Antero Midstream Corporation: Initiation Of Coverage – Can It Really Have Sustained Earnings in the Coming Years? 

Antero Midstream’s 2023 performance has been analytically described as financially and operationally successful, with record EBITDA earnings of $981 million and an 18% return on invested capital. Since the Initial Public Offering in 2014, EBITDA has shown robust growth, with an 18% compound annual growth rate, reflecting the company’s high-quality assets and operational success. The 2024 EBITDA is expected to reach an estimated midpoint of $1.04 billion from Antero Resources’ maintenance capital program.