Welcome to our dedicated page for Antero Midstream Corporation news (Ticker: AM), a resource for investors and traders seeking the latest updates and insights on Antero Midstream Corporation stock.
Antero Midstream Corporation (NYSE: AM) is a premier midstream energy infrastructure company headquartered in Denver, Colorado. Established in 2013, the firm owns, operates, and develops critical midstream assets that support natural gas and liquids production in the Appalachian Basin, specifically the Marcellus Shale and Utica Shale located in West Virginia and Ohio.
Antero Midstream operates through two primary segments: Gathering and Processing and Water Handling and Treatment. The Gathering and Processing segment includes an extensive network of pipelines and compressor stations that collect and process production from Antero Resources' wells. The Water Handling and Treatment segment supplies fresh water from the Ohio River and regional reservoirs, along with wastewater treatment and disposal services.
As of the latest updates, Antero Midstream has been involved in several significant financial activities, such as the pricing of a $600 million offering of senior notes due 2032. The company intends to use the proceeds from this offering to reduce its revolving credit facility debt, which can be reborrowed for general corporate purposes. Furthermore, Antero Midstream has consistently shown financial strength, reflected by their adjusted EBITDA of $265 million for the first quarter of 2024, a 10% increase over the previous year.
The company has also made strategic acquisitions and investments, most notably the recent $70 million purchase of gathering and compression assets in the Marcellus Shale from Summit Midstream Partners LP. This acquisition is expected to be over 5% accretive to Free Cash Flow after dividends through 2027. Additionally, Antero Midstream declared a cash dividend of $0.225 per share for the first quarter of 2024, underscoring its commitment to shareholder returns.
Antero Midstream Corporation is an integral player in the midstream energy sector, ensuring the efficient and safe transportation, processing, and treatment of natural gas and related products. The company's robust infrastructure and strategic initiatives make it a vital partner for Antero Resources and a significant entity in the U.S. energy landscape.
Antero Midstream Corporation (NYSE: AM) reported its first quarter 2023 results, highlighting a notable 8% increase in gathering volumes and an 11% rise in compression volumes year-over-year. The company achieved a net income of $87 million, reflecting a 6% increase per diluted share to $0.18, while adjusted net income reached $100 million, or $0.21 per share, marking an 11% rise. Adjusted EBITDA climbed to $242 million, up 16% year-over-year. Capital expenditures were down 64%, totaling $34 million. Additionally, free cash flow after dividends improved to $46 million, a significant turnaround from a deficit last year. The 2023 guidance was also lifted, with net income and adjusted EBITDA expectations increased by $15 million and $20 million, respectively. Antero Midstream continues to focus on reducing debt and leveraging opportunities.
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