10-Q Filing

ANTERO MIDSTREAM CORP CIK: 1623925 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-006838`
Period End Date	20230331
Filing Date	20230426
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	am-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 43 Cash Flow Statement 73 Stockholders Equity 20

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Accounts receivable - Antero Resources	`DueFromAffiliateCurrent`	$86.15M	USD	Point-in-time
Accounts receivable - Antero Resources	`DueFromAffiliateCurrent`	$95.36M	USD	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Accounts receivable - third party	`AccountsReceivableNetCurrent`	$371.00K	USD	Point-in-time
Accounts receivable - third party	`AccountsReceivableNetCurrent`	$575.00K	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$940.00K	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$940.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.74M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$1.33M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$88.99M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$98.41M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	478.50M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.75B	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	478.64M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$3.75B	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	478.64M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	478.50M	shares	Point-in-time
Investments in unconsolidated affiliates	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$652.77M	USD	Point-in-time
Investments in unconsolidated affiliates	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$643.12M	USD	Point-in-time
Customer relationships	`FiniteLivedIntangibleAssetsNet`	$1.27B	USD	Point-in-time
Customer relationships	`FiniteLivedIntangibleAssetsNet`	$1.29B	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$11.34M	USD	Point-in-time
Other assets, net	`OtherAssetsNoncurrent`	$12.03M	USD	Point-in-time
Total assets	`Assets`	$5.79B	USD	Point-in-time
Total assets	`Assets`	$5.77B	USD	Point-in-time
Accounts payable - Antero Resources	`DueToAffiliateCurrent`	$4.78M	USD	Point-in-time
Accounts payable - Antero Resources	`DueToAffiliateCurrent`	$5.44M	USD	Point-in-time
Accounts payable - third party	`AccountsPayableCurrent`	$22.86M	USD	Point-in-time
Accounts payable - third party	`AccountsPayableCurrent`	$21.01M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$72.72M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$69.37M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.06M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$102.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$96.22M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$3.33B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$3.36B	USD	Point-in-time
Deferred income tax liability	`DeferredIncomeTaxLiabilitiesNet`	$162.88M	USD	Point-in-time
Deferred income tax liability	`DeferredIncomeTaxLiabilitiesNet`	$131.22M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$4.43M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$4.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.60B	USD	Point-in-time
Total liabilities	`Liabilities`	$3.60B	USD	Point-in-time
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value; 2,000,000 authorized; 478,497 and 478,645 issued and outstanding as of December 31, 2022 and March 31, 2023, respectively	`CommonStockValue`	$4.79M	USD	Point-in-time
Common stock, $0.01 par value; 2,000,000 authorized; 478,497 and 478,645 issued and outstanding as of December 31, 2022 and March 31, 2023, respectively	`CommonStockValue`	$4.79M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.08B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$2.10B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$82.79M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$86.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.26B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.18B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.29B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.19B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.77B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$5.79B	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Equity-based compensation	`ShareBasedCompensation`	$2.83M	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$6.33M	USD	1 Quarter
Amortization of customer relationships	`AmortizationOfIntangibleAssets`	$17.67M	USD	1 Quarter
Amortization of customer relationships	`AmortizationOfIntangibleAssets`	$17.67M	USD	1 Quarter
Total revenue	`Revenues`	$218.49M	USD	1 Quarter
Total revenue	`Revenues`	$259.48M	USD	1 Quarter
Direct operating	`CostOfRevenueExcludingDepreciationAndAmortization`	$42.01M	USD	1 Quarter
Direct operating	`CostOfRevenueExcludingDepreciationAndAmortization`	$57.87M	USD	1 Quarter
General and administrative (including $2,832 and $6,327 of equity-based compensation in 2022 and 2023, respectively)	`GeneralAndAdministrativeExpense`	$17.93M	USD	1 Quarter
General and administrative (including $2,832 and $6,327 of equity-based compensation in 2022 and 2023, respectively)	`GeneralAndAdministrativeExpense`	$17.35M	USD	1 Quarter
Facility idling	`FacilityIdling`	$1.15M	USD	1 Quarter
Facility idling	`FacilityIdling`	$574.00K	USD	1 Quarter
Depreciation	`Depreciation`	$28.30M	USD	1 Quarter
Depreciation	`Depreciation`	$35.20M	USD	1 Quarter
Accretion of asset retirement obligations	`ResultsOfOperationsAccretionOfAssetRetirementObligations`	$64.00K	USD	1 Quarter
Accretion of asset retirement obligations	`ResultsOfOperationsAccretionOfAssetRetirementObligations`	$44.00K	USD	1 Quarter
Loss on settlement of asset retirement obligations	`GainLossOnSettlementOfAssetRetirementObligations`	$-341.00K	USD	1 Quarter
Gain on asset sale	`GainLossOnDispositionOfAssets1`	$118.00K	USD	1 Quarter
Gain on asset sale	`GainLossOnDispositionOfAssets1`	$245.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$89.34M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$111.13M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$129.15M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$148.34M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-54.62M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-44.28M	USD	1 Quarter
Equity in earnings of unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$24.46M	USD	1 Quarter
Equity in earnings of unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$23.23M	USD	1 Quarter
Total other expense	`OtherNonoperatingIncomeExpense`	$-30.17M	USD	1 Quarter
Total other expense	`OtherNonoperatingIncomeExpense`	$-21.05M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$118.18M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$108.11M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$31.67M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$28.07M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$80.04M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$86.51M	USD	1 Quarter
Net income per share-basic (in dollars per share)	`EarningsPerShareBasic`	$0.18	USD	1 Quarter
Net income per share-basic (in dollars per share)	`EarningsPerShareBasic`	$0.17	USD	1 Quarter
Net income per share-diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.17	USD	1 Quarter
Net income per share-diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.18	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	477.65M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	478.61M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	480.17M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	481.46M	shares	1 Quarter

Cash Flow Statement 73 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$80.04M	USD	1 Quarter
Net income	`ProfitLoss`	$86.51M	USD	1 Quarter
Depreciation	`Depreciation`	$28.30M	USD	1 Quarter
Depreciation	`Depreciation`	$35.20M	USD	1 Quarter
Accretion of asset retirement obligations	`ResultsOfOperationsAccretionOfAssetRetirementObligations`	$64.00K	USD	1 Quarter
Accretion of asset retirement obligations	`ResultsOfOperationsAccretionOfAssetRetirementObligations`	$44.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$28.07M	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$31.67M	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$2.83M	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$6.33M	USD	1 Quarter
Equity in earnings of unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$24.46M	USD	1 Quarter
Equity in earnings of unconsolidated affiliates	`IncomeLossFromEquityMethodInvestments`	$23.23M	USD	1 Quarter
Distributions from unconsolidated affiliates	`EquityMethodInvestmentDividendsOrDistributions`	$34.10M	USD	1 Quarter
Distributions from unconsolidated affiliates	`EquityMethodInvestmentDividendsOrDistributions`	$31.13M	USD	1 Quarter
Amortization of customer relationships	`AmortizationOfIntangibleAssets`	$17.67M	USD	1 Quarter
Amortization of customer relationships	`AmortizationOfIntangibleAssets`	$17.67M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$1.47M	USD	1 Quarter
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$1.41M	USD	1 Quarter
Settlement of asset retirement obligations	`AssetRetirementObligationCashPaidToSettle`	$455.00K	USD	1 Quarter
Settlement of asset retirement obligations	`AssetRetirementObligationCashPaidToSettle`	$158.00K	USD	1 Quarter
Loss on settlement of asset retirement obligations	`GainLossOnSettlementOfAssetRetirementObligations`	$-341.00K	USD	1 Quarter
Gain on asset sale	`GainLossOnDispositionOfAssets1`	$118.00K	USD	1 Quarter
Gain on asset sale	`GainLossOnDispositionOfAssets1`	$245.00K	USD	1 Quarter
Accounts receivable-Antero Resources	`IncreaseDecreaseInDueFromAffiliatesCurrent`	$-3.05M	USD	1 Quarter
Accounts receivable-Antero Resources	`IncreaseDecreaseInDueFromAffiliatesCurrent`	$9.21M	USD	1 Quarter
Accounts receivable-third party	`IncreaseDecreaseInAccountsReceivable`	$-431.00K	USD	1 Quarter
Accounts receivable-third party	`IncreaseDecreaseInAccountsReceivable`	$-460.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-118.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$520.00K	USD	1 Quarter
Accounts payable-Antero Resources	`IncreaseDecreaseInDueToAffiliates`	$-660.00K	USD	1 Quarter
Accounts payable-Antero Resources	`IncreaseDecreaseInDueToAffiliates`	$230.00K	USD	1 Quarter
Accounts payable-third party	`IncreaseDecreaseInAccountsPayable`	$13.76M	USD	1 Quarter
Accounts payable-third party	`IncreaseDecreaseInAccountsPayable`	$2.06M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.14M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$1.33M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$184.66M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$182.72M	USD	1 Quarter
Acquisition of gathering systems and facilities	`PaymentsToAcquireProductiveAssets`	$263.00K	USD	1 Quarter
Cash received in asset sale	`ProceedsFromSaleOfProductiveAssets`	$121.00K	USD	1 Quarter
Cash received in asset sale	`ProceedsFromSaleOfProductiveAssets`	$1.07M	USD	1 Quarter
Change in other assets	`IncreaseDecreaseInOtherNoncurrentAssetsInvestingActivities`	$2.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-42.15M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-84.15M	USD	1 Quarter
Dividends to common stockholders	`PaymentsOfDividendsCommonStock`	$108.15M	USD	1 Quarter
Dividends to common stockholders	`PaymentsOfDividendsCommonStock`	$107.70M	USD	Point-in-time
Dividends to common stockholders	`PaymentsOfDividendsCommonStock`	$108.36M	USD	Point-in-time
Dividends to common stockholders	`PaymentsOfDividendsCommonStock`	$109.30M	USD	Point-in-time
Dividends to common stockholders	`PaymentsOfDividendsCommonStock`	$108.36M	USD	1 Quarter
Dividends to common stockholders	`PaymentsOfDividendsCommonStock`	$107.67M	USD	Point-in-time
Dividends to common stockholders	`PaymentsOfDividendsCommonStock`	$108.15M	USD	Point-in-time
Dividends to preferred stockholders	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$138.00K	USD	1 Quarter
Dividends to preferred stockholders	`PaymentsOfDividendsPreferredStockAndPreferenceStock`	$138.00K	USD	1 Quarter
Payments of deferred financing costs	`PaymentsOfFinancingCosts`	$302.00K	USD	1 Quarter
Borrowings (repayments) on bank credit facilities, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$9.40M	USD	1 Quarter
Borrowings (repayments) on bank credit facilities, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$-30.90M	USD	1 Quarter
Employee tax withholding for settlement of equity compensation awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.33M	USD	1 Quarter
Employee tax withholding for settlement of equity compensation awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.17M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-140.57M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-100.52M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	-	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	-	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$40.68M	USD	1 Quarter
Cash paid during the period for interest	`InterestPaidNet`	$50.34M	USD	1 Quarter
Increase (decrease) in accrued capital expenditures and accounts payable for property and equipment	`ChangeInCapitalExpendituresIncurredButNotYetPaid`	$-9.35M	USD	1 Quarter
Increase (decrease) in accrued capital expenditures and accounts payable for property and equipment	`ChangeInCapitalExpendituresIncurredButNotYetPaid`	$10.39M	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$2.26B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.18B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.29B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.19B	USD	Point-in-time
Balance (shares)	`CommonStockSharesOutstanding`	478.64M	shares	Point-in-time
Balance (shares)	`CommonStockSharesOutstanding`	478.50M	shares	Point-in-time
Dividends to stockholders	`AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings`	$108.50M	USD	1 Quarter
Dividends to stockholders	`AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings`	$108.29M	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.83M	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$6.33M	USD	1 Quarter
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.33M	USD	1 Quarter
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-1.17M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$80.04M	USD	1 Quarter
Net income and comprehensive income	`ProfitLoss`	$86.51M	USD	1 Quarter
Balance	`StockholdersEquity`	$2.26B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.18B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.29B	USD	Point-in-time
Balance	`StockholdersEquity`	$2.19B	USD	Point-in-time
Balance (shares)	`CommonStockSharesOutstanding`	478.64M	shares	Point-in-time
Balance (shares)	`CommonStockSharesOutstanding`	478.50M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.