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    John McKay

    Research Analyst at Goldman Sachs

    John Mackay is Vice President of Equity Research at Goldman Sachs, specializing in equity analysis across the general sector with a focus on companies such as Targa Resources (TRGP), Aris Water Solutions (ARIS), and Kinder Morgan (KMI). He has achieved a 63% success rate in his stock recommendations, generating an average return of 24.9% per transaction, including a standout trade with a 225.2% return on ARIS. John began his analyst career after earning degrees from Columbia Business School and Dartmouth College, previously serving in research roles at Credit Suisse before joining Goldman Sachs in April 2020. He is recognized for his strong analytical capabilities, leadership in equity research, and holds professional credentials in capital markets, derivatives, and financial modeling.

    John McKay's questions to Antero Midstream (AM) leadership

    John McKay's questions to Antero Midstream (AM) leadership • Q2 2025

    Question

    John McKay from Goldman Sachs inquired about Antero Midstream's potential role in emerging in-basin demand opportunities and questioned the capital allocation strategy between share buybacks and balance sheet improvements.

    Answer

    Brendan Krueger, CFO of Antero Midstream, explained that AM could build new infrastructure, such as spurs with take-or-pay contracts, to service new demand. Regarding capital allocation, Krueger clarified that the 50% excess free cash flow target for buybacks is a long-term goal, not a quarterly one, and the company opportunistically balances repurchases with debt reduction, which it also sees as accretive to equity value.

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