Q3 2024 Antero Midstream Corp Earnings Call Transcript
Key Points
- Antero Midstream Corp (AM) accelerated capital expenditures due to favorable weather, investing $56 million in Q3, which is 35% of the annual budget, allowing for a significant decline in capital in Q4.
- The company expects to end the year within its annual capital budget guidance range of $150 million to $170 million.
- AM generated EBITDA of $256 million in Q3, marking a 2% increase year-over-year.
- Free cash flow after dividends increased by 32% from last year, amounting to $40 million, which was used to reduce absolute debt.
- The company is on track to achieve a leverage ratio below three times by the end of Q4, one year ahead of its initial target for year-end 2025.
- Freshwater delivery volumes declined sequentially due to operating only one completion crew and deferring a pad completion due to depressed natural gas prices.
- The deferral of completion on one pad from 2024 into 2025 could impact EBITDA by approximately $10 million.
- The company faced a ramp-up time in Q3 due to the transition to an e-fleet, resulting in lower water delivery volumes.
- There is uncertainty regarding the timing of the Veolia payment, which remains in the court's hands after appeals.
- The deferral of AR activity and the dropping of a completion crew and a rig in 2024 may impact growth expectations for 2025.
Greetings, and welcome to Antero Midstream Third-Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mr. Justin Agnew, Vice President of Finance and Investor Relations. Thank you, Mr. Agnew, you may begin.
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Good morning, and thank you for joining us for Antero Midstream's Third Quarter Investor Conference Call. We'll spend a few minutes going through the financial and operating highlights, and then we'll open it up for Q&A.
I would also like to direct you to the homepage of our website at www.anteromidstream.com, where we have provided a separate earnings call presentation that will be reviewed during today's call.
Today's call may also contain certain non-GAAP financial measures. Please refer to our earnings press release for important
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