Company Announcements

Antero Midstream Announces Third Quarter 2024 Results and New Appointment to the Board of Directors

DENVER , Oct. 30, 2024 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its third 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 September 30, 2024.  Additionally, the Company announced that Jeffrey Muñoz has been appointed to its Board of Directors (the "Board"), effective October 29, 2024.

Third Quarter 2024 Highlights:

  • Net Income was $100 million, or $0.21 per diluted share, a 5% per share increase compared to the prior year quarter
  • Adjusted Net Income was $113 million, or $0.23 per diluted share, in line with the prior year quarter (non-GAAP measure)
  • Adjusted EBITDA was $256 million, a 2% increase compared to the prior year quarter (non-GAAP measure)
  • Free Cash Flow after dividends was $40 million, a 32% increase compared to the prior year quarter (non-GAAP measure)
  • Maintained Leverage of 3.1x as of September 30, 2024 (non-GAAP measure)
  • Announced the addition of Jeffrey Muñoz to the Board of Directors

Paul Rady, Chairman and CEO said, "We are pleased to announce that Jeffrey Muñoz has been appointed to the Board of Directors.  Mr. Muñoz has over 30 years of experience in the energy industry with legal and accounting expertise and will be a valuable addition to the Board."

Mr. Rady further added, "During the third quarter, Antero Midstream generated $40 million of Free Cash Flow after dividends, which was an increase of 32% from last year.  This represents the ninth consecutive quarter of generating Free Cash Flow after dividends and brings the year-to-date total to almost $160 million."

Brendan Krueger, CFO of Antero Midstream, said "Consistent with our absolute debt and leverage reduction targets, Antero Midstream continued to pay down debt during the third quarter.  Following the acceleration of capital into the third quarter due to favorable weather conditions, we expect a significant decline in capital in the fourth quarter.  This reduction in capital is expected to result in increased Free Cash Flow, positioning us well to achieve our 3.0x leverage target during the quarter."

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."

Third Quarter 2024 Financial Results

Low pressure gathering volumes for the third quarter of 2024 averaged 3,277 MMcf/d, a 1% decrease compared to the prior year quarter.  Compression volumes for the third quarter of 2024 averaged 3,269 MMcf/d, in line with the prior year quarter.  High pressure gathering volumes averaged 3,046 MMcf/d, a 4% increase compared to the prior year quarter.  Fresh water delivery volumes averaged 71 MBbl/d during the quarter, a 33% decrease compared to the third quarter of 2023.  The reduction in fresh water delivery volumes was driven by the reduction in completion crews operating for Antero Resources from two completion crews in the third quarter of 2023 to one completion crew in the third quarter of 2024.

Gross processing volumes from the processing and fractionation joint venture with MPLX, LP (the "Joint Venture") averaged 1,620 MMcf/d for the third quarter of 2024, in line with the prior year quarter.  Joint Venture processing capacity was 100% utilized during the quarter based on nameplate processing capacity of 1.6 Bcf/d.  Gross Joint Venture fractionation volumes averaged 40 MBbl/d, in line with 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

September 30,



Average Daily Volumes:


2023


2024


%
Change


Low Pressure Gathering (MMcf/d)


3,323


3,277


(1) %


Compression (MMcf/d)


3,271


3,269



High Pressure Gathering (MMcf/d)


2,935


3,046


4 %


Fresh Water Delivery (MBbl/d)


106


71


(33) %


Gross Joint Venture Processing (MMcf/d)


1,616


1,620



Gross Joint Venture Fractionation (MBbl/d)


40


40



For the three months ended September 30, 2024, revenues were $270 million, comprised of $226 million from the Gathering and Processing segment and $44 million from the Water Handling segment, net of $18 million of amortization of customer relationships.  Water Handling revenues include $25 million from wastewater handling and high rate water transfer services.

Direct operating expenses for the Gathering and Processing and Water Handling segments were $25 million and $27 million, respectively, for a total of $52 million.  Water Handling operating expenses include $22 million from wastewater handling and high rate water transfer services.  General and administrative expenses excluding equity-based compensation were $11 million during the third quarter of 2024.  Total operating expenses during the third quarter of 2024 included $12 million of equity-based compensation expense and $33 million of depreciation expense.

Net Income was $100 million, or $0.21 per diluted share, a 5% per share increase compared to the prior year quarter.  Net Income adjusted for amortization of customer relationships, impairment of property and equipment, loss on early extinguishment of debt, and loss (gain) on asset sale, net of tax effects of reconciling items, or Adjusted Net Income, was $113 million.  Adjusted Net Income was $0.23 per diluted share, in line with the prior year quarter.

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



Three Months Ended

September 30,




2023



2024


Net Income


$

97,820



99,740


Amortization of customer relationships



17,668



17,668


Impairment of property and equipment





332


Loss on early extinguishment of debt





341


Loss (gain) on asset sale



467



(473)


Tax effect of reconciling items(1)



(4,663)



(4,601)


Adjusted Net Income


$

111,292



113,007




(1)

The statutory tax rates for the three months ended September 30, 2023 and 2024 were 25.7% and 25.8%, respectively.

Adjusted EBITDA was $256 million, a 2% increase compared to the prior year quarter.  Interest expense was $52 million, a 6% decrease compared to the prior year quarter, driven primarily by lower outstanding average total debt.  Capital expenditures were $56 million.  Free Cash Flow before dividends was $148 million, a 7% increase compared to the prior year quarter.  Free Cash Flow after dividends was $40 million, a 32% increase compared to 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,




2023



2024

Net Income


$

97,820



99,740

Interest expense, net



55,233



51,812

Income tax expense



36,657



38,202

Depreciation expense



30,745



32,534

Amortization of customer relationships



17,668



17,668

Loss (gain) on asset sale



467



(473)

Accretion of asset retirement obligations



45



49

Impairment of property and equipment





332

Loss on early extinguishment of debt





341

Equity-based compensation



8,349



11,945

Equity in earnings of unconsolidated affiliates



(27,397)



(27,668)

Distributions from unconsolidated affiliates



31,330



31,981

Adjusted EBITDA


$

250,917



256,463

Interest expense, net



(55,233)



(51,812)

Capital expenditures (accrual-based)



(57,271)



(56,265)

Free Cash Flow before dividends


$

138,413



148,386

Dividends declared (accrual-based)



(107,936)



(108,298)

Free Cash Flow after dividends


$

30,477



40,088

The following table reconciles net cash provided by operating activities to Free Cash Flow before and after dividends (in thousands):



Three Months Ended

September 30,




2023



2024

Net cash provided by operating activities


$

202,437



184,936

Amortization of deferred financing costs



(1,506)



(1,571)

Settlement of asset retirement obligations



174



99

Changes in working capital



(5,421)



21,187

Capital expenditures (accrual-based)



(57,271)



(56,265)

Free Cash Flow before dividends


$

138,413



148,386

Dividends declared (accrual-based)



(107,936)



(108,298)

Free Cash Flow after dividends


$

30,477



40,088

Third Quarter 2024 Operating Update

During the third quarter of 2024, Antero Midstream connected 23 wells to its gathering system and serviced 9 wells with its fresh water delivery system.

Capital Investments

Capital expenditures were $56 million during the third quarter of 2024.  The Company invested $49 million in gathering and compression, $6 million in water infrastructure, and $1 million in the Stonewall Joint Venture for an expansion to improve connectivity to the Mountain Valley Pipeline.  The increase in capital expenditures during the quarter was driven by favorable weather conditions and the acceleration of capital into the third quarter.  As a result, Antero Midstream expects a sequential decline in capital expenditures during the fourth quarter to remain in line with its annual 2024 capital budget guidance of $150 to $170 million.

2024 Guidance Update

Antero Midstream is adjusting its 2024 net income, adjusted net income, and interest expense guidance.  The changes are driven primarily by increased interest expense as a result of higher interest rates and other non-cash items related to the refinancing of senior notes and credit facility in 2024.  All other guidance ranges remain unchanged.



Twelve Months Ended
December 31, 2024


Change vs.
Prior
Guidance




Low


High


(At midpoint)


Net Income


$400


$420


$(25)


Adjusted Net Income


465


485


(15)


Interest Expense


200


210


10


Appointment of Jeffrey Muñoz to the Board of Directors

Antero Midstream appointed Jeffrey Muñoz to its Board as a Class II Director.  He is an independent director under the director independence standards set forth in the rules and regulations of the Securities and Exchange Commission and the applicable listing standards of the New York Stock Exchange.  Mr. Muñoz has over 30 years of experience in the energy industry with a legal and accounting background, having spent ten years as a partner with Latham and Watkins LLP where he served as a member of the firm's diversity committee. Prior to that he spent 20 years with Vinson and Elkins, LLP, the last 11 years there as a partner.  Mr. Muñoz spent several years at Arthur Andersen LLP in the oil and gas audit division and received his Juris Doctorate from Stanford University and Bachelor of Business Administration from the University of Texas.  He will serve on the Audit, Nominating and Governance, and ESG committees.  The appointment increases the size of the Board to ten directors, eight of whom are independent directors.

Conference Call

A conference call is scheduled on Thursday, October 31, 2024 at 10:00 am MT to discuss the financial and operational results.  A brief Q&A session for security analysts will immediately follow the discussion of the results.  To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference "Antero Midstream."  A telephone replay of the call will be available until Thursday, November 7, 2024 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13743806.  To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com.  The webcast will be archived for replay until Thursday, November 7, 2024 at 10:00 am MT.

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

Antero Midstream uses certain non-GAAP financial measures.  Antero Midstream defines Adjusted Net Income as Net Income plus amortization of customer relationships, impairment of property and equipment, loss on early extinguishment of debt, and loss (gain) on asset sale, net of tax effect of reconciling items.  Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets.  Antero Midstream defines Adjusted EBITDA as Net Income plus net interest expense, income tax expense, depreciation expense, amortization of customer relationships, loss (gain) on asset sale, accretion of asset retirement obligations, impairment of property and equipment, loss on early extinguishment of debt, loss on settlement of asset retirement obligations, and equity-based compensation expense, excluding equity in earnings of unconsolidated affiliates, plus distributions from unconsolidated affiliates.

Antero Midstream uses Adjusted EBITDA to assess:

  • 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.

Antero Midstream defines Free Cash Flow before dividends as Adjusted EBITDA less net interest expense and accrual-based capital expenditures.  Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates.  Capital expenditures exclude acquisitions.  Free Cash Flow after dividends is defined as Free Cash Flow before dividends less accrual-based dividends declared for the quarter.  Antero Midstream uses Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period.

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 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

September 30,





2023



2024


Capital expenditures (as reported on a cash basis)


$

45,286



56,428


Change in accrued capital costs



11,985



(163)


Capital expenditures (accrual basis)


$

57,271



56,265


Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash and cash equivalents.  Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream's financial leverage.  Antero Midstream defines leverage as Net Debt divided by Adjusted EBITDA for the last twelve months.  The GAAP measure most directly comparable to Net Debt is total debt, excluding unamortized debt premiums and debt issuance costs.

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):




September 30, 2024


Bank credit facility


$

539,900


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


$

3,189,900


Less: Cash and cash equivalents




Consolidated net debt


$

3,189,900


The following table reconciles Net Income to Adjusted EBITDA for the last twelve months as used in this release (in thousands):




Twelve Months Ended

September 30, 2024


Net Income


$

390,150


Interest expense, net



209,306


Income tax expense



133,991


Depreciation expense



142,090


Amortization of customer relationships



70,672


Accretion of asset retirement obligations



184


Impairment of property and equipment



478


Equity-based compensation



41,302


Equity in earnings of unconsolidated affiliates



(110,426)


Distributions from unconsolidated affiliates



137,846


Loss on early extinguishment of debt



14,091


Loss on settlement of asset retirement obligations



185


Loss on asset sale



900


Adjusted EBITDA


$

1,030,769


Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation's (NYSE: AR) ("Antero Resources") properties.

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 Antero Midstream's control.  All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management,  NGL and oil prices, impacts of geopolitical and world health events, Antero Midstream's ability to execute its share repurchase program, Antero Midstream's ability to realize the benefits of the Marcellus bolt-on acquisition, including the anticipated capital avoidance and synergies, Antero Midstream's ability to execute its business plan and return capital to its stockholders, information regarding Antero Midstream's return of capital policy, information regarding long-term financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources' expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources' drilling partner, the impact on demand for Antero Midstream's services as a result of incremental production by Antero Resources, and expectations regarding the amount and timing of litigation awards are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  All forward-looking statements speak only as of the date of this release.  Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved.  Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.  Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to our business, most of which are difficult to predict and many of which are beyond Antero Midstream's control.  These risks include, but are not limited to, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources' drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources' future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, the state of markets for and availability of verified quality carbon offsets and the other risks described under the heading "Item 1A. Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the three months ended September 30, 2024.

 

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

















(Unaudited)




December 31,


September 30,




2023


2024


Assets

Current assets:








Cash and cash equivalents


$

66




Accounts receivable–Antero Resources



88,610



98,037


Accounts receivable–third party



952



536


Other current assets



1,500



1,303


Total current assets



91,128



99,876










Property and equipment, net



3,793,523



3,892,154


Investments in unconsolidated affiliates



626,650



609,427


Customer relationships



1,215,431



1,162,427


Other assets, net



10,886



13,567


Total assets


$

5,737,618



5,777,451










Liabilities and Stockholders' Equity

Current liabilities:








Accounts payable–Antero Resources


$

4,457



5,317


Accounts payable–third party



10,499



9,718


Accrued liabilities



80,630



75,565


Other current liabilities



831



920


Total current liabilities



96,417



91,520


Long-term liabilities:








Long-term debt



3,213,216



3,171,664


Deferred income tax liability, net



265,879



369,004


Other



10,375



15,362


Total liabilities



3,585,887



3,647,550










Stockholders' equity:








Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2023 and

  September 30, 2024








Series A non-voting perpetual preferred stock; 12 designated and 10 issued and

  outstanding as of December 31, 2023 and September 30, 2024






Common stock, $0.01 par value; 2,000,000 authorized; 479,713 and 481,295 issued

  and outstanding as of December 31, 2023 and September 30, 2024, respectively



4,797



4,813


Additional paid-in capital



2,046,487



2,025,348


Retained earnings



100,447



99,740


Total stockholders' equity



2,151,731



2,129,901


Total liabilities and stockholders' equity


$

5,737,618



5,777,451


 

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)

(In thousands, except per share amounts)












Three Months Ended September 30,




2023


2024


Revenue:








Gathering and compression–Antero Resources


$

214,992



234,847


Water handling–Antero Resources



66,132



52,294


Water handling–third party



383



397


Amortization of customer relationships



(17,668)



(17,668)


Total revenue



263,839



269,870


Operating expenses:








Direct operating



51,914



51,724


General and administrative (including $8,349 and $11,945 of equity-based compensation in 2023 and 2024, respectively)



17,633



22,872


Facility idling



722



405


Depreciation



30,745



32,534


Impairment of property and equipment





332


Accretion of asset retirement obligations



45



49


Loss (gain) on asset sale



467



(473)


Total operating expenses



101,526



107,443


Operating income



162,313



162,427


Other income (expense):








Interest expense, net



(55,233)



(51,812)


Equity in earnings of unconsolidated affiliates



27,397



27,668


Loss on early extinguishment of debt





(341)


Total other expense



(27,836)



(24,485)


Income before income taxes



134,477



137,942


Income tax expense



(36,657)



(38,202)


Net income and comprehensive income


$

97,820



99,740










Net income per common share–basic


$

0.20



0.21


Net income per common share–diluted


$

0.20



0.21










Weighted average common shares outstanding:








Basic



479,676



481,288


Diluted



482,840



485,532


 

ANTERO MIDSTREAM CORPORATION

Selected Operating Data (Unaudited)

























Amount of








Three Months Ended September 30,


 Increase


Percentage




2023


2024


or Decrease


Change


Operating Data:















Gathering—low pressure (MMcf)



305,676



301,468



(4,208)



(1)

%


Compression (MMcf)



300,967



300,790



(177)



*



Gathering—high pressure (MMcf)



269,986



280,189



10,203



4

%


Fresh water delivery (MBbl)



9,750



6,514



(3,236)



(33)

%


Other fluid handling (MBbl)



4,961



4,751



(210)



(4)

%


Wells serviced by fresh water delivery



15



9



(6)



(40)

%


Gathering—low pressure (MMcf/d)



3,323



3,277



(46)



(1)

%


Compression (MMcf/d)



3,271



3,269



(2)



*



Gathering—high pressure (MMcf/d)



2,935



3,046



111



4

%


Fresh water delivery (MBbl/d)



106



71



(35)



(33)

%


Other fluid handling (MBbl/d)



54



52



(2)



(4)

%


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



0.23



0.02



10

%


Average fresh water delivery fee ($/Bbl)


$

4.20



4.31



0.11



3

%


Joint Venture Operating Data:















Processing—Joint Venture (MMcf)



148,672



149,039



367



*



Fractionation—Joint Venture (MBbl)



3,680



3,680





*



Processing—Joint Venture (MMcf/d)



1,616



1,620



4



*



Fractionation—Joint Venture (MBbl/d)



40



40





*











*

Not meaningful or applicable.

(1)

The average realized fees for the three months ended September 30, 2024 include annual CPI-based adjustments of approximately 1.6%.

 

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Results of Segment Operations (Unaudited)

(In thousands)


















Three Months Ended September 30, 2024




Gathering and


Water




Consolidated




Processing


Handling


Unallocated


Total


Revenues:














Revenue–Antero Resources


$

234,847



52,294





287,141


Revenue–third-party





397





397


Amortization of customer relationships



(9,271)



(8,397)





(17,668)


Total revenues



225,576



44,294





269,870


Operating expenses:














Direct operating



24,516



27,208





51,724


General and administrative (excluding equity-based compensation)



7,495



2,203



1,229



10,927


Equity-based compensation



9,591



2,105



249



11,945


Facility idling





405





405


Depreciation



18,632



13,902





32,534


Impairment of property and equipment



332







332


Accretion of asset retirement obligations





49





49


Gain on asset sale





(473)





(473)


Total operating expenses



60,566



45,399



1,478



107,443


Operating income (loss)



165,010



(1,105)



(1,478)



162,427


Other income (expense):














Interest expense, net







(51,812)



(51,812)


Equity in earnings of unconsolidated affiliates



27,668







27,668


Loss on early extinguishment of debt







(341)



(341)


Total other income (expense)



27,668





(52,153)



(24,485)


Income (loss) before income taxes



192,678



(1,105)



(53,631)



137,942


Income tax expense







(38,202)



(38,202)


Net income (loss) and comprehensive income (loss)


$

192,678



(1,105)



(91,833)



99,740


 

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)












Nine Months Ended September 30,




2023


2024


Cash flows provided by (used in) operating activities:








Net income


$

271,339



289,703


Adjustments to reconcile net income to net cash provided by operating activities:








Depreciation



101,174



107,205


Accretion of asset retirement obligations



133



140


Impairment of property and equipment





332


Deferred income tax expense



97,422



103,126


Equity-based compensation



23,175



32,871


Equity in earnings of unconsolidated affiliates



(77,825)



(82,795)


Distributions from unconsolidated affiliates



94,900



100,911


Amortization of customer relationships



53,004



53,004


Amortization of deferred financing costs



4,463



4,721


Settlement of asset retirement obligations



(869)



(513)


Loss on settlement of asset retirement obligations



620




Loss on asset sale



6,036



906


Loss on early extinguishment of debt





14,091


Changes in assets and liabilities:








Accounts receivable–Antero Resources



(6,867)



(9,427)


Accounts receivable–third party



436



883


Other current assets



(1,307)



63


Accounts payable–Antero Resources



(1,766)



1,143


Accounts payable–third party



1,214



(1,100)


Accrued liabilities



5,460



(3,961)


Net cash provided by operating activities



570,742



611,303


Cash flows provided by (used in) investing activities:








Additions to gathering systems, facilities and other



(90,175)



(110,514)


Additions to water handling systems



(39,850)



(23,493)


Investments in unconsolidated affiliates



(262)



(893)


Acquisition of gathering systems and facilities



(266)



(69,992)


Cash received in asset sales



1,071



1,158


Change in other assets



(26)



(1)


Change in other liabilities





659


Net cash used in investing activities



(129,508)



(203,076)


Cash flows provided by (used in) financing activities:








Dividends to common stockholders



(326,871)



(329,252)


Dividends to preferred stockholders



(413)



(413)


Issuance of Senior Notes





600,000


Redemption of Senior Notes





(560,862)


Payments of deferred financing costs





(12,738)


Borrowings on Credit Facility



759,300



1,299,500


Repayments on Credit Facility



(864,900)



(1,389,700)


Employee tax withholding for settlement of equity-based compensation awards



(8,350)



(14,828)


Net cash used in financing activities



(441,234)



(408,293)


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


$

159,019



160,700


Cash received during the period for income taxes


$



104


Increase in accrued capital expenditures and accounts payable for property and equipment


$

9,171



2,413


 

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SOURCE Antero Midstream Corporation