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Antero Midstream Corporation (AM-2.14%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $1.1 billion, an increase from $1.04 billion in the previous year. This increase was driven by higher gathering and processing revenues, which rose by 10% to $889 million.
Water handling revenues decreased by 8% to $217 million, primarily due to reduced fresh water delivery volumes.
Operating income for the year was $659 million, up from $612 million in 2023. This increase was attributed to higher revenues and increased distributions from equity method investments.
Net income for the year was $401 million, compared to $372 million in the previous year, reflecting an increase in pre-tax income and higher equity earnings.
The company reported capital expenditures of $161 million, primarily for gathering systems and facilities.
Antero Midstream's balance sheet shows total assets of $5.76 billion, with total liabilities of $3.65 billion and stockholders' equity of $2.12 billion as of December 31, 2024.
The company declared a cash dividend of $0.2250 per share for the fourth quarter of 2024, and repurchased approximately 2 million shares of common stock for $29 million during the year.
Antero Midstream's Credit Facility had outstanding borrowings of $484 million as of December 31, 2024, with a total borrowing capacity of $1.25 billion.
The filing also discusses the company's strategy to continue focusing on its relationship with Antero Resources, which remains its primary customer, and the potential risks associated with this customer concentration.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Antero Midstream Corporation annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.