19:14:07 EDT Wed 29 Jul 2026
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or Name
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Antero Midstream Announces Second Quarter 2026 Financial and Operating Results

2026-07-29 16:15 ET - News Release

Antero Midstream Announces Second Quarter 2026 Financial and Operating Results

PR Newswire

DENVER, July 29, 2026 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its second 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 June 30, 2026.

Highlights:

  • Gathering and compression volumes increased by 19% and 17%, respectively, compared to the prior year quarter
  • Net Income was $114 million, or $0.24 per diluted share, an 8% per share decrease compared to the prior year quarter
  • Adjusted Net Income was $131 million, or $0.27 per diluted share, a 7% per share decrease compared to the prior year quarter (non-GAAP measure)
  • Adjusted EBITDA was $289 million, a 2% increase compared to the prior year quarter (non-GAAP measure)
  • Capital expenditures were $47 million
  • Adjusted Free Cash Flow after dividends was $80 million (non-GAAP measure)
  • Commenced construction on the Company's first intrastate regional pipeline ("East Side Express")
  • Received $371 million in damages and interest from Veolia in July and called $650 million of senior notes due 2028 at par

Michael Kennedy, CEO and President of Antero Midstream said, "During the quarter, Antero Midstream gathered over 4.1 Bcf/d of production, which was a 19% increase year-over-year and a new company record. Our water integration projects remain on track, which we expect to drive high-single digit EBITDA growth in 2027."

Mr. Kennedy further added, "In addition, during the quarter we commenced initial construction of our first intrastate regional pipeline, the "East Side Express", which will enhance regional connectivity within our operating areas. This pipeline positions Antero Midstream for future dry gas growth in West Virginia with decades of underlying inventory to capture growing regional demand. This east-west bi-directional pipeline represents our first regional pipeline and adds significant optionality for future intrastate pipeline projects that provide an integrated midstream solution connecting low-cost supply to demand centers."

Justin Agnew, CFO of Antero Midstream, said "The second quarter marked our twelfth consecutive quarter of generating Free Cash Flow after dividends, highlighting the consistency of operations over the last three years. Looking ahead, we expect an increase in volumes across both the gathering and water businesses to drive EBITDA growth in the back half of the year in line with our full year guidance range."

Mr. Agnew further added, "In July, Antero Midstream received approximately $371 million of proceeds from Veolia, which allowed us to reduce absolute debt and be below our 3-times leverage target ahead of expectations. After calling the $650 million of senior notes due 2028 at par, Antero Midstream has over $600 million of liquidity and no near-term maturities. This provides us with significant liquidity and balance sheet capacity to pursue additional growth opportunities and further return of capital to shareholders."

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 and Definitions."

Clearwater Lawsuit Update

On June 23, 2026 the Colorado Supreme Court affirmed that Antero Midstream had prevailed on its claims against Veolia relating to the Clearwater Facility. On July 24, 2026 Antero Midstream received approximately $371 million in damages and interest. These proceeds and borrowings under the revolving credit facility are being used to call the $650 million of senior unsecured notes due 2028 at par.

Share Repurchases

During the second quarter of 2026, Antero Midstream repurchased 0.4 million shares for approximately $8 million. Antero Midstream had approximately $310 million of remaining capacity under its share repurchase program as of June 30, 2026.

Strategic and Operating Updates

During the quarter, Antero Midstream began its multiyear investment in the East Side Express, the Company's first dry gas regional connectivity expansion project. This project will expand dry gas deliveries to several different long haul and regional pipelines and will enhance optionality to local markets in order to capture growing regional demand around the Company's area of operations.

Antero Midstream connected 26 wells to its gathering system and serviced 21 wells with its fresh water delivery system during the quarter. Capital expenditures were $47 million during the second quarter of 2026. The Company invested $33 million in gathering and compression and $14 million in water infrastructure.

Second Quarter 2026 Financial Results

Gathering and compression volumes increased by 19% and 17%, respectively, compared to the prior year quarter. Fresh water delivery volumes averaged 82 MBbl/d during the quarter, a 16% decrease compared to the second quarter of 2025. Processing volumes from the processing and fractionation joint venture (the "Joint Venture") averaged 1.6 Bcf/d and Joint Venture fractionation volumes averaged 40 MBbl/d, both in line with the prior year quarter. Processing and fractionation capacity were both 100% utilized during the quarter.

For the three months ended June 30, 2026, revenues were $327 million, comprised of $272 million from the Gathering and Processing segment and $79 million from the Water Handling segment, net of $23 million of amortization of customer relationships. Water Handling revenues include $45 million from other water handling and high rate water transfer services.

Direct operating expenses were $37 million for the Gathering and Processing segment and $48 million for the Water Handling segment for a total of $85 million. Water Handling operating expenses include $40 million from other water handling and high rate water transfer services. General and administrative expenses excluding equity-based compensation were $12 million during the second quarter of 2026. Total operating expenses during the second quarter of 2026 included $11 million of equity-based compensation expense and $37 million of depreciation expense.

Net Income was $114 million, or $0.24 per diluted share. Net Income adjusted for amortization of customer relationships, impairment of property and equipment, transaction expense and other, net of tax effects of reconciling items, or Adjusted Net Income, was $131 million. Adjusted Net Income was $0.27 per diluted share, a 7% per share decrease compared to the prior year quarter.

The following table reconciles Net Income to Adjusted Net Income (in thousands):

                                                     Three Months Ended

                                                          June 30,


                                              2025                  2026



 
          Net Income                  $
        
       124,513          113,515



 Amortization of customer relationships    17,668             22,802



 Impairment of property and equipment                          133



 Transaction expense                                           273



 Other(1)                                                      409



 Tax effect of reconciling items(2)        (4,564)           (6,112)



 
          Adjusted Net Income         $
        
       137,617       131,020




 
 (1) 
 Other represents loss on settlement of asset retirement obligations.



 
 (2)   The statutory tax rate for each of the three months ended June 30, 2025 and 2026 was
            approximately 26%.

Adjusted EBITDA was $289 million, a 2% increase compared to the prior year quarter. Interest expense was $56 million, a 16% increase compared to the prior year quarter driven by financing for the HG Energy acquisition. Capital expenditures were $47 million during the second quarter of 2026. Adjusted Free Cash Flow before dividends was $186 million and Adjusted Free Cash Flow after dividends was $80 million.

The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands):

                                                                Three Months Ended

                                                                     June 30,


                                                                    2025                 2026



 
            Net Income                               $
  
    124,513              113,515



 Interest expense, net                                           47,962               55,680



 Income tax expense                                              43,985               40,966



 Depreciation expense                                            33,364               37,378



 Amortization of customer relationships                          17,668               22,802



 Equity-based compensation                                       11,407               10,828



 Equity in earnings of unconsolidated affiliates               (30,016)            (28,525)



 Distributions from unconsolidated affiliates                    35,355               35,280



 Impairment of property and equipment                                                   133



 Transaction expense                                                                    273



 Other operating expense, net(1)                                     50                  454



 
            Adjusted EBITDA                          $
  
    284,288              288,784



 Interest expense, net                                         (47,962)            (55,680)



 Capital expenditures (accrual-based)                          (44,847)            (46,678)



   Current income tax expense                                   (1,908)



 
            Adjusted Free Cash Flow before dividends $
  
    189,571              186,426



 Dividends declared (accrual-based)                           (107,678)           (106,801)



 
            Adjusted Free Cash Flow after dividends   $
  
    81,893               79,625




 
 (1) Other operating expense, net represents accretion of asset retirement obligations and loss on settlement of
          asset retirement obligations.

The following table reconciles net cash provided by operating activities to Adjusted Free Cash Flow before and after dividends (in thousands):

                                                                Three Months Ended

                                                                     June 30,


                                                                     2025                2026



 
            Net cash provided by operating activities $
  
    265,183             254,249



 Amortization of deferred financing costs                        (1,314)            (1,539)



 Settlement of asset retirement obligations                           48                  40



 Transaction expense                                                                    273



 Changes in working capital                                     (29,499)           (19,919)



 Capital expenditures (accrual-based)                           (44,847)           (46,678)



 
            Adjusted Free Cash Flow before dividends  $
  
    189,571             186,426



 Dividends declared (accrual-based)                            (107,678)          (106,801)



 
            Adjusted Free Cash Flow after dividends    $
  
    81,893              79,625

Conference Call

A conference call is scheduled on Thursday, July 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 +1 201-493-6751 (International) and reference "Antero Midstream." A telephone replay of the call will be available until Thursday, August 6, 2026 at 10:00 am MT at 877-660-6853 (U.S.) or +1 201-612-7415 (International) using the conference ID: 13758948. 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, August 6, 2026 at 10:00 am MT.

Presentation

An 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 Definitions

Antero 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; and
  • the 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 Ended

                                                                            June 30,


                                                                             2025            2026



 
            Capital expenditures (as reported on a cash basis) $
 
     40,064          52,743



 Change in accrued capital costs                                           4,783         (6,065)



 
            Capital expenditures (accrual basis)               $
 
     44,847          46,678

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):

                                                             June 30,
                                                                 2026



 
            Bank credit facility                  $
   
   341,900



 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             $
   
   3,591,900



 Less: Cash, cash equivalents and restricted cash



 
            Consolidated net debt               $
   
   3,591,900

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," "goal," or "target" 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 planand 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 geopolitical events, including the conflicts in Ukraine, Venezuela and the Middle East, and 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 June 30, 2026.

This release is not a notice of redemption of the 2028 notes. The redemption is being made solely pursuant to the Notice of Redemption, dated July 24, 2026, relating to the 2028 notes.

                                                                                                    
      
            ANTERO MIDSTREAM CORPORATION
                                                                                                       Condensed Consolidated Balance Sheets
                                                                                                      (In thousands, except per share amounts)






                                                                                                                                                                                (Unaudited)


                                                                                                                                                                   December        June
                                                                                                                                                                                   30,
                                                                                                                                                                            31,


                                                                                                                                                                   2025               2026


                                                                                                           
          
            Assets



       Current assets:



       Cash and cash equivalents                                                                                                                          $
     180,435



       Restricted cash                                                                                                                                            82,500



       Accounts receivable-Antero Resources                                                                                                                      106,771              135,798



       Accounts receivable-third party                                                                                                                               993                  889



       Income tax receivable                                                                                                                                       1,896                1,896



       Current assets held for sale                                                                                                                                4,600



       Other current assets                                                                                                                                        2,669                2,363



       Total current assets                                                                                                                                      379,864              140,946



       Long-term assets:



       Property and equipment, net                                                                                                                             3,454,572            3,942,843



       Investments in unconsolidated affiliates                                                                                                                  585,778              574,215



       Customer relationships                                                                                                                                  1,074,087            1,652,223



       Operating leases right-of-use assets                                                                                                                                           43,066



       Assets held for sale                                                                                                                                      379,036



       Other assets, net                                                                                                                                          10,779               10,522



       Total assets                                                                                                                                     $
     5,884,116            6,363,815




                                                                                                  
    
            Liabilities and Stockholders' Equity



       Current liabilities:



       Accounts payable-Antero Resources                                                                                                                    $
     5,366                5,716



       Accounts payable-third party                                                                                                                               10,368               12,988



       Accrued liabilities                                                                                                                                        91,527              134,626



       Short-term lease liabilities                                                                                                                                                   12,786



       Current liabilities held for sale                                                                                                                           2,297



       Other current liabilities                                                                                                                                   1,924                1,235



       Total current liabilities                                                                                                                                 111,482              167,351



       Long-term liabilities:



       Long-term debt                                                                                                                                          3,222,530            3,566,179



       Deferred income tax liability, net                                                                                                                        562,996              641,600



       Long-term lease liabilities                                                                                                                                                    30,580



       Liabilities held for sale                                                                                                                                   3,021



       Other                                                                                                                                                      12,046               12,731



       Total liabilities                                                                                                                                       3,912,075            4,418,441



       Stockholders' equity:



       Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2025 and June 30,
  2026



       Series A non-voting perpetual preferred stock; 12 designated and 10 issued and
   outstanding as of December 31, 2025 and June 30, 2026



       Common stock, $0.01 par value; 2,000,000 authorized; 474,060 and 474,657 issued and                                                                         4,741                4,747
  outstanding as of December 31, 2025 and June 30, 2026, respectively



       Additional paid-in capital                                                                                                                              1,952,524            1,833,934



       Retained earnings                                                                                                                                          14,776              106,693



       Total stockholders' equity                                                                                                                              1,972,041            1,945,374



       Total liabilities and stockholders' equity                                                                                                       $
     5,884,116            6,363,815

                                                                                    
          
            ANTERO MIDSTREAM CORPORATION
                                                                    Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
                                                                                          (In thousands, except per share amounts)




                                                                                                                                                                      Three Months Ended June
                                                                                                                                                                                   30,


                                                                                                                                                                 2025                 2026



      Revenue:



      Gathering and compression-Antero Resources                                                                                                        $
     248,901                271,507



      Water handling-Antero Resources                                                                                                                           73,773                 78,539



      Water handling-third party                                                                                                                                   466



      Amortization of customer relationships                                                                                                                  (17,668)              (22,802)



      Total revenue                                                                                                                                            305,472                327,244



      Operating expenses:



      Direct operating                                                                                                                                          63,114                 84,526



      General and administrative (including $11,407 and $10,828 of equity-based compensation                                                                    22,125                 22,557
  in 2025 and 2026, respectively)



      Facility idling                                                                                                                                              375                    287



      Depreciation                                                                                                                                              33,364                 37,378



      Impairment of property and equipment                                                                                                                                               133



      Other operating expense, net                                                                                                                                  50                    454



      Total operating expenses                                                                                                                                 119,028                145,335



      Operating income                                                                                                                                         186,444                181,909



      Other income (expense):



      Interest expense, net                                                                                                                                   (47,962)              (55,680)



      Equity in earnings of unconsolidated affiliates                                                                                                           30,016                 28,525



      Transaction expense                                                                                                                                                              (273)



      Total other expense                                                                                                                                     (17,946)              (27,428)



      Income before income taxes                                                                                                                               168,498                154,481



      Income tax expense                                                                                                                                      (43,985)              (40,966)



      Net income and comprehensive income                                                                                                               $
     124,513                113,515





      Net income per common share-basic                                                                                                                    $
     0.26                   0.24



      Net income per common share-diluted                                                                                                                  $
     0.26                   0.24





      Weighted average common shares outstanding:



      Basic                                                                                                                                                    479,083                474,909



      Diluted                                                                                                                                                  482,451                477,113

                                            
     
            ANTERO MIDSTREAM CORPORATION
                                                Selected Operating Data (Unaudited)




                                                                                                                                    Amount of


                                                                                                 Three Months Ended June
                                                                                                             30,         Increase                   Percentage


                                                                                          2025                2026                or Decrease                  Change



 
            Operating Data:



 Gathering (MMcf)                                                                       314,826               375,249     60,423                19

                                                                                                                                               %



 Compression (MMcf)                                                                     313,706               367,280     53,574                17

                                                                                                                                               %



 Centralized compression (MMcf)                                                         313,706               299,283   (14,423)              (5)

                                                                                                                                               %



 Well pad compression (MMcf)                                                                                  67,997     67,997               100

                                                                                                                                               %



 High pressure gathering (MMcf)                                                         293,146               271,748   (21,398)              (7)

                                                                                                                                               %



 Fresh water delivery (MBbl)(1)                                                           8,941                 7,479    (1,462)             (16)

                                                                                                                                               %



 Other water handling (MBbl)(2)                                                           5,330                12,376      7,046               132

                                                                                                                                               %



 Wells serviced by fresh water delivery                                                      11                    21         10                91

                                                                                                                                               %



 Gathering (MMcf/d)                                                                       3,460                 4,124        664                19

                                                                                                                                               %



 Compression (MMcf/d)                                                                     3,447                 4,036        589                17

                                                                                                                                               %



 Centralized compression (MMcf/d)                                                         3,447                 3,289      (158)              (5)

                                                                                                                                               %



 Well pad compression (MMcf/d)                                                                                   747        747               100

                                                                                                                                               %



 High pressure gathering (MMcf/d)                                                         3,221                 2,986      (235)              (7)

                                                                                                                                               %



 Fresh water delivery (MBbl/d) (1)                                                           98                    82       (16)             (16)

                                                                                                                                               %



 Other water handling (MBbl/d) (2)                                                           59                   136         77               131

                                                                                                                                               %


               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)                                              $
          4.37                  4.44       0.07                 2

                                                                                                                                               %



 
            Joint Venture Operating Data:



 Processing (MMcf)                                                                      153,560               151,217    (2,343)              (2)

                                                                                                                                               %



 Fractionation (MBbl)                                                                     3,640                 3,640                           *



 Processing (MMcf/d)                                                                      1,687                 1,662       (25)              (1)

                                                                                                                                               %



 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 June 30, 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 June 30, 2026


                                                                                                                                  Gathering and                               Water                            Consolidated



       
            (in thousands)                                                                                               Processing                               Handling             Unallocated


                                                                                                                                                                                            (1)             Total



       Revenues:



       Revenue-Antero Resources                                                                                       $
   271,507             78,539                                 350,046



       Amortization of customer relationships                                                                             (13,784)           (9,018)                                (22,802)



       Total revenues                                                                                                      257,723             69,521                                 327,244



       Operating expenses:



       Direct operating                                                                                                     36,533             47,993                                  84,526



       General and administrative (excluding equity-based                                                                    6,564              2,625                   2,540           11,729
  compensation)



       Equity-based compensation                                                                                             7,988              2,526                     314           10,828



       Facility idling                                                                                                                           287                                     287



       Depreciation                                                                                                         18,884             18,494                                  37,378



       Impairment of property and equipment                                                                                    133                                                       133



       Other operating expense, net                                                                                                              454                                     454



       Total operating expenses                                                                                             70,102             72,379                   2,854          145,335



       Operating income (loss)                                                                                             187,621            (2,858)                 (2,854)         181,909



       Other income (expense):



       Interest expense, net                                                                                                                                       (55,680)        (55,680)



       Equity in earnings of unconsolidated affiliates                                                                      28,525                                                    28,525



       Transaction expense                                                                                                                                            (273)           (273)



       Total other income (expense)                                                                                         28,525                                  (55,953)        (27,428)



       Income (loss) before income taxes                                                                                   216,146            (2,858)                (58,807)         154,481



       Income tax expense                                                                                                                                          (40,966)        (40,966)



       Net income (loss) and comprehensive income (loss)                                                              $
   216,146            (2,858)                (99,773)         113,515


 ________________________________



 (1)                              Corporate expenses that are not directly attributable to either the gathering and processing or
                                     water handling segments.

                                                                                         
          
            ANTERO MIDSTREAM CORPORATION
                                                                                      Condensed Consolidated Statements of Cash Flows (Unaudited)
                                                                                                            (In thousands)




                                                                                                                                                         Six Months Ended June 30,


                                                                                                                                                             2025                  2026



      Cash flows provided by (used in) operating activities:



      Net income                                                                                                                                     $
    245,250                 231,781



      Adjustments to reconcile net income to net cash provided by operating activities:



      Depreciation                                                                                                                                          66,112                  72,013



      Impairment of property and equipment                                                                                                                     817                     133



      Deferred income tax expense                                                                                                                           76,493                  78,605



      Equity-based compensation                                                                                                                             23,809                  21,407



      Equity in earnings of unconsolidated affiliates                                                                                                     (58,036)               (58,537)



      Distributions from unconsolidated affiliates                                                                                                          68,730                  71,000



      Amortization of customer relationships                                                                                                                35,336                  44,012



      Amortization of deferred financing costs                                                                                                               2,621                   3,051



      Settlement of asset retirement obligations                                                                                                             (258)                   (74)



      Gain on long-lived assets                                                                                                                                                   (2,658)



      Other operating activities                                                                                                                                94                     488



      Changes in assets and liabilities:



      Accounts receivable-Antero Resources                                                                                                                   3,557                 (8,345)



      Accounts receivable-third party                                                                                                                          304                     361



      Other current assets                                                                                                                                   (195)                    120



      Accounts payable-Antero Resources                                                                                                                        166                     416



      Accounts payable-third party                                                                                                                           1,750                   3,501



      Income taxes payable                                                                                                                                     989



      Accrued liabilities                                                                                                                                  (3,414)                 35,599



      Net cash provided by operating activities                                                                                                            464,125                 492,873



      Cash flows provided by (used in) investing activities:



      Additions to gathering systems, facilities and other                                                                                                (43,094)               (54,838)



      Additions to water handling systems                                                                                                                 (24,168)               (35,811)



      Additional investments in unconsolidated affiliate                                                                                                   (5,078)                  (900)



      Acquisition of HG Midstream                                                                                                                                             (1,103,032)



      Proceeds from asset sales                                                                                                                                  6                 378,628



      Other investing activities                                                                                                                                                      171



      Net cash used in investing activities                                                                                                               (72,334)              (815,782)



      Cash flows provided by (used in) financing activities:



      Dividends to common stockholders                                                                                                                   (224,134)              (220,735)



      Dividends to preferred stockholders                                                                                                                    (275)                  (275)



      Repurchases of common stock                                                                                                                         (45,340)               (26,355)



      Borrowings on Credit Facility                                                                                                                        567,500               1,411,200



      Repayments on Credit Facility                                                                                                                      (662,500)            (1,069,300)



      Payments of deferred financing costs                                                                                                                                        (1,784)



      Employee tax withholding for settlement of equity-based compensation awards                                                                         (27,042)               (32,555)



      Payments on capital lease obligations                                                                                                                                         (222)



      Net cash provided by (used in) financing activities                                                                                                (391,791)                 59,974



      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                                                                                                              93,416                  91,865



      Income taxes paid during the period                                                                                                                    2,600



      Increase (decrease) in accrued capital expenditures and accounts payable for property and                                                              9,795                 (2,919)
  equipment



      Right-of-use assets obtained in exchange for new operating lease obligations                                                                             351                  47,618

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SOURCE Antero Midstream Corporation

Contact:

Daniel Katzenberg, Vice President - Investor Relations, at (303) 357-7219 or dkatzenberg@anteroresources.com.

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