Antero Midstream Corporation (NYSE:AM) Q1 2024 Earnings Call Transcript

Brendan Krueger: Yes. No, good question. I mean we did the — just to remind a little bit, we did issue some senior notes in January, paid off our revolver. If you look at our senior notes outstanding, just to the extent that it makes sense to repurchase notes versus having cash on the balance sheet, I think we’d certainly look to buy in bonds like you saw us do at the end of the quarter. But again, as we approach that 3x leverage target, then we’ll look at further return of capital on the debt pay down.

Ned Baramov: That makes sense. And then, it seems you guys completed a small acquisition of gathering systems and other facilities in the first quarter, not a material number relative to overall spending, but still it would be great to get some additional details on that purchase?

Brendan Krueger: Yes, we did purchase — it was a relatively actually sizable line, but just not much volume flowing through it. So, we paid $2 million for a nice asset that gives a lot of optionality to further capital savings. I think you’ve seen us over the years reuse compressor units. And then through some of the bolt-on acquisitions, we’ve been able to save on future capital use. I think that this is a good way to think about it. It’s an asset that doesn’t have much volume flowing through. We picked it up at a very attractive price, and we think it could be very helpful in terms of future capital savings down the road. So, we’ll provide probably further details down the road on that, but attractive piece of infrastructure to pick up at a very low price.

Operator: [Operator Instructions] There are no further questions at this time. I’d like to turn the call back over to Justin Agnew for brief closing comments.

Justin Agnew: Thank you, operator, and thank you to everybody who joined today’s call. Please feel free to reach out with any follow-up questions.

Operator: This concludes today’s conference. You may disconnect your lines at this time. we thank you for your participation.