NYSE$AM
Antero Midstream Corp · Q1 2020 earnings
Q1 2020 earnings · · Investor relations
Briefing
Announced first quarter 2020 financial results and updated 2020 capital budget and guidance.
Antero Midstream reported a net loss of $(393) million, or $(0.81) per share, and adjusted EBITDA of $217 million, a 7% increase compared to the prior year quarter. The company announced further reductions to its capital budget that result in a 65% decrease year-over-year in capital expenditures.
- Low pressure gathering volumes averaged 2,717 MMcf/d, a 6% increase as compared to the prior year quarter.
- Fresh water delivery volumes averaged 183 MBbl/d during the quarter, a 20% increase compared to the first quarter of 2019.
- Adjusted EBITDA was $217 million, a 7% increase compared to the prior year quarter.
- Total capital expenditures were $80 million during the first quarter of 2020.
Headline financials
Revenue & EPS history
Antero Midstream · Revenue · Quarterly
$220M
Revenue by segment
Antero Midstream · $244M total across 3 segments · Q1 2020
- Gathering and Processing$164M—67.2%
- Water Handling$98M—40.2%
- Amortization of Customer Relationships-$18M—-7.4%
Forward guidance
Antero Midstream expects a reduction in fresh water delivery volumes in the second half of 2020 and expects to pay three quarterly low pressure gathering rebates. Antero Midstream's updated guidance highlights the flexibility of Antero Midstream’s capital budget and our dedication to capital discipline.
Tailwinds
- Antero Resources is 94% hedged on its expected natural gas production in 2020 at a price of $2.87/MMbtu.
- Antero Resources is 100% hedged on its expected crude oil and pentane-equivalent production at a price of $55.63/barrel.
- The 65% year-over-year reduction in capital expenditures for 2020 more than offsets the reduction in adjusted EBITDA guidance.
- Improved free cash flow position of $420 to $450 million before return of capital to shareholders.
- Balance sheet with almost $1.0 billion of liquidity and below peer average leverage of 3.7x.
Headwinds
- Reduction in Adjusted EBITDA guidance is primarily driven by a reduction in fresh water delivery volumes in the second half of 2020.
- Three quarterly low pressure gathering rebates are expected, resulting in $36 million of midstream fee reductions.
- Uncertain market conditions impacting the energy industry.
- Potential impacts of the decline in demand for oil and NGLs including additional storage capacity in the Northeast.
- A curtailment could result in a temporary reduction in throughput volumes and revenues for Antero Midstream.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2020
-0.2%
Avg return
Earnings day
-1.4%
Avg return
5 days after
-0.8%
Avg return
30 days after
49%
17 / 35 earnings
Positive
+9.2%
Q1 2022
Best reaction
-12.5%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.1% | -0.5% | -4.3% | |
| Q4 2025 | +2.3% | +4.9% | +13.2% | |
| Q3 2025 | -0.2% | -1.9% | +2.7% | |
| Q1 2025 | +1.9% | +5.8% | +13.5% | |
| Q4 2024 | +6.1% | +5.9% | +7.3% | |
| Q3 2024 | -3.4% | -3.0% | +7.3% | |
| Q2 2024 | -3.6% | -8.0% | +2.1% | |
| Q1 2024 | +2.1% | +1.7% | +3.4% | |
| Q4 2023 | +6.2% | +6.2% | +14.4% | |
| Q3 2023 | +1.7% | +0.4% | +9.1% | |
| Q2 2023 | -0.9% | +1.8% | +1.8% | |
| Q1 2023 | +4.7% | +10.3% | +5.7% | |
| Q4 2022 | +1.0% | -2.4% | -9.1% | |
| Q3 2022 | +0.5% | +4.0% | +8.0% | |
| Q2 2022 | +0.9% | +2.9% | +7.5% | |
| Q1 2022 | +9.2% | +3.7% | +11.5% | |
| Q4 2021 | -5.3% | -3.7% | +2.6% | |
| Q3 2021 | -1.7% | -3.1% | -7.2% | |
| Q2 2021 | +0.7% | -3.9% | +0.9% | |
| Q1 2021 | -2.2% | -2.3% | +6.8% | |
| Q4 2020 | -12.5% | -12.4% | -3.2% | |
| Q3 2020 | -5.8% | -11.9% | +9.6% | |
| Q1 2020 | +2.6% | +1.7% | +3.2% | |
| Q4 2019 | -0.6% | -4.8% | -31.7% | |
| Q3 2019 | -1.9% | -8.9% | -36.5% | |
| Q2 2019 | -6.7% | -12.5% | -21.3% | |
| Q1 2019 | +0.7% | -1.1% | +0.1% | |
| Q4 2018 | +1.5% | -5.9% | -8.6% | |
| Q3 2018 | -0.4% | -3.9% | -6.0% | |
| Q2 2018 | -0.9% | -1.7% | -12.1% | |
| Q1 2018 | +4.3% | +3.3% | +9.2% | |
| Q4 2017 | +4.5% | +4.6% | -13.4% | |
| Q3 2017 | -2.8% | -2.6% | -3.7% | |
| Q2 2017 | -5.8% | -7.1% | -10.4% | |
| Q1 2017 | -1.3% | -3.5% | -0.2% | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q2 2014 | — | — | — |
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