NYSE$AM
Antero Midstream Corp · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Announced fourth quarter 2023 results, 2024 guidance, and a $500 million share repurchase program.
Antero Midstream reported strong Q4 2023 results with double-digit year-over-year throughput and Adjusted EBITDA growth. The company's capital investment strategy resulted in an 18% Return on Invested Capital in 2023. A new $500 million share repurchase program was authorized.
- Low pressure gathering volumes increased by 10% year-over-year, averaging 3,377 MMcf/d.
- Compression volumes increased by 14% year-over-year, averaging 3,343 MMcf/d.
- Adjusted EBITDA increased by 10% year-over-year to $254 million, driven by throughput growth.
- Free Cash Flow after dividends was $48 million, a 500% increase compared to the prior year quarter.
Headline financials
Revenue & EPS history
Antero Midstream · Revenue · Quarterly
$278M
Revenue by segment
Antero Midstream · $246M total across 3 segments · Q3 2023
- Gathering and Processing$206M+17.0%83.7%
- Water Handling$58M+5.5%23.6%
- Amortization of Customer Relationships-$18M+0.0%-7.3%
Forward guidance
Antero Midstream is forecasting Net Income of $405 to $445 million and Adjusted Net Income of $460 to $500 million. The Company is forecasting Adjusted EBITDA of $1,020 to $1,060 million. Antero Midstream is forecasting Free Cash Flow before dividends of $670 to $710 million and Free Cash Flow after dividends of $235 to $275 million for 2024, assuming an annualized dividend of $0.90 per share.
Tailwinds
- Adjusted EBITDA is expected to grow by 5% compared to 2023 at the midpoint.
- Growth is driven by the expiration of the low pressure gathering fee rebate program.
- Inflation adjustments to Antero Midstream’s fixed fees.
- Flat-to-low single digit throughput growth in 2024 compared to 2023.
- Free Cash Flow after dividends to expand significantly.
Headwinds
- Capital budget of $150 to $170 million, a 14% decrease compared to 2023 at the midpoint.
- Approximately $130 million of investment in gathering and compression infrastructure.
- $30 million for fresh water delivery and wastewater blending and pipeline infrastructure in 2024.
- Expects to invest approximately 60% to 65% of its full year capital budget in the second and third quarter.
- Substantially all of Antero Midstream’s 2024 capital budget is focused in the Marcellus Shale liquids-rich midstream corridor.
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 2023
-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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