AM · Antero Midstream Corporation

Antero Midstream delivered solid first quarter 2026 operational and financial performance anchored by 14% year-over-year gathering volume growth to 3,805 MMcf/d, reflecting successful execution across organic development and strategic integration. The Company connected 20 wells to its gathering system and serviced 26 wells with fresh water delivery, while also completing its largest acquisition to date—the HG Energy transaction—in early February. That acquisition, paired with the concurrent divestiture of Ohio Utica Shale assets in late February, shaped the quarter’s financial profile: revenues totaled $314 million, with $250 million from Gathering and Processing and $64 million from Water Handling (net of $21 million amortization). Net Income held flat year-over-year at $118 million ($0.25 per diluted share), though Adjusted EBITDA grew 5% to $288 million—driven by volume gains, high utilization (100% for processing and fractionation), and disciplined cost management despite $9 million in HG-related transaction expenses. Interest expense rose 12% to $54 million due to financing for the acquisition, and leverage remained in the low 3x range as stated by CFO Justin Agnew. Management highlighted resilience during Winter Storm Fern and progress on key capital projects—including the first dry gas Marcellus pad in over a decade and the first pad on acquired assets—both turned-in-line in Q2. With $318 million remaining under its share repurchase program and $85 million in Adjusted Free Cash Flow after dividends (up 8% YoY), Antero Midstream reinforced its capital discipline and growth trajectory, positioning itself to meet rising U.S. energy demand through enhanced connectivity and market outlets.