The following is a summary of the Antero Midstream Corporation (AM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Antero Midstream reported record financials in Q1 2024 and achieved double-digit EBITDA growth, even as capital expenditure declined year over year.

• A 4% and 6% increase were observed in gathering and processing volumes respectively, compared to the previous year.

• The company generated significant free cash flow, standing at $182 million before dividends and $74 million after dividends.

• Leverage was reduced to 3.1x from 3.3x at the end of 2023.

Business Progress:

• Antero successfully placed the Grays Peak compressor station in service, contributing to future throughput growth and saving approximately $15 million in capital in the process.

• On the freshwater side, Antero improved operations, delivering 113,000 barrels per day to AR in Q1 2024, a 35% increase from previous operations.

• Antero is planning for further expansion of the Grays Peak station with a phased approach to maximize returns.

• The company is on track to achieve its 3x leverage target by the latter half of 2024, allowing for an increased return for shareholders, surpassing initial expectations.

More details: Antero Midstream IR

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