The following is a summary of the Antero Midstream Corporation (AM) Q3 2024 Earnings Conference Call Transcript:
Financial Performance:
Antero Midstream reported third-quarter EBITDA of $256 million, a 2% increase year-over-year.
Free cash flow after dividends was $40 million, a 32% increase from last year.
Debt leverage as of September 30th was 3.1 times, with a projection of decreasing below three times by the fourth quarter.
Business Progress:
Capital expenditures for Q3 amounted to $56 million, 35% of the full-year budget.
Continued construction progress on the Torreys Peak Compressor Station, expected online in Q2 2025.
Consistent quarterly free cash flow generation, with over $350 million generated over the last two years.
Antero Midstream expects further growth in EBITDA and free cash flow in 2025.
Opportunities:
International pricing premiums on propane exports provide a competitive advantage and are expected to persist into 2025.
Unconstrained access to international markets helps capture high premiums, driving free cash flow.
Risks:
Depressed natural gas prices delayed one completion crew and deferred a planned pad out of Q3, potentially impacting future throughput and operational efficiency.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
