Antero Midstream Corporation · NYSE:AM
Antero Midstream — Q1 2024 Earnings Presentation
14 slides from Antero Midstream's earnings presentation, Apr 25, 2024
Slide 1: First Quarter 2024 Earnings Presentation
First Quarter 2024 Earnings Presentation April 25, 2024 Antero Midstream (NYSE: AM)
Slide 2: Legal Disclaimer
Legal Disclaimer Forward-Looking Statements: This presentation includes "forward-looking statements" within the meaning of federal securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Antero Midstream Corporation’s (“Antero Mid
Slide 3: Continued Asset Optimization
Continued Asset Optimization AM Marcellus Shale Asset Map Grays Peak (160 MMcf/d) Sherwood and Smithburg Processing Facilities AM Compressor Station Castle Grays AM Gathering Pipelines Peak Peak Stonewall Pipeline Units relocated from underutilized areas Future expansion Castle Peak (240 MMcf/d) For
Slide 4: 2024 Completion Efficiencies
2024 Completion Efficiencies Completion Stages Per Day (Per completion crew) 16.0 12.0 11.3 ZERO 11.0 10.7 Missed completion dates by Fresh Water 10.0 system since assets 9.0 were acquired in 2015 8.0 8.0 7.0 113 MBbl/d 6.0 Of Fresh Water delivered operating only 1.3 5.0 completion crews on 4.0 aver
Slide 5: Not All Transport to the U.S. Gulf Coast is Equal
Not All Transport to the U.S. Gulf Coast is Equal Henry Hub-Linked (% of ‘24E Production) “While everything 100 miles back of Henry Hub Tier 3 could be at $3- Cal ’25: ($0.23) 75% 4/MMBtu regional cash Cal ’26: ($0.23) price, Henry Hub cash Cal ‘27: ($0.30) could find itself at periods of time comfo
Slide 6: AR Has the Lowest Free Cash Flow Breakevens
AR Has the Lowest Free Cash Flow Breakevens 2024E Unhedged FCF Natural Gas Price Breakeven (1) ($/Mcf Henry Hub) Maintenance Capital Interest Expense Cash Costs + Basis - Liquids Uplift Base Dividend Appalachian Operators Haynesville Operators In 1Q 2024, AR generated > $10 MM in Free Cash Flow(1) w
Slide 7: First Quarter 2024 Highlights
First Quarter 2024 Highlights 1Q24 Financial Achievements 1Q24 Operational Achievements +10% Increase + 4% / +6% Increase In Adjusted EBITDA Year-over-year In Gathering / Processing Volumes Year-over-year $182 MM / $74 MM 100% Utilized Free Cash Flow Joint Venture Processing and Before / After Divid
Slide 8: Executing on Debt and Leverage Reduction Plan
Executing on Debt and Leverage Reduction Plan “Our transition to a business model that funds both its future capital programs and dividends with internally generated cash flow from operations significantly de-risks Antero Midstream’s business model. This prudent measure is expected to result in a de
Slide 9: Appendix
APPENDIX Antero Midstream (NYSE: AM)
Slide 10: Antero Midstream Non-GAAP Financial Measures
Antero Midstream Non-GAAP Financial Measures 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 expense, loss on extinguishment of de
Slide 11: Antero Midstream Non-GAAP Measures
Antero Midstream Non-GAAP Measures The following table reconciles Net Income to Adjusted EBITDA and Free Cash Flow before and after dividends (in thousands): Three Months Ended 6/30/2022 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Net income $ 79,395 84,014 82,793 86,507
Slide 12: Antero Midstream Non-GAAP Measures
Antero Midstream Non-GAAP Measures The following table reconciles consolidated total debt to consolidated net debt, excluding debt premiums and issuance costs, (“Net Debt”) as used in this presentation (in thousands): As of March 31, 2024 Bank credit facility $ - 7.875% senior notes due 2026 547,900
Slide 13: Antero Resources Non-GAAP Measures
Antero Resources Non-GAAP Measures Adjusted EBITDAX: Adjusted EBITDAX as defined by the Company represents income or loss, including noncontrolling interests, before interest expense, interest income, unrealized gains or losses from commodity derivatives, but including net cash receipts or payments
Slide 14: Antero Resources Free Cash Flow Reconciliation
Antero Resources Free Cash Flow Reconciliation Three Months Ended March 31, 2023 2024 Net cash provided by operating activities $ 343,902 261,610 Less: Net cash used in investing activities (350,804) (226,810) Plus: Payments for derivative monetizations 202,339 — Less: Proceeds from sale of assets,