NYSE$AM
Antero Midstream Corp · Q4 2021 earnings
Q4 2021 earnings · · Investor relations
Briefing
Announced fourth quarter 2021 financial results and 2022 capital budget and guidance.
Antero Midstream reported Q4 2021 revenues of $234 million and net income of $79 million, with adjusted EBITDA increasing by 5% year-over-year to $213 million. The company's capital expenditures increased significantly to $80 million, impacting free cash flow after dividends, which resulted in a $19 million deficit.
- Low pressure gathering volumes averaged 2,961 MMcf/d, a 3% decrease compared to the prior year quarter.
- Fresh water delivery volumes increased by 86% compared to the prior year quarter, averaging 80 MBbl/d.
- Adjusted EBITDA increased 5% year-over-year to $213 million.
- Capital expenditures increased 179% year-over-year to $80 million.
Headline financials
Revenue & EPS history
Antero Midstream · Revenue · Quarterly
$216M
Revenue by segment
Antero Midstream · $216M total across 3 segments · Q4 2021
- Gathering and Processing$183M-0.5%84.7%
- Water Handling$51M+34.2%23.6%
- Amortization of Customer Relationships-$18M+0.0%-8.3%
Forward guidance
Antero Midstream is forecasting Net Income of $330 to $370 million and Adjusted Net Income of $385 to $425 million. The Company is forecasting Adjusted EBITDA of $850 to $890 million and a capital budget of $275 to $300 million. The Company is forecasting Free Cash Flow after dividends of a $(45) to $(5) million deficit for 2022.
Tailwinds
- EBITDA growth and declining capital budgets will aid transition to business model generating consistent and sustainable Free Cash Flow after dividends beginning in the second half of 2022.
- Company is well positioned to meet long-term leverage target of 3.0x over the next few years.
- Plan to expand existing Marcellus and Utica Shale gathering, compression and fresh water delivery systems.
- Over 95% of Antero Midstream’s 2022 capital budget is focused in the Marcellus Shale and the remaining capital is focused in the Utica Shale.
- Antero Midstream expects to fund its 2022 capital budget through net cash provided by operating activities.
Headwinds
- Guidance includes four quarterly low pressure gathering rebates to Antero Resources totaling $48 million.
- Free Cash Flow after dividends of a $(45) to $(5) million deficit for 2022, assuming an annualized dividend of $0.90 per share.
- Includes approximately $115 to $125 million of combined distributions from its interests in the processing and fractionation joint venture with MPLX, LP (the “Joint Venture”) and in Stonewall Gathering LLC.
- Capital investment includes $45 million in 2022 for the construction of two compressor stations with 240 MMcf/d of capacity each that will be phased in from 2022 through 2023.
- Capital budget includes approximately $50 million of remaining capital for a 20 mile high pressure trunkline from Wetzel County to the Sherwood and Smithburg processing complex.
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 2021
-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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