Antero Midstream Corporation (NYSE: AM) has just released its first quarter 2025 financial and operating results. The company reported a 1% increase in low pressure gathering volumes and a 3% increase in processing volumes compared to the prior year quarter. Net income was $121 million, or $0.25 per diluted share, marking a 19% per share increase compared to the prior year quarter. Adjusted net income was $134 million, or $0.28 per diluted share, a 17% per share increase compared to the prior year quarter.
Adjusted EBITDA was $274 million, reflecting a 3% increase compared to the prior year quarter. Capital expenditures increased by 25% compared to the prior year quarter, reaching $37 million. Free cash flow after dividends was $79 million, representing a 7% increase compared to the prior year quarter.
The company repurchased 1.7 million shares for $29 million during the first quarter of 2025. Additionally, Antero Midstream's leverage was 2.95x as of March 31, 2025.
In terms of operating metrics, low pressure gathering and processing volumes saw increases of 1% and 3%, respectively, compared to the prior year quarter. High pressure gathering volumes also experienced a 5% increase, while fresh water delivery volumes decreased by 7% compared to the first quarter of 2024.
Revenues for the first quarter of 2025 amounted to $291 million, with $229 million from the gathering and processing segment and $62 million from the water handling segment. Operating expenses totaled $57 million, with direct operating expenses for the gathering and processing and water handling segments at $26 million and $31 million, respectively.
During the quarter, the company's interest expense decreased by 9% compared to the prior year quarter, driven primarily by lower outstanding average total debt. Notably, Antero Midstream's free cash flow before dividends was $187 million, a 3% increase compared to the prior year quarter.
The company's capital investments during the first quarter of 2025 amounted to $37 million, with $23 million allocated to gathering and compression, $12 million to water infrastructure, and $2 million to the Stonewall joint venture.
Antero Midstream's net debt as of March 31, 2025, stood at $3,127,400, while leverage was calculated at 2.95x. These figures provide insight into the company's financial leverage and debt position.
Today the company's shares have moved -2.2% to a price of $16.55. Check out the company's full 8-K submission here.
