Antero Midstream Corporation (AM) 2026 Q1 法說會逐字稿

Greetings and welcome to the Antero Midstream Corporation first-quarter 2026 earnings call.

各位好，歡迎參加 Antero Midstream Corporation 2026 年第一季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Dan Katzenberg, Vice President of Investor Relations. Thank you. You may begin.

現在我很榮幸介紹投資人關係副總裁 Dan Katzenberg。謝謝。您可以開始了。

Thank you for joining us for Antero Midstream's first-quarter investor conference call. We'll spend a few minutes going through the financial and operating highlights, and then we'll open it up for Q&A. I would also like to direct you to the homepage of our website at anteromidstream.com, where we have provided a separate earnings call presentation that will be reviewed during today's call. Today's call may contain certain non-GAAP financial measures. Please refer to our earnings press release for important disclosures regarding such measures.

感謝各位參加 Antero Midstream 第一季投資人電話會議。我們將花幾分鐘回顧財務與營運重點，接著開放問答。我也想請各位前往我們網站首頁 anteromidstream.com，我們已提供一份獨立的財報電話會議簡報，將在今天的會議中一併說明。今天的會議可能包含某些非 GAAP 財務衡量指標。關於此類衡量指標的重要揭露，請參閱我們的財報新聞稿。

Joining me on the call today are Michael Kennedy, CEO and President of Antero Midstream; Justin Agnew, CFO of Antero Midstream; and Brendan Krueger, CFO of Antero Resources.

今天與我一同參與電話會議的有：Antero Midstream 執行長兼總裁 Michael Kennedy；Antero Midstream 財務長 Justin Agnew；以及 Antero Resources 財務長 Brendan Krueger。

With that, I'll turn the call over to Mike.

接下來我把電話交給 Mike。

Thanks, Dan. Good morning, everyone. I'll start my comments in slide number 3. The first quarter of 2026 was an exciting quarter for Antero Midstream as we continue to make progress on our strategic initiatives. We successfully navigated adverse winter weather conditions and delivered another quarter of EBITDA and free cash flow growth. In addition, we closed the company's largest acquisition to date in February, which was ahead of our initial expectations.

謝謝，Dan。各位早安。我將從第 3 頁投影片開始。2026 年第一季對 Antero Midstream 而言是令人振奮的一季，我們持續推進策略性計畫。我們成功因應不利的冬季天候，並再度交出 EBITDA 與自由現金流成長的一季。此外，我們在 2 月完成公司迄今最大的一筆收購，且進度早於我們最初的預期。

These achievements highlight two of Antero Midstream's greatest strengths, a world-class asset base and the lowest-cost basin in North America and hard work and dedication from our team. As we look ahead, recent geopolitical events and data center announcements highlight the significant demand growth for US Energy, both domestic and abroad.

這些成果凸顯 Antero Midstream 兩項最重要的優勢：世界級的資產基礎、位於北美成本最低的盆地，以及團隊的努力與投入。展望未來，近期地緣政治事件與資料中心相關公告，凸顯美國能源在國內與海外皆有顯著的需求成長。

Given this outlook, we are focused on enhancing connectivity within our operating areas, particularly in the dry gas area and the newly acquired assets, and providing cost-effective, integrated solutions for this demand growth. Our balance sheet scale and integrated planning with our investment-grade producer position us well to capitalize on these growth opportunities.

基於此一展望，我們專注於強化營運區域內的連通性，特別是在乾氣區域以及新收購的資產，並為這波需求成長提供具成本效益的一體化解決方案。我們的資產負債表規模，以及與具投資等級的上游生產商之整合式規劃，使我們能夠把握這些成長機會。

Now let's move on to slide number 4 to highlight some of our 2026 growth projects. At the end of the first quarter, we commissioned our dry gas compression expansion depicted on the right-hand side of the page. This station utilized relocated and repurposed units to support our first dry gas Marcellus pad in over a decade.

現在請看第 4 頁投影片，重點說明我們 2026 年的一些成長專案。第一季末，我們啟用頁面右側所示的乾氣壓縮擴建案。該站採用搬遷並再利用的機組，以支援我們十多年來第一個乾氣 Marcellus 井場。

During the first quarter, we also commenced our initial water system integration efforts. This capital investment to connect Antero Midstream's water system to the acquired water system is on track to be completed by year-end and will allow AM to begin servicing completions on the acquired assets in 2027.

第一季期間，我們也啟動了初步的水系統整合作業。這項資本投資用於將 Antero Midstream 的水系統與收購而來的水系統連接，預計可如期於年底前完成，並使 AM 能在 2027 年開始為收購資產的完井作業提供服務。

Today, there are currently three rigs running on AM dedicated acreage. One on the rich gas system, one in the dry gas system and one on the acquired blended system. This balanced and consistent development program delivers low-cost volume growth and is expected to drive high single-digit EBITDA growth for the foreseeable future.

目前在 AM 專屬租賃區共有三座鑽機運作：一座在富氣系統、一座在乾氣系統，另一座在收購而來的混合系統。這項均衡且穩定的開發計畫帶來低成本的產量成長，預期在可預見的未來將推動 EBITDA 達到高個位數成長。

In summary, we're off to a great start in 2026, executing our capital-efficient growth plan. Beyond our base business, we continue to be active in opportunities to further extend and enhance that growth outlook to support the increasing demand for natural gas.

總結而言，我們在 2026 年有一個很好的開局，正執行我們具資本效率的成長計畫。除核心業務外，我們也持續積極尋找機會，以進一步延伸並強化成長展望，支援天然氣需求的增加。

With that, I'll turn the call over to Justin.

接下來我把電話交給 Justin。

Thanks, Mike. I'll start with our first quarter highlights in slide number 5. During the first quarter, we took over operations of our newly acquired assets right in the middle of winter storm deferred. As you can see from our results, we did not experience any outages during the storm. Highlighting the benefit of integrated planning and communication between the upstream and midstream businesses.

謝謝，Mike。我將從第 5 頁投影片的第一季重點開始。第一季期間，我們在冬季風暴延後影響的正中間接手新收購資產的營運。從結果可見，我們在風暴期間沒有發生任何停運，凸顯上游與中游業務之間整合式規劃與溝通所帶來的效益。

Adjusted EBITDA for the first quarter was $288 million, which was a 5% increase year over year, driven by an increase in gathering, compression and processing volumes. During the quarter, we generated $192 million of free cash flow before dividends and $85 million of free cash flow after dividends, which was an 8% increase year over year.

第一季調整後 EBITDA 為 2.88 億美元，年增 5%，主要受集輸、壓縮與處理量增加所帶動。本季我們在股利發放前產生 1.92 億美元自由現金流，在股利發放後產生 8,500 萬美元自由現金流，年增 8%。

This cash flow was used to finance a portion of the acquisition and opportunistically repurchase shares on the open market. Importantly, even after a $1.1 billion acquisition and share repurchases, we exited the quarter with leverage in the low 3 times range with over $800 million of liquidity.

這些現金流用於為收購案提供部分資金，並在公開市場伺機回購股份。重要的是，即使在完成 11 億美元收購並進行股份回購之後，我們在季末的槓桿仍維持在 3 倍出頭的區間，且流動性超過 8 億美元。

Looking ahead to the next few quarters, we expect an increase in capital expenditures as we take advantage of improved construction season conditions in line with our full-year budget. In addition, we expect to see gradual EBITDA growth throughout the year, driven by increasing gathering and freshwater delivery volumes. This cash flow profile results in declining leverage throughout the year towards 3.0 times at year-end 2026, in line with our long-term target.

展望未來幾季，隨著施工季節條件改善、並符合我們全年預算，我們預期資本支出將增加。此外，我們預期 EBITDA 將在全年逐步成長，主要由集輸量與淡水輸送量增加所帶動。此一現金流輪廓將使槓桿在全年持續下降，並於 2026 年底朝 3.0 倍邁進，符合我們的長期目標。

In summary, we continue to build on the growth and momentum from our organic investments in accretive acquisitions. These results place us on track to achieve our 2026 guidance, which remains unchanged and position us well for capital-efficient growth over the next several years.

總結而言，我們持續在具增值性的收購中，延續並強化來自有機投資的成長與動能。這些成果使我們有望達成 2026 年的指引（維持不變），並讓我們在未來數年具備以資本效率推動成長的良好定位。

With that, operator, we are ready to take questions.

那麼，接線員，我們已準備好開始回答問題。

Thank you. And at this time, we will conduct our question-and-answer session.

謝謝。此時我們將進行問答環節。

(Operator Instructions)

（接線員指示）

John Mackay, Goldman Sachs.

John Mackay，高盛。

Hey, guys. Thank you for the time. Maybe we'll start on the kind of in-basin demand side of things. There's a couple of projects floating around a lot of eyeballs on Monarch, et cetera. I know you guys are kind of too early, and you touched on this in the AR call as well. But do you mind kind of just framing up of what you guys could see the opportunities set for AM, looking like here again? And if you want to use a generic kind of EBITDA per gigawatt or anything like that, just kind of frame us up how you're thinking about the AM side of things here?

嗨，各位。謝謝你們撥冗。也許我們先從盆地內需求端談起。有幾個專案正在推進，很多人都在關注 Monarch 等等。我知道你們現在可能還太早，你們在 AR 的電話會議上也提到過。不過你們介意先幫我們框架一下，你們再次看到 AM 的機會集合在這裡可能會是什麼樣子嗎？如果你們想用一個比較通用的指標，比如每吉瓦的 EBITDA 之類的，也可以；請大致說明一下你們目前對 AM 這一塊的思考方式？

Yeah, we're not going to use a generic metric there, but AM is participating in all of those because the vast majority of these need some infrastructure, laterals off existing pipe that Brendan talked about, water, some sort of infrastructure build out from the existing infrastructure and AM's got its seat at the table of all those discussions because, like I mentioned, we are the industrial builder of Northern West Virginia.

是的，我們不會在這裡使用通用指標。不過 AM 正在參與所有這些專案，因為其中絕大多數都需要一些基礎設施——Brendan 談到的從既有管線分出的支線、供水，以及某種從現有基礎設施延伸的建設。AM 在所有這些討論中都有一席之地，因為如我提到的，我們是西維吉尼亞州北部的工業建設者。

We've built all this infrastructure. It's all been a greenfield expansion for us from gathering, compression, processing, and watering built out the whole system here. So we are the builder of choice and that's part of the attraction of what AR and AM bring is integrated development between upstream and midstream, we have the resource and we have the ability to build the infrastructure.

我們已經建了所有這些基礎設施。對我們而言，從集輸、壓縮、處理到供水，整個系統都是從零開始的綠地擴張。因此我們是首選的建設方；而 AR 與 AM 的吸引力之一就在於上游與中游的一體化開發——我們有資源，也有能力建設基礎設施。

Maybe just to clarify, any sense you guys could give on just kind of how long of a timeline would be needed to kind of support a larger project?

我想再確認一下，你們能否就支援較大型專案大概需要多長的時間線，給我們一些概念？

Well, we're mainly talking about everything in state, so it wouldn't be that long of a timeline. It would just be our typical kind of high-pressure build in year one, two, three, not five years out.

嗯，我們主要談的是州內的所有項目，所以時間線不會太長。大致就是我們典型的高壓管線建設節奏，在第一年、第二年、第三年完成，而不是要拖到五年之後。

Thanks. And the second question for me, you guys mentioned the kind of high-single-digit growth target. Could you just frame that up a little bit around what that implies for AR's underlying growth? AR kind of came out with a kind of higher growth pace on the last quarter call, just trying to figure out where that shakes and then again, kind of what the AM algorithm off that is? Thanks.

謝謝。我的第二個問題是，你們提到高個位數成長目標。你們能否再框架一下，這對 AR 的內生成長意味著什麼？AR 在上一季的電話會議上提出了較高的成長步調，我只是想了解這之間如何對應，然後同樣地，AM 在此基礎上的演算法（成長邏輯）是什麼？謝謝。

That's off the base business. You get to the high single-digit just from integrating the water system in '27. So just servicing ARs from a water perspective gets you that high single-digit. If AR actually does pursue three rigs, two completions and doesn't build stocks and actually completes those, you'd be in excess of that high single-digit EBITDA growth in '27 and '28.

那是基礎業務帶來的。僅僅在 2027 年把供水系統整合進來，你就能達到高個位數。也就是說，從供水角度服務 AR，就能帶來那個高個位數。如果 AR 真的推進三部鑽機、兩套完井隊，且不累積庫存、而是實際把那些井完井，那麼在 2027 年和 2028 年，你的 EBITDA 成長將會超過高個位數。

I appreciate that. Thank you.

了解。謝謝。

(Operator Instructions)

（接線員指示）

Ivan Scotto, UBS.

Ivan Scotto，瑞銀。

Hi, team. Thanks for taking the question. I wanted to ask for any additional color you have on how much capital is needed to fully integrate the acquired HG assets and also how far along that process do you think you are at this point?

各位好，謝謝讓我提問。我想請教你們是否能提供更多細節：要把收購的 HG 資產完全整合，還需要多少資本？以及你們認為目前整合進度大概到哪個階段？

I think it's $25 million, probably a halfway through like I mentioned that the water system we mentioned that in the first quarter that will be done by year-end. The gathering system was almost already fully integrated, I think it was $5 million to connect that. It's really around the water and we're in the midst of it and should be completed by year-end.

我認為大概是 2,500 萬美元；如我提到的，進度大概完成一半。供水系統方面，我們在第一季也提到，會在年底前完成。集輸系統幾乎已經完全整合，我想連接那部分大概是 500 萬美元。主要是在供水這塊，我們正在進行中，應該會在年底前完成。

Okay, great. And then just looking forward, where do you feel that most of your opportunity set is for incremental returns in the future?

好的，很好。那麼往前看，你覺得未來你們取得增量回報的最大機會集合會在哪裡？

I think it's around these data center, local power projects. Our base business delivers very high rates of return. I think it's in the high 10s, 20% return on investment capital on the base, and we've got that fully mapped out. We've built the whole backbone of the system, the whole water pipes, the large gathering system that we've got.

我認為是在這些資料中心、在地電力專案周邊。我們的基礎業務能帶來非常高的回報率；我認為在基礎業務上，投資資本回報率大概在十幾到二十幾個百分點，而且我們已經把它完整規劃好了。我們已建成整個系統的骨幹、整套供水管線，以及我們擁有的大型集輸系統。

I think the incremental returns will just be building off of that and building off of our relationship with AR and our own ability to build industrial projects in Northern West Virginia. That's kind of the next leg. The base is terrific, high-single-digit EBITDA growth. We've had quite some time and will going forward, but incremental growth and returns from that will be from these local demand projects.

我認為增量回報就是在此基礎上持續延伸建設，並依託我們與 AR 的合作關係，以及我們自身在西維吉尼亞州北部建設工業專案的能力。這就是下一階段。基礎面非常好，EBITDA 高個位數成長；我們已經維持了相當一段時間，未來也會持續。但在此之上的增量成長與回報，將來自這些在地需求專案。

Okay, great. Thank you.

好的，很好。謝謝。

Thank you. And ladies and gentlemen, there appears to be no additional requests for questions at this time, so I'll hand the floor back to our management team for closing remarks. Thank you.

謝謝。各位女士、先生，目前似乎沒有其他提問需求，因此我將把時間交還給管理團隊作結語。謝謝。

Thank you for joining us on today's earnings conference call. Please feel free to reach out with any further questions. Have a good day.

感謝各位參加今天的財報電話會議。如有任何進一步問題，歡迎隨時與我們聯繫。祝各位有美好的一天。

Thank you. And that concludes today's call. All participants may disconnect.

謝謝。今天的電話會議到此結束。所有與會者可以斷線。