Company Quick10K Filing
Antero Midstream GP
Price11.06 EPS-0
Shares506 P/E-30
MCap5,601 P/FCF13
Net Debt2,658 EBIT-219
TEV8,259 TEV/EBIT-38
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-28
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-10-31
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-06-02
8-K 2020-11-10 Off-BS Arrangement, Exhibits
8-K 2020-11-05 Other Events, Exhibits
8-K 2020-10-28 Earnings, Exhibits
8-K 2020-08-25 Regulation FD
8-K 2020-08-12 Regulation FD
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-06-17
8-K 2020-05-12
8-K 2020-04-29
8-K 2020-03-26
8-K 2020-03-24
8-K 2020-03-23
8-K 2020-02-12
8-K 2019-12-16
8-K 2019-12-08
8-K 2019-12-03
8-K 2019-11-06
8-K 2019-10-29
8-K 2019-09-18
8-K 2019-08-12
8-K 2019-07-31
8-K 2019-07-01
8-K 2019-06-28
8-K 2019-06-25
8-K 2019-06-17
8-K 2019-06-10
8-K 2019-05-31
8-K 2019-05-14
8-K 2019-05-01
8-K 2019-04-15
8-K 2019-04-05
8-K 2019-04-01
8-K 2019-03-12
8-K 2019-03-08
8-K 2019-03-04
8-K 2019-02-20
8-K 2019-02-20
8-K 2019-02-14
8-K 2019-02-13
8-K 2019-02-05
8-K 2019-01-31
8-K 2019-01-08
8-K 2019-01-02
8-K 2018-11-06
8-K 2018-11-01
8-K 2018-10-31
8-K 2018-10-31
8-K 2018-10-09
8-K 2018-10-09
8-K 2018-08-01
8-K 2018-05-09
8-K 2018-04-26
8-K 2018-04-25
8-K 2018-04-13
8-K 2018-02-26
8-K 2018-02-13
8-K 2018-01-17

AMGP 10Q Quarterly Report

Part I - Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6.Exhibits
EX-10.1 amgp-20200930xex10d1.htm
EX-31.1 amgp-20200930xex31d1.htm
EX-31.2 amgp-20200930xex31d2.htm
EX-32.1 amgp-20200930xex32d1.htm
EX-32.2 amgp-20200930xex32d2.htm
EX-99.1 amgp-20200930xex99d1.htm

Antero Midstream GP Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02017201820192020
Assets, Equity
0.30.20.1-0.1-0.2-0.32016201720182020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22017201820192020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                   

Commission file number: 001-38075

Graphic

ANTERO MIDSTREAM CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

61-1748605

(State or other jurisdiction of
incorporation or organization)

(IRS Employer Identification No.)

1615 Wynkoop Street
Denver, Colorado

80202

(Address of principal executive offices)

(Zip Code)

(303357-7310

(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01

AM

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)  Yes   No

The registrant had 476,639,002 shares of common stock outstanding as of October 23, 2020.

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TABLE OF CONTENTS

1

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Some of the information in this Quarterly Report on Form 10-Q may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical fact, included in this Quarterly Report on Form 10-Q, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. Words such as “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. When considering these forward-looking statements, investors should keep in mind the risk factors and other cautionary statements in this Quarterly Report on Form 10-Q. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include:

Antero Resources Corporation’s (“Antero Resources”) expected production and development plan;
impacts to producer customers of insufficient storage capacity;
our ability to execute our business strategy;
our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, expansion projects, working capital requirements and the repayment or refinancing of indebtedness;
our ability to realize the anticipated benefits of our investments in unconsolidated affiliates;
natural gas, natural gas liquids (“NGLs”), and oil prices;
impacts of world health events, including the coronavirus (COVID-19) pandemic;
our ability to complete the construction of or purchase new gathering and compression, processing, water handling or other assets on schedule, at the budgeted cost or at all, and the ability of such assets to operate as designed or at expected levels;
our ability to execute our share repurchase program;
competition and government regulations;
actions taken by third-party producers, operators, processors and transporters;
pending legal or environmental matters;
costs of conducting our operations;
general economic conditions;
credit markets;
operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control;
uncertainty regarding our future operating results; and
our other plans, objectives, expectations and intentions contained in this Quarterly Report on Form 10-Q.

We caution investors that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, commodity price volatility, inflation, environmental risks, Antero Resources’ drilling and completion and other operating risks,

2

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regulatory changes, the uncertainty inherent in projecting Antero Resources’ future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic, potential shut-ins of production by producers due to lack of downstream demand or storage capacity, and the other risks described or referenced under the heading “Risk Factors” herein, including the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”) and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, each of which is on file with the Securities and Exchange Commission (“SEC”).

Should one or more of the risks or uncertainties described or referenced in this Quarterly Report on Form 10-Q occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.

All forward-looking statements, expressed or implied, included in this Quarterly Report on Form 10-Q are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue.

Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q.

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PART I—FINANCIAL INFORMATION

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Balance Sheets

December 31, 2019 and September 30, 2020

(In thousands)

(Unaudited)

December 31,

September 30,

    

2019

   

2020

 

Assets

Cash and cash equivalents

$

1,235

2,393

Accounts receivable–Antero Resources

101,029

83,948

Accounts receivable–third party

4,574

3,599

Income tax receivable

17,547

Other current assets

1,720

521

Total current assets

108,558

108,008

Property and equipment, net

3,273,410

3,255,889

Investments in unconsolidated affiliates

709,639

728,325

Deferred tax asset

103,231

125,596

Customer relationships

1,498,119

1,445,108

Goodwill

575,461

Other assets, net

14,460

10,578

Total assets

$

6,282,878

5,673,504

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable–Antero Resources

$

3,146

2,429

Accounts payable–third party

6,645

19,920

Accrued liabilities

104,188

36,535

Contingent acquisition consideration

125,000

Other current liabilities

3,105

2,375

Total current liabilities

242,084

61,259

Long-term liabilities:

Long-term debt

2,892,249

3,121,817

Other

5,131

4,937

Total liabilities

3,139,464

3,188,013

Stockholders' Equity:

Preferred stock, $0.01 par value: 100,000 authorized at December 31, 2019 and September 30, 2020, respectively

Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding at both December 31, 2019 and September 30, 2020

Common stock, $0.01 par value; 2,000,000 authorized; 484,042 and 476,597 issued and outstanding at December 31, 2019 and September 30, 2020, respectively

4,840

4,766

Additional paid-in capital

3,480,139

3,021,275

Accumulated deficit

(341,565)

(540,550)

Total stockholders' equity

3,143,414

2,485,491

Total liabilities and stockholders' equity

$

6,282,878

5,673,504

See accompanying notes to unaudited condensed consolidated financial statements.

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ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended September 30, 2019 and 2020

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended September 30,

    

2019

    

2020

Revenue:

    

    

Gathering and compression–Antero Resources

$

175,719

190,214

Water handling–Antero Resources

96,939

61,001

Amortization of customer relationships

(28,863)

(17,800)

Total revenue

243,795

233,415

Operating expenses:

Direct operating

61,808

38,052

General and administrative (including $20,129 and $3,678 of equity-based compensation in 2019 and 2020, respectively)

30,595

13,232

Facility idling

1,512

2,527

Impairment of goodwill

43,759

Impairment of property and equipment

407,848

947

Impairment of customer relationships

5,871

Depreciation

24,460

26,801

Accretion and change in fair value of contingent acquisition consideration

1,977

Accretion of asset retirement obligations

54

39

Total operating expenses

577,884

81,598

Operating income (loss)

(334,089)

151,817

Interest expense, net

(36,134)

(34,501)

Equity in earnings of unconsolidated affiliates

18,478

23,173

Income (loss) before income taxes

(351,745)

140,489

Provision for income tax benefit (expense)

62,268

(34,982)

Net income (loss) and comprehensive income (loss)

$

(289,477)

105,507

Net income (loss) per share–basic

$

(0.57)

0.22

Net income (loss) per share–diluted

$

(0.57)

0.22

Weighted average common shares outstanding:

Basic

506,419

476,578

Diluted

506,419

478,694

See accompanying notes to unaudited condensed consolidated financial statements.

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ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Loss

Nine Months Ended September 30, 2019 and 2020

(Unaudited)

(In thousands, except per share amounts)

Nine Months Ended September 30,

    

2019

    

2020

Revenue:

    

    

Gathering and compression–Antero Resources

$

378,178

527,334

Water handling–Antero Resources

214,471

222,536

Water handling–third party

50

Amortization of customer relationships

(39,178)

(53,011)

Total revenue

553,521

696,859

Operating expenses:

Direct operating

140,788

128,847

General and administrative (including $53,095 and $9,713 of equity-based compensation in 2019 and 2020, respectively)

85,026

39,191

Facility idling

1,512

13,680

Impairment of goodwill

43,759

575,461

Impairment of property and equipment

408,442

90,030

Impairment of customer relationships

5,871

Depreciation

68,557

81,889

Accretion and change in fair value of contingent acquisition consideration

5,323

Accretion of asset retirement obligations

133

142

Loss on asset sale

240

Total operating expenses

759,411

929,480

Operating loss

(205,890)

(232,621)

Interest expense, net

(73,872)

(107,443)

Equity in earnings of unconsolidated affiliates

34,981

63,197

Loss before income taxes

(244,781)

(276,867)

Provision for income tax benefit

34,226

77,882

Net loss and comprehensive loss

$

(210,555)

(198,985)

Net loss per share–basic and diluted

$

(0.50)

(0.42)

Weighted average common shares outstanding:

Basic

423,296

478,831

Diluted

423,296

478,831

See accompanying notes to unaudited condensed consolidated financial statements.

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ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statement of Partners’ Capital and Stockholders’ Equity

Nine Months Ended September 30, 2019

(Unaudited)

(In thousands)

Common

Shares

Representing

Limited

Additional

Accumulated

Partner

Series B

Preferred

Common Stock

Paid-In

Earnings

Total

Interests

Unitholders

Stock

Shares

Amount

Capital

(Deficit)

Equity

Balance at December 31, 2018

    

$

(41,969)

    

72,830

    

    

    

$

    

    

    

30,861

Distributions to unitholders

(30,543)

(3,720)

(34,263)

Net (loss) and comprehensive (loss) pre-acquisition

(13,549)

(13,549)

Equity-based compensation pre-acquisition

7,034

7,034

Exchange of common shares for shares of common stock and cash consideration paid

79,027

(69,110)

506,641

5,066

4,002,898

4,017,881

Issuance of Series A non-voting perpetual preferred stock

Equity-based compensation post-acquisition

4,389

4,389

Net income and comprehensive income post-acquisition

23,197

23,197

Balance at March 31, 2019

506,641

5,066

4,007,287

23,197

4,035,550

Dividends to stockholders

(152,180)

(152,180)

Equity-based compensation

21,543

21,543

Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes

206

2

(1,830)

(1,828)

Net income and comprehensive income

69,274

69,274

Balance at June 30, 2019

506,847

$

5,068

3,874,820

92,471

3,972,359

Dividends to stockholders

(154,284)

(154,284)

Equity-based compensation

20,129

20,129

Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes

49

1

(179)

(178)

Repurchases and retirement of common stock

—    

(3,518)

(35)

(25,484)

(25,519)

Net loss and comprehensive loss

(289,477)

(289,477)

Balance at September 30, 2019

$

503,378

$

5,034

3,715,002

(197,006)

3,523,030

See accompanying notes to unaudited condensed consolidated financial statements.

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ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statement of Stockholders’ Equity

Nine Months Ended September 30, 2020

(Unaudited)

(In thousands)

Additional

Preferred

Common Stock

Paid-In

Accumulated

Total

Stock

Shares

Amount

Capital

Deficit

Equity

Balance at December 31, 2019

    

$

    

484,042

    

$

4,840

    

3,480,139

    

(341,565)

    

3,143,414

Dividends to stockholders

(149,014)

(149,014)

Equity-based compensation

3,338

3,338

Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes

43

(26)

(26)

Repurchases and retirement of common stock

(4,700)

(46)

(15,778)

(15,824)

Net loss and comprehensive loss

(392,933)

(392,933)

Balance at March 31, 2020

479,385

4,794

3,318,659

(734,498)

2,588,955

Dividends to stockholders

(147,656)

(147,656)

Equity-based compensation

2,697

2,697

Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes

311

4

(370)

(366)

Repurchases and retirement of common stock

(3,210)

(33)

(8,856)

(8,889)

Net income and comprehensive income

88,441

88,441

Balance at June 30, 2020

476,486

4,765

3,164,474

(646,057)

2,523,182

Dividends to stockholders

(146,802)

(146,802)

Equity-based compensation

3,678

3,678

Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes

111

1

(75)

(74)

Net income and comprehensive income

105,507

105,507

Balance at September 30, 2020

$

476,597

4,766

3,021,275

(540,550)

2,485,491

See accompanying notes to unaudited condensed consolidated financial statements.

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ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2019 and 2020

(Unaudited)

(In thousands)

Nine Months Ended September 30,

    

2019

    

2020

 

Cash flows provided by (used in) operating activities:

    

    

  

Net income (loss)

$

(210,555)

(198,985)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Distributions from Antero Midstream Partners LP, prior to the Transactions

43,492

Depreciation

68,557

81,889

Payment of contingent consideration in excess of acquisition date fair value

(8,076)

Accretion and change in fair value of contingent acquisition consideration

5,456

142

Impairment

458,072

665,491

Deferred income taxes

(34,226)

(21,425)

Equity-based compensation

53,095

9,713

Equity in earnings of unconsolidated affiliates

(34,981)

(63,197)

Distributions from unconsolidated affiliates

42,570

69,313

Amortization of customer relationships

39,178

53,011

Amortization of deferred financing costs

2,123

3,299

Settlement of asset retirement obligations

(1,517)

Loss on asset sale

240

Changes in assets and liabilities:

Accounts receivable–Antero Resources

38,331

17,081

Accounts receivable–third party

12

1,139

Income tax receivable

(17,547)

Other current assets

(1,788)

1,036

Accounts payable–Antero Resources

(503)

(717)

Accounts payable–third party

(3,635)

6,239

Income taxes payable

(15,678)

Accrued liabilities

(19,648)

(50,240)

Net cash provided by operating activities

429,872

546,889

Cash flows provided by (used in) investing activities:

Additions to gathering syst