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- **Revenue Growth & Expansion**: Acquired $260M in assets, adding 10 locations and driving 10% EBITDA growth. Water infrastructure expansion supports liquids-rich growth.
- **Dry Gas Optionality**: First dry gas pad in a decade highlights low-capital development potential, with 150,000 acres of underutilized infrastructure.
- **Financial Strength**: 94% free cash flow growth, 2.7x leverage, and $870M liquidity. 50-50 capital allocation between buybacks and debt reduction.
- **In-Basin Innovation**: Exploring behind-the-meter power and data center partnerships, with Sherwood complex as a key test case.

**【CEO Summary Section】**
- **Strategic Investments in Core Assets**: Acquired $260 million in assets in the Marcellus Shale, adding 10 new locations and bringing year-to-date dedicated locations to 80. Capital investment of $51 million (75% of annual budget) focused on water infrastructure expansion, unlocking low-cost inventory in the liquids-rich corridor.
- **Dry Gas Development Initiative**: Drilled first dry gas pad in over a decade on underutilized West Virginia infrastructure, positioning for in-basin demand growth (e.g., data centers, power generation). This project highlights AM's ability to deliver rapid, low-capital development with attractive returns.
- **Organic Growth Momentum**: AR's grassroots leasing program and asset acquisitions are driving AM's infrastructure expansion, aligning with long-term natural gas demand trends.

**【CFO Financial Commentary】**
- **Strong Financial Performance**: Adjusted EBITDA rose 10% YoY to $281 million, driven by 5% gathering volume growth and 30% fresh water delivery volume increase. Free cash flow after dividends surged 94% YoY to $78 million.
- **Balance Sheet Strength**: Reduced debt by $175 million, lowering leverage to 2.7x. Refinanced $500 million in 2027 notes to 2033 at 5.75%, extending maturity and maintaining liquidity at $870 million. Share buybacks and debt reduction remain priorities, with a 50-50 capital allocation target.

**【Q&A Key Highlights】**
- **In-Basin Demand Opportunities**: Discussed behind-the-meter power generation at AR's Sherwood complex to reduce costs and free up grid capacity. Also exploring data center partnerships leveraging AM's $600 million water infrastructure. Hurdles include equipment availability and regulatory approvals.
- **Capital Efficiency**: New dry gas pad requires minimal incremental investment ($1 million/well), demonstrating AM's ability to leverage existing infrastructure for low-capital growth. AR plans to test dry gas economics amid favorable gas/oil price dynamics.
- **Shareholder Returns**: CFO reaffirmed commitment to balanced capital allocation (50% debt reduction, 50% buybacks), with a focus on maintaining leverage below 3x while returning $1.5 billion to shareholders since 2023.

Antero Midstream Corporation (AM) Q3 2025 Earnings Call Transcript

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