Antero Midstream sees FY23 adjusted net income $395M-$435M

Sees FY23 adjusted EBITDA $930M-$970M, capital budget $195M-$215M. Antero Midstream is forecasting mid-to-high single digit low pressure gathering growth in 2023 compared to 2022. This growth is driven by organic production growth on Antero Midstream’s legacy assets and full year contribution from the bolt-on acquisitions completed in 2022. The company’s guidance includes four quarterly low pressure gathering rebates expected to be earned by Antero Resources totaling $48 million, which conclude at the end of 2023. Antero Midstream’s 2023 guidance includes approximately $125 to $135 million of combined distributions from its interests in the processing and fractionation joint venture with MPLX, LP and in Stonewall Gathering LLC. This results in Free Cash Flow before dividends of $515 to $555 million and Free Cash Flow after dividends of $90 to $120 million for 2023, assuming an annualized dividend of $0.90 per share.