investments in unconsolidated affiliates |
|
|
626,650 |
|
|
612,847 |
|
Customer relationships |
|
|
1,215,431 |
|
|
1,180,095 |
|
Other assets, net |
|
|
10,886 |
|
|
9,542 |
|
Total assets |
|
$ |
5,737,618 |
|
|
5,774,967 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|||||||
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable–Antero Resources |
|
$ |
4,457 |
|
|
3,816 |
|
Accounts payable–third party |
|
|
10,499 |
|
|
15,058 |
|
Accrued liabilities |
|
|
80,630 |
|
|
96,202 |
|
Other current liabilities |
|
|
831 |
|
|
893 |
|
Total current liabilities |
|
|
96,417 |
|
|
115,969 |
|
Long-term liabilities: |
|
|
|
|
|
|
|
Long-term debt |
|
|
3,213,216 |
|
|
3,186,577 |
|
Deferred income tax liability, net |
|
|
265,879 |
|
|
330,802 |
|
Other |
|
|
10,375 |
|
|
14,531 |
|
Total liabilities |
|
|
3,585,887 |
|
|
3,647,879 |
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
Preferred stock, |
|
|
|
|
|
|
|
Series A non-voting perpetual preferred stock; 12 designated and 10 issued and |
|
|
— |
|
|
— |
|
Common stock, |
|
|
4,797 |
|
|
4,812 |
|
Additional paid-in capital |
|
|
2,046,487 |
|
|
2,036,239 |
|
Retained earnings |
|
|
100,447 |
|
|
86,037 |
|
Total stockholders' equity |
|
|
2,151,731 |
|
|
2,127,088 |
|
Total liabilities and stockholders' equity |
|
$ |
5,737,618 |
|
|
5,774,967 |
|
|
|||||||
|
|||||||
|
|
Three Months Ended |
|
||||
|
|
2023 |
|
2024 |
|
||
Revenue: |
|
|
|
|
|
|
|
Gathering and compression–Antero Resources |
|
$ |
211,068 |
|
|
228,993 |
|
Water handling–Antero Resources |
|
|
64,613 |
|
|
58,056 |
|
Water handling–third party |
|
|
274 |
|
|
414 |
|
Amortization of customer relationships |
|
|
(17,668) |
|
|
(17,668) |
|
Total revenue |
|
|
258,287 |
|
|
269,795 |
|
Operating expenses: |
|
|
|
|
|
|
|
Direct operating |
|
|
52,595 |
|
|
56,409 |
|
General and administrative (including |
|
|
18,162 |
|
|
21,219 |
|
Facility idling |
|
|
637 |
|
|
412 |
|
Depreciation |
|
|
35,233 |
|
|
37,576 |
|
Accretion of asset retirement obligations |
|
|
44 |
|
|
47 |
|
Loss on settlement of asset retirement obligations |
|
|
279 |
|
|
— |
|
Loss on asset sale |
|
|
5,814 |
|
|
1,379 |
|
Total operating expenses |
|
|
112,764 |
|
|
117,042 |
|
Operating income |
|
|
145,523 |
|
|
152,753 |
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense, net |
|
|
(55,388) |
|
|
(52,186) |
|
Equity in earnings of unconsolidated affiliates |
|
|
25,972 |
|
|
27,597 |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
(13,691) |
|
Total other expense |
|
|
(29,416) |
|
|
(38,280) |
|
Income before income taxes |
|
|
116,107 |
|
|
114,473 |
|
Income tax expense |
|
|
(29,095) |
|
|
(28,436) |
|
Net income and comprehensive income |
|
$ |
87,012 |
|
|
86,037 |
|
|
|
|
|
|
|
|
|
Net income per common share–basic |
|
$ |
0.18 |
|
|
0.18 |
|
Net income per common share–diluted |
|
$ |
0.18 |
|
|
0.18 |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
|
479,502 |
|
|
481,103 |
|
Diluted |
|
|
481,512 |
|
|
484,778 |
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Amount of |
|
|
|
|
|
|
|
|
Three Months Ended |
|
Increase |
|
Percentage |
|
|||||||
|
|
2023 |
|
2024 |
|
or Decrease |
|
Change |
|
|||||
Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering—low pressure (MMcf) |
|
|
300,706 |
|
|
296,489 |
|
|
(4,217) |
|
|
(1) |
% |
|
Compression (MMcf) |
|
|
295,801 |
|
|
295,400 |
|
|
(401) |
|
|
* |
|
|
Gathering—high pressure (MMcf) |
|
|
265,890 |
|
|
272,447 |
|
|
6,557 |
|
|
2 |
% |
|
Fresh water delivery (MBbl) |
|
|
9,585 |
|
|
7,362 |
|
|
(2,223) |
|
|
(23) |
% |
|
Other fluid handling (MBbl) |
|
|
4,953 |
|
|
5,144 |
|
|
191 |
|
|
4 |
% |
|
Wells serviced by fresh water delivery |
|
|
23 |
|
|
19 |
|
|
(4) |
|
|
(17) |
% |
|
Gathering—low pressure (MMcf/d) |
|
|
3,304 |
|
|
3,258 |
|
|
(46) |
|
|
(1) |
% |
|
Compression (MMcf/d) |
|
|
3,251 |
|
|
3,246 |
|
|
(5) |
|
|
* |
|
|
Gathering—high pressure (MMcf/d) |
|
|
2,922 |
|
|
2,994 |
|
|
72 |
|
|
2 |
% |
|
Fresh water delivery (MBbl/d) |
|
|
105 |
|
|
81 |
|
|
(24) |
|
|
(23) |
% |
|
Other fluid handling (MBbl/d) |
|
|
54 |
|
|
57 |
|
|
3 |
|
|
6 |
% |
|
Average Realized Fees(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gathering—low pressure fee ($/Mcf) |
|
$ |
0.35 |
|
|
0.36 |
|
|
0.01 |
|
|
3 |
% |
|
Average compression fee ($/Mcf) |
|
$ |
0.21 |
|
|
0.21 |
|
|
— |
|
|
* |
|
|
Average gathering—high pressure fee ($/Mcf) |
|
$ |
0.21 |
|
|
0.22 |
|
|
0.01 |
|
|
5 |
% |
|
Average fresh water delivery fee ($/Bbl) |
|
$ |
4.21 |
|
|
4.31 |
|
|
0.10 |
|
|
2 |
% |
|
Joint Venture Operating Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Processing—Joint Venture (MMcf) |
|
|
145,645 |
|
|
144,520 |
|
|
(1,125) |
|
|
(1) |
% |
|
Fractionation—Joint Venture (MBbl) |
|
|
3,553 |
|
|
3,640 |
|
|
87 |
|
|
2 |
% |
|
Processing—Joint Venture (MMcf/d) |
|
|
1,600 |
|
|
1,588 |
|
|
(12) |
|
|
(1) |
% |
|
Fractionation—Joint Venture (MBbl/d) |
|
|
39 |
|
|
40 |
|
|
1 |
|
|
3 |
% |
|
_______________________________ |
* Not meaningful or applicable. |
(1) The average realized fees for the three months ended |
ANTERO MIDSTREAM CORPORATION |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
||||||||||
|
|
Gathering and |
|
Water |
|
|
|
Consolidated |
|
||||
|
|
Processing |
|
Handling |
|
Unallocated |
|
Total |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue–Antero Resources |
|
$ |
228,993 |
|
|
58,056 |
|
|
— |
|
|
287,049 |
|
Revenue–third-party |
|
|
— |
|
|
414 |
|
|
— |
|
|
414 |
|
Amortization of customer relationships |
|
|
(9,272) |
|
|
(8,396) |
|
|
— |
|
|
(17,668) |
|
Total revenues |
|
|
219,721 |
|
|
50,074 |
|
|
— |
|
|
269,795 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct operating |
|
|
26,190 |
|
|
30,219 |
|
|
— |
|
|
56,409 |
|
General and administrative (excluding equity-based |
|
|
6,875 |
|
|
1,128 |
|
|
1,617 |
|
|
9,620 |
|
Equity-based compensation |
|
|
9,487 |
|
|
1,862 |
|
|
250 |
|
|
11,599 |
|
Facility idling |
|
|
— |
|
|
412 |
|
|
— |
|
|
412 |
|
Depreciation |
|
|
23,608 |
|
|
13,968 |
|
|
— |
|
|
37,576 |
|
Accretion of asset retirement obligations |
|
|
— |
|
|
47 |
|
|
— |
|
|
47 |
|
Loss on asset sale |
|
|
— |
|
|
1,379 |
|
|
— |
|
|
1,379 |
|
Total operating expenses |
|
|
66,160 |
|
|
49,015 |
|
|
1,867 |
|
|
117,042 |
|
Operating income |
|
|
153,561 |
|
|
1,059 |
|
|
(1,867) |
|
|
152,753 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
— |
|
|
— |
|
|
(52,186) |
|
|
(52,186) |
|
Equity in earnings of unconsolidated affiliates |
|
|
27,597 |
|
|
— |
|
|
— |
|
|
27,597 |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
— |
|
|
(13,691) |
|
|
(13,691) |
|
Total other income (expense) |
|
|
27,597 |
|
|
— |
|
|
(65,877) |
|
|
(38,280) |
|
Income before income taxes |
|
|
181,158 |
|
|
1,059 |
|
|
(67,744) |
|
|
114,473 |
|
Income tax expense |
|
|
— |
|
|
— |
|
|
(28,436) |
|
|
(28,436) |
|
Net income and comprehensive income |
|
$ |
181,158 |
|
|
1,059 |
|
|
(96,180) |
|
|
86,037 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
||||
|
|
2023 |
|
2024 |
|
||
Cash flows provided by (used in) operating activities: |
|
|
|
|
|
|
|
Net income |
|
$ |
173,519 |
|
|
189,963 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation |
|
|
70,429 |
|
|
74,671 |
|
Accretion of asset retirement obligations |
|
|
88 |
|
|
91 |
|
Deferred income tax expense |
|
|
60,765 |
|
|
64,924 |
|
Equity-based compensation |
|
|
14,826 |
|
|
20,926 |
|
Equity in earnings of unconsolidated affiliates |
|
|
(50,428) |
|
|
(55,127) |
|
Distributions from unconsolidated affiliates |
|
|
63,570 |
|
|
68,930 |
|
Amortization of customer relationships |
|
|
35,336 |
|
|
35,336 |
|
Amortization of deferred financing costs |
|
|
2,957 |
|
|
3,150 |
|
Settlement of asset retirement obligations |
|
|
(695) |
|
|
(414) |
|
Loss on settlement of asset retirement obligations |
|
|
620 |
|
|
— |
|
Loss on asset sale |
|
|
5,569 |
|
|
1,379 |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
13,750 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable–Antero Resources |
|
|
(5,470) |
|
|
(12,641) |
|
Accounts receivable–third party |
|
|
481 |
|
|
755 |
|
Other current assets |
|
|
(800) |
|
|
452 |
|
Accounts payable–Antero Resources |
|
|
(2,515) |
|
|
(353) |
|
Accounts payable–third party |
|
|
(889) |
|
|
3,387 |
|
Accrued liabilities |
|
|
942 |
|
|
17,188 |
|
Net cash provided by operating activities |
|
|
368,305 |
|
|
426,367 |
|
Cash flows provided by (used in) investing activities: |
|
|
|
|
|
|
|
Additions to gathering systems, facilities and other |
|
|
(59,156) |
|
|
(62,330) |
|
Additions to water handling systems |
|
|
(25,583) |
|
|
(16,142) |
|
Investments in unconsolidated affiliates |
|
|
(262) |
|
|
— |
|
Acquisition of gathering systems and facilities |
|
|
(266) |
|
|
(70,634) |
|
Cash received in asset sales |
|
|
1,071 |
|
|
685 |
|
Change in other assets |
|
|
(15) |
|
|
(1) |
|
Net cash used in investing activities |
|
|
(84,211) |
|
|
(148,422) |
|
Cash flows provided by (used in) financing activities: |
|
|
|
|
|
|
|
Dividends to common stockholders |
|
|
(218,971) |
|
|
(220,736) |
|
Dividends to preferred stockholders |
|
|
(275) |
|
|
(275) |
|
Issuance of Senior Notes |
|
|
— |
|
|
600,000 |
|
Redemption of Senior Notes |
|
|
— |
|
|
(560,862) |
|
Payments of deferred financing costs |
|
|
— |
|
|
(7,274) |
|
Borrowings on Credit Facility |
|
|
502,100 |
|
|
1,006,400 |
|
Repayments on Credit Facility |
|
|
(558,600) |
|
|
(1,080,800) |
|
Employee tax withholding for settlement of equity-based compensation awards |
|
|
(8,348) |
|
|
(14,464) |
|
Net cash used in financing activities |
|
|
(284,094) |
|
|
(278,011) |
|
Net decrease in cash and cash equivalents |
|
|
— |
|
|
(66) |
|
Cash and cash equivalents, beginning of period |
|
|
— |
|
|
66 |
|
Cash and cash equivalents, end of period |
|
$ |
— |
|
|
— |
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
Cash paid during the period for interest |
|
$ |
107,607 |
|
|
88,672 |
|
Increase (decrease) in accrued capital expenditures and accounts payable for property and |
|
$ |
(2,814) |
|
|
2,576 |
|
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