DENVER, Feb. 17, 2021 /PRNewswire/ -- Antero
Midstream Corporation (NYSE: AM) ("Antero Midstream" or
the "Company") today announced its fourth quarter 2020 financial
and operational results, 2021 capital budget and guidance based on
Antero Resources recently announced 2021 development plan and
drilling partnership, and return of capital policy.
Fourth Quarter 2020 Earnings Highlights:
- Net income was $76 million, or
$0.16 per share, compared to a
$(0.29) per share net loss in the
prior year quarter
- Adjusted Net Income was $98
million, or $0.21 per share, a
5% increase compared to the prior year quarter (non-GAAP
measure)
- Adjusted EBITDA was $203
million, in line with the prior year quarter (non-GAAP
measure)
- Capital expenditures were $29
million, a 77% decrease compared to the prior year
quarter
- Free Cash Flow before dividends was $135 million, a 223% increase compared to the
prior year quarter (non-GAAP measure)
- Net Debt at quarter end was $3.1
billion and Net Debt to last twelve months Adjusted EBITDA
was 3.7x, both consistent with September 30,
2020 (non-GAAP measure)
Full Year 2020 Earnings Highlights:
- Net loss was $123 million, or
$(0.26) per share, compared to a
$(0.80) per share net loss in the
prior year
- Adjusted EBITDA was $850
million, $10 million above the
midpoint of the guidance range of $840
million (non-GAAP measure)
- Capital expenditures were $208
million, in line with previous guidance
- Free Cash Flow before dividends was $498 million, $8
million above the midpoint of Antero Midstream's guidance
range of $490 million (non-GAAP
measure)
- Generated a return on invested capital of 17% in 2020
(non-GAAP measure)
2021 Guidance Highlights and Forecasts:
- Pro forma for the drilling partnership, Antero Resources'
2021 development program includes 65 to 70 well completions with an
average lateral length of 13,150 feet
- Net income of $325 to
$365 million, representing GAAP
earnings of $0.68 to $0.77 per share
- Adjusted Net Income of $380 to
$420 million, representing adjusted
earnings of $0.80 to $0.88 per share (non-GAAP
measure)
- Adjusted EBITDA of $840 to
$880 million (non-GAAP
measure)
- Capital budget of $240 to
$260 million
- Free Cash Flow before dividends of $415 to $455
million (non-GAAP measure)
- Dividends of $0.90 per share
on an annualized basis in 2021 (subject to quarterly Board
approval)
- Extended share repurchase program through June 30, 2023 with $150
million of remaining capacity
Paul Rady, Chairman and CEO said,
"In a separate release, Antero Resources announced the formation of
a drilling partnership through 2024 that is expected to result in
incremental throughput and fresh water volume growth on Antero
Midstream dedicated acreage. As a result, Antero Midstream is
forecasting a 2021 capital budget of $240 to $260
million, reflecting approximately $65
million of incremental capital that has been accelerated
into 2021 above the previous maintenance capital program. To fund
this acceleration, Antero Midstream expects to reallocate a portion
of its dividend payments to fund the associated infrastructure
projects supporting the increased volumes and water usage
anticipated due to the drilling partnership. This reallocation is
expected to allow Antero Midstream to internally fund these
attractive rate of return projects without adding leverage or total
debt.
Glen Warren, President said,
"Antero Resources announced that it expects the drilling
partnership to result in incremental gross gas production that is
estimated to add $400 million of
incremental free cash flow to Antero Resources through 2025
assuming current strip prices. In addition, Antero Resources
announced that it expects a decreasing leverage profile from the
3.1x at year-end 2020 to below 2-times by year-end 2021 assuming
current strip prices. Similarly, we expect the drilling partnership
to result in an incremental $200
million of free cash flow after dividends through 2025 for
Antero Midstream and result in a declining leverage profile to
3-times or less over that period."
Antero Resources Drilling Partnership Announcement
In a separate release, Antero Resources announced the formation
of a drilling partnership with QL Capital Partners ("QL"), an
affiliate of Quantum Energy Partners. Antero Resources noted that
it is uniquely positioned to bring on a drilling partner due to its
unutilized firm transportation portfolio and deep liquids-rich
inventory. Under the terms of the agreement, QL is expected to fund
20% of total development capital spending in 2021 and between 15%
and 20% of total development capital on an annual basis from 2022
through 2024 in exchange for a proportionate working interest
percentage in each well spud. In addition, QL will pay a
drilling carry to Antero Resources if certain return thresholds are
achieved. Assuming QL's full participation through 2024, the
partnership will enable the drilling and completion of
approximately 60 incremental wells relative to Antero's prior base
case of maintenance level capital. The drilling
partnership is effective immediately and includes all wells spud
since January 1, 2021.
Based on Antero Resources' current development plan and
commodity pricing, this plan is expected to result in approximately
5 incremental completions in 2021 and 60 additional completions
from 2021 through 2024. The increase in gross gas production is
expected to drive annual low single digit throughput growth at
Antero Midstream in 2022 through 2025. In addition, the approximate
20% increase in wells completed over this time frame is expected to
drive a proportionate increase in fresh water delivery volumes for
the Company. The tables and outlook below illustrate the
impact of QL's full participation in the drilling partnership from
2021 through 2024.
|
|
|
|
Pro Forma
For
|
|
|
AR 2021 Base Plan
vs Drilling Partnership
|
|
Base
Plan
|
|
Drilling
Partnership
|
|
Incremental
|
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Wells
|
Drilled
Wells
|
|
65
|
|
70
|
|
80
|
|
85
|
|
15
|
Completed
Wells
|
60
|
65
|
65
|
70
|
5
|
|
|
|
|
|
|
|
AR 2021 – 2024
Base Plan vs Drilling Partnership
|
|
Base
Plan
|
|
Pro Forma
For Drilling
Partnership
|
|
Incremental
Wells
|
Drilled
Wells
|
|
250
|
|
310
|
|
60
|
Completed
Wells
|
|
255
|
|
315
|
|
60
|
|
Note: Base plan
assumes AR maintenance capital program that results in
approximately flat net production through 2025.
|
Return of Capital Reallocation & Revised Outlook through
2025
Antero Midstream is budgeting capital expenditures of
$240 to $260
million in 2021. The capital budget includes approximately
$65 million of additional growth
capital supporting the increased development on Antero Midstream
dedicated acreage from the drilling partnership, in addition to the
capital budgeted for Antero Resources' previously disclosed
maintenance capital program for 2021. Antero Midstream has an
organic project backlog of $1.05 to
$1.15 billion from 2021 through
2025.
$ in
Millions
|
|
Base
Plan
|
|
Pro Forma
For
Drilling
Partnership
|
|
Incremental
|
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Capex
|
Capital Expenditures
in 2021
|
|
$175
|
|
$195
|
|
$240
|
|
$260
|
|
$65
|
Organic Project
Backlog from 2021-2025
|
$875
|
$975
|
$1,050
|
$1,150
|
$175
|
|
Note: Base plan
assumes AR maintenance capital program that results in
approximately flat net production through 2025.
|
In order to internally fund these organic growth projects and
maintain a strong balance sheet, Antero Midstream is reallocating
capital through a forecasted reduction in its 2021 dividend to
$0.90 per share on an annualized
basis beginning with the first quarter of 2021, subject to Board
approval. Based on Antero Resource's development program with
the drilling partnership and anticipated low single digit annual
throughput growth through 2025, Antero Midstream is forecasting
Free Cash Flow after dividends of $(15) to $25
million in 2021 and targeting $450 to $550
million of cumulative Free Cash Flow after dividends from
2021 through 2025. Antero Midstream expects to use excess Free Cash
Flow after dividends for debt reduction and opportunistic share
repurchases. Assuming the $0.90 per
share dividend is held flat and Free Cash Flow after dividends is
prioritized for debt reduction, Antero Midstream's Leverage is
expected to decline to 3-times or less by year-end 2025.
$ in
Millions
|
|
Base
Plan
|
|
Pro Forma For
Drilling Partnership
|
|
|
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Change
|
Free Cash Flow After
Dividends in 2021
|
|
$25
|
|
$65
|
|
$(15)
|
|
$25
|
|
$(40)
|
Cumulative Free Cash
Flow After Dividends 2021-2025
|
|
$250
|
|
$300
|
|
$450
|
|
$500
|
|
$200
|
Leverage by Year-end
2025
|
|
3.1x
|
|
3.5x
|
|
2.6x
|
|
3.0x
|
|
(0.5)x
|
|
Note: Both plans
assume annual dividend per share of $0.90 through 2025 (subject to
quarterly Board approval) and Free Cash Flow after dividends is
prioritized for debt reduction.
|
Antero Midstream currently has $150
million of share repurchase capacity remaining under its
$300 million authorized share
repurchase program. On February 11,
2021, the Board of Directors approved a two year extension
of the share repurchase program authorization from June 30, 2021 to June 30,
2023. Antero Midstream has repurchased approximately
$150 million of shares at an average
price of $4.88 per share since the
share repurchase program was authorized in 2019.
2021 Guidance and Capital Budget
Antero Midstream is forecasting net income of $325 to $365
million and Adjusted Net Income (adjusted for amortization
of customer relationships) of $380 to
$420 million. The Company is
forecasting Adjusted EBITDA of $840
to $880 million and a capital budget
of $240 to $260 million. This results in Free Cash Flow
before dividends of $415 to
$455 million and Free Cash Flow after
dividends of $(15) to $25 million for 2021, assuming an annualized
dividend of $0.90 per share. Antero
Midstream's 2021 guidance includes approximately $110 to $115
million of distributions from its interests in the
processing and fractionation joint venture with MPLX, LP (the
"Joint Venture") and in Stonewall Gathering LLC. Antero
Midstream does not expect or forecast any federal or state cash
income tax expense in 2021 in its financial guidance.
Beginning with 2021 results, Antero Midstream will no longer
report MLP-specific metrics such as distributable cash flow,
instead prioritizing traditional C-Corp metrics including earnings
per share (EPS), Free Cash Flow before and after dividends, and
return on invested capital (ROIC).
During 2021, Antero Midstream plans to expand its existing
Marcellus and Utica Shale gathering, compression and fresh water
delivery systems. The midpoint of the capital budget includes
approximately $195 million of
investment in gathering and compression infrastructure primarily in
the Marcellus Shale to expand the system further into Tyler and Wetzel Counties in West Virginia to support production growth in
the liquids-rich production areas. Antero Midstream has
budgeted an investment of $55 million
for fresh water delivery and wastewater blending and pipeline
infrastructure. Approximately 95% of Antero Midstream's 2021
capital budget is focused in the Marcellus Shale and remaining 5%
is focused in the Utica Shale. The Company is forecasting an
immaterial capital investment in the Joint Venture in 2021. Antero
Midstream expects to fund all 2021 capital expenditures through
cash flow from operations and does not require borrowings under its
revolving credit facility.
Michael Kennedy, CFO of Antero
Midstream, said, "Our transition to a business model that funds
both its future capital programs and dividends with internally
generated cash flow from operations significantly de-risks Antero
Midstream's business model. This prudent measure is expected to
result in a declining leverage target to 3-times or less, supported
by volumetric and free cash flow growth over the next several
years."
The following is a summary of Antero Midstream's 2021 guidance
($ in millions, except per share amounts):
|
2021
|
|
Low
|
|
High
|
Net Income
|
$
|
325
|
—
|
$
|
365
|
Adjusted Net
Income
|
|
380
|
—
|
|
420
|
Adjusted
EBITDA
|
|
840
|
—
|
|
880
|
Capital
Expenditures
|
|
240
|
—
|
|
260
|
Interest
Expense
|
|
170
|
—
|
|
180
|
Free Cash Flow Before
Dividends
|
|
415
|
—
|
|
455
|
Dividends (assuming
$0.90 per share)
|
|
428
|
—
|
|
428
|
Free Cash Flow After
Dividends
|
|
(15)
|
—
|
|
25
|
Fourth Quarter 2020 Financial Results
Low pressure gathering volumes for the fourth quarter of 2020
averaged 3,053 MMcf/d, a 16% increase as compared to the prior
year quarter. Low pressure gathering volumes were in excess
of the fourth quarter 2020 growth incentive fee threshold of 2,900
MMcf/d, resulting in a $12 million
rebate to Antero Resources. Compression volumes for the fourth
quarter of 2020 averaged 2,851 MMcf/d, an 18% increase as compared
to the fourth quarter of 2019. High pressure gathering
volumes for the fourth quarter of 2020 averaged 3,017 MMcf/d,
a 15% increase compared to the fourth quarter of 2019. Fresh water
delivery volumes averaged 43 MBbl/d during the quarter, a 71%
decrease compared to the fourth quarter of 2019, due to a decrease
in completion activities by Antero Resources.
Gross processing volumes from the Joint Venture averaged
1,510 MMcf/d for the fourth quarter of 2020, a 26% increase
compared to the prior year quarter. Joint Venture processing
capacity was 108% utilized during the quarter based on nameplate
processing capacity of 1.4 Bcf/d. Gross Joint Venture
fractionation volumes averaged 40 MBbl/d, a 29% increase
compared to the prior year quarter.
|
|
Three Months
Ended
December
31,
|
|
Average Daily
Volumes:
|
|
2019
|
|
2020
|
|
%
Change
|
Low Pressure Gathering
(MMcf/d)
|
|
2,639
|
|
3,053
|
|
16%
|
Compression
(MMcf/d)
|
|
2,414
|
|
2,851
|
|
18%
|
High Pressure
Gathering (MMcf/d)
|
|
2,613
|
|
3,017
|
|
15%
|
Fresh Water Delivery
(MBbl/d)
|
|
148
|
|
43
|
|
(71)%
|
Gross Joint Venture
Processing (MMcf/d)
|
|
1,202
|
|
1,510
|
|
26%
|
Gross Joint Venture
Fractionation (MBbl/d)
|
|
31
|
|
40
|
|
29%
|
For the three months ended December 31,
2020, revenues were $204
million comprised of $184
million from the Gathering and Processing segment and
$38 million from the Water Handling segment, net of
$18 million of amortization of customer relationships.
Water Handling revenues include $22
million from wastewater handling and high rate water
transfer services.
Direct operating expenses for the Gathering and Processing and
Water Handling segments were $13
million and $24 million, respectively, for a total of
$37 million, compared to $55 million in total direct
operating expenses in the prior year quarter. Water Handling
operating expenses include $21 million from wastewater
handling and high rate water transfer services. The decrease in
direct operating expenses was driven by lower per unit gathering
and fresh water delivery operating expenses as well as lower costs
associated with flowback and produced water due to Antero
Midstream's blending operations. General and administrative
expenses excluding equity-based compensation were $10 million
during the fourth quarter of 2020. Total operating expenses
during the fourth quarter of 2020 included $3 million of
equity compensation expense, $8
million impairment and $27 million of depreciation.
Net income was $76 million, or $0.16 per share. Net income adjusted for
amortization of customer relationships, impairment expense and loss
on asset sale, or Adjusted Net Income, was $98 million.
Adjusted Net Income per share was $0.21 per share, a 5% increase compared to
the prior year quarter. Adjusted EBITDA was
$203 million, in line with the prior year quarter. Cash
interest paid was $5 million. The increase in cash reserved
for bond interest during the quarter was $34 million.
Maintenance capital expenditures during the quarter totaled
$5 million and Distributable Cash Flow was $159 million
(Non-GAAP measure). Based on the previously declared dividend of
$0.3075 per share, Antero Midstream's
Distributable Cash Flow coverage ratio was approximately 1.1x. Free
Cash Flow before dividends was $135 million, a $93 million increase compared to the prior year
quarter due to the significant reduction in capital
expenditures.
The following table reconciles Net Income (Loss) to Adjusted Net
Income, Adjusted EBITDA, Distributable Cash Flow and Free Cash Flow
as used in this release (in thousands):
|
|
Three Months
Ended December
31,
|
|
|
2019
|
|
2020
|
Net Income
(Loss)
|
|
$
|
(144,559)
|
|
76,458
|
Amortization of
customer relationships
|
|
|
17,832
|
|
17,661
|
Impairment
expense
|
|
|
303,888
|
|
8,149
|
Loss on asset
sale
|
|
|
—
|
|
2,689
|
Tax effect of
reconciling items(1)
|
|
|
(79,465)
|
|
(7,039)
|
Adjusted Net
Income
|
|
|
97,696
|
|
97,861
|
|
|
|
|
|
|
Net Income
(Loss)
|
|
$
|
(144,559)
|
|
76,458
|
Interest
expense
|
|
|
36,530
|
|
39,564
|
Provision for income
tax expense (benefit)
|
|
|
(68,240)
|
|
22,194
|
Amortization of
customer relationships
|
|
|
17,832
|
|
17,661
|
Depreciation
expense
|
|
|
26,969
|
|
26,901
|
Impairment
expense
|
|
|
303,888
|
|
8,149
|
Accretion and change
in fair value of contingent acquisition consideration
|
|
|
2,807
|
|
38
|
Equity-based
compensation
|
|
|
20,422
|
|
3,065
|
Equity in earnings of
unconsolidated affiliates
|
|
|
(16,334)
|
|
(23,233)
|
Distributions from
unconsolidated affiliates
|
|
|
21,750
|
|
29,545
|
Loss on asset
sale
|
|
|
—
|
|
2,689
|
Contract
restructuring fees
|
|
|
2,278
|
|
—
|
Adjusted
EBITDA
|
|
|
203,343
|
|
203,031
|
Interest
paid
|
|
|
(7,944)
|
|
(5,306)
|
Increase in cash
reserved for bond interest (2)
|
|
|
(27,422)
|
|
(33,558)
|
Maintenance capital
expenditures (3)
|
|
|
(8,898)
|
|
(5,427)
|
Employee tax
withholding for settlement of equity compensation awards
|
|
|
(7)
|
|
(10)
|
Distributable Cash
Flow
|
|
$
|
159,072
|
|
158,730
|
|
|
|
|
|
|
Total Aggregate
Dividends Declared
|
|
$
|
148,856
|
|
146,649
|
|
|
|
|
|
|
Distributable Cash
Flow Coverage Ratio
|
|
|
1.1x
|
|
1.1x
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
203,343
|
|
203,031
|
Interest
paid
|
|
|
(7,944)
|
|
(5,306)
|
Increase in cash
reserved for bond interest (2)
|
|
|
(27,422)
|
|
(33,558)
|
Total capital
expenditures (accrual-based)
|
|
|
(126,063)
|
|
(28,770)
|
Free Cash Flow
Before Dividends
|
|
$
|
41,914
|
|
135,397
|
|
|
1)
|
Statutory tax rate
was approximately 24.7% for 2019 and 24.9% for 2020.
|
2)
|
Cash reserved for
bond interest expense on Antero Midstream's senior notes
outstanding during the period that is paid on a semi-annual
basis.
|
3)
|
Maintenance capital
expenditures represent the portion of our estimated capital
expenditures associated with (i) the connection of new wells to our
gathering and processing systems that we believe will be necessary
to offset the natural production declines Antero Resources will
experience on all of its wells over time, and (ii) water delivery
to new wells necessary to maintain the average throughput volume on
our systems.
|
Fourth Quarter 2020 Operating Update
Gathering and Processing — During the
fourth quarter of 2020, Antero Midstream connected 11 wells to
its gathering system. The Company's 3.2 Bcf/d of compression
capacity was approximately 90% utilized during the quarter. Joint
Venture processing capacity of 1.4 Bcf/d was 108% utilized during
the quarter. Joint Venture fractionation capacity was 100% utilized
during the quarter.
Water Handling— Antero Midstream's
Marcellus water delivery systems serviced 5 well completions
during the fourth quarter of 2020, an 84% decrease from the prior
year quarter, driven by a reduction in completion activity by
Antero Resources.
Balance Sheet and Liquidity
As of December 31, 2020, Antero
Midstream had approximately $614
million drawn on its $2.13
billion bank credit facility, resulting in approximately
$1.5 billion of liquidity. Antero
Midstream's Net Debt to trailing twelve months Adjusted EBITDA
("Leverage") was 3.7x as of December 31,
2020.
Capital Investments
Total accrued capital expenditures including investments in the
Joint Venture were $29 million during
the fourth quarter of 2020. Gathering, compression, and water
infrastructure capital investments totaled $28 million and investments in unconsolidated
affiliates for the Joint Venture were $1
million. Of the $28 million
invested in gathering, compression, and water infrastructure,
$16 million was in gathering and
compression assets and $12 million
was in water handling assets.
Conference Call
A conference call for Antero Midstream is scheduled on
Thursday, February 18, 2021 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 for
the quarter. To participate in the call, dial in at
877-407-9126 (U.S.), or 201-493-6751 (International) and reference
"Antero Midstream". A telephone replay of the call will be
available until Thursday, February 25,
2021 at 10:00 am MT at
877-660-6853 (U.S.) or 201-612-7415 (International) using the
conference ID: 13714535. 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,
February 25, 2021 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 Antero
Midstream'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 (loss)
plus amortization of customer contracts, loss on asset sale and
impairment expenses, net of tax effect of reconciling items. Antero
Midstream uses Adjusted Net Income to assess the operating
performance of its assets. Antero Midstream defines Adjusted EBITDA
as net income (loss) before amortization of customer relationships,
impairment expense, interest expense, provision for income tax
expense (benefit), depreciation expense, accretion, loss on asset
sale, equity-based compensation expense, excluding equity in
earnings of unconsolidated affiliates and contract restructuring
fees, and including cash distributions from unconsolidated
affiliates.
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 Free Cash Flow as Adjusted EBITDA less
interest paid, increase or decrease in cash reserved for bond
interest and capital expenditures. Free Cash Flow is before
dividend payments, share repurchases and changes in working
capital. Antero Midstream uses Free Cash Flow as a performance
metric to compare the cash generating performance of Antero
Midstream from period to period.
Antero Midstream's defines Distributable Cash Flow as Adjusted
EBITDA less interest paid, increase or decrease in cash reserved
for bond interest, income tax withholding upon vesting of
equity-based compensation awards, and ongoing maintenance capital
expenditures paid. Antero Midstream uses Distributable Cash Flow as
a performance metric to compare the cash generating performance of
Antero Midstream from period to period and to compare the cash
generating performance for specific periods to the cash dividends
(if any) that are expected to be paid to shareholders.
Distributable Cash Flow does not reflect changes in working capital
balances.
Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, and
Distributable Cash Flow are non-GAAP financial measures. The
GAAP measure most directly comparable to such measures is Net
Income. Such non-GAAP financial measures should not be
considered as alternatives to the GAAP measure of Net Income.
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.
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.
Antero Midstream defines Net Debt as consolidated total debt
less cash and cash equivalents. Antero Midstream views Net Debt as
an important indicator in evaluating Antero Midstream's financial
leverage.
This release also includes certain non-GAAP financial
information for Antero Resources. For a more information regarding
those measures, please see Antero Resources' press release dated
today, a copy of which can be found on Antero Resources website,
www.anteroresources.com. For additional information on the drilling
partnership please see Antero Resources' press release and Annual
Report on Form 10-K, which can also be found at
www.anteroresources.com.
The Company's ability to make future dividends is substantially
dependent upon the development and drilling plan of Antero
Resources, which itself is substantially dependent upon the review
and approval by the board of directors of Antero Resources of its
capital budget on an annual basis. The Board of Directors of
Antero Midstream will take into consideration many factors,
including the capital budget of Antero Resources adopted by its
Board of Directors and the capital resources and liquidity of
Antero Midstream at the time, prior to approving future
dividends.
The following table reconciles cash paid for capital
expenditures and accrued capital expenditures during the period (in
thousands):
|
|
Three Months
Ended
December 31,
|
|
|
2019
|
|
2020
|
Capital
expenditures (as reported on a cash basis)
|
|
$
|
166,945
|
|
31,924
|
Change in accrued
capital costs
|
|
|
(40,882)
|
|
(3,154)
|
Capital
expenditures (accrual basis)
|
|
|
126,063
|
|
28,770
|
The following table reconciles consolidated total debt to
consolidated net debt, excluding debt premiums and issuance costs,
("Net Debt") as used in this release (in thousands):
|
|
September 30,
2020
|
|
December 31,
2020
|
Bank credit
facility
|
|
$
|
1,187,500
|
|
613,500
|
5.375% senior notes due
2024
|
|
|
650,000
|
|
650,000
|
7.875% senior notes due
2026
|
|
|
—
|
|
550,000
|
5.75% senior notes due
2027
|
|
|
650,000
|
|
650,000
|
5.75% senior notes due
2028
|
|
|
650,000
|
|
650,000
|
Consolidated total
debt
|
|
|
3,137,500
|
|
3,113,500
|
Cash and cash
equivalents
|
|
|
(2,393)
|
|
(640)
|
Consolidated net
debt
|
|
$
|
3,135,107
|
|
3,112,860
|
The following table reconciles net loss to Adjusted EBITDA for
the last twelve months as used in this release (in thousands):
|
|
12 months
ended September 30,
2020
|
|
12 months
ended December 31,
2020
|
Net
Loss
|
|
$
|
(343,544)
|
|
(122,527)
|
Amortization of
customer relationships
|
|
|
70,843
|
|
70,672
|
Impairment
expense
|
|
|
969,379
|
|
673,640
|
Interest
expense
|
|
|
143,973
|
|
147,007
|
Provision for income
tax benefit
|
|
|
(146,122)
|
|
(55,688)
|
Depreciation
expense
|
|
|
108,858
|
|
108,790
|
Accretion and change
in fair value of contingent acquisition consideration
|
|
|
2,949
|
|
180
|
Equity-based
compensation
|
|
|
30,135
|
|
12,778
|
Loss on asset
sale
|
|
|
240
|
|
2,929
|
Equity in earnings of
unconsolidated affiliates
|
|
|
(79,531)
|
|
(86,430)
|
Distributions from
unconsolidated affiliates
|
|
|
91,063
|
|
98,858
|
Contract
restructuring fees
|
|
|
2,278
|
|
—
|
Adjusted
EBITDA
|
|
$
|
850,521
|
|
850,209
|
Interest
paid
|
|
|
($89,824)
|
|
($140,732)
|
Increase in cash
reserved for bond interest (2)
|
|
|
($31,457)
|
|
($4,267)
|
Total capital
expenditures (accrual-based)
|
|
|
($646,424)
|
|
($207,509)
|
Free Cash Flow
Before Dividends
|
|
|
$61,836
|
|
$497,941
|
Antero Midstream defines Return on Invested Capital ("ROIC") as
earnings before interest and taxes excluding amortization of
customer relationships divided by average total liabilities and
partners capital, excluding goodwill and intangible assets in order
to derive an operating asset driven ROIC calculation.
The following table reconciles return on invested capital for
the last twelve months as used in this release (in thousands):
|
|
2020
|
Net
Loss
|
|
$
|
(122,527)
|
Amortization of
customer relationships
|
|
|
70,672
|
Impairment
expense
|
|
|
673,640
|
Loss on asset
sale
|
|
|
2,689
|
Tax effect of
reconciling items
|
|
|
(196,038)
|
Adjusted Net
Income
|
|
|
428,436
|
Interest
expense
|
|
|
147,007
|
Provision for income
tax expense (benefit)
|
|
|
(55,688)
|
Tax effect of
reconciling items
|
|
|
196,041
|
Adjusted
EBIT
|
|
|
716,033
|
Average Invested
Capital
|
|
|
4,282,296
|
Return on Invested
Capital
|
|
|
17%
|
Antero Midstream has not included a reconciliation of Adjusted
EBITDA and Free Cash Flow to the nearest GAAP financial measure for
2021 because it cannot do so without unreasonable effort and any
attempt to do so would be inherently imprecise. Antero Midstream is
able to forecast the following reconciling items between such
measures and Net Income (in thousands):
|
Twelve Months
Ending
December 31, 2021
|
|
Low
|
|
High
|
Depreciation
expense
|
$
|
110
|
—
|
$
|
115
|
Equity-based
compensation expense
|
|
10
|
—
|
|
15
|
Amortization of
customer relationships
|
|
70
|
—
|
|
75
|
Distributions from
unconsolidated affiliates
|
|
110
|
—
|
|
115
|
Antero Midstream has not included a reconciliation of Adjusted
EBITDA and Free Cash Flow to the nearest GAAP financial measure for
the cumulative period from 2021 through 2025 because it cannot do
so without unreasonable effort and any attempt to do so would be
inherently imprecise. Antero Midstream is able to forecast the
following reconciling items between such measures and Net Income
(in thousands):
|
Cumulative Period
From 2021-2025
|
|
Low
|
|
High
|
Depreciation
expense
|
$
|
580
|
—
|
$
|
620
|
Equity-based
compensation expense
|
|
50
|
—
|
|
75
|
Amortization of
customer relationships
|
|
350
|
—
|
|
375
|
Distributions from
unconsolidated affiliates
|
|
550
|
—
|
|
600
|
Interest
Expense
|
|
825
|
—
|
|
875
|
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 properties.
This release includes "forward-looking statements." 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 Antero Midstream's
ability to execute its business plan and return capital to its
stockholders, information regarding Antero Midstream's return of
capital policy, 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 and
the impact on demand for Antero Midstream's services as a result of
incremental production by Antero Resources, 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. 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
incident 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, commodity price volatility,
inflation, environmental risks, Antero Resources' drilling and
completion and other operating risks, regulatory changes, the
uncertainty inherent in projecting Antero Resources' future rates
of production, cash flows and access to capital, the timing of
development expenditures, impacts of world health events, including
the COVID-19 pandemic, potential shut-ins of production by
producers due to lack of downstream demand or storage capacity, and
the other risks described under the heading "Item 1A. Risk Factors"
in Antero Midstream's Annual Report on Form 10-K for the year ended
December 31, 2020.
ANTERO MIDSTREAM
CORPORATION
|
Consolidated Balance Sheets
|
(In thousands, except
per share amounts)
|
|
|
December 31,
|
|
2019
|
|
2020
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,235
|
|
|
640
|
Accounts
receivable–Antero Resources
|
|
101,029
|
|
|
73,722
|
Accounts
receivable–third party
|
|
4,574
|
|
|
839
|
Income tax
receivable
|
|
—
|
|
|
17,251
|
Other current
assets
|
|
1,720
|
|
|
1,479
|
Total current
assets
|
|
108,558
|
|
|
93,931
|
|
|
|
|
|
|
Property and
equipment, net
|
|
3,273,410
|
|
|
3,254,044
|
Investments in
unconsolidated affiliates
|
|
709,639
|
|
|
722,478
|
Deferred tax
asset
|
|
103,231
|
|
|
103,402
|
Customer
relationships
|
|
1,498,119
|
|
|
1,427,447
|
Goodwill
|
|
575,461
|
|
|
—
|
Other assets,
net
|
|
14,460
|
|
|
9,610
|
Total
assets
|
$
|
6,282,878
|
|
|
5,610,912
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable–Antero Resources
|
$
|
3,146
|
|
|
3,862
|
Accounts payable–third
party
|
|
6,645
|
|
|
9,495
|
Accrued
liabilities
|
|
104,188
|
|
|
74,947
|
Contingent acquisition
consideration
|
|
125,000
|
|
|
—
|
Other current
liabilities
|
|
3,105
|
|
|
5,701
|
Total current
liabilities
|
|
242,084
|
|
|
94,005
|
Long-term
liabilities:
|
|
|
|
|
|
Long-term
debt
|
|
2,892,249
|
|
|
3,091,626
|
Other
|
|
5,131
|
|
|
6,995
|
Total
liabilities
|
|
3,139,464
|
|
|
3,192,626
|
|
|
|
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
Preferred stock, $0.01
par value: 100,000 authorized as of both December 31, 2019
and
2020
|
|
|
|
|
|
Series A non-voting
perpetual preferred stock; 12 designated and 10 issued
and
outstanding as of both December 31,
2019 and 2020
|
|
—
|
|
|
—
|
Common stock, $0.01
par value; 2,000,000 authorized; 484,042 and 476,639 issued
and
outstanding
as of December 31, 2019 and 2020, respectively
|
|
4,840
|
|
|
4,766
|
Additional paid-in
capital
|
|
3,480,139
|
|
|
2,877,612
|
Accumulated
deficit
|
|
(341,565)
|
|
|
(464,092)
|
Total stockholders'
equity
|
|
3,143,414
|
|
|
2,418,286
|
Total liabilities and
stockholders' equity
|
$
|
6,282,878
|
|
|
5,610,912
|
ANTERO MIDSTREAM
CORPORATION
|
Consolidated
Statements of Operations and Comprehensive Income (Loss)
|
(In thousands, except
per share amounts)
|
(Unaudited)
|
|
|
Three Months
Ended
December 31,
|
|
2019
|
|
2020
|
Revenue:
|
|
|
|
|
|
Gathering and
compression–Antero Resources
|
$
|
165,360
|
|
|
184,125
|
Water handling–Antero
Resources
|
|
91,539
|
|
|
37,396
|
Amortization of
customer relationships
|
|
(17,832)
|
|
|
(17,661)
|
Total
revenue
|
|
239,067
|
|
|
203,860
|
Operating
expenses:
|
|
|
|
|
|
Direct
operating
|
|
55,030
|
|
|
36,539
|
General and
administrative (including $20,422 and $3,065 of equity-based
compensation in
2019 and 2020,
respectively)
|
|
33,087
|
|
|
13,022
|
Facility
idling
|
|
9,889
|
|
|
1,539
|
Impairment of
goodwill
|
|
296,591
|
|
|
—
|
Impairment of property
and equipment
|
|
1,297
|
|
|
8,149
|
Impairment of customer
relationships
|
|
6,000
|
|
|
—
|
Depreciation
|
|
26,969
|
|
|
26,901
|
Accretion and change
in fair value of contingent acquisition consideration
|
|
2,753
|
|
|
—
|
Accretion of asset
retirement obligations
|
|
54
|
|
|
38
|
Loss on asset
sale
|
|
—
|
|
|
2,689
|
Total operating
expenses
|
|
431,670
|
|
|
88,877
|
Operating income
(loss)
|
|
(192,603)
|
|
|
114,983
|
Interest expense,
net
|
|
(36,530)
|
|
|
(39,564)
|
Equity in earnings of
unconsolidated affiliates
|
|
16,334
|
|
|
23,233
|
Income (loss) before
income taxes
|
|
(212,799)
|
|
|
98,652
|
Provision for income
tax benefit (expense)
|
|
68,240
|
|
|
(22,194)
|
Net income (loss) and
comprehensive income (loss)
|
$
|
(144,559)
|
|
|
76,458
|
|
|
|
|
|
|
Net income (loss) per
share–basic
|
$
|
(0.29)
|
|
|
0.16
|
Net income (loss) per
share–diluted
|
$
|
(0.29)
|
|
|
0.16
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
Basic
|
|
500,043
|
|
|
476,633
|
Diluted
|
|
500,043
|
|
|
478,757
|
ANTERO MIDSTREAM
CORPORATION
|
Selected Operating
Data
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Amount
of
|
|
|
|
|
|
|
December
31,
|
|
Increase
|
|
Percentage
|
|
|
2019
|
|
2020
|
|
or
Decrease
|
|
Change
|
Operating
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gathering—low pressure
(MMcf)
|
|
|
242,785
|
|
|
280,872
|
|
|
38,087
|
|
|
16
|
%
|
Gathering—high
pressure (MMcf)
|
|
|
240,366
|
|
|
277,595
|
|
|
37,229
|
|
|
15
|
%
|
Compression
(MMcf)
|
|
|
222,050
|
|
|
262,259
|
|
|
40,209
|
|
|
18
|
%
|
Fresh water delivery
(MBbl)
|
|
|
13,602
|
|
|
3,937
|
|
|
(9,665)
|
|
|
(71)
|
%
|
Other fluid handling
(MBbl)
|
|
|
5,380
|
|
|
4,761
|
|
|
(619)
|
|
|
(12)
|
%
|
Wells serviced by
fresh water delivery
|
|
|
32
|
|
|
5
|
|
|
(27)
|
|
|
(84)
|
%
|
Gathering—low pressure
(MMcf/d)
|
|
|
2,639
|
|
|
3,053
|
|
|
414
|
|
|
16
|
%
|
Gathering—high
pressure (MMcf/d)
|
|
|
2,613
|
|
|
3,017
|
|
|
404
|
|
|
15
|
%
|
Compression
(MMcf/d)
|
|
|
2,414
|
|
|
2,851
|
|
|
437
|
|
|
18
|
%
|
Fresh water delivery
(MBbl/d)
|
|
|
148
|
|
|
43
|
|
|
(105)
|
|
|
(71)
|
%
|
Other fluid handling
(MBbl/d)
|
|
|
58
|
|
|
52
|
|
|
(6)
|
|
|
(10)
|
%
|
Average realized
fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average gathering—low
pressure fee ($/Mcf)
|
|
$
|
0.33
|
|
|
0.33
|
|
|
—
|
|
|
*
|
|
Average gathering—high
pressure fee ($/Mcf)
|
|
$
|
0.18
|
|
|
0.19
|
|
|
0.01
|
|
|
6
|
%
|
Average compression
fee ($/Mcf)
|
|
$
|
0.20
|
|
|
0.19
|
|
|
(0.01)
|
|
|
(5)
|
%
|
Average fresh water
delivery fee ($/Bbl)
|
|
$
|
3.90
|
|
|
3.96
|
|
|
0.06
|
|
|
2
|
%
|
Joint Venture
Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Processing—Joint
Venture (MMcf)
|
|
|
110,647
|
|
|
138,879
|
|
|
28,232
|
|
|
26
|
%
|
Fractionation—Joint
Venture (MBbl)
|
|
|
2,871
|
|
|
3,651
|
|
|
780
|
|
|
27
|
%
|
Processing—Joint
Venture (MMcf/d)
|
|
|
1,202
|
|
|
1,510
|
|
|
308
|
|
|
26
|
%
|
Fractionation—Joint
Venture (MBbl/d)
|
|
|
31
|
|
|
40
|
|
|
9
|
|
|
29
|
%
|
|
* Not
meaningful or applicable.
|
ANTERO MIDSTREAM
CORPORATION
|
Consolidated Results
of Segment Operations
|
(Unaudited)
|
|
|
|
Three Months
Ended December 31,
2020
|
|
|
Gathering and
|
|
Water
|
|
|
|
Consolidated
|
(in
thousands)
|
|
Processing
|
|
Handling
|
|
Unallocated
|
|
Total
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue–Antero
Resources
|
|
$
|
184,125
|
|
|
37,396
|
|
|
—
|
|
|
221,521
|
Amortization of
customer relationships
|
|
|
(9,267)
|
|
|
(8,394)
|
|
|
—
|
|
|
(17,661)
|
Total
revenues
|
|
|
174,858
|
|
|
29,002
|
|
|
—
|
|
|
203,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct
operating
|
|
|
12,980
|
|
|
23,559
|
|
|
—
|
|
|
36,539
|
General and
administrative (excluding equity-based compensation)
|
|
|
4,521
|
|
|
3,618
|
|
|
1,818
|
|
|
9,957
|
Facility
idling
|
|
|
—
|
|
|
1,539
|
|
|
—
|
|
|
1,539
|
Equity-based
compensation
|
|
|
1,958
|
|
|
881
|
|
|
226
|
|
|
3,065
|
Impairment of property
and equipment
|
|
|
—
|
|
|
8,149
|
|
|
—
|
|
|
8,149
|
Depreciation
|
|
|
14,944
|
|
|
11,957
|
|
|
—
|
|
|
26,901
|
Accretion of asset
retirement obligations
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
Loss on asset
sale
|
|
|
2,689
|
|
|
—
|
|
|
—
|
|
|
2,689
|
Total
expenses
|
|
|
37,092
|
|
|
49,741
|
|
|
2,044
|
|
|
88,877
|
Operating
income
|
|
$
|
137,766
|
|
|
(20,739)
|
|
|
(2,044)
|
|
|
114,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated affiliates
|
|
$
|
23,233
|
|
|
—
|
|
|
|
|
|
23,233
|
Total
assets
|
|
$
|
4,364,848
|
|
|
1,125,318
|
|
|
120,746
|
|
|
5,610,912
|
Additions to property
and equipment, net
|
|
$
|
19,953
|
|
|
11,506
|
|
|
|
|
|
31,459
|
ANTERO MIDSTREAM
CORPORATION
|
Consolidated
Statements of Cash Flows
|
(In
thousands)
|
|
|
|
Year Ended
December 31,
|
|
|
2018
|
|
2019
|
|
2020
|
Cash flows provided
by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
66,608
|
|
|
(355,114)
|
|
|
(122,527)
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Distributions from
Antero Midstream Partners LP, prior to the Transactions
|
|
|
123,186
|
|
|
43,492
|
|
|
—
|
Depreciation
|
|
|
—
|
|
|
95,526
|
|
|
108,790
|
Payment of contingent
consideration in excess of acquisition date fair value
|
|
|
—
|
|
|
—
|
|
|
(8,076)
|
Accretion and change
in fair value of contingent acquisition consideration
|
|
|
—
|
|
|
8,263
|
|
|
180
|
Impairment
|
|
|
—
|
|
|
761,960
|
|
|
673,640
|
Deferred income
taxes
|
|
|
(1,304)
|
|
|
(101,927)
|
|
|
(171)
|
Equity-based
compensation
|
|
|
35,111
|
|
|
73,517
|
|
|
12,778
|
Equity in earnings of
unconsolidated affiliates
|
|
|
(142,906)
|
|
|
(51,315)
|
|
|
(86,430)
|
Distributions from
unconsolidated affiliates
|
|
|
—
|
|
|
64,320
|
|
|
98,858
|
Amortization of
customer relationships
|
|
|
—
|
|
|
57,010
|
|
|
70,672
|
Amortization of
deferred financing costs
|
|
|
148
|
|
|
3,183
|
|
|
4,503
|
Settlement of asset
retirement obligations
|
|
|
—
|
|
|
—
|
|
|
(2,183)
|
Loss on asset
sale
|
|
|
—
|
|
|
—
|
|
|
2,929
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable–Antero Resources
|
|
|
—
|
|
|
42,484
|
|
|
27,306
|
Accounts
receivable–third party
|
|
|
—
|
|
|
185
|
|
|
1,434
|
Income tax
receivable
|
|
|
—
|
|
|
—
|
|
|
(17,251)
|
Other current
assets
|
|
|
(5)
|
|
|
(335)
|
|
|
155
|
Accounts
payable–Antero Resources
|
|
|
674
|
|
|
(2,103)
|
|
|
716
|
Accounts payable–third
party
|
|
|
28
|
|
|
(9,762)
|
|
|
1,201
|
Income taxes
payable
|
|
|
1,820
|
|
|
(15,678)
|
|
|
—
|
Accrued
liabilities
|
|
|
171
|
|
|
8,681
|
|
|
(13,142)
|
Net cash provided by
operating activities
|
|
|
83,531
|
|
|
622,387
|
|
|
753,382
|
Cash flows provided
by (used in) investing activities:
|
|
|
|
|
|
|
|
|
|
Additions to gathering
systems and facilities
|
|
|
—
|
|
|
(267,383)
|
|
|
(157,931)
|
Additions to water
handling systems
|
|
|
—
|
|
|
(124,607)
|
|
|
(38,793)
|
Investments in
unconsolidated affiliates
|
|
|
—
|
|
|
(154,359)
|
|
|
(25,267)
|
Cash received on
acquisition of Antero Midstream Partners LP
|
|
|
—
|
|
|
619,532
|
|
|
—
|
Cash consideration
paid to Antero Midstream Partners LP unitholders
|
|
|
—
|
|
|
(598,709)
|
|
|
—
|
Cash received in asset
sale
|
|
|
—
|
|
|
—
|
|
|
822
|
Change in other
assets
|
|
|
—
|
|
|
901
|
|
|
1,938
|
Change in other
liabilities
|
|
|
—
|
|
|
(1,050)
|
|
|
—
|
Net cash used in
investing activities
|
|
|
—
|
|
|
(525,675)
|
|
|
(219,231)
|
Cash flows provided
by (used in) financing activities:
|
|
|
|
|
|
|
|
|
|
Distributions to
unitholders and dividends to stockholders
|
|
|
(84,166)
|
|
|
(492,103)
|
|
|
(589,640)
|
Distributions to
Series B unitholders
|
|
|
(2,300)
|
|
|
(3,720)
|
|
|
—
|
Distributions to
preferred stockholders
|
|
|
—
|
|
|
(374)
|
|
|
(550)
|
Repurchases of common
stock
|
|
|
—
|
|
|
(125,519)
|
|
|
(24,713)
|
Issuance of senior
notes
|
|
|
—
|
|
|
650,000
|
|
|
550,000
|
Payments of deferred
financing costs
|
|
|
(230)
|
|
|
(8,894)
|
|
|
(6,283)
|
Repayments on bank
credit facilities, net
|
|
|
—
|
|
|
(115,500)
|
|
|
(346,000)
|
Payment of contingent
acquisition consideration
|
|
|
—
|
|
|
—
|
|
|
(116,924)
|
Employee tax
withholding for settlement of equity compensation awards
|
|
|
—
|
|
|
(2,015)
|
|
|
(476)
|
Other
|
|
|
—
|
|
|
(174)
|
|
|
(160)
|
Net cash used in
financing activities
|
|
|
(86,696)
|
|
|
(98,299)
|
|
|
(534,746)
|
Net decrease in cash
and cash equivalents
|
|
|
(3,165)
|
|
|
(1,587)
|
|
|
(595)
|
Cash and cash
equivalents, beginning of period
|
|
|
5,987
|
|
|
2,822
|
|
|
1,235
|
Cash and cash
equivalents, end of period
|
|
$
|
2,822
|
|
|
1,235
|
|
|
640
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
Cash paid during the
period for interest
|
|
$
|
3
|
|
|
83,016
|
|
|
140,732
|
Cash received (paid)
during the period for income taxes
|
|
$
|
(31,795)
|
|
|
(16,079)
|
|
|
39,205
|
Decrease in accrued
capital expenditures and accounts payable for property and
equipment
|
|
$
|
—
|
|
|
(6,215)
|
|
|
(14,472)
|
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SOURCE Antero Midstream Corporation