Antero Midstream Corporation (NYSE:AM) Q4 2022 Results Conference Call February 16, 2023 12:00 PM ET

Company Participants

Justin Agnew - Finance Director

Paul Rady - Chairman, CEO

Brendan Krueger - CFO

Conference Call Participants

Jeremy Tonet - JP Morgan

John Mackay - Goldman Sachs

Operator

Hello, and welcome to the Antero Midstream Fourth Quarter 2022 Earnings Conference Call and Webcast. [Operator Instructions]. As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to your host, Justin Agnew. Please go ahead, Justin.

Justin Agnew

Good morning, and thank you for joining us on Antero Midstream's fourth 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 www.anteromidstream.com, where we have provided a separate earnings call presentation that will be reviewed during today's call.

Today's call may also contain certain non-GAAP financial measures. Please refer to our earnings press release for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures.

Joining me on the call today are Paul Rady, Chairman and CEO of Antero Resources and Antero Midstream; Brendan Krueger, CFO of Antero Midstream; and Michael Kennedy, CFO of Antero Resources and Director of Antero Midstream.

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

Paul Rady

Thanks, Justin. 2022 was an exceptional year for Antero Midstream. Despite the inflationary environment, we delivered capital expenditures below guidance and EBITDA at the high-end of guidance We completed two bolt-on, free cash flow accretive, strategic acquisitions that extended our dedicated underlying inventory to over two decades.

With these achievements, Antero Midstream is in the strongest financial position, since its IPO with a very attractive 5-year outlook. I'll begin my formal remarks on Slide number 3 titled, Delivering Consistent Returns on Invested Capital. In our 2022, capital expenditures, we were at $265 million below our guidance range of $275 million to $300 million and approximately flat year-over-year.

This is a tremendous achievement by our midstream planning and procurement teams to deliver these results in the inflationary environment that we are in today. I'd also like to highlight a midstream operations team that maintained asset uptime availability of over 99% in 2022 This exemplary performance contributed to our strong financial results for the year and allowed us to return -- to deliver return on invested capital of 17% in 2022.