Antero Midstream reports Q1 adjusted EPS 21c, consensus 19c

Reports Q1 revenue $259.5M, consensus $265.22M. Paul Rady, CEO said, "Antero Midstream’s outstanding operational performance during Q, led by record throughput, helped drive earnings well in excess of the prior year and ahead of expectations. In addition, the completions efforts from Antero Resources resulted in outstanding performance from our fresh water business." Brendan Krueger, CFO, said "Q1 marked the third consecutive quarter of generating Free Cash Flow after dividends. Importantly, the $46M of Free Cash Flow after dividends was an $84M improvement from 1Q22. Looking ahead to the remainder of the year, our higher Adjusted EBITDA guidance combined with our lower capital budget guidance is expected to result in a $35M increase to our Free Cash Flow after dividends. This reflects a 33% increase to the midpoint of the previous guidance range and will allow us to continue reducing absolute debt and leverage, further de-risking the outlook for Antero Midstream."