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Antero Midstream Announces Second Quarter 2021 Financial and Operational Results

DENVER, July 28, 2021 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its second quarter 2021 financial and operational results.  The relevant consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.

Second Quarter 2021 Earnings Highlights:

  • Net income was $80 million, or $0.17 per share, compared to $0.19 per share in the prior year quarter
  • Adjusted Net Income was $109 million, or $0.23 per share, a 10% increase compared to $0.21 per share in the prior year quarter (non-GAAP measure)
  • Adjusted EBITDA was $225 million, a 12% increase compared to the prior year quarter (non-GAAP measure)
  • Capital expenditures were $71 million
  • Net cash provided by operating activities was $195 million
  • Free Cash Flow before dividends was $111 million, a 4% increase compared to the prior year quarter (non-GAAP measure)
  • Free Cash Flow after dividends was $3 million, compared to a $40 million deficit in the prior year quarter (non-GAAP measure)
  • Refinanced $650 million of 5.375% senior notes due 2024 with $750 million of 5.375% senior notes due 2029, resulting in no senior note maturities until 2026
  • Reduced Net Debt to last twelve months Adjusted EBITDA to 3.6x at quarter-end (non-GAAP measure)

Paul Rady, Chairman and CEO said, "Antero Midstream delivered another strong quarter operationally with year-over-year volumetric and Free Cash Flow growth. This was a direct result of Antero Midstream's focus on operating expense and capital efficiencies, as well as high asset utilization rates across our integrated assets. In addition, Antero Midstream realized consistent volumetric throughput during the quarter, benefitting from Antero Resources' firm transportation portfolio which allowed it to avoid the volatility in local Appalachian basis."

Mr. Rady further added, "Antero Midstream continues to demonstrate the ability to deliver attractive returns through organic capital investments. These organic capital investments with high utilization rates have allowed us to consistently generate mid-teen returns on invested capital."

For a discussion of the non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDA, Free Cash Flow and Net Debt please see "Non-GAAP Financial Measures."

Second Quarter 2021 Financial Results

Low pressure gathering volumes for the second quarter of 2021 averaged 2,897 MMcf/d, a 1% increase as compared to the prior year quarter.  Compression volumes for the second quarter of 2021 averaged 2,744 MMcf/d, a 1% increase as compared to the second quarter of 2020.  High pressure gathering volumes for the second quarter of 2021 averaged 2,826 MMcf/d, in line with the second quarter of 2020. Fresh water delivery volumes averaged 104 MBbl/d during the quarter, a 2% increase compared to the second quarter of 2020.

Gross processing volumes from the Company's processing and fractionation joint venture with MPLX ("Joint Venture") averaged 1,450 MMcf/d for the second quarter of 2021, a 3% increase compared to the prior year quarter.  Joint Venture processing capacity was approximately 100% utilized during the quarter based on nameplate processing capacity of 1.4 Bcf/d.  Gross Joint Venture fractionation volumes averaged 38 MBbl/d, a 15% increase compared to the prior year quarter. Joint Venture fractionation capacity was 95% utilized during the quarter relative to total fractionation capacity of 40 MBbl/d.

Three Months Ended

June 30,

Average Daily Volumes:

2020

2021

%
Change

Low Pressure Gathering (MMcf/d)

2,869

2,897

1%

Compression (MMcf/d)

2,712

2,744

1%

High Pressure Gathering (MMcf/d)

2,839

2,826

0%

Fresh Water Delivery (MBbl/d)

102

104

2%

Gross Joint Venture Processing (MMcf/d)

1,404

1,450

3%

Gross Joint Venture Fractionation (MBbl/d)

33

38

15%

For the three months ended June 30, 2021, revenues were $233 million, comprised of $193 million from the Gathering and Processing segment and $58 million from the Water Handling segment, net of $18 million of amortization of customer relationships.  Water Handling revenues included $20 million from wastewater handling and high rate water transfer services.

Direct operating expenses for the Gathering and Processing and Water Handling segments were $17 million and $23 million, respectively, for a total of $40 million, compared to $42 million in total direct operating expenses in the prior year quarter. Water Handling operating expenses included $19 million from wastewater handling and high rate water transfer services. The decrease in direct operating expenses was driven primarily by lower costs associated with flowback and produced water due to Antero Midstream's blending operations. General and administrative expenses excluding equity-based compensation were $11 million during the second quarter of 2021.  Total operating expenses during the second quarter of 2021 included $3 million of equity compensation expense and $27 million of depreciation.  Additionally, there was a $21 million loss on early extinguishment of debt related to the premium paid to refinance the senior notes due 2024 with the $750 million senior notes due 2029. 

Net income was $80 million, or $0.17 per share.  Net income adjusted for amortization of customer relationships, loss (gain) on asset sale and loss on early extinguishment of debt, net of tax effects of reconciling items, or Adjusted Net Income, was $109 million. Adjusted Net Income per share was $0.23 per share, a 10% increase compared to the prior year quarter. 

The following table reconciles Net Income to Adjusted Net Income:

Three Months Ended
June 30,

2020

2021

Net Income

$

88,441

80,223

Amortization of customer relationships

17,606

17,668

Loss (gain) on asset sale

240

(135)

Loss on early extinguishment of debt

20,701

Tax effect of reconciling items(1)

(4,408)

(9,532)

Adjusted Net Income

$

101,879

108,925

(1)

Statutory tax rate was approximately 24.7% for 2020 and 24.9% for 2021.

Adjusted EBITDA was $225 million, a 12% increase compared to the prior year quarter. Interest expense was $44 million, a 26% increase compared to the prior year quarter, driven by the issuances of senior notes due 2026 and 2029. Capital expenditures were $71 million, a 20% increase compared to the prior year quarter as Antero Midstream began construction on growth projects supporting the drilling partnership between Antero Resources and QL Capital Partners, an affiliate of Quantum Energy.  Free Cash Flow before dividends was $111 million, a 4% increase compared to the prior year quarter and Free Cash Flow after dividends was $3 million compared to a deficit of $40 million in the prior year quarter.

The following table reconciles Net Income to Adjusted EBITDA and Free Cash Flow before and after dividends:

Three Months Ended
June 30,

2020

2021

Net Income

$

88,441

80,223

Interest expense, net

35,311

43,505

Provision for income tax expense

31,921

28,485

Amortization of customer relationships

17,606

17,668

Depreciation expense

27,745

26,619

Accretion of asset retirement obligations

61

114

Equity-based compensation

2,697

3,059

Equity in earnings of unconsolidated affiliates

(20,947)

(21,515)

Distributions from unconsolidated affiliates

18,200

26,275

Loss on early extinguishment of debt

20,701

Loss (gain) on asset sale

240

(135)

Adjusted EBITDA

$

201,275

224,999

Interest expense

(35,311)

(43,505)

Total capital expenditures (accrual-based)

(59,001)

(70,893)

Free Cash Flow before dividends

$

106,963

110,601

Dividends declared (accrual-based)

(146,554)

(107,409)

Free Cash Flow after dividends

$

(39,591)

3,192

The following table reconciles net cash provided by operating activities to Free Cash Flow before and after dividends:

Three Months Ended
June 30,

2020

2021

Net cash provided by operating activities

$

241,427

194,674

Amortization of deferred financing costs

(1,100)

(1,345)

Settlement of asset retirement obligations

601

194

Changes in working capital

(74,964)

(12,029)

Total capital expenditures (accrual-based)

(59,001)

(70,893)

Free Cash Flow before dividends

$

106,963

110,601

Dividends declared (accrual-based)

(146,554)

(107,409)

Free Cash Flow after dividends

$

(39,591)

3,192

Second Quarter 2021 Operating Update

Gathering and Processing During the second quarter of 2021, Antero Midstream connected 23 wells to its gathering system. The Company's 3.2 Bcf/d of compression capacity was approximately 86% utilized during the quarter. Joint Venture processing capacity of 1.4 Bcf/d was approximately 100% utilized and Joint Venture fractionation capacity was 95% utilized during the quarter. During the second quarter the Joint Venture began commissioning the Smithburg 1 processing plant, which will add 200 MMcf/d of incremental processing capacity in the third quarter of 2021. This expansion of processing capacity will bring the Joint Venture's total processing capacity to 1.6 Bcf/d. 

Water HandlingAntero Midstream's water delivery systems serviced 17 well completions during the second quarter of 2021, a 23% decrease from the prior year quarter, driven by a reduction in completion activity by Antero Resources as it transitioned to a maintenance capital development program.

Balance Sheet and Liquidity

As of June 30, 2021, Antero Midstream had approximately $514 million drawn on its $2.13 billion bank credit facility, resulting in $1.6 billion of liquidity. Antero Midstream's Net Debt to trailing twelve months Adjusted EBITDA ("Leverage") was 3.6x as of June 30, 2021.

Capital Investments

Total accrued capital expenditures including investments in the Joint Venture were $71 million during the second quarter of 2021. Gathering, compression, and water infrastructure capital investments totaled $70 million and investments in unconsolidated affiliates for the Joint Venture were less than $1 million. Of the $70 million invested in gathering, compression, and water infrastructure, $58 million was in gathering and compression assets and $12 million was in water handling assets.   

Brendan Krueger, CFO of Antero Midstream, said, "The second quarter represented another strong quarter, generating Free Cash Flow after dividends and ending the quarter with leverage of 3.6x. Importantly, with the recent issuance of the senior notes due 2029, Antero Midstream does not have any senior note maturities within the next five years. This strong balance sheet, combined with Antero Midstream's scale, cash flow growth and an attractive dividend that is funded within free cash flow provide a differentiated business model."

Conference Call

A conference call for Antero Midstream is scheduled on Thursday, July 29, 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, August 5, 2021 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13720341. 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, August 5, 2021 at 10:00 am MT.

Non-GAAP Financial Measures and Definitions

Antero Midstream uses certain non-GAAP financial measures. Antero Midstream defines Adjusted Net Income as net income plus amortization of customer contracts, impairment expense, and loss (gain) on asset sale and loss on early extinguishment of debt, 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 plus interest expense, provision for income tax expense (benefit), amortization of customer relationships, depreciation expense, impairment expense, accretion, equity-based compensation expense, excluding equity in earnings of unconsolidated affiliates, plus cash distributions from unconsolidated affiliates, loss (gain) on asset sale and loss on early extinguishment of debt.

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 before dividends as Adjusted EBITDA less interest expense and accrued capital expenditures. Free Cash Flow after dividends is defined as Free Cash Flow before dividends less dividends declared for the quarter. Antero Midstream uses Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period. 

Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow before and after dividends are non-GAAP financial measures.  The GAAP measure most directly comparable to Adjusted EBITDA and Adjusted Net Income is Net Income. The GAAP measure most directly comparable to Free Cash Flow before and after dividends is cash flows provided by (used in) operating activities.  Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities.  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 and cash flows provided by (used in) operating activities.  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.

The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):

Three Months Ended June 30,

2020

2021

Capital expenditures (as reported on a cash basis)

$

(65,729)

(46,185)

Change in accrued capital costs

6,728

(24,708)

Capital expenditures (accrual basis)

$

(59,001)

(70,893)

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):

March 31,
2021

June 30,
2021

Bank credit facility

$

624,500

513,700

5.375% senior notes due 2024

650,000

7.875% senior notes due 2026

550,000

550,000

5.75% senior notes due 2027

650,000

650,000

5.75% senior notes due 2028

650,000

650,000

5.375% senior notes due 2029

750,000

Consolidated total debt

3,124,500

3,113,700

Cash and cash equivalents

(261)

(678)

Consolidated net debt

$

3,124,239

3,113,022

The following table reconciles net income to Adjusted EBITDA for the last twelve months as used in this release (in thousands):

12 months ended
March 31, 2021

12 months ended
June 30, 2021

Net Income

$

353,847

345,629

Amortization of customer relationships

70,735

70,797

Impairment expense

10,475

10,475

Interest expense

152,242

160,436

Income tax expense

117,121

113,685

Depreciation expense

108,297

107,171

Accretion of asset retirement obligations

257

310

Equity-based compensation

13,452

13,814

Loss on asset sale

6,692

6,317

Loss on early extinguishment of debt

20,701

Equity in earnings of unconsolidated affiliates

(88,097)

(88,665)

Distributions from unconsolidated affiliates

107,140

115,215

Adjusted EBITDA

$

852,161

875,885

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, cybersecurity risk, 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

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

December 31,

June 30,

2020

2021

Assets

Current assets:

Cash and cash equivalents

$

640

678

Accounts receivable–Antero Resources

73,722

89,996

Accounts receivable–third party

839

466

Income tax receivable

17,251

940

Other current assets

1,479

358

Total current assets

93,931

92,438

Property and equipment, net

3,254,044

3,293,791

Investments in unconsolidated affiliates

722,478

707,518

Deferred tax asset

103,402

46,893

Customer relationships

1,427,447

1,392,111

Other assets, net

9,610

7,991

Total assets

$

5,610,912

5,540,742

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable–Antero Resources

$

3,862

4,238

Accounts payable–third party

9,495

24,785

Accrued liabilities

74,947

83,620

Other current liabilities

5,701

5,194

Total current liabilities

94,005

117,837

Long-term liabilities:

Long-term debt

3,091,626

3,087,734

Other

6,995

6,735

Total liabilities

3,192,626

3,212,306

Stockholders' Equity:

Preferred stock, $0.01 par value: 100,000 authorized as of both December 31, 2020 and June 30, 2021

Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of both December 31, 2020 and June 30, 2021

Common stock, $0.01 par value; 2,000,000 authorized; 476,639 and 477,358 issued and outstanding as of December 31, 2020 and June 30, 2021, respectively

4,766

4,774

Additional paid-in capital

2,877,612

2,624,090

Accumulated deficit

(464,092)

(300,428)

Total stockholders' equity

2,418,286

2,328,436

Total liabilities and stockholders' equity

$

5,610,912

5,540,742

 

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Income

(In thousands, except per share amounts)

(Unaudited)

Three Months Ended June 30,

2020

2021

Revenue:

Gathering and compression–Antero Resources

$

173,991

192,667

Water handling–Antero Resources

63,351

57,718

Water handling–third party

70

Amortization of customer relationships

(17,606)

(17,668)

Total revenue

219,736

232,787

Operating expenses:

Direct operating

42,067

39,555

General and administrative (including $2,697 and $3,059 of equity-based compensation in 2020 and 2021, respectively)

12,422

14,251

Facility idling

2,475

984

Depreciation

27,745

26,619

Accretion of asset retirement obligations

61

114

Loss (gain) on asset sale

240

(135)

Total operating expenses

85,010

81,388

Operating income

134,726

151,399

Other income (expense):

Interest expense, net

(35,311)

(43,505)

Equity in earnings of unconsolidated affiliates

20,947

21,515

Loss on early extinguishment of debt

(20,701)

Total other expense

(14,364)

(42,691)

Income before income taxes

120,362

108,708

Provision for income tax expense

(31,921)

(28,485)

Net income and comprehensive income

$

88,441

80,223

Net income per share–basic

$

0.19

0.17

Net income per share–diluted

$

0.18

0.17

Weighted average common shares outstanding:

Basic

476,836

477,290

Diluted

478,837

479,530

 

ANTERO MIDSTREAM CORPORATION

Selected Operating Data

(Unaudited)

Three Months Ended

Amount of

June 30,

 Increase

Percentage

2020

2021

or Decrease

Change

Operating Data:

Gathering—low pressure (MMcf)

261,039

263,640

2,601

1

%

Gathering—high pressure (MMcf)

258,380

257,193

(1,187)

 *

Compression (MMcf)

246,790

249,681

2,891

1

%

Fresh water delivery (MBbl)

9,318

9,499

181

2

%

Other fluid handling (MBbl)

5,433

4,381

(1,052)

(19)

%

Wells serviced by fresh water delivery

22

17

(5)

(23)

%

Gathering—low pressure (MMcf/d)

2,869

2,897

28

1

%

Gathering—high pressure (MMcf/d)

2,839

2,826

(13)

 *

Compression (MMcf/d)

2,712

2,744

32

1

%

Fresh water delivery (MBbl/d)

102

104

2

2

%

Other fluid handling (MBbl/d)

60

48

(12)

(20)

%

Average Realized Fees:

Average gathering—low pressure fee ($/Mcf) (1) 

$

0.33

0.33

 *

Average gathering—high pressure fee ($/Mcf)

$

0.20

0.20

*

Average compression fee ($/Mcf)

$

0.20

0.20

*

Average fresh water delivery fee ($/Bbl)

$

3.96

3.97

0.01

 *

Joint Venture Operating Data:

Processing—Joint Venture (MMcf)

127,791

131,912

4,121

3

%

Fractionation—Joint Venture (MBbl)

3,014

3,417

403

13

%

Processing—Joint Venture (MMcf/d)

1,404

1,450

46

3

%

Fractionation—Joint Venture (MBbl/d)

33

38

5

15

%

*

Not meaningful or applicable

(1)

The three months ended June 30, 2021 average realized fee does not include $3.3 million of low pressure gathering fee revenues which volumes relate to prior periods.

 

 

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Results of Segment Operations

(Unaudited)

Three Months Ended June 30, 2021

Gathering and

Water

Consolidated

(in thousands)

Processing

Handling

Unallocated (1)

Total

Revenues:

Revenue–Antero Resources

$

192,667

57,718

250,385

Revenue–third-party

70

70

Amortization of customer relationships

(9,271)

(8,397)

(17,668)

Total revenues

183,396

49,391

232,787

Operating expenses:

Direct operating

17,012

22,543

39,555

General and administrative (excluding equity-based compensation)

6,412

4,364

416

11,192

Equity-based compensation

2,322

509

228

3,059

Facility idling

984

984

Depreciation

14,404

12,215

26,619

Accretion of asset retirement obligations

114

114

Gain on asset sale

(135)

(135)

Total operating expenses

40,015

40,729

644

81,388

Operating income

143,381

8,662

(644)

151,399

Other income (expense):

Interest expense, net

(43,505)

(43,505)

Equity in earnings of unconsolidated affiliates

21,515

21,515

Loss on early extinguishment of debt

(20,701)

(20,701)

Total other income (expense)

21,515

(64,206)

(42,691)

Income before taxes

164,896

8,662

(64,850)

108,708

Provision for income tax expense

(28,485)

(28,485)

Net income and comprehensive income

$

164,896

8,662

(93,335)

80,223

Adjusted EBITDA

$

224,999

(1)

Certain expenses that are not directly attributable to gathering and processing and water handling are managed and evaluated on a consolidated basis

 

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six Months Ended June 30,

2020

2021

Cash flows provided by (used in) operating activities:

Net income (loss)

$

(304,492)

163,664

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation

55,088

53,469

Payment of contingent consideration in excess of acquisition date fair value

(8,076)

Accretion of asset retirement obligations

103

233

Impairment

664,544

1,379

Deferred income tax expense (benefit)

(56,408)

56,509

Equity-based compensation

6,035

7,071

Equity in earnings of unconsolidated affiliates

(40,024)

(42,259)

Distributions from unconsolidated affiliates

41,828

58,185

Amortization of customer relationships

35,211

35,336

Amortization of deferred financing costs

2,190

2,733

Loss on early extinguishment of debt

20,701

Settlement of asset retirement obligations

(601)

(602)

Loss on asset sale

240

3,628

Changes in assets and liabilities:

Accounts receivable–Antero Resources

24,941

(16,274)

Accounts receivable–third party

1,089

777

Income tax receivable

(17,547)

16,311

Other current assets

930

1,070

Accounts payable–Antero Resources

(432)

376

Accounts payable–third party

5,495

5,365

Accrued liabilities

(21,701)

(7,297)

Net cash provided by operating activities

388,413

360,375

Cash flows provided by (used in) investing activities:

Additions to gathering systems and facilities

(103,937)

(51,658)

Additions to water handling systems

(19,477)

(22,707)

Investments in unconsolidated affiliates

(21,988)

(966)

Cash received in asset sale

123

1,627

Change in other assets

1,938

Net cash used in investing activities

(143,341)

(73,704)

Cash flows provided by (used in) financing activities:

Dividends to stockholders

(296,395)

(255,993)

Dividends to preferred stockholders

(275)

(275)

Repurchases of common stock

(24,713)

Issuance of senior notes

750,000

Redemption of senior notes

(667,472)

Payments of deferred financing costs

(8,755)

Borrowings (repayments) on bank credit facilities, net

195,500

(99,800)

Payment of contingent acquisition consideration

(116,924)

Employee tax withholding for settlement of equity compensation awards

(392)

(4,317)

Other

(111)

(21)

Net cash used in financing activities

(243,310)

(286,633)

Net increase in cash and cash equivalents

1,762

38

Cash and cash equivalents, beginning of period

1,235

640

Cash and cash equivalents, end of period

$

2,997

678

Supplemental disclosure of cash flow information:

Cash paid during the period for interest

$

74,665

91,608

Cash received during the period for income taxes

$

38,910

16,913

Increase (decrease) in accrued capital expenditures and accounts payable for property and equipment

$

(3,461)

25,490

 

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SOURCE Antero Midstream Corporation