NYSE$AM
Antero Midstream Corp · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
Announced fourth quarter 2020 financial results and 2021 capital budget and guidance.
Antero Midstream Corporation announced its fourth quarter 2020 financial and operational results, 2021 capital budget and guidance based on Antero Resources' recently announced 2021 development plan and drilling partnership, and return of capital policy. The company reported a net income of $76 million, or $0.16 per share, and an adjusted EBITDA of $203 million.
- Low pressure gathering volumes increased by 16% compared to the prior year quarter, averaging 3,053 MMcf/d.
- Compression volumes increased by 18% compared to the fourth quarter of 2019, averaging 2,851 MMcf/d.
- Fresh water delivery volumes decreased by 71% compared to the fourth quarter of 2019, averaging 43 MBbl/d.
- Net income was $76 million, or $0.16 per share.
Headline financials
Revenue & EPS history
Antero Midstream · Revenue · Quarterly
$204M
Revenue by segment
Antero Midstream · $204M total across 3 segments · Q4 2020
- Gathering and Processing$184M+11.5%90.2%
- Water Handling$38M-58.7%18.6%
- Amortization of Customer Relationships-$18M-5.9%-8.8%
Forward guidance
Antero Midstream is forecasting net income of $325 to $365 million and Adjusted Net Income (adjusted for amortization of customer relationships) of $380 to $420 million. The Company is forecasting Adjusted EBITDA of $840 to $880 million and a capital budget of $240 to $260 million. This results in Free Cash Flow before dividends of $415 to $455 million and Free Cash Flow after dividends of $(15) to $25 million for 2021, assuming an annualized dividend of $0.90 per share.
Tailwinds
- Net income of $325 to $365 million is forecasted.
- Adjusted Net Income of $380 to $420 million is forecasted.
- Adjusted EBITDA of $840 to $880 million is forecasted.
- Free Cash Flow before dividends of $415 to $455 million is expected.
- Capital expenditure will be funded through cash flow from operations.
Headwinds
- Free Cash Flow after dividends of $(15) to $25 million is expected, assuming an annualized dividend of $0.90 per share.
- Reduction in its 2021 dividend to $0.90 per share on an annualized basis beginning with the first quarter of 2021.
- Drilling partnership expected to result in incremental gross gas production that is estimated to add $400 million of incremental free cash flow to Antero Resources through 2025 assuming current strip prices.
- Leverage is expected to decline to 3-times or less by year-end 2025.
- Capital budget includes approximately $65 million of additional growth capital supporting the increased development on Antero Midstream dedicated acreage from the drilling partnership.
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 Q4 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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