Overview

* Antero Midstream ( AM ) Q3 revenue and adjusted EBITDA beat analyst expectations

* Adjusted net income for Q3 beats estimates, rising 17% year-over-year

* Company repurchased 2.3 mln shares for $41 mln, reducing leverage to 2.7x

Outlook

* Company plans additional well connections and fresh water delivery for 2026

* Company refinanced nearest-term debt maturity to 2033 at attractive coupon

* Company has no near-term debt maturities, enhancing financial profile

Result Drivers

* VOLUME GROWTH - Low pressure gathering and processing volumes increased by 5% and 6%, respectively, compared to the prior year quarter

* WATER DELIVERY - Fresh water delivery volumes increased by 30% year-over-year while servicing just one completion crew, highlighting the importance of Antero Midstream's ( AM ) integrated water system

* DEBT REFINANCING - Antero Midstream ( AM ) refinanced its nearest-term debt maturity out to 2033 at an attractive coupon, leaving no near-term maturities

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $294.82 $289.20

Revenue mln mln (3

Analysts

)

Q3 Beat $130.19 $125.55

Adjusted mln mln (3

Net Analysts

Income )

Q3 Net $115.98

Income mln

Q3 Beat $281.23 $277.52

Adjusted mln mln (7

EBITDA Analysts

)

Q3 Capex $51.34

mln

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 6 "hold" and 2 "sell" or "strong sell"

* The average consensus recommendation for the oil & gas transportation services peer group is "buy."

* Wall Street's median 12-month price target for Antero Midstream Corp ( AM ) is $19.00, about 7.3% above its October 28 closing price of $17.61

* The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 18 three months ago

Press Release:

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)