Antero Midstream Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Antero Midstream Corp filed its Q1 2024 10-Q, detailing financial performance and segment operations.</b>

AI Summary

Antero Midstream Corp (AM) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Antero Midstream Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers financial information for the first quarter of 2024. Key financial statement items like Common Stock, Retained Earnings, and Additional Paid-In Capital are detailed as of March 31, 2024. The report includes information on various incentive plans, such as AMC LTIP and Performance Share Unit Awards. Segment information for Water Handling and Gathering & Compression is provided for Q1 2024, detailing customer types and contract structures.

Why It Matters

For investors and stakeholders tracking Antero Midstream Corp, this filing contains several important signals. This filing provides investors with the latest quarterly financial data, crucial for assessing the company's performance and financial health. Understanding the segment performance in Water Handling and Gathering & Compression, along with contract types, offers insight into revenue drivers and operational focus.

Risk Assessment

Risk Level: medium — Antero Midstream Corp shows moderate risk based on this filing. The company operates in the natural gas transmission industry, which is subject to regulatory changes and market volatility impacting demand and pricing.

Analyst Insight

Monitor the company's segment performance and contract details in future filings to understand revenue trends and operational efficiency.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-04-24 — Filing Date (Date the report was filed)
• 479713000 — Common Stock Value (Value related to common stock for Q1 2024)
• 0.3333 — Ratio (A ratio associated with common stock)

Key Players & Entities

• Antero Midstream Corp (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Conformed period of report
• 2024-04-24 (date) — Filing date
• 0001558370-24-005600 (filing_id) — Accession Number
• 0001623925 (company_id) — Central Index Key
• Denver (location) — Business and mailing address city
• CO (location) — Business and mailing address state
• Antero Resources Corporation (company) — Customer for Water Handling and Gathering & Compression segments

FAQ

Risk Factors

• Regulatory Environment [medium — regulatory]: The company operates within a heavily regulated industry, subject to environmental, safety, and operational regulations that can change and impact costs and operations.
• Commodity Price Volatility [medium — market]: Fluctuations in natural gas and oil prices can affect the demand for midstream services and the financial performance of counterparties.
• Operational Risks [medium — operational]: Risks include pipeline integrity, potential for leaks or disruptions, and the need for ongoing maintenance and capital expenditures.
• Debt and Leverage [medium — financial]: The company's level of debt and its ability to service it are subject to market conditions and operational performance.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 AM New York Stock Exchange Indica

Filing Documents

• am-20240331x10q.htm (10-Q) — 1843KB
• am-20240331xex31d1.htm (EX-31.1) — 19KB
• am-20240331xex31d2.htm (EX-31.2) — 19KB
• am-20240331xex32d1.htm (EX-32.1) — 9KB
• am-20240331xex32d2.htm (EX-32.2) — 10KB
• am-20240331x10q001.jpg (GRAPHIC) — 5KB
• 0001558370-24-005600.txt (&nbsp;) — 8460KB
• am-20240331.xsd (EX-101.SCH) — 47KB
• am-20240331_cal.xml (EX-101.CAL) — 61KB
• am-20240331_def.xml (EX-101.DEF) — 244KB
• am-20240331_lab.xml (EX-101.LAB) — 424KB
• am-20240331_pre.xml (EX-101.PRE) — 320KB
• am-20240331x10q_htm.xml (XML) — 1811KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 3 Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 31

—OTHER INFORMATION

PART II—OTHER INFORMATION 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 5 Other Information 32 Item 6. Exhibits 33

SIGNATURES

SIGNATURES 34 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Some of the information in this Quarterly Report on Form 10-Q may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact, included in this Quarterly Report on Form 10-Q, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. When considering these forward-looking statements, investors should keep in mind the risk factors and other cautionary statements in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2023. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include: Antero Resources Corporation's ("Antero Resources") expected production and development plan; impacts to producer customers of insufficient storage capacity; our ability to execute our business strategy; our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, expansion projects, working capital requirements and the repayment or refinancing of indebtedness; our ability to r

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION ANTERO MIDSTREAM CORPORATION Condensed Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited) December 31, March 31, 2023 2024 Assets Current assets: Cash and cash equivalents $ 66 26,088 Accounts receivable–Antero Resources 88,610 104,766 Accounts receivable–third party 952 1,023 Other current assets 1,500 1,811 Total current assets 91,128 133,688 Property and equipment, net 3,793,523 3,788,559 Investments in unconsolidated affiliates 626,650 619,220 Customer relationships 1,215,431 1,197,763 Other assets, net 10,886 10,011 Total assets $ 5,737,618 5,749,241 Liabilities and Stockholders' Equity Current liabilities: Accounts payable–Antero Resources $ 4,457 11,445 Accounts payable–third party 10,499 12,954 Accrued liabilities 80,630 82,044 Other current liabilities 831 876 Total current liabilities 96,417 107,319 Long-term liabilities: Long-term debt 3,213,216 3,174,873 Deferred income tax liability, net 265,879 302,366 Other 10,375 14,304 Total liabilities 3,585,887 3,598,862 Stockholders' equity: Preferred stock, $ 0.01 par value: 100,000 authorized as of December 31, 2023 and March 31, 2024 Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2023 and March 31, 2024 — — Common stock, $ 0.01 par value; 2,000,000 authorized; 479,713 and 480,328 issued and outstanding as of December 31, 2023 and March 31, 2024, respectively 4,797 4,803 Additional paid-in capital 2,046,487 2,041,650 Retained earnings 100,447 103,926 Total stockholders' equity 2,151,731 2,150,379 Total liabilities and stockholders' equity $ 5,737,618 5,749,241 See accompanying notes to unaudited condensed consolidated financial statements. 3 Table of Contents ANTERO MIDSTREAM CORPORATION Condensed Consolidated Statements of Operation

View Full Filing

View this 10-Q filing on SEC EDGAR