The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Noah Katz - JP Morgan Chase & Co. - Analyst
: This is Noah Katz on for Jeremy. First, I wanted to touch on the impact to AM's results from AR announcing the deferral of completion on the one
pad from '24 into '25 and then the deferral of the second pad from early '25 into the latter part of the year. Can you size the impact towards the
end of '24 and into '25?
Question: Noah Katz - JP Morgan Chase & Co. - Analyst
: Thanks for that. And then going off of that question, with the nine wells being serviced in 3Q, it looks like AM has serviced 45 wells so far this year.
So to hit the guide of 52 to 57, I think you'd have to service between 7 to 12 wells in 4Q. If there was another completion crew added, what are
your guys' expectations on how many more water wells you could potentially service in total? Thanks.
Question: Noah Katz - JP Morgan Chase & Co. - Analyst
: Got it. Thank you.
Question: Naomi Marfatia - UBS - Analyst
: Hi, good morning. Just as a follow-up to one of the earlier questions, maybe to look ahead to '25, given some of the deferrals in AR activity, along
with the dropping of a completion crew and a rig in '24. Just kind of wondering if you could kind of characterize some of the drivers of growth
Question: Naomi Marfatia - UBS - Analyst
: Great, thanks. Just as a follow-up, I think, on the Veolia payment, your 10-Q had a small update. So just wondering what are the signposts and how
is management thinking about the potential use of proceeds?
Question: Naomi Marfatia - UBS - Analyst
: Thanks that's helpful. I'll leave it there.
Question: John Mackay - Goldman Sachs - Analyst
: Hey, thanks for the time. I just want to pick up on a couple of these pointing to getting below 3x in the fourth quarter. I guess, how much of that
is driven by your confidence in kind of CapEx coming down and the free cash flow looking better that way versus this kind of implied EBITDA
step-up just because we've talked about a couple of moving pieces. And should that mean we could start to see buybacks this quarter? Thanks.
Question: John Mackay - Goldman Sachs - Analyst
: And I guess if we're looking at the implied CapEx budget for fourth quarter, I mean, again, you've talked about some of the moving pieces. But like
how do we take that and think about what maybe like a run rate CapEx could look like in, let's say, '25 going forward?
Question: John Mackay - Goldman Sachs - Analyst
: Great. Thanks for your time.
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OCTOBER 31, 2024 / 4:00PM, AM.N - Q3 2024 Antero Midstream Corp Earnings Call
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