DENVER, July 29, 2026 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its second quarter 2026 financial and operating results. The relevant consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the three months ended June 30, 2026.
Highlights:
-- Gathering and compression volumes increased by 19% and 17%, respectively,
compared to the prior year quarter
-- Net Income was $114 million, or $0.24 per diluted share, an 8% per share
decrease compared to the prior year quarter
-- Adjusted Net Income was $131 million, or $0.27 per diluted share, a 7%
per share decrease compared to the prior year quarter (non-GAAP measure)
-- Adjusted EBITDA was $289 million, a 2% increase compared to the prior
year quarter (non-GAAP measure)
-- Capital expenditures were $47 million
-- Adjusted Free Cash Flow after dividends was $80 million (non-GAAP
measure)
-- Commenced construction on the Company's first intrastate regional
pipeline ("East Side Express")
-- Received $371 million in damages and interest from Veolia in July and
called $650 million of senior notes due 2028 at par
Michael Kennedy, CEO and President of Antero Midstream said, "During the quarter, Antero Midstream gathered over 4.1 Bcf/d of production, which was a 19% increase year-over-year and a new company record. Our water integration projects remain on track, which we expect to drive high-single digit EBITDA growth in 2027."
Mr. Kennedy further added, "In addition, during the quarter we commenced initial construction of our first intrastate regional pipeline, the "East Side Express", which will enhance regional connectivity within our operating areas. This pipeline positions Antero Midstream for future dry gas growth in West Virginia with decades of underlying inventory to capture growing regional demand. This east-west bi-directional pipeline represents our first regional pipeline and adds significant optionality for future intrastate pipeline projects that provide an integrated midstream solution connecting low-cost supply to demand centers."
Justin Agnew, CFO of Antero Midstream, said "The second quarter marked our twelfth consecutive quarter of generating Free Cash Flow after dividends, highlighting the consistency of operations over the last three years. Looking ahead, we expect an increase in volumes across both the gathering and water businesses to drive EBITDA growth in the back half of the year in line with our full year guidance range."
Mr. Agnew further added, "In July, Antero Midstream received approximately $371 million of proceeds from Veolia, which allowed us to reduce absolute debt and be below our 3-times leverage target ahead of expectations. After calling the $650 million of senior notes due 2028 at par, Antero Midstream has over $600 million of liquidity and no near-term maturities. This provides us with significant liquidity and balance sheet capacity to pursue additional growth opportunities and further return of capital to shareholders."
For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, and Adjusted Free Cash Flow after dividends please see "Non-GAAP Financial Measures and Definitions."
Clearwater Lawsuit Update
On June 23, 2026 the Colorado Supreme Court affirmed that Antero Midstream had prevailed on its claims against Veolia relating to the Clearwater Facility. On July 24, 2026 Antero Midstream received approximately $371 million in damages and interest. These proceeds and borrowings under the revolving credit facility are being used to call the $650 million of senior unsecured notes due 2028 at par.
Share Repurchases
During the second quarter of 2026, Antero Midstream repurchased 0.4 million shares for approximately $8 million. Antero Midstream had approximately $310 million of remaining capacity under its share repurchase program as of June 30, 2026.
Strategic and Operating Updates
During the quarter, Antero Midstream began its multiyear investment in the East Side Express, the Company's first dry gas regional connectivity expansion project. This project will expand dry gas deliveries to several different long haul and regional pipelines and will enhance optionality to local markets in order to capture growing regional demand around the Company's area of operations.
Antero Midstream connected 26 wells to its gathering system and serviced 21 wells with its fresh water delivery system during the quarter. Capital expenditures were $47 million during the second quarter of 2026. The Company invested $33 million in gathering and compression and $14 million in water infrastructure.
Second Quarter 2026 Financial Results
Gathering and compression volumes increased by 19% and 17%, respectively, compared to the prior year quarter. Fresh water delivery volumes averaged 82 MBbl/d during the quarter, a 16% decrease compared to the second quarter of 2025. Processing volumes from the processing and fractionation joint venture (the "Joint Venture") averaged 1.6 Bcf/d and Joint Venture fractionation volumes averaged 40 MBbl/d, both in line with the prior year quarter. Processing and fractionation capacity were both 100% utilized during the quarter.
For the three months ended June 30, 2026, revenues were $327 million, comprised of $272 million from the Gathering and Processing segment and $79 million from the Water Handling segment, net of $23 million of amortization of customer relationships. Water Handling revenues include $45 million from other water handling and high rate water transfer services.
Direct operating expenses were $37 million for the Gathering and Processing segment and $48 million for the Water Handling segment for a total of $85 million. Water Handling operating expenses include $40 million from other water handling and high rate water transfer services. General and administrative expenses excluding equity-based compensation were $12 million during the second quarter of 2026. Total operating expenses during the second quarter of 2026 included $11 million of equity-based compensation expense and $37 million of depreciation expense.
Net Income was $114 million, or $0.24 per diluted share. Net Income adjusted for amortization of customer relationships, impairment of property and equipment, transaction expense and other, net of tax effects of reconciling items, or Adjusted Net Income, was $131 million. Adjusted Net Income was $0.27 per diluted share, a 7% per share decrease compared to the prior year quarter.
The following table reconciles Net Income to Adjusted Net Income (in thousands):
Three Months Ended
June 30,
-------------------------------
2025 2026
--- ------- ---------------
Net Income $ 124,513 113,515
Amortization of customer
relationships 17,668 22,802
Impairment of property and
equipment -- 133
Transaction expense -- 273
Other(1) -- 409
Tax effect of reconciling
items(2) (4,564) (6,112)
--- ------- ---------------
Adjusted Net Income $ 137,617 131,020
--- ------- ---------------
(1) Other represents loss on settlement of asset retirement obligations.
(2) The statutory tax rate for each of the three months ended June 30, 2025
and 2026 was approximately 26%.
Adjusted EBITDA was $289 million, a 2% increase compared to the prior year quarter. Interest expense was $56 million, a 16% increase compared to the prior year quarter driven by financing for the HG Energy acquisition. Capital expenditures were $47 million during the second quarter of 2026. Adjusted Free Cash Flow before dividends was $186 million and Adjusted Free Cash Flow after dividends was $80 million.
The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands):
Three Months Ended
June 30,
-----------------------
2025 2026
--------- ---------
Net Income $ 124,513 113,515
Interest expense, net 47,962 55,680
Income tax expense 43,985 40,966
Depreciation expense 33,364 37,378
Amortization of customer relationships 17,668 22,802
Equity-based compensation 11,407 10,828
Equity in earnings of unconsolidated
affiliates (30,016) (28,525)
Distributions from unconsolidated affiliates 35,355 35,280
Impairment of property and equipment -- 133
Transaction expense -- 273
Other operating expense, net(1) 50 454
Adjusted EBITDA $ 284,288 288,784
Interest expense, net (47,962) (55,680)
Capital expenditures (accrual-based) (44,847) (46,678)
Current income tax expense (1,908) --
--------- ---------
Adjusted Free Cash Flow before dividends $ 189,571 186,426
--------- ---------
Dividends declared (accrual-based) (107,678) (106,801)
--------- ---------
Adjusted Free Cash Flow after dividends $ 81,893 79,625
========= =========
(1) Other operating expense, net represents accretion of asset retirement
obligations and loss on settlement of asset retirement obligations.
The following table reconciles net cash provided by operating activities to Adjusted Free Cash Flow before and after dividends (in thousands):
Three Months Ended
June 30,
-------------------------------
2025 2026
--------- ----------------
Net cash provided by operating
activities $ 265,183 254,249
Amortization of deferred
financing costs (1,314) (1,539)
Settlement of asset retirement
obligations 48 40
Transaction expense -- 273
Changes in working capital (29,499) (19,919)
Capital expenditures
(accrual-based) (44,847) (46,678)
Adjusted Free Cash Flow before
dividends $ 189,571 186,426
--------- ----------------
Dividends declared
(accrual-based) (107,678) (106,801)
--------- ----------------
Adjusted Free Cash Flow after
dividends $ 81,893 79,625
--------- ----------------
Conference Call
A conference call is scheduled on Thursday, July 30, 2026 at 10:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9126 (U.S.), or +1 201-493-6751 (International) and reference "Antero Midstream." A telephone replay of the call will be available until Thursday, August 6, 2026 at 10:00 am MT at 877-660-6853 (U.S.) or +1 201-612-7415 (International) using the conference ID: 13758948. To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com. The webcast will be archived for replay until Thursday, August 6, 2026 at 10:00 am MT.
Presentation
An updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteromidstream.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release.
Non-GAAP Financial Measures and Definitions
Antero Midstream uses certain non-GAAP financial measures. Antero Midstream defines Adjusted Net Income as Net Income adjusted for certain items. Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets. Antero Midstream defines Adjusted EBITDA as Net Income adjusted for certain items.
Antero Midstream uses Adjusted EBITDA to assess:
-- the financial performance of Antero Midstream's assets, without regard to
financing methods, capital structure or historical cost basis;
-- its operating performance and return on capital as compared to other
publicly traded companies in the midstream energy sector, without regard
to financing or capital structure; and
-- the viability of acquisitions and other capital expenditure projects.
Antero Midstream defines Adjusted Free Cash Flow before dividends as Adjusted EBITDA less net interest expense, accrual-based capital expenditures, and current income tax expense. Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates. Capital expenditures exclude acquisitions and Adjusted Free Cash Flow excludes transaction expense related to acquisitions. Adjusted Free Cash Flow after dividends is defined as Adjusted Free Cash Flow before dividends less accrual-based dividends declared for the quarter. Antero Midstream uses Adjusted Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period.
Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow before and after dividends are non-GAAP financial measures. The GAAP measure most directly comparable to these measures is Net Income. Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities. The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by (used in) operating activities. You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP. Antero Midstream's definitions of such measures may not be comparable to similarly titled measures of other companies.
The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):
Three Months Ended
June 30,
----------------------------
2025 2026
--- ------ ---------------
Capital expenditures (as reported
on a cash basis) $ 40,064 52,743
Change in accrued capital costs 4,783 (6,065)
--- ------ ---------------
Capital expenditures (accrual
basis) $ 44,847 46,678
--- ------ ---------------
Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash, cash equivalents and restricted cash. Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream's financial leverage. Antero Midstream defines Leverage as Net Debt divided by Adjusted EBITDA for the last twelve months. The GAAP measure most directly comparable to Net Debt is total debt, excluding unamortized debt premiums and debt issuance costs.
The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands):
June 30, 2026
-------------
Bank credit facility $ 341,900
5.75% senior notes due 2028 650,000
5.375% senior notes due 2029 750,000
6.625% senior notes due 2032 600,000
5.75% senior notes due 2033 650,000
5.75% senior notes due 2034 600,000
-------------
Consolidated total debt $ 3,591,900
-------------
Less: Cash, cash equivalents and restricted cash --
-------------
Consolidated net debt $ 3,591,900
-------------
Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation's $(AR)$ ("Antero Resources") properties.
This release includes "forward-looking statements." Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," "goal," or "target" and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream's control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position, estimated revenues and losses, Antero Resources' and Antero Midstream's respective ability to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, prospects, plans and objectives of management, Antero Resources' expected production and development plan, natural gas, NGLs and oil prices, Antero Midstream's ability to realize the anticipated benefits of its investments in unconsolidated affiliates, Antero Midstream's ability to execute its share repurchase and dividend program, Antero Midstream's ability to execute its business strategy, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and in the Middle East, and
world health events, information regarding long-term financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources' expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources' drilling partner, the impact on demand for Antero Midstream's services as a result of incremental production by Antero Resources, the impact of recently enacted legislation, and expectations regarding the amount and timing of litigation awards are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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. All forward-looking statements speak only as of the date of this release. Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.
Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond Antero Midstream's control. These risks include, but are not limited to, risks associated with the successful integration and future performance of acquired assets and operations, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources' drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources' future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and the Middle East, and world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading "Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
This release is not a notice of redemption of the 2028 notes. The redemption is being made solely pursuant to the Notice of Redemption, dated July 24, 2026, relating to the 2028 notes.
ANTERO MIDSTREAM CORPORATION
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
(Unaudited)
December 31, June 30,
2025 2026
------------------- -----------
Assets
Current assets:
Cash and cash
equivalents $ 180,435 --
Restricted cash 82,500 --
Accounts
receivable--Antero
Resources 106,771 135,798
Accounts
receivable--third
party 993 889
Income tax receivable 1,896 1,896
Current assets held
for sale 4,600 --
Other current assets 2,669 2,363
-------- --------- -----------
Total current
assets 379,864 140,946
-------- --------- -----------
Long-term assets:
Property and
equipment, net 3,454,572 3,942,843
Investments in
unconsolidated
affiliates 585,778 574,215
Customer
relationships 1,074,087 1,652,223
Operating leases
right-of-use assets -- 43,066
Assets held for
sale 379,036 --
Other assets, net 10,779 10,522
-------- --------- -----------
Total assets $ 5,884,116 6,363,815
======== ========= ===========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts
payable--Antero
Resources $ 5,366 5,716
Accounts
payable--third
party 10,368 12,988
Accrued liabilities 91,527 134,626
Short-term lease
liabilities -- 12,786
Current liabilities
held for sale 2,297 --
Other current
liabilities 1,924 1,235
-------- --------- -----------
Total current
liabilities 111,482 167,351
-------- --------- -----------
Long-term
liabilities:
Long-term debt 3,222,530 3,566,179
Deferred income tax
liability, net 562,996 641,600
Long-term lease
liabilities -- 30,580
Liabilities held
for sale 3,021 --
Other 12,046 12,731
-------- --------- -----------
Total liabilities 3,912,075 4,418,441
-------- --------- -----------
Stockholders'
equity:
Preferred stock,
$0.01 par value:
100,000 authorized
as of December 31,
2025 and June 30,
2026
Series A
non-voting
perpetual
preferred
stock; 12
designated and
10 issued and
outstanding
as of
December 31,
2025 and
June 30, 2026 -- --
Common stock, $0.01
par value; 2,000,000
authorized; 474,060
and 474,657 issued
and outstanding
as of December 31,
2025 and June 30,
2026, respectively 4,741 4,747
Additional paid-in
capital 1,952,524 1,833,934
Retained earnings 14,776 106,693
-------- --------- -----------
Total
stockholders'
equity 1,972,041 1,945,374
-------- --------- -----------
Total
liabilities and
stockholders'
equity $ 5,884,116 6,363,815
======== ========= ===========
ANTERO MIDSTREAM CORPORATION Condensed Consolidated Statements of
Operations and Comprehensive Income (Unaudited) (In thousands, except
per share amounts)
Three Months Ended June30,
------------------------------
2025 2026
---------------- ------------
Revenue:
Gathering and compression--Antero
Resources $ 248,901 271,507
Water handling--Antero Resources 73,773 78,539
Water handling--third party 466 --
Amortization of customer
relationships (17,668) (22,802)
------------ ------------
Total revenue 305,472 327,244
------------ ------------
Operating expenses:
Direct operating 63,114 84,526
General and administrative (including
$11,407 and $10,828 of equity-based
compensation in 2025 and 2026,
respectively) 22,125 22,557
Facility idling 375 287
Depreciation 33,364 37,378
Impairment of property and equipment -- 133
Other operating expense, net 50 454
------------ ------------
Total operating expenses 119,028 145,335
------------ ------------
Operating income 186,444 181,909
------------ ------------
Other income (expense):
Interest expense, net (47,962) (55,680)
Equity in earnings of unconsolidated
affiliates 30,016 28,525
Transaction expense -- (273)
------------ ------------
Total other expense (17,946) (27,428)
------------ ------------
Income before income taxes 168,498 154,481
Income tax expense (43,985) (40,966)
------------ ------------
Net income and comprehensive income $ 124,513 113,515
============ ============
Net income per common share--basic $ 0.26 0.24
Net income per common share--diluted $ 0.26 0.24
Weighted average common shares
outstanding:
Basic 479,083 474,909
Diluted 482,451 477,113
ANTERO MIDSTREAM CORPORATION
Selected Operating Data (Unaudited)
Amount of
Three Months Ended
June30, Increase Percentage
--------------------
or
2025 2026 Decrease Change
----------- ------- --------- ------------
Operating Data:
Gathering (MMcf) 314,826 375,249 60,423 19%
Compression
(MMcf) 313,706 367,280 53,574 17%
Centralized
compression
(MMcf) 313,706 299,283 (14,423) (5)%
Well pad
compression
(MMcf) -- 67,997 67,997 100%
High pressure
gathering
(MMcf) 293,146 271,748 (21,398) (7)%
Fresh water
delivery
(MBbl)(1) 8,941 7,479 (1,462) (16)%
Other water
handling
(MBbl)(2) 5,330 12,376 7,046 132%
Wells serviced by
fresh water
delivery 11 21 10 91%
Gathering
(MMcf/d) 3,460 4,124 664 19%
Compression
(MMcf/d) 3,447 4,036 589 17%
Centralized
compression
(MMcf/d) 3,447 3,289 (158) (5)%
Well pad
compression
(MMcf/d) -- 747 747 100%
High pressure
gathering
(MMcf/d) 3,221 2,986 (235) (7)%
Fresh water
delivery
(MBbl/d) (1) 98 82 (16) (16)%
Other water
handling
(MBbl/d) (2) 59 136 77 131%
Average Realized
Fees (3) :
Gathering ($/Mcf) $ 0.36 0.37 0.01 3%
Centralized
compression
($/Mcf) $ 0.22 0.22 -- *
High pressure
gathering
($/Mcf) $ 0.23 0.23 -- *
Fresh water
delivery ($/Bbl)
(1) $ 4.37 4.44 0.07 2%
Joint Venture
Operating Data:
Processing (MMcf) 153,560 151,217 (2,343) (2)%
Fractionation
(MBbl) 3,640 3,640 -- *
Processing
(MMcf/d) 1,687 1,662 (25) (1)%
Fractionation
(MBbl/d) 40 40 -- *
________________________________
*Not meaningful or applicable.
(1) Fresh water delivery includes fresh water charged at a fixed fee under
our water services agreement with Antero Resources.
(2) Other water handling includes fresh water charged at cost plus 3% for
services provided to Antero Resources on its acreage acquired from HG
Production and our other fluid handling services charged at cost plus 3%
or cost of service.
(3) The average realized fees for the three months ended June 30, 2026,
include annual CPI-based adjustments of approximately 1.5%.
ANTERO MIDSTREAM CORPORATION
Condensed Consolidated Results of Segment Operations (Unaudited)
(In thousands)
Three Months Ended June 30, 2026
----------------------------------------------------
Gathering and Water Consolidated
Unallocated
(in thousands) Processing Handling (1) Total
------------------------- --------------- -------- ----------- ------------
Revenues:
Revenue--Antero Resources $ 271,507 78,539 -- 350,046
Amortization of customer
relationships (13,784) (9,018) -- (22,802)
----------- -------- ----------- ------------
Total revenues 257,723 69,521 -- 327,244
----------- -------- ----------- ------------
Operating expenses:
Direct operating 36,533 47,993 -- 84,526
General and
administrative
(excluding equity-based
compensation) 6,564 2,625 2,540 11,729
Equity-based compensation 7,988 2,526 314 10,828
Facility idling -- 287 -- 287
Depreciation 18,884 18,494 -- 37,378
Impairment of property
and equipment 133 -- -- 133
Other operating expense,
net -- 454 -- 454
----------- -------- ----------- ------------
Total operating
expenses 70,102 72,379 2,854 145,335
----------- -------- ----------- ------------
Operating income
(loss) 187,621 (2,858) (2,854) 181,909
----------- -------- ----------- ------------
Other income (expense):
Interest expense, net -- -- (55,680) (55,680)
Equity in earnings of
unconsolidated
affiliates 28,525 -- -- 28,525
Transaction expense -- -- (273) (273)
----------- -------- ----------- ------------
Total other income
(expense) 28,525 -- (55,953) (27,428)
----------- -------- ----------- ------------
Income (loss) before
income taxes 216,146 (2,858) (58,807) 154,481
Income tax expense -- -- (40,966) (40,966)
----------- -------- ----------- ------------
Net income (loss) and
comprehensive income
(loss) $ 216,146 (2,858) (99,773) 113,515
=========== ======== =========== ============
________________________________
(1) Corporate expenses that are not directly attributable to either the
gathering and processing or water handling segments.
ANTERO MIDSTREAM CORPORATION
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
Six Months Ended June 30,
-----------------------------
2025 2026
-------------- -------------
Cash flows provided by (used in)
operating activities:
Net income $ 245,250 231,781
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 66,112 72,013
Impairment of property and
equipment 817 133
Deferred income tax expense 76,493 78,605
Equity-based compensation 23,809 21,407
Equity in earnings of
unconsolidated affiliates (58,036) (58,537)
Distributions from unconsolidated
affiliates 68,730 71,000
Amortization of customer
relationships 35,336 44,012
Amortization of deferred financing
costs 2,621 3,051
Settlement of asset retirement
obligations (258) (74)
Gain on long-lived assets -- (2,658)
Other operating activities 94 488
Changes in assets and
liabilities:
Accounts receivable--Antero
Resources 3,557 (8,345)
Accounts receivable--third party 304 361
Other current assets (195) 120
Accounts payable--Antero
Resources 166 416
Accounts payable--third party 1,750 3,501
Income taxes payable 989 --
Accrued liabilities (3,414) 35,599
---------- -------------
Net cash provided by
operating activities 464,125 492,873
---------- -------------
Cash flows provided by (used in)
investing activities:
Additions to gathering systems,
facilities and other (43,094) (54,838)
Additions to water handling systems (24,168) (35,811)
Additional investments in
unconsolidated affiliate (5,078) (900)
Acquisition of HG Midstream -- (1,103,032)
Proceeds from asset sales 6 378,628
Other investing activities -- 171
---------- -------------
Net cash used in investing
activities (72,334) (815,782)
---------- -------------
Cash flows provided by (used in)
financing activities:
Dividends to common stockholders (224,134) (220,735)
Dividends to preferred stockholders (275) (275)
Repurchases of common stock (45,340) (26,355)
Borrowings on Credit Facility 567,500 1,411,200
Repayments on Credit Facility (662,500) (1,069,300)
Payments of deferred financing costs -- (1,784)
Employee tax withholding for
settlement of equity-based
compensation awards (27,042) (32,555)
Payments on capital lease obligations -- (222)
---------- -------------
Net cash provided by (used
in) financing activities (391,791) 59,974
---------- -------------
Net decrease in cash, cash
equivalents and restricted
cash -- (262,935)
Cash, cash equivalents and restricted
cash, beginning of period -- 262,935
---------- -------------
Cash, cash equivalents and restricted
cash, end of period $ -- --
========== =============
Supplemental disclosure of cash flow
information:
Cash paid during the period for
interest 93,416 91,865
Income taxes paid during the period 2,600 --
Increase (decrease) in accrued capital
expenditures and accounts payable for
property and equipment 9,795 (2,919)
Right-of-use assets obtained in
exchange for new operating lease
obligations 351 47,618
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SOURCE Antero Midstream Corporation