HOUSTON, TEXAS (Editors at Energy Analytics Institute, 12.Feb.2025) — Antero Midstream Corporation, which owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets, reveal financial guidance for 2025.
In 2025, Antero is forecasting net income of $445mn-$485mn and adjusted net income (adjusted for amortization of customer relationships and effective tax rate impact) of $500mn-$540mn, Antero revealed 12 Feb. 2025 in an official statement.
In terms of adjusted EBITDA, the company is forecasting $1.08bn-$1.12bn, which represents a 5% increase compared to 2024 at the midpoint. Growth in adjusted EBITDA “is driven by low-single digit year-over-year throughput growth and inflation adjustments to Antero Midstream’s fixed fees. Antero Midstream expects to service 70 to 75 wells with its fresh water delivery system, with the wells having an average lateral length of approximately 13,200 feet,” the company said.
Antero’s 2025 guidance includes $135mn-$145mn of combined distributions from its interests in the processing and fractionation joint venture with MPLX, LP and in Stonewall Gathering LLC.
Antero’s is forecasting a capital budget of $170mn-$200mn. The midpoint of the 2025 capital budget includes $85mn of investment in gathering and compression infrastructure for low pressure gathering connections and compression. Antero Midstream has also budgeted $85mn for water infrastructure in 2025, primarily focused on the expansion to the southern Marcellus liquids-rich midstream corridor. Said investment in wastewater blending and pipeline infrastructure creates 1 integrated water system in the Marcellus Shale, allowing for future capital efficient development across the entire liquids-rich midstream corridor.
Antero is also budgeting $10mn-$15mn of capital contributions to the Stonewall Joint Venture to increase its capacity.
Antero is forecasting free cash flow before dividends of $690mn-$730mn and free cash flow after dividends of $250mn-$300mn for 2025, assuming an annualized dividend of $0.90 per share. This represents a 10% increase in free cash flow after dividends at the midpoint of guidance compared to 2024.
____________________
By Editors at Energy Analytics Institute. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
