The following is a summary of the Antero Midstream Corporation (AM) Q3 2024 Earnings Conference Call Transcript:

Financial Performance:

• Antero Midstream reported third-quarter EBITDA of $256 million, a 2% increase year-over-year.

• Free cash flow after dividends was $40 million, a 32% increase from last year.

• Debt leverage as of September 30th was 3.1 times, with a projection of decreasing below three times by the fourth quarter.

Business Progress:

• Capital expenditures for Q3 amounted to $56 million, 35% of the full-year budget.

• Continued construction progress on the Torreys Peak Compressor Station, expected online in Q2 2025.

• Consistent quarterly free cash flow generation, with over $350 million generated over the last two years.

• Antero Midstream expects further growth in EBITDA and free cash flow in 2025.

Opportunities:

• International pricing premiums on propane exports provide a competitive advantage and are expected to persist into 2025.

• Unconstrained access to international markets helps capture high premiums, driving free cash flow.

Risks:

• Depressed natural gas prices delayed one completion crew and deferred a planned pad out of Q3, potentially impacting future throughput and operational efficiency.

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