Antero Midstream Reports $291.1 Million Revenue in Q1 2025, Up 4% Year-Over-Year

Antero Midstream Corporation reported a total revenue of $291.1 million for the first quarter of 2025, marking a 4% increase from $279.1 million in the same period of the previous year. The growth in revenue was primarily driven by increases in gathering and processing services, which rose to $238 million from $227.6 million, and water handling services, which increased to $70.3 million from $68.5 million. The company's net income for the quarter was $120.7 million, up from $103.9 million in the prior year, resulting in a net income per share of $0.25, compared to $0.22 in the first quarter of 2024.

The financial performance reflects several operational changes, including an increase in throughput volumes due to the connection of 65 additional wells to the company's systems. The average fees for gathering and compression services also saw a slight increase, attributed to annual Consumer Price Index (CPI) adjustments. However, fresh water delivery volumes decreased by 8% due to the timing of well completions, which partially offset revenue gains in other areas.

In terms of strategic developments, Antero Midstream completed the acquisition of Marcellus gas gathering and compression assets from Summit for $70 million, enhancing its operational capacity. The company also repurchased approximately 2 million shares of its common stock during the quarter, costing $29 million, and has $443 million remaining under its share repurchase program. This reflects a commitment to returning value to shareholders while maintaining a strong balance sheet.

Operationally, Antero Midstream's total assets increased slightly to $5.76 billion as of March 31, 2025, compared to $5.75 billion at the end of 2024. The company reported a long-term debt of $3.12 billion, with a slight decrease in interest expenses due to lower rates on its credit facility. The company continues to focus on its relationship with Antero Resources, which remains its primary customer, providing a stable revenue base despite fluctuations in commodity prices.

Looking ahead, Antero Midstream expects to maintain its capital investment strategy with a budget of $170 million to $200 million for 2025, aimed at supporting Antero Resources' maintenance capital program. The company anticipates that its operational efficiencies and strategic asset acquisitions will continue to drive growth, while it remains vigilant about market conditions and potential impacts from inflation and commodity price volatility.