Antero Midstream Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, showing a modest increase in revenue and profitability compared to the previous fiscal period. Total revenue for the three months ended September 30, 2024, was $269.9 million, a 2% increase from $263.8 million in the same period of 2023. For the nine months ended September 30, 2024, revenue rose to $818.7 million, up from $781.6 million in 2023, reflecting a 5% increase.
The company's gathering and compression revenue from Antero Resources, its primary customer, contributed significantly to this growth. For the three months ended September 30, 2024, gathering and compression revenue was $234.8 million, compared to $215.0 million in the prior year, marking an increase of 9%. However, water handling revenue decreased to $44.3 million from $58.1 million, a decline of 24%, primarily due to reduced delivery volumes.
Operating income for the third quarter of 2024 was $162.4 million, slightly up from $162.3 million in the same quarter of 2023. For the nine-month period, operating income increased to $481.4 million from $456.2 million. Net income for the third quarter of 2024 was $99.7 million, compared to $97.8 million in the prior year, while net income for the nine months rose to $289.7 million from $271.3 million.
The company’s total assets decreased to $5.74 billion as of September 30, 2024, from $5.78 billion at the end of 2023. Long-term debt increased to $3.21 billion, up from $3.17 billion, reflecting ongoing financing activities, including the issuance of $600 million in senior notes in January 2024. The company also acquired Marcellus gas gathering and compression assets for $70 million in May 2024, which included 48 miles of high-pressure gathering pipelines and two compressor stations.
Operating expenses for the third quarter increased to $107.4 million from $101.5 million, driven by higher general and administrative costs and equity-based compensation expenses. The company declared a cash dividend of $0.225 per share for the quarter, payable on November 6, 2024.
Overall, Antero Midstream's performance reflects a strategic focus on enhancing its asset base and managing costs while navigating a challenging market environment characterized by fluctuating commodity prices.
About Antero Midstream Corp
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