Antero Midstream Corp Files Q2 2024 10-Q

TL;DR

Antero Midstream's Q2 10-Q is in: financials updated, operations ongoing.

AI Summary

Antero Midstream Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and balance sheet items are presented, reflecting the company's ongoing activities in the natural gas transmission sector.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for Antero Midstream Corp, crucial for understanding the company's performance and outlook in the energy infrastructure sector.

Risk Assessment

Risk Level: medium — The company operates in the volatile natural gas industry, subject to commodity price fluctuations and regulatory changes.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-07-31 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Antero Midstream Corp (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240731 (date) — Filing date
• 1615 WYNKOOP STREET, DENVER, CO 80202 (address) — Company's business and mailing address
• 001-38075 (other) — SEC File Number

FAQ

Key Financial Figures

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

Filing Documents

• am-20240630x10q.htm (10-Q) — 2649KB
• am-20240630xex10d2.htm (EX-10.2) — 1362KB
• am-20240630xex31d1.htm (EX-31.1) — 19KB
• am-20240630xex31d2.htm (EX-31.2) — 19KB
• am-20240630xex32d1.htm (EX-32.1) — 9KB
• am-20240630xex32d2.htm (EX-32.2) — 10KB
• am-20240630x10q001.jpg (GRAPHIC) — 5KB
• 0001558370-24-010481.txt ( ) — 12351KB
• am-20240630.xsd (EX-101.SCH) — 52KB
• am-20240630_cal.xml (EX-101.CAL) — 63KB
• am-20240630_def.xml (EX-101.DEF) — 259KB
• am-20240630_lab.xml (EX-101.LAB) — 470KB
• am-20240630_pre.xml (EX-101.PRE) — 343KB
• am-20240630x10q_htm.xml (XML) — 2476KB

—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 26 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 38

—OTHER INFORMATION

PART II—OTHER INFORMATION 39 Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 5 Other Information 39 Item 6. Exhibits 40

SIGNATURES

SIGNATURES 41 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, June 30, 2023 2024 Assets Current assets: Cash and cash equivalents $ 66 — Accounts receivable–Antero Resources 88,610 101,251 Accounts receivable–third party 952 1,384 Other current assets 1,500 963 Total current assets 91,128 103,598 Property and equipment, net 3,793,523 3,868,885 Investments in unconsolidated affiliates 626,650 612,847 Customer relationships 1,215,431 1,180,095 Other assets, net 10,886 9,542 Total assets $ 5,737,618 5,774,967 Liabilities and Stockholders' Equity Current liabilities: Accounts payable–Antero Resources $ 4,457 3,816 Accounts payable–third party 10,499 15,058 Accrued liabilities 80,630 96,202 Other current liabilities 831 893 Total current liabilities 96,417 115,969 Long-term liabilities: Long-term debt 3,213,216 3,186,577 Deferred income tax liability, net 265,879 330,802 Other 10,375 14,531 Total liabilities 3,585,887 3,647,879 Stockholders' equity: Preferred stock, $ 0.01 par value: 100,000 authorized as of December 31, 2023 and June 30, 2024 Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2023 and June 30, 2024 — — Common stock, $ 0.01 par value; 2,000,000 authorized; 479,713 and 481,243 issued and outstanding as of December 31, 2023 and June 30, 2024, respectively 4,797 4,812 Additional paid-in capital 2,046,487 2,036,239 Retained earnings 100,447 86,037 Total stockholders' equity 2,151,731 2,127,088 Total liabilities and stockholders' equity $ 5,737,618 5,774,967 See accompanying notes to unaudited condensed consolidated financial statements. 3 Table of Contents ANTERO MIDSTREAM CORPORATION Condensed Consolidated Statements of Operations and Comprehen

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View this 10-Q filing on SEC EDGAR