Antero Midstream Corporation (AM)

Antero Midstream Announces First Quarter 2026 Financial and Operating ResultsApril 29, 2026 4:15 PM
PR Newswire (US)

DENVER, April 29, 2026 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its first quarter 2026 financial and operating results.  The relevant consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the three months ended March 31, 2026.







First Quarter 2026 Highlights:Gathering volumes increased by 14% compared to the prior year quarterNet Income was $118 million, or $0.25 per diluted share, in line with the prior year quarterAdjusted Net Income was $138 million, or $0.29 per diluted share, a 4% per share increase compared to the prior year quarter (non-GAAP measure)Adjusted EBITDA was $288 million, a 5% increase compared to the prior year quarter (non-GAAP measure)Capital expenditures were $42 millionAdjusted Free Cash Flow after dividends was $85 million, an 8% increase compared to the prior year quarter (non-GAAP measure)Repurchased 1.0 million shares for $18 millionMichael Kennedy, CEO and President said, "Antero Midstream delivered another quarter of volume and EBITDA growth while closing the Company's largest acquisition to-date.  Our ability to close the HG acquisition and integrate operations while avoiding any outages during Winter Storm Fern, is a testament to the hard work and dedication of our team."Mr. Kennedy continued, "In addition to the integration efforts that remain on schedule, we continue to invest capital to improve the connectivity and market outlets on our gathering systems. These capital projects supported our first dry gas Marcellus Shale pad in over a decade, as well as our first pad on the acquired assets, that were connected during the second quarter. These pads deliver volumetric growth and position Antero Midstream to help supply the rising demand for U.S. Energy."Justin Agnew, CFO of Antero Midstream, said, "Antero Midstream's strong balance sheet and consistent Free Cash Flow generation, combined with the sale of our Ohio Utica Shale assets, allowed us to finance the HG Energy acquisition while maintaining leverage in the low 3-times range. Looking ahead we expect our just-in-time organic strategy, bolstered by the highly accretive HG Energy acquisition, to continue delivering high-single digit EBITDA growth in the future."For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, and Adjusted Free Cash Flow after dividends please see "Non-GAAP Financial Measures."Share RepurchasesDuring the first quarter of 2026, Antero Midstream repurchased 1.0 million shares for $18 million.  Antero Midstream had approximately $318 million of remaining capacity under its share repurchase program as of March 31, 2026. Strategic and Operating Updates Antero Midstream completed its two previously announced strategic transactions during the first quarter.  The Company closed on the HG Energy acquisition in early February and closed on the divestiture of its Ohio Utica Shale assets in late February.  Operating and financial results include contributions based on the closing dates of each transaction.Upon closing of the acquisition, Antero Midstream immediately commenced asset integration operations and cost-effective water blending solutions. This included initial facilities and connectivity work that successfully supported the first pad turn-in-line on the acquired assets in the second quarter.  In addition, the Company initiated the construction of a pipeline to connect its water system with the acquired water system, which supports additional fresh water delivery volumes and growth in 2027 and beyond.During the first quarter of 2026, Antero Midstream connected 20 wells to its gathering system and serviced 26 wells with its fresh water delivery system.  Capital expenditures were $42 million during the first quarter of 2026.  The Company invested $26 million in gathering and compression, $15 million in water infrastructure, and $1 million in the Stonewall Joint Venture.First Quarter 2026 Financial ResultsGathering volumes increased by 14% compared to the prior year quarter. Fresh water delivery volumes averaged 83 MBbl/d during the quarter, a 21% decrease compared to the first quarter of 2025.  Processing volumes from the processing and fractionation joint venture (the "Joint Venture") increased by 4% compared to the prior year quarter. Joint Venture fractionation volumes averaged 40 MBbl/d, in line with the prior year quarter.  Processing and fractionation capacity were both 100% utilized during the quarter. 

Three Months EndedMarch 31,


Average Daily Volumes:
2025
2026
% Change
Gathering (MMcf/d)
3,348
3,805
14 %
Centralized Compression (MMcf/d)
3,330
3,370
1 %
High Pressure Gathering (MMcf/d)
3,106
3,133
1 %
Fresh Water Delivery (MBbl/d)
105
83
(21) %
Joint Venture Processing (MMcf/d)
1,650
1,708
4 %
Joint Venture Fractionation (MBbl/d)
40
40
—










For the three months ended March 31, 2026, revenues were $314 million, comprised of $250 million from the Gathering and Processing segment and $64 million from the Water Handling segment, net of $21 million of amortization of customer relationships.  Water Handling revenues include $40 million from other water handling and high rate water transfer services.Direct operating expenses were $30 million for the Gathering and Processing segment and $41 million for the Water Handling segment for a total of $71 million.  Water Handling operating expenses include $35 million from other water handling and high rate water transfer services.  General and administrative expenses excluding equity-based compensation were $12 million during the first quarter of 2026.  Total operating expenses during the first quarter of 2026 included $11 million of equity-based compensation expense and $35 million of depreciation expense. Transaction expense was $9 million related to the HG Midstream acquisition.Net Income was $118 million, or $0.25 per diluted share, in line with the prior year quarter.  Net Income adjusted for amortization of customer relationships, impairment of property and equipment, gain on long-lived assets, transaction expense and other, net of tax effects of reconciling items, or Adjusted Net Income, was $138 million.  Adjusted Net Income was $0.29 per diluted share, a 4% per share increase compared to the prior year quarter.The following table reconciles Net Income to Adjusted Net Income (in thousands):

Three Months EndedMarch 31,


2025

2026
Net Income
$120,737

118,266
Amortization of customer relationships

17,668

21,210
Impairment of property and equipment

817

—
Gain on long-lived assets

—

(2,658)
Transaction expense

—

8,689
Other(1)

(5)

(13)
Tax effect of reconciling items(2)

(4,773)

(7,047)
Adjusted Net Income
$134,444

138,447
(1) Other represents gain on asset sale.(2) The statutory tax rate for each of the three months ended March 31, 2025 and 2026 was approximately 26%.Adjusted EBITDA was $288 million, a 5% increase compared to the prior year quarter.  Interest expense was $54 million, a 12% increase compared to the prior year quarter driven by financing for the HG Energy acquisition.  Capital expenditures were $42 million during the first quarter of 2026.  Adjusted Free Cash Flow before dividends was $192 million and Adjusted Free Cash Flow after dividends was $85 million, an 8% increase compared to the prior year quarter.The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands):

Three Months EndedMarch 31,


2025

2026
Net Income
$120,737

118,266
Interest expense, net

48,410

54,029
Income tax expense

36,096

37,639
Depreciation expense

32,748

34,635
Amortization of customer relationships

17,668

21,210
Equity-based compensation

12,402

10,579
Equity in earnings of unconsolidated affiliates

(28,020)

(30,012)
Distributions from unconsolidated affiliates

33,375

35,720
Impairment of property and equipment

817

—
Gain on long-lived assets

—

(2,658)
Transaction expense

—

8,689
Other operating expense, net(1)

44

34
Adjusted EBITDA
$274,277

288,131
Interest expense, net

(48,410)

(54,029)
Capital expenditures (accrual-based)

(37,288)

(41,952)
  Current income tax expense

(1,680)

—
Adjusted Free Cash Flow before dividends
$186,899

192,150
Dividends declared (accrual-based)

(107,836)

(106,871)
Adjusted Free Cash Flow after dividends
$79,063

85,279








(1) Other operating expense represents accretion of asset retirement obligations and gain on asset sale.The following table reconciles net cash provided by operating activities to Adjusted Free Cash Flow before and after dividends (in thousands):








Three Months EndedMarch 31,


2025

2026Net cash provided by operating activities
$198,942

238,624Amortization of deferred financing costs

(1,307)

(1,512)Settlement of asset retirement obligations

210

34Transaction expense

—

8,689Changes in working capital

26,342

(11,733)Capital expenditures (accrual-based)

(37,288)

(41,952)Adjusted Free Cash Flow before dividends
$186,899

192,150Dividends declared (accrual-based)

(107,836)

(106,871)Adjusted Free Cash Flow after dividends
$79,063

85,279Conference CallA conference call is scheduled on Thursday, April 30, 2026 at 10:00 am MT to discuss the financial and operational results.  A brief Q&A session for security analysts will immediately follow the discussion of the results.  To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference "Antero Midstream."  A telephone replay of the call will be available until Thursday, May 7, 2026 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758947. To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com.  The webcast will be archived for replay until Thursday, May 7, 2026 at 10:00 am MT.PresentationAn updated presentation will be posted to the Company's website before the conference call.  The presentation can be found at www.anteromidstream.com on the homepage.  Information on the Company's website does not constitute a portion of, and is not incorporated by reference into, this press release.Non-GAAP Financial Measures and DefinitionsAntero Midstream uses certain non-GAAP financial measures.  Antero Midstream defines Adjusted Net Income as Net Income adjusted for certain items.  Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets.  Antero Midstream defines Adjusted EBITDA as Net Income adjusted for certain items.Antero Midstream uses Adjusted EBITDA to assess:the financial performance of Antero Midstream's assets, without regard to financing methods, capital structure or historical cost basis;its operating performance and return on capital as compared to other publicly traded companies in the midstream energy sector, without regard to financing or capital structure; andthe viability of acquisitions and other capital expenditure projects.Antero Midstream defines Adjusted Free Cash Flow before dividends as Adjusted EBITDA less net interest expense, accrual-based capital expenditures, and current income tax expense.  Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates.  Capital expenditures exclude acquisitions and Adjusted Free Cash Flow excludes transaction expense related to acquisitions. Adjusted Free Cash Flow after dividends is defined as Adjusted Free Cash Flow before dividends less accrual-based dividends declared for the quarter.  Antero Midstream uses Adjusted Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period.Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow before and after dividends are non-GAAP financial measures.  The GAAP measure most directly comparable to these measures is Net Income.  Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities.  The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by (used in) operating activities.  You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP.  Antero Midstream's definitions of such measures may not be comparable to similarly titled measures of other companies.The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):

Three Months EndedMarch 31,



2025

2026
Capital expenditures (as reported on a cash basis)
$32,276

38,806
Change in accrued capital costs

5,012

3,146
Capital expenditures (accrual basis)
$37,288

41,952
Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash, cash equivalents and restricted cash.  Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream's financial leverage.  Antero Midstream defines Leverage as Net Debt divided by Adjusted EBITDA for the last twelve months.  The GAAP measure most directly comparable to Net Debt is total debt, excluding unamortized debt premiums and debt issuance costs.The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands):









March 31, 2026

Bank credit facility
$442,400

5.75% senior notes due 2028

650,000

5.375% senior notes due 2029

750,000

6.625% senior notes due 2032

600,000

5.75% senior notes due 2033

650,000

5.75% senior notes due 2034

600,000

Consolidated total debt
$3,692,400

Less: Cash, cash equivalents and restricted cash

—

Consolidated net debt
$3,692,400

Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation's (NYSE: AR) ("Antero Resources") properties. This release includes "forward-looking statements." Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words.  Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream's control.  All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position, estimated revenues and losses, Antero Resources' and Antero Midstream's respective ability to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, prospects, plans and objectives of management, Antero Resources' expected production and development plan, natural gas, NGLs and oil prices, Antero Midstream's ability to realize the anticipated benefits of its investments in unconsolidated affiliates, Antero Midstream's ability to execute its share repurchase and dividend program, Antero Midstream's ability to execute its business strategy, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and in the Middle East, and world health events, information regarding long-term financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources' expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources' drilling partner, the impact on demand for Antero Midstream's services as a result of incremental production by Antero Resources, the impact of recently enacted legislation, and expectations regarding the amount and timing of litigation awards are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events.  All forward-looking statements speak only as of the date of this release.  Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved.  Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.  Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond Antero Midstream's control.  These risks include, but are not limited to, risks associated with the successful integration and future performance of acquired assets and operations, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources' drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources' future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading "Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026..ANTERO MIDSTREAM CORPORATIONCondensed Consolidated Balance Sheets (In thousands, except per share amounts)












(Unaudited)


December31,
March31,


2025
2026
AssetsCurrent assets:






Cash and cash equivalents
$180,435

—
Restricted cash

82,500

—
Accounts receivable–Antero Resources

106,771

147,086
Accounts receivable–third party

993

3,156
Income tax receivable

1,896

1,896
Current assets held for sale

4,600

—
Other current assets

2,669

2,804
Total current assets

379,864

154,942
Long-term assets:






Property and equipment, net

3,454,572

3,931,657
Investments in unconsolidated affiliates

585,778

580,970
Customer relationships

1,074,087

1,682,303
Operating leases right-of-use assets

—

46,156
Assets held for sale

379,036

—
Other assets, net

10,779

9,836
Total assets
$5,884,116

6,405,864








Liabilities and Stockholders' EquityCurrent liabilities:






Accounts payable–Antero Resources
$5,366

9,003
Accounts payable–third party

10,368

15,862
Accrued liabilities

91,527

117,576
Short-term lease liabilities

—

13,176
Current liabilities held for sale

2,297

—
Other current liabilities

1,924

1,633
Total current liabilities

111,482

157,250
Long-term liabilities:






Long-term debt

3,222,530

3,665,937
Deferred income tax liability, net

562,996

600,634
Long-term lease liabilities

—

33,415
Liabilities held for sale

3,021

—
Other

12,046

12,179
Total liabilities

3,912,075

4,469,415
Stockholders' equity:






Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2025 and
March 31, 2026






Series A non-voting perpetual preferred stock; 12 designated and 10 issued and
outstanding as of December 31, 2025 and March 31, 2026

—

—
Common stock, $0.01 par value; 2,000,000 authorized; 474,060 and 475,028 issued and
outstanding as of December 31, 2025 and March 31, 2026, respectively

4,741

4,750
Additional paid-in capital

1,952,524

1,827,496
Retained earnings

14,776

104,203
Total stockholders' equity

1,972,041

1,936,449
Total liabilities and stockholders' equity
$5,884,116

6,405,864
 ANTERO MIDSTREAM CORPORATIONCondensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)(In thousands, except per share amounts)




Three Months Ended March 31,


2025
2026
Revenue:






Gathering and compression–Antero Resources
$238,017

261,999
Gathering and compression–third party

—

295
Water handling–Antero Resources

70,275

72,816
Water handling–third party

505

311
Amortization of customer relationships

(17,668)

(21,210)
Total revenue

291,129

314,211
Operating expenses:






Direct operating

56,830

70,697
General and administrative (including $12,402 and $10,579 of equity-based
compensation in 2025 and 2026, respectively)

23,024

22,347
Facility idling

443

545
Depreciation

32,748

34,635
Impairment of property and equipment

817

—
Gain on long-lived assets

—

(2,658)
Other operating expense, net

44

34
Total operating expenses

113,906

125,600
Operating income

177,223

188,611
Other income (expense):






Interest expense, net

(48,410)

(54,029)
Equity in earnings of unconsolidated affiliates

28,020

30,012
Transaction expense

—

(8,689)
Total other expense

(20,390)

(32,706)
Income before income taxes

156,833

155,905
Income tax expense

(36,096)

(37,639)
Net income and comprehensive income
$120,737

118,266








Net income per common share–basic
$0.25

0.25
Net income per common share–diluted
$0.25

0.25








Weighted average common shares outstanding:






Basic

479,064

473,866
Diluted

484,378

477,963
 ANTERO MIDSTREAM CORPORATIONSelected Operating Data (Unaudited)







Amount of






Three Months Ended March 31,
 Increase
Percentage


2025
2026
or Decrease
Change
Operating Data:













Gathering (MMcf)

301,298

342,446

41,148

14%
Centralized compression (MMcf)

299,718

303,328

3,610

1%
High pressure gathering (MMcf)

279,579

281,950

2,371

1%
Fresh water delivery (MBbl)(1)

9,415

7,506

(1,909)

(20)%
Other water handling (MBbl)(2)

5,179

8,359

3,180

61%
Wells serviced by fresh water delivery

28

26

(2)

(7)%
Gathering (MMcf/d)

3,348

3,805

457

14%
Centralized compression (MMcf/d)

3,330

3,370

40

1%
High pressure gathering (MMcf/d)

3,106

3,133

27

1%
Fresh water delivery (MBbl/d)(1)

105

83

(22)

(21)%
Other water handling (MBbl/d)(2)

58

93

35

60%
Average Realized Fees(3):













Gathering ($/Mcf)
$0.36

0.37

0.01

3%
Centralized compression ($/Mcf)
$0.22

0.22

—

*

High pressure gathering ($/Mcf)
$0.23

0.23

—

*

Fresh water delivery ($/Bbl)(1)
$4.38

4.44

0.06

1%
Joint Venture Operating Data:













Processing (MMcf)

148,523

153,722

5,199

4%
Fractionation (MBbl)

3,600

3,600

—

*

Processing (MMcf/d)

1,650

1,708

58

4%
Fractionation (MBbl/d)

40

40

—

*







*Not meaningful or applicable.(1)Fresh water delivery includes fresh water charged at a fixed fee under our water services agreement with Antero Resources.(2)Other water handling includes fresh water charged at cost plus 3% for services provided to Antero Resources on its acreage acquired from HG Production and our other fluid handling services charged at cost plus 3% or cost of service.(3)The average realized fees for the three months ended March 31, 2026 include annual CPI-based adjustments of approximately 1.5%. ANTERO MIDSTREAM CORPORATION Condensed Consolidated Results of Segment Operations (Unaudited)(In thousands)
















Three Months Ended March 31, 2026


Gathering and
Water


Consolidated
(in thousands)
Processing
Handling
Unallocated (1)
Total
Revenues:












Revenue–Antero Resources
$261,999

72,816

—

334,815
Revenue–third-party

295

311

—

606
Amortization of customer relationships

(12,384)

(8,826)

—

(21,210)
Total revenues

249,910

64,301

—

314,211
Operating expenses:












Direct operating

30,030

40,667

—

70,697
General and administrative (excluding equity-based compensation)

7,226

3,281

1,261

11,768
Equity-based compensation

7,596

2,669

314

10,579
Facility idling

—

545

—

545
Depreciation

17,844

16,791

—

34,635
Loss on long-lived assets

(3,229)

571

—

(2,658)
Other operating expense, net

—

34

—

34
Total operating expenses

59,467

64,558

1,575

125,600
Operating income (loss)

190,443

(257)

(1,575)

188,611
Other income (expense):












Interest expense, net

—

—

(54,029)

(54,029)
Equity in earnings of unconsolidated affiliates

30,012

—

—

30,012
Transaction expense

—

—

(8,689)

(8,689)
Total other income (expense)

30,012

—

(62,718)

(32,706)
Income (loss) before income taxes

220,455

(257)

(64,293)

155,905
Income tax expense

—

—

(37,639)

(37,639)
Net income (loss) and comprehensive income (loss)
$220,455

(257)

(101,932)

118,266
(1) Corporate expenses that are not directly attributable to either the gathering and processing or water handling segments. ANTERO MIDSTREAM CORPORATIONCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands)









Three Months Ended March 31,


2025
2026
Cash flows provided by (used in) operating activities:






Net income
$120,737

118,266
Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation

32,748

34,635
Impairment of property and equipment

817

—
Deferred income tax expense

34,416

37,639
Equity-based compensation

12,402

10,579
Equity in earnings of unconsolidated affiliates

(28,020)

(30,012)
Distributions from unconsolidated affiliates

33,375

35,720
Amortization of customer relationships

17,668

21,210
Amortization of deferred financing costs

1,307

1,512
Settlement of asset retirement obligations

(210)

(34)
Gain on long-lived assets

—

(2,658)
Other operating activities

44

34
Changes in assets and liabilities:






Accounts receivable–Antero Resources

(8,825)

(8,450)
Accounts receivable–third party

35

(246)
Other current assets

(695)

(99)
Accounts payable–Antero Resources

1,629

982
Accounts payable–third party

1,056

6,350
Income taxes payable

1,783

—
Accrued liabilities

(21,325)

13,196
Net cash provided by operating activities

198,942

238,624
Cash flows provided by (used in) investing activities:






Additions to gathering systems, facilities and other

(22,081)

(19,437)
Additions to water handling systems

(8,447)

(18,469)
Additional investments in unconsolidated affiliate

(1,748)

(900)
Acquisition of HG Midstream

—

(1,120,593)
Proceeds from asset sales

5

378,628
Net cash used in investing activities

(32,271)

(780,771)
Cash flows provided by (used in) financing activities:






Dividends to common stockholders

(112,615)

(111,096)
Dividends to preferred stockholders

(138)

(138)
Repurchases of common stock

(28,569)

(18,013)
Borrowings on Credit Facility

304,300

1,076,900
Repayments on Credit Facility

(311,200)

(634,500)
Payments of deferred financing costs

—

(1,319)
Employee tax withholding for settlement of equity-based compensation awards

(18,449)

(32,536)
Payments on capital lease obligations

—

(86)
Net cash provided by (used in) financing activities

(166,671)

279,212
Net decrease in cash, cash equivalents and restricted cash

—

(262,935)
Cash, cash equivalents and restricted cash, beginning of period

—

262,935
Cash, cash equivalents and restricted cash, end of period
$—

—








Supplemental disclosure of cash flow information:






Cash paid during the period for interest

65,272

44,525
Increase in accrued capital expenditures and accounts payable for property and equipment

5,012

3,146
Increase in accounts receivable–Antero Resources and accounts receivable–third party for the acquisition of HG Midstream

—

11,830
Right-of-use assets obtained in exchange for new operating lease obligations

351

47,473
 



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Original: Antero Midstream Announces First Quarter 2026 Financial and Operating Results

Antero Resources Announces First Quarter 2026 Earnings Release Date and Conference CallApril 15, 2026 4:15 PM
PR Newswire (US)

DENVER, April 15, 2026 /PRNewswire/ -- Antero Resources (NYSE: AR) ("Antero" or the "Company") today announced that the Company plans to issue its first quarter 2026 earnings release on Wednesday, April 29, 2026 after the close of trading on the New York Stock Exchange.







A conference call is scheduled on Thursday, April 30, 2026 at 9:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9079 (U.S.), or 201-493-6746 (International) and reference "Antero Resources." A telephone replay of the call will be available until Thursday, May 7, 2026 at 9:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758944. To access the live webcast and view the related earnings conference call presentation, visit Antero's website at www.anteroresources.com. The webcast will be archived for replay until Thursday, May 7, 2026 at 9:00 am MT.Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia. In conjunction with its affiliate, Antero Midstream (NYSE: AM), Antero is one of the most integrated natural gas producers in the U.S. The Company's website is located at www.anteroresources.com.



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Original: Antero Resources Announces First Quarter 2026 Earnings Release Date and Conference Call

Antero Midstream Announces First Quarter 2026 Return of Capital and Earnings Release Date and Conference CallApril 15, 2026 4:15 PM
PR Newswire (US)

DENVER, April 15, 2026 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced that the Board of Directors of Antero Midstream declared a cash dividend of $0.225 per share for the first quarter of 2026. The Company also repurchased approximately 1.0 million shares during the first quarter. In addition, Antero Midstream announced plans to issue its first quarter 2026 earnings on Wednesday, April 29, 2026 after the close of trading on the New York Stock Exchange.







First Quarter 2026 Return of CapitalThe Board of Directors of Antero Midstream declared a cash dividend of $0.225 per share for the first quarter of 2026, or $0.90 per share on an annualized basis. The dividend will be payable on May 13, 2026 to stockholders of record as of April 29, 2026. This represents the 46th consecutive quarterly dividend or distribution paid since Antero Midstream Partners LP's initial public offering in November 2014. In addition, during the first quarter of 2026, Antero Midstream repurchased approximately 1.0 million shares for approximately $18 million. Antero Midstream had approximately $318 million of remaining share repurchase capacity under its $500 million authorized share repurchase program as of March 31, 2026.First Quarter 2026 Earnings Release Date and Conference CallAntero Midstream plans to issue its first quarter 2026 earnings on Wednesday, April 29, 2026 after the close of trading on the New York Stock Exchange. A conference call is scheduled on Thursday, April 30, 2026 at 10:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference "Antero Midstream." A telephone replay of the call will be available until Thursday, May 7, 2026 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758947. To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com. The webcast will be archived for replay until Thursday, May 7, 2026 at 10:00 am MT.Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation's properties.



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Original: Antero Midstream Announces First Quarter 2026 Return of Capital and Earnings Release Date and Conference Call

23.00 today. Next stop 26 by August

Antero Midstream Announces Fourth Quarter 2025 Results and 2026 GuidanceFebruary 11, 2026 4:15 PM
PR Newswire (US)

DENVER, Feb. 11, 2026 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its fourth quarter 2025 financial and operating results and 2026 guidance.  The relevant consolidated financial statements are included in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2025.







Fourth Quarter 2025 Highlights:Low pressure gathering and compression volumes increased by 5% compared to the prior year quarterNet Income was $52 million, or $0.11 per diluted share, a 52% per share decrease compared to the prior year quarterAdjusted Net Income was $133 million, or $0.28 per diluted share, an 8% per share increase compared to the prior year quarter (non-GAAP measure)Adjusted EBITDA was $285 million, a 4% increase compared to the prior year quarter (non-GAAP measure)Capital expenditures were $45 million and Adjusted Free Cash Flow after dividends was $86 million (non-GAAP measure)Leverage was 2.7x as of December 31, 2025 (non-GAAP measure)Repurchased 2.7 million shares for $48 million2026 Guidance Highlights:Closed acquisition of HG Midstream in early FebruaryNet Income of $485 to $535 million, a 23% increase compared to 2025 at the midpoint of guidanceAdjusted EBITDA of $1.19 to $1.24 billion, an 8% increase compared to 2025 at the midpoint (non-GAAP measure)Capital expenditures of $190 to $220 millionAdjusted Free Cash Flow after dividends of $330 to $390 million assuming an annualized dividend of $0.90 per share, an 11% increase compared to 2025 at the midpoint (non-GAAP measure)Michael Kennedy, CEO said, "Antero Midstream reported another year of gathering and compression, Adjusted EBITDA, and Adjusted Free Cash Flow growth in 2025. This consistent strategy of organic growth, supplemented by attractive bolt-on acquisitions, positions us well for continued capital efficient growth in 2026 and beyond."Mr. Kennedy continued, "The capital budget in 2026 is focused on high rate of return infrastructure projects in the core of the Marcellus Shale. These include the buildout of our rich gas gathering system, integration of recently acquired assets, and new expansion projects to support additional dry gas growth on Antero Midstream dedicated acreage. These projects will provide incremental outlet market opportunities and further unlock development optionality across Antero Midstream's diverse portfolio of rich and dry gas assets."Justin Agnew, CFO of Antero Midstream, said, "Antero Midstream's cash flow growth, driven by operational and capital efficiencies, allowed us to reduce net debt and leverage to 2.7x at year-end 2025. Looking ahead to 2026, we expect to maintain a strong balance sheet with leverage near 3-times and a balanced approach of debt reduction and opportunistic share repurchases. This return of capital approach, enhanced by the recently announced transactions, positions us well to deliver additional shareholder value."For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, and Adjusted Free Cash Flow after dividends please see "Non-GAAP Financial Measures."Share RepurchasesDuring the fourth quarter of 2025, Antero Midstream repurchased 2.7 million shares for $48 million.  Antero Midstream had approximately $336 million of remaining capacity under its share repurchase program as of December 31, 2025.  Total shares purchased under the share repurchase program and for tax withholding obligations in 2025 were 9.4 million shares at a weighted average price of $17.28 per share. Fourth Quarter 2025 Operating and Strategic UpdatesDuring the fourth quarter of 2025, Antero Midstream connected 18 wells to its gathering system and serviced 19 wells with its fresh water delivery system.  Capital expenditures were $45 million during the fourth quarter of 2025.  The Company invested $21 million in gathering and compression and $24 million in water infrastructure.  Capital during the fourth quarter included well connect capital, capital to relocate and expand compression in the dry gas area, and the completion of the Patriot Water Blending Facility. This facility expands the water blending capabilities on the southern portion of the liquids-rich midstream corridor, allowing nearly the entire field to be connected via water pipelines.2026 GuidanceAntero Midstream's 2026 guidance includes the impact of the previously announced HG Midstream acquisition and Ohio Utica Shale divestiture based on closing dates in early and late February of 2026, respectively, and contributions to guidance after closing.For full year 2026, Antero Midstream is forecasting Net Income of $485 to $535 million.  The Company is forecasting Adjusted EBITDA of $1.19 to $1.24 billion, which represents an 8% increase compared to 2025 at the midpoint.   Antero Midstream expects to service 65 to 75 wells with its fresh water delivery system, with the wells having an average lateral length of approximately 13,700 feet. Antero Midstream's water system will service Antero Resources legacy acreage completions in 2026 before integrating the water systems and providing incremental water services in 2027 and beyond on the acreage acquired in Antero Resources' acquisition of HG Energy II.Antero Midstream is forecasting a capital budget of $190 to $220 million.  The midpoint of the 2026 capital budget includes approximately $145 million of investment in gathering and compression infrastructure for both the legacy Antero Midstream and acquired HG Midstream assets. The 2026 capital budget also includes expansion capital on the dry gas portion of Antero Midstream's assets to enhance the downstream deliverability to various dry gas outlets.  The Company has budgeted an investment of $60 million for water infrastructure in 2026.Antero Midstream is forecasting Adjusted Free Cash Flow before dividends of $755 to $815 million and Adjusted Free Cash Flow after dividends of $330 to $390 million for 2026, assuming an annualized dividend of $0.90 per share.  This represents an 11% increase in Adjusted Free Cash Flow after dividends at the midpoint of guidance compared to 2025.The following is a summary of Antero Midstream's 2026 guidance ($ in millions, except per share amounts):

Year EndedDecember 31, 2026


Low

HighNet Income
$485

535Adjusted Net Income

540

590Adjusted EBITDA

1,185

1,235Capital Expenditures

190

220Interest Expense

210

230Current Income Tax Expense

—

—Adjusted Free Cash Flow Before Dividends

755

815Dividend Per Share

 $0.90 Per ShareAdjusted Free Cash Flow After Dividends

330

390Fourth Quarter 2025 Financial ResultsLow pressure gathering, compression, and high pressure gathering volumes increased by 5% compared to the prior year quarter. Fresh water delivery volumes averaged 93 MBbl/d during the quarter, an 18% decrease compared to the fourth quarter of 2024.  Gross processing volumes from the processing and fractionation joint venture (the "Joint Venture") also increased by 5% compared to the prior year quarter. Gross Joint Venture fractionation volumes averaged 40 MBbl/d, in line with the prior year quarter. 

Three Months EndedDecember 31,

Average Daily Volumes:
2024
2025
%
Change
Low Pressure Gathering (MMcf/d)
3,276
3,435
5 %
Compression (MMcf/d)
3,266
3,424
5 %
High Pressure Gathering (MMcf/d)
3,045
3,193
5 %
Fresh Water Delivery (MBbl/d)
114
93
(18) %
Gross Joint Venture Processing (MMcf/d)
1,622
1,695
5 %
Gross Joint Venture Fractionation (MBbl/d)
40
40
-
For the three months ended December 31, 2025, revenues were $297 million, comprised of $241 million from the Gathering and Processing segment and $56 million from the Water Handling segment, net of $18 million of amortization of customer relationships.  Water Handling revenues include $27 million from wastewater handling and high rate water transfer services.Direct operating expenses for the Gathering and Processing and Water Handling segments were both $27 million for a total of $54 million.  Water Handling operating expenses include $22 million from wastewater handling and high rate water transfer services.  General and administrative expenses excluding equity-based compensation were $10 million during the fourth quarter of 2025.  Total operating expenses during the fourth quarter of 2025 included $11 million of equity-based compensation expense and $34 million of depreciation expense. Transaction expense was $5 million related to the HG Midstream acquisition.Net Income was $52 million, or $0.11 per diluted share, a 52% per share decrease compared to the prior year quarter.  Net Income adjusted for amortization of customer relationships, loss on long-lived assets, transaction expense and other, net of tax effects of reconciling items, or Adjusted Net Income, was $133 million.  Adjusted Net Income was $0.28 per diluted share, an 8% per share increase compared to the prior year quarter.The following table reconciles Net Income to Adjusted Net Income (in thousands):

Three Months EndedDecember 31,


2024

2025
Net Income
$111,189

51,929
Amortization of customer relationships

17,668

17,668
Loss on long-lived assets(1)

—

86,626
Transaction expense

—

5,195
Other

(183)

—
Tax effect of reconciling items(2)

(4,574)

(28,363)
Adjusted Net Income
$124,100

133,055


(1)Related to non-cash write-down of Utica Shale net assets held for sale relative to cash consideration expected to be received. (2)The statutory tax rate for each of the three months ended December 31, 2024 and 2025 was approximately 26%.Adjusted EBITDA was $285 million, a 4% increase compared to the prior year quarter.  Interest expense was $47 million, a 6% decrease compared to the prior year quarter.  Capital expenditures were $45 million during the fourth quarter of 2025. Adjusted Free Cash Flow before dividends was $192 million and Adjusted Free Cash Flow after dividends was $86 million.The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands):

Three Months EndedDecember 31,


2024

2025
Net Income
$111,189

51,929
Interest expense, net

49,721

46,836
Income tax expense

44,603

25,264
Depreciation expense

32,795

33,733
Amortization of customer relationships

17,668

17,668
Equity-based compensation

11,461

11,123
Equity in earnings of unconsolidated affiliates

(27,778)

(28,715)
Distributions from unconsolidated affiliates

34,749

35,175
Loss on long-lived assets(1)

—

86,626
Transaction expense

—

5,195
Other operating expense (income), net(2)

(134)

49
Adjusted EBITDA
$274,274

284,883
Interest expense, net

(49,721)

(46,836)
Capital expenditures (accrual-based)

(24,011)

(45,234)
  Current income tax expense

—

(348)
Adjusted Free Cash Flow before dividends
$200,542

192,465
Dividends declared (accrual-based)

(107,735)

(106,485)
Adjusted Free Cash Flow after dividends
$92,807

85,980


(1)Related to non-cash write-down of Utica Shale net assets held for sale relative to cash consideration expected to be received. (2)Other operating expense represents accretion of asset retirement obligations and loss on asset sale.The following table reconciles net cash provided by operating activities to Adjusted Free Cash Flow before and after dividends (in thousands):

Three Months EndedDecember 31,


2024

2025Net cash provided by operating activities
$232,691

255,503Amortization of deferred financing costs

(1,283)

(1,317)Settlement of asset retirement obligations

282

150Transaction expense

—

5,195Changes in working capital

(7,137)

(21,832)Capital expenditures (accrual-based)

(24,011)

(45,234)Adjusted Free Cash Flow before dividends
$200,542

192,465Dividends declared (accrual-based)

(107,735)

(106,485)Adjusted Free Cash Flow after dividends
$92,807

85,980









Conference CallA conference call is scheduled on Thursday, February 12, 2026 at 10:00 am MT to discuss the financial and operational results.  A brief Q&A session for security analysts will immediately follow the discussion of the results.  To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference "Antero Midstream."  A telephone replay of the call will be available until Thursday, February 19, 2026 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758129. To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com.  The webcast will be archived for replay until Thursday, February 19, 2026 at 10:00 am MT.PresentationAn updated presentation will be posted to the Company's website before the conference call.  The presentation can be found at www.anteromidstream.com on the homepage.  Information on the Company's website does not constitute a portion of, and is not incorporated by reference into, this press release.Non-GAAP Financial Measures and DefinitionsAntero Midstream uses certain non-GAAP financial measures.  Antero Midstream defines Adjusted Net Income as Net Income adjusted for certain items.  Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets.  Antero Midstream defines Adjusted EBITDA as Net Income adjusted for certain items.Antero Midstream uses Adjusted EBITDA to assess:the financial performance of Antero Midstream's assets, without regard to financing methods, capital structure or historical cost basis;its operating performance and return on capital as compared to other publicly traded companies in the midstream energy sector, without regard to financing or capital structure; andthe viability of acquisitions and other capital expenditure projects.Antero Midstream defines Adjusted Free Cash Flow before dividends as Adjusted EBITDA less net interest expense, accrual-based capital expenditures, and current income tax expense.  Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates.  Capital expenditures exclude acquisitions and Adjusted Free Cash Flow excludes transaction expense related to acquisitions. Adjusted Free Cash Flow after dividends is defined as Adjusted Free Cash Flow before dividends less accrual-based dividends declared for the quarter.  Antero Midstream uses Adjusted Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period.Adjusted EBITDA, Adjusted Net Income, and Adjusted Free Cash Flow before and after dividends are non-GAAP financial measures.  The GAAP measure most directly comparable to these measures is Net Income.  Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities.  The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by (used in) operating activities.  You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP.  Antero Midstream's definitions of such measures may not be comparable to similarly titled measures of other companies.Antero Midstream has not included a reconciliation of Adjusted Net Income, Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends to the nearest GAAP financial measures for 2026 because it cannot do so without unreasonable effort and any attempt to do so would be inherently imprecise.  Antero Midstream is able to forecast the following reconciling items between such measures and Net Income (in millions):

Twelve Months Ended
December 31, 2026


Low
High

Equity based compensation expense
45
55

Amortization of customer relationships
70
75

Distributions from unconsolidated affiliates
140
155









The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):

Three Months EndedDecember 31,



2024

2025
Capital expenditures (as reported on a cash basis)
$39,840

48,818
Change in accrued capital costs

(15,829)

(3,584)
Capital expenditures (accrual basis)
$24,011

45,234
Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash, cash equivalents and restricted cash.  Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream's financial leverage.  Antero Midstream defines Leverage as Net Debt divided by Adjusted EBITDA for the last twelve months.  The GAAP measure most directly comparable to Net Debt is total debt, excluding unamortized debt premiums and debt issuance costs.The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands):

December 31,



2024

2025
Bank credit facility
$484,300

—
5.75% senior notes due 2027

650,000

—
5.75% senior notes due 2028

650,000

650,000
5.375% senior notes due 2029

750,000

750,000
6.625% senior notes due 2032

600,000

600,000
5.75% senior notes due 2033

—

650,000
5.75% senior notes due 2034

—

600,000
Consolidated total debt

3,134,300

3,250,000
Less: Cash, cash equivalents and restricted cash

—

(262,935)
Consolidated net debt
$3,134,300

2,987,065
The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow for the years ended December 31, 2024 and 2025 as used in this release (in thousands):

Twelve Months EndedDecember 31,


2024

2025Net Income
$400,892

413,163Interest expense, net

207,027

190,404Income tax expense

147,729

151,033Depreciation expense

140,000

134,310Amortization of customer relationships

70,672

70,672Impairment of property and equipment

332

984Loss on long-lived assets(1)

—

86,626Loss on early extinguishment of debt

14,091

1,313Equity-based compensation

44,332

45,958Equity in earnings of unconsolidated affiliates

(110,573)

(116,439)Distributions from unconsolidated affiliates

135,660

141,270Transaction expense

—

5,195Other operating expense, net(2)

912

192Adjusted EBITDA
$1,051,074

1,124,681Interest expense, net

(207,027)

(190,404)Capital expenditures (accrual-based)

(161,324)

(178,705)Current income tax expense

—

(1,646)Adjusted Free Cash Flow before dividends
$682,723

753,926Dividends declared (accrual-based)

(432,596)

(429,186)Adjusted Free Cash Flow after dividends
$250,127

324,740

(1)Related to non-cash write-down of Utica Shale net assets held for sale relative to cash consideration expected to be received. (2)Other operating expense represents accretion of asset retirement obligations and loss on asset sale.Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation's (NYSE: AR) ("Antero Resources") properties. This release includes "forward-looking statements." Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words.  Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream's control.  All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position, estimated revenues and losses, potential acquisitions, dispositions or other strategic transactions of Antero Midstream and Antero Resources, including the pending Ohio Utica Shale divestitures, the timing thereof, and Antero Resources' and Antero Midstream's respective ability to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, prospects, plans and objectives of management, Antero Resources' expected production and development plan, natural gas, NGLs and oil prices, Antero Midstream's ability to realize the anticipated benefits of its investments in unconsolidated affiliates, Antero Midstream's ability to execute its share repurchase and dividend program, Antero Midstream's ability to execute its business strategy, impacts of geopolitical events, including the conflicts in Ukraine and in the Middle East, and world health events, information regarding long-term financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources' expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources' drilling partner, the impact on demand for Antero Midstream's services as a result of incremental production by Antero Resources, the impact of recently enacted legislation, and expectations regarding the amount and timing of litigation awards are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events.  All forward-looking statements speak only as of the date of this release.  Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved.  Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.  Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond Antero Midstream's control.  These risks include, but are not limited to, risks associated with the HG Midstream acquisition and Utica Shale divestiture, including the risk that the disposition is not consummated on the terms expected or on the anticipated schedule, or at all, and risks associated with the successful integration and future performance of the acquired assets and operations, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources' drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources' future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading "Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2025.ANTERO MIDSTREAM CORPORATIONConsolidated Balance Sheets (In thousands, except per share amounts) 










December 31,


2024
2025
AssetsCurrent assets:






Cash and cash equivalents
$—

180,435
Restricted cash

—

82,500
Accounts receivable–Antero Resources

115,180

106,771
Accounts receivable–third party

832

993
Income tax receivable

—

1,896
Current assets held for sale

—

4,600
Other current assets

2,052

2,669
Total current assets

118,064

379,864
Long-term assets:






Property and equipment, net

3,881,621

3,454,572
Investments in unconsolidated affiliates

603,956

585,778
Customer relationships

1,144,759

1,074,087
Assets held for sale

—

379,036
Other assets, net

13,348

10,779
Total assets
$5,761,748

5,884,116








Liabilities and Stockholders' EquityCurrent liabilities:






Accounts payable–Antero Resources
$4,114

5,366
Accounts payable–third party

12,308

10,368
Accrued liabilities

83,555

91,527
Current liabilities held for sale

—

2,297
Other current liabilities

635

1,924
Total current liabilities

100,612

111,482
Long-term liabilities:






Long-term debt

3,116,958

3,222,530
Deferred income tax liability, net

413,608

562,996
Liabilities held for sale

—

3,021
Other

15,399

12,046
Total liabilities

3,646,577

3,912,075
Stockholders' equity:






Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2024 and
December 31, 2025






Series A non-voting perpetual preferred stock; 12 designated and 10 issued and
outstanding as of December 31, 2024 and December 31, 2025

—

—
Common stock, $0.01 par value; 2,000,000 authorized; 479,422 and 474,060 issued and
outstanding as of December 31, 2024 and December 31, 2025, respectively

4,794

4,741
Additional paid-in capital

2,019,830

1,952,524
Retained earnings

90,547

14,776
Total stockholders' equity

2,115,171

1,972,041
Total liabilities and stockholders' equity
$5,761,748

5,884,116
 ANTERO MIDSTREAM CORPORATIONCondensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)(In thousands, except per share amounts) 









Three Months Ended December 31,


2024
2025
Revenue:






Gathering and compression–Antero Resources
$234,630

250,539
Water handling–Antero Resources

70,053

63,222
Water handling–third party

462

911
Amortization of customer relationships

(17,668)

(17,668)
Total revenue

287,477

297,004
Operating expenses:






Direct operating

55,925

54,080
General and administrative (including $11,461 and $11,123 of equity-based
compensation in 2024 and 2025, respectively)

20,774

21,469
Facility idling

382

538
Depreciation

32,795

33,733
Loss on long-lived assets

—

86,626
Other operating (income) expense, net

(134)

49
Total operating expenses

109,742

196,495
Operating income

177,735

100,509
Other income (expense):






Interest expense, net

(49,721)

(46,836)
Equity in earnings of unconsolidated affiliates

27,778

28,715
Transaction expense

—

(5,195)
Total other expense

(21,943)

(23,316)
Income before income taxes

155,792

77,193
Income tax expense

(44,603)

(25,264)
Net income and comprehensive income
$111,189

51,929








Net income per common share–basic
$0.23

0.11
Net income per common share–diluted
$0.23

0.11








Weighted average common shares outstanding:






Basic

480,991

475,496
Diluted

486,133

479,887
 ANTERO MIDSTREAM CORPORATIONSelected Operating Data (Unaudited)







Amount of






Three Months Ended December 31,
 Increase
Percentage


2024
2025
or Decrease
Change
Operating Data:













Gathering—low pressure (MMcf)

301,418

316,046

14,628

5%
Compression (MMcf)

300,453

315,052

14,599

5%
Gathering—high pressure (MMcf)

280,115

293,776

13,661

5%
Fresh water delivery (MBbl)

10,476

8,514

(1,962)

(19)%
Other fluid handling (MBbl)

4,659

5,362

703

15%
Wells serviced by fresh water delivery

16

19

3

19%
Gathering—low pressure (MMcf/d)

3,276

3,435

159

5%
Compression (MMcf/d)

3,266

3,424

158

5%
Gathering—high pressure (MMcf/d)

3,045

3,193

148

5%
Fresh water delivery (MBbl/d)

114

93

(21)

(18)%
Other fluid handling (MBbl/d)

51

58

7

14%
Average Realized Fees(1):













Average gathering—low pressure fee ($/Mcf)
$0.36

0.36

—

*

Average compression fee ($/Mcf)
$0.21

0.22

0.01

5%
Average gathering—high pressure fee ($/Mcf)
$0.23

0.23

—

*

Average fresh water delivery fee ($/Bbl)
$4.31

4.37

0.06

1%
Joint Venture Operating Data:













Processing—Joint Venture (MMcf)

149,266

155,909

6,643

4%
Fractionation—Joint Venture (MBbl)

3,680

3,680

—

*

Processing—Joint Venture (MMcf/d)

1,622

1,695

73

5%
Fractionation—Joint Venture (MBbl/d)

40

40

—

*














*Not meaningful or applicable.(1)The average realized fees for the three months ended December 31, 2025 include annual CPI-based adjustments of approximately 1.6%. ANTERO MIDSTREAM CORPORATION Condensed Consolidated Results of Segment Operations (Unaudited)(In thousands) 

















Three Months Ended December 31, 2025


Gathering and

Water


Consolidated


Processing

Handling
Unallocated (1)
Total
Revenues:













Revenue–Antero Resources
$250,539


63,222

—

313,761
Revenue–third-party

—


911

—

911
Amortization of customer relationships

(9,272)


(8,396)

—

(17,668)
Total revenues

241,267


55,737

—

297,004
Operating expenses:













Direct operating

26,914


27,166

—

54,080
General and administrative (excluding equity-based
compensation)

5,354


3,783

1,209

10,346
Equity-based compensation

7,251


3,572

300

11,123
Facility idling

—


538

—

538
Depreciation

18,773


14,960

—

33,733
Loss on long-lived assets

82,960


3,666

—

86,626
Other operating expense, net

—


49

—

49
Total operating expenses

141,252


53,734

1,509

196,495
Operating income

100,015


2,003

(1,509)

100,509
Other income (expense):













Interest expense, net

—


—

(46,836)

(46,836)
Equity in earnings of unconsolidated affiliates

28,715


—

—

28,715
Transaction expense

—


—

(5,195)

(5,195)
Total other income (expense)

28,715


—

(52,031)

(23,316)
Income before income taxes

128,730


2,003

(53,540)

77,193
Income tax expense

—


—

(25,264)

(25,264)
Net income and comprehensive income
$128,730


2,003

(78,804)

51,929


















(1)Corporate expenses that are not directly attributable to either the gathering and processing or water handling segments. ANTERO MIDSTREAM CORPORATIONConsolidated Statements of Cash Flows(In thousands)













Year Ended December 31,


2023
2024
2025
Cash flows provided by (used in) operating activities:









Net income
$371,786

400,892

413,163
Adjustments to reconcile net income to net cash provided by operating activities:









Depreciation

136,059

140,000

134,310
Impairment of property and equipment

146

332

984
Deferred income tax expense

134,664

147,729

149,387
Equity-based compensation

31,606

44,332

45,958
Equity in earnings of unconsolidated affiliates

(105,456)

(110,573)

(116,439)
Distributions from unconsolidated affiliates

131,835

135,660

141,270
Amortization of customer relationships

70,672

70,672

70,672
Amortization of deferred financing costs

5,979

6,004

5,255
Settlement of asset retirement obligations

(1,258)

(795)

(467)
Loss on early extinguishment of debt

—

14,091

1,313
Loss on long-lived assets

—

—

86,626
Other operating activities

7,012

912

192
Changes in assets and liabilities:









Accounts receivable–Antero Resources

(2,458)

(26,571)

3,809
Accounts receivable–third party

359

748

325
Income tax receivable

940

—

(1,896)
Other current assets

(2,041)

(781)

(737)
Accounts payable–Antero Resources

(1,267)

(54)

1,141
Accounts payable–third party

(7,766)

3,722

(2,077)
Income taxes payable

—

—

942
Accrued liabilities

8,251

17,674

(1,267)
Net cash provided by operating activities

779,063

843,994

932,464
Cash flows provided by (used in) investing activities:









Additions to gathering systems, facilities and other

(130,305)

(141,832)

(91,533)
Additions to water handling systems

(53,428)

(30,515)

(70,722)
Additional investments in unconsolidated affiliate

(262)

(2,393)

(6,653)
Acquisitions of gathering systems and facilities

(266)

(69,992)

—
Other investing activities

1,055

1,999

(304)
Net cash used in investing activities

(183,206)

(242,733)

(169,212)
Cash flows provided by (used in) financing activities:









Dividends to common stockholders

(434,846)

(437,634)

(439,007)
Dividends to preferred stockholders

(550)

(550)

(550)
Repurchases of common stock

—

(28,690)

(134,981)
Issuance of Senior Notes

—

600,000

1,250,000
Redemption of Senior Notes

—

(560,862)

(650,000)
Payments of deferred financing costs

—

(12,793)

(13,877)
Borrowings on Credit Facility

1,037,700

1,565,000

1,768,700
Repayments on Credit Facility

(1,189,600)

(1,710,800)

(2,253,000)
Employee tax withholding for settlement of equity-based compensation awards

(8,495)

(14,998)

(27,602)
Net cash used in financing activities

(595,791)

(601,327)

(500,317)
Net increase (decrease) in cash, cash equivalents and restricted cash

66

(66)

262,935
Cash and cash equivalents, beginning of period

—

66

—
Cash, cash equivalents and restricted cash, end of period
$66

—

262,935











Supplemental disclosure of cash flow information:









Cash paid during the period for interest
$213,955

189,908

187,656
Income taxes refunded (paid) during the period
$9,626

104

(2,600)
Increase (decrease) in accrued capital expenditures and accounts payable for property and equipment
$1,288

(13,416)

9,797
 



View original content to download multimedia:https://www.prnewswire.com/news-releases/antero-midstream-announces-fourth-quarter-2025-results-and-2026-guidance-302685598.htmlSOURCE Antero Midstream Corporation

Original: Antero Midstream Announces Fourth Quarter 2025 Results and 2026 Guidance

It's been doing great things..never miss a dividend and increase share cost. 20 by end of August.

It's been doing great things..never miss a dividend and increase share cost. 20 by end of August.

New high today!!!

52-week high did it pull back of 22cents. I'm really thinking the quarters going to look very nice. I can see mid to high teens soon. Keep the dividend where it's at.

Hello. Glad someone is here besides me.

How about that.

Yup, Divvy is coming soon.

Blue sky breakout
And no one is here to see it

Really sold 2 shares at 10.00 I want 3000

Really sold 2 shares at 10.00 I want 3000

About time we take off.

Got to live the dividend
Check out PBR 36% dividends

Told ya, so easy it should be illegal MATH

Peace out.

Did not work out the way the trendline planned. That's okay. I'll take my 10% on my money and definitely get out with another 5%.

Again with the dividends..love it. That makes like 40 straight quarters.

I see 12.34 as new high prior to 1/26/22

Trendline is up..

Go am Go!

Over 250% since this post. Plus dividends are still in the high 8% yield. Still a good buy
Been adding since this post.
Terrific business model.
Looking for 20 by end of 2022

Let's go am go.

$AMC- I owe much success to studying and trading to this music

is AMC about to take flight?

up that much ay.

get up to 30 40 dollars,

Lets go am lets go.

Well here I am.

special note. Uo 212% since post.
Plus 2 years dividends. Another year and a half I have my initial cost back and 2500 free shares. I.like this one

Shorts are going through those 100k shares available...soon there’s zero shares available and short borrowing fee starts to exponentially rise again starting at 11%. Short borrowing fee could be high 20’s % before Hearing starts.

LMAO

BB

I'm guessing this goes between 80% Stochastics ($9.09) and 70% RSI ($10.91)

I'll take either one.

I'll keep the 70% or 700% or 7000% gains for the OTC stocks. lol

Maybe ...How about 70% gains lol

And off we go.....

Up up and away until that divvy.....

Ummm no that chart is super bearish

Dear Retail- Buy hand over fist until we have full utilization of float shares. We are at 96% as of today. Thanks
BB

I am Nearing Retirement and Have Heard of
This High Dividend Fund/Stock.
Is it a Very Good time to Put away 10,000.00
at this time ??
Skimming Off some of my Stocks Trying to Find
a Good Place to Put it for Dividend Income Later.
Also when Interest Rates are Maybe Going up
is this an area to be or Wait ??
Thank You

$AM Shares of several oil companies are trading higher as oil prices gain despite a build in crude inventories. Severe weather in Texas has recently impacted supply, which has given prices a boost.

We dipping hard tomorrow

Double top on chart topped put...Articles don't mean shiiiid....Its the technical analysis ill buy back at 6.50 see ya

$AM JPMorgan Chase warned in early March that the oil market could be on the cusp of a "supercycle" that sends Brent crude skyrocketing as high as $190 a barrel in 2025. https://www.cnn.com/2020/06/18/investing/oil-price-spike-jpmorgan/index.html

Need to break 9.50 on the chart first bro

$20's coming $AM

$AM Fourth Quarter 2020 Earnings Highlights:

Net income was $76 million, or $0.16 per share, compared to a $(0.29) per share net loss in the prior year quarter
Adjusted Net Income was $98 million, or $0.21 per share, a 5% increase compared to the prior year quarter (non-GAAP measure)
Adjusted EBITDA was $203 million, in line with the prior year quarter (non-GAAP measure)
Capital expenditures were $29 million, a 77% decrease compared to the prior year quarter
Free Cash Flow before dividends was $135 million, a 223% increase compared to the prior year quarter (non-GAAP measure)
Net Debt at quarter end was $3.1 billion and Net Debt to last twelve months Adjusted EBITDA was 3.7x, both consistent with September 30, 2020 (non-GAAP measure) https://www.prnewswire.com/news-releases/antero-midstream-announces-fourth-quarter-2020-financial-results-and-2021-capital-budget-and-guidance-301230371.html

$AM 100% BUY Antero Midstream Partners
Overall Average Signal calculated from all 13 indicators. Signal Strength is a long-term measurement of the historical strength of the Signal, while Signal Direction is a short-term (3-Day) measurement of the movement of the Signal. https://www.barchart.com/stocks/quotes/AM/opinion

The share price is attractive relative to dividend. I am a buyer.

I've been in AM since Robinhood gave me one free share for opening my second trading account there. I like it just fine and bought a bucket full for both the dividend and the future triple stock price.

$AM | #AnteroMidstream Potential Trade Setup



Potential long entry above rising trendline.
50MA now support.
Indicators in bullish trajectory .
Target $7.50 for 10% upside.

Still looking good. Looks like higher highs higher lows. Strong balance sheets oh, they bought back their shares like they promised, and we're getting a great dividend. Win win win situation. I still like this.

$AM - https://www.otcmarkets.com/stock/AM/overview

$AM -DIVIDEND KING - Antero Midstream Announces Second Quarter 2020 Return of Capital and Earnings Release Date and Conference Call

Second Quarter 2020 Return of Capital

Antero Midstream's second quarter 2020 dividend is unchanged as compared to the first quarter of 2020. The dividend will be payable on August 12, 2020 to stockholders of record as of July 30, 2020. This represents the 22nd consecutive quarterly dividend or distribution paid since Antero Midstream Partners LP's initial public offering in November 2014. In addition, during the second quarter of 2020, Antero Midstream repurchased approximately 3.2 million shares for approximately $8.9 million. Antero Midstream had approximately $150 million of remaining share repurchase capacity under its $300 million authorized share repurchase program as of June 30, 2020.

https://finance.yahoo.com/news/antero-midstream-announces-second-quarter-202000635.html