Antero Midstream Corp Stock Price, News & Analysis

Antero Midstream Corporation (NYSE: AM) reported second quarter 2021 results, showing a net income of $80 million ($0.17 per share), down from $88 million in the prior year. Adjusted Net Income rose 10% to $109 million ($0.23 per share). Adjusted EBITDA increased 12% to $225 million. Free Cash Flow increased to $3 million from a $40 million deficit. Capital expenditures were $71 million, with an average daily low-pressure gathering volume of 2,897 MMcf/d, a 1% increase year-over-year. The company refinanced $650 million of senior notes, extending maturities and reducing operational risks.

Antero Midstream Corporation (NYSE: AM) declared a cash dividend of $0.225 per share for Q2 2021, marking its 27th consecutive quarterly dividend. The dividend is payable on August 11, 2021, to stockholders of record by July 28, 2021, amounting to an annualized total of $0.90 per share. Antero Midstream will release its Q2 earnings on July 28, 2021, followed by a conference call on July 29, 2021, at 10:00 am MT. As of June 30, 2021, the company had approximately $150 million remaining in its $300 million share repurchase program.

Antero Midstream (NYSE: AM) has announced the pricing of a private placement of $750 million in senior unsecured notes due in 2029, expected to close on June 8, 2021. The company anticipates receiving net proceeds of approximately $742 million, which will be used to redeem its $650 million of senior notes due 2024 and repay credit facility borrowings. The offering is not contingent upon the redemption of the 2024 notes and will be offered only to qualified institutional buyers.

Antero Midstream Corporation (NYSE: AM) announced a planned offering of $650 million in senior unsecured notes due 2029, contingent on market conditions. The funds will be used to redeem all $650 million of its 5.375% senior notes due 2024 at a premium plus accrued interest. The offering is specifically targeted at qualified institutional buyers and is not registered under the Securities Act. This press release includes forward-looking statements and identifies various risks that could impact future outcomes.

Antero Resources Corporation (NYSE: AR) announced its intention to offer $500 million in senior unsecured notes due 2030, subject to market conditions. The proceeds will fund the redemption of its 5.625% senior notes due 2023 on June 1, 2021. The offering is not contingent on this redemption and is restricted to qualified institutional buyers under Rule 144A. The notes will not be registered under the Securities Act, limiting their sale in the U.S. This offering aims to streamline the company’s debt structure in the competitive natural gas sector.

Antero Resources Corporation (NYSE: AR) announced the appointment of Brenda R. Schroer to its Board of Directors, effective April 30, 2021. With this addition, the Board now consists of eight directors, seven of whom are independent. Schroer's background includes significant roles in the oil and gas industry, notably as CFO at Concho Resources, and she currently serves as Interim CFO for Solaris Midstream Holdings. Her experience in finance and ESG reporting is expected to enhance Antero's governance.

Antero Midstream Corporation (NYSE: AM) reported strong first quarter 2021 results. Net income reached $83 million ($0.17 per share), rebounding from a loss of $0.81 per share last year. Adjusted Net Income stands at $101 million ($0.21 per share), while Adjusted EBITDA increased 1% to $219 million. Capital expenditures dropped 64% to $30 million. Notably, Free Cash Flow before dividends surged 51% to $146 million and after dividends reached $39 million, compared to a deficit of $50 million last year. The company’s net debt remained stable at $3.1 billion with a leverage ratio of 3.7x.

Antero Midstream Corporation (NYSE: AM) declared a cash dividend of $0.225 per share for Q1 2021, amounting to $0.90 annually. This marks the 26th consecutive quarterly dividend since its IPO in November 2014. The dividend is payable on May 12, 2021, to stockholders of record as of April 28, 2021. Additionally, the company plans to release its Q1 earnings on April 28, 2021, followed by a conference call on April 29, 2021, at 10:00 am MT.

Antero Resources (NYSE: AR) and Antero Midstream (NYSE: AM) announced leadership changes as Glen C. Warren, Jr. retires on April 30, 2021. Paul M. Rady, currently Chairman and CEO, will also assume the role of President for both companies. Michael N. Kennedy, existing Senior VP of Finance, will become CFO of Antero Resources and join the Antero Midstream Board of Directors. Brendan E. Krueger, VP of Finance, will serve as CFO of Antero Midstream while maintaining his other roles. Management emphasized their commitment to cost reduction, debt management, and shareholder returns.