Strong Financial Performance
Adjusted EBITDA increased by 10% year-over-year to $281 million, driven by increases in gathering, processing, and fresh water delivery volumes. Free cash flow after dividends rose by 94% compared to last year.
Successful Capital Investment
During the third quarter, Antero Midstream invested $51 million, bringing the year-to-date total to $133 million, approximately 75% of the total budget at the midpoint of guidance.
Balance Sheet Improvement
Reduced absolute debt by approximately $175 million and leverage by almost 0.5 turn. Refinanced nearest maturity notes to 2033 with a credit ratings upgrade from Moody's.
Expansion in Marcellus Shale
AR acquired approximately $260 million of assets in the core area, resulting in 10 additional locations dedicated to Antero Midstream and a total of 80 locations acquired year-to-date.