Antero Midstream Corporation (NYSE:AM) Q1 2024 Results Conference Call April 25, 2024 12:00 PM ET

Company Participants

Justin Agnew - Vice President of Finance and Investor Relations
Paul Rady - Chairman, CEO and President of Antero Resources and Antero Midstream
Brendan Krueger - CFO of Antero Midstream
Michael Kennedy - CFO of Antero Resources and Director of Antero Midstream

Conference Call Participants

Naomi Marfatia - UBS
John Mackay - Goldman Sachs
Zack Van Everen - TPH & Company
Ned Baramov - Wells Fargo

Operator

Greetings, and welcome to Antero Midstream First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Justin Agnew, Vice President of Finance and Investor Relations.

Justin Agnew

Good morning, and 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 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, CEO and President 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. Good morning, everyone. In my comments, I will discuss our capital projects completed in the first quarter, operational efficiencies in our water business and AR's peer-leading free cash flow breakeven costs. Brendan will then go through our first quarter results, which set multiple company records.

Let's start with Slide number 3 titled Continued Asset Optimization. At the end of the first quarter, we placed our Grays Peak, compressor station in service as depicted in the light blue outline on the north part of our map. The station was the second compressor station that utilize relocated compressor units, which resulted in approximately $15 million in capital savings.