Antero Midstream (AM) Q3 Results - Oct 29

[dan_s]

DENVER, Oct. 27, 2021 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its third quarter 2021 financial and operational results. The relevant unaudited condensed consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021.

Third Quarter 2021 Earnings Highlights:

Net income was $89 million, or $0.19 per share, compared to $0.22 per share in the prior year quarter

Adjusted Net Income was $103 million, or $0.22 per share, compared to $0.25 per share in the prior year quarter (non-GAAP measure) < Compares to my forecast of $100.9 million net income ($0.21 per share).

Adjusted EBITDA was $219 million, a 4% decrease compared to the prior year quarter (non-GAAP measure)

Capital expenditures were $81 million

Net cash provided by operating activities was $185 million < Compares to my forecast of $184 million.

Free Cash Flow before dividends was $94 million and Free Cash Flow After Dividends was $(13) million (non-GAAP measure)

Net debt to last twelve months Adjusted EBITDA was 3.6x (non-GAAP measure)

Placed in service Smithburg 1 processing plant, adding 200 MMcf/d of Joint Venture processing capacity

Connected the 1,000th well to its integrated gathering and compression system since inception

Recent Developments:

Extended credit facility maturity from 2022 to 2026 and elected to reduce commitments from $2.13 billion to $1.25 billion

Published 2020 ESG report highlighting a focus on People, Performance and Purpose

Paul Rady, Chairman and CEO said, "During the third quarter Antero Midstream continued to execute on its business plan, placing in service the Smithburg 1 processing plant adding 200 MMcf/d of incremental Joint Venture processing capacity. In addition, Antero Midstream continued construction on additional low pressure, compression and high pressure infrastructure to support the expected throughput growth from the Antero Resources and QL Capital Partners drilling partnership."

Mr. Rady further added, "We also recently published our 2020 ESG report. The report highlights our commitment to the communities in which we operate and our continued reductions in our methane leak loss rate. In addition, the report highlights Antero Midstream's unique positioning that directly impacts populations living in energy poverty across the world. In 2020, Antero Midstream provided integrated midstream services that allowed Antero Resources to ship approximately one-third of its LPG exports to developing nations, including the nations of Nigeria, Peru and India, improving people's health, safety and livelihood through the displacement of more expensive and more carbon-intensive energy sources."
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AM is a C-Corp in our High Yield Income Portfolio. It pays dividends of $0.225/quarter for annualize yield of approximately 8.3%. Based on my forecast model, I expect AM to raise their dividends in 2022.