Post by icemandios on Feb 18, 2021 14:26:18 GMT
Antero Midstream Announces Fourth Quarter 2020 Financial Results and 2021 Capital Budget and Guidance
Excerpt:
DENVER , Feb. 17, 2021 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its fourth quarter 2020 financial and operational results, 2021 capital budget and guidance based on Antero Resources recently announced 2021 development plan and drilling partnership, and return of capital policy.
Fourth Quarter 2020 Earnings Highlights:
Net income was $76 million , or $0.16 per share, compared to a $(0.29) per share net loss in the prior year quarter
Adjusted Net Income was $98 million , or $0.21 per share, a 5% increase compared to the prior year quarter (non-GAAP measure)
Adjusted EBITDA was $203 million , in line with the prior year quarter (non-GAAP measure)
Capital expenditures were $29 million , a 77% decrease compared to the prior year quarter
Free Cash Flow before dividends was $135 million , a 223% increase compared to the prior year quarter (non-GAAP measure)
Net Debt at quarter end was $3.1 billion and Net Debt to last twelve months Adjusted EBITDA was 3.7x, both consistent with September 30, 2020 (non-GAAP measure)
Full Year 2020 Earnings Highlights:
Net loss was $123 million , or $(0.26) per share, compared to a $(0.80) per share net loss in the prior year
Adjusted EBITDA was $850 million , $10 million above the midpoint of the guidance range of $840 million (non-GAAP measure)
Capital expenditures were $208 million , in line with previous guidance
Free Cash Flow before dividends was $498 million , $8 million above the midpoint of Antero Midstream's guidance range of $490 million (non-GAAP measure)
Generated a return on invested capital of 17% in 2020 (non-GAAP measure)
2021 Guidance Highlights and Forecasts:
Pro forma for the drilling partnership, Antero Resources' 2021 development program includes 65 to 70 well completions with an average lateral length of 13,150 feet
Net income of $325 to $365 million , representing GAAP earnings of $0.68 to $0.77 per share
Adjusted Net Income of $380 to $420 million , representing adjusted earnings of $0.80 to $0.88 per share (non-GAAP measure)
Adjusted EBITDA of $840 to $880 million (non-GAAP measure)
Capital budget of $240 to $260 million
Free Cash Flow before dividends of $415 to $455 million (non-GAAP measure)
Dividends of $0.90 per share on an annualized basis in 2021 (subject to quarterly Board approval)
Extended share repurchase program through June 30, 2023 with $150 million of remaining capacity
Excerpt:
DENVER , Feb. 17, 2021 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its fourth quarter 2020 financial and operational results, 2021 capital budget and guidance based on Antero Resources recently announced 2021 development plan and drilling partnership, and return of capital policy.
Fourth Quarter 2020 Earnings Highlights:
Net income was $76 million , or $0.16 per share, compared to a $(0.29) per share net loss in the prior year quarter
Adjusted Net Income was $98 million , or $0.21 per share, a 5% increase compared to the prior year quarter (non-GAAP measure)
Adjusted EBITDA was $203 million , in line with the prior year quarter (non-GAAP measure)
Capital expenditures were $29 million , a 77% decrease compared to the prior year quarter
Free Cash Flow before dividends was $135 million , a 223% increase compared to the prior year quarter (non-GAAP measure)
Net Debt at quarter end was $3.1 billion and Net Debt to last twelve months Adjusted EBITDA was 3.7x, both consistent with September 30, 2020 (non-GAAP measure)
Full Year 2020 Earnings Highlights:
Net loss was $123 million , or $(0.26) per share, compared to a $(0.80) per share net loss in the prior year
Adjusted EBITDA was $850 million , $10 million above the midpoint of the guidance range of $840 million (non-GAAP measure)
Capital expenditures were $208 million , in line with previous guidance
Free Cash Flow before dividends was $498 million , $8 million above the midpoint of Antero Midstream's guidance range of $490 million (non-GAAP measure)
Generated a return on invested capital of 17% in 2020 (non-GAAP measure)
2021 Guidance Highlights and Forecasts:
Pro forma for the drilling partnership, Antero Resources' 2021 development program includes 65 to 70 well completions with an average lateral length of 13,150 feet
Net income of $325 to $365 million , representing GAAP earnings of $0.68 to $0.77 per share
Adjusted Net Income of $380 to $420 million , representing adjusted earnings of $0.80 to $0.88 per share (non-GAAP measure)
Adjusted EBITDA of $840 to $880 million (non-GAAP measure)
Capital budget of $240 to $260 million
Free Cash Flow before dividends of $415 to $455 million (non-GAAP measure)
Dividends of $0.90 per share on an annualized basis in 2021 (subject to quarterly Board approval)
Extended share repurchase program through June 30, 2023 with $150 million of remaining capacity