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Antero Midstream Corporation (NYSE:AM ) Q1 2024 Results Conference Call April 25, 2024 12:00 PM ET Company Participants Justin Agnew - Vice President of Finance and Investor Relations Paul Rady - Chairman, CEO and President of Antero Resources and Antero Midstream Brendan Krueger - CFO of Antero Midstream Michael Kennedy - CFO of Antero Resources and Director of Antero Midstream Conference Call Participants Naomi Marfatia - UBS John Mackay - Goldman Sachs Zack Van Everen - TPH & Company Ned Baramov - Wells Fargo Operator Greetings, and welcome to Antero Midstream First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Antero Midstream (AM) Q1 earnings are favored by increased compression and gathering volumes. Revenues also witness an increase from the year-ago quarter's level.

Antero Midstream (AM) has been upgraded to a Zacks Rank #1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

Here is how Antero Midstream Corporation (AM) and DT Midstream (DTM) have performed compared to their sector so far this year.

Antero Midstream (AM) maintains a high ROIC, averaging 17% from 2020 to 2023, underscoring its effective use of capital in generating profits.

Antero Midstream management is considering a dividend increase in the future after the debt ratio goes below 3.0. That should be soon. The parent company runs the midstream very conservatively with one of the lowest debt ratios in the midstream business. Free cash flow has grown far more rapidly than the market anticipated.

Antero Midstream Corporation (AM) reported earnings 30 days ago. What's next for the stock?

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Antero Midstream Corporation knocked it out of the park in FY 2023, and there is a lot more where that came from. FY 2024 guidance shows AM becoming a more robust FCF machine. 6.5% yield from this midstream C-corp with improved dividend safety, active debt reduction, and massive share buybacks.

Antero Midstream posted solid Q4 results with solid FCF generation. The company will benefit from a rebate roll-off in 2024 and inflation escalators in its contracts. With Antero seeing modest production growth, Antero Midstream will become more of a capital allocation story in 2025.