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Antero Midstream Corp

CIK:0001623925|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Amortization of customer relationships	$ (22,802)	$ (17,668)	$ (44,012)	$ (35,336)
Total revenue	327,244	305,472	641,455	596,601
Operating expenses:
Direct operating	84,526	63,114	155,223	119,944
General and administrative	22,557	22,125	44,904	45,149
Facility idling	287	375	832	818
Depreciation	37,378	33,364	72,013	66,112
Impairment of property and equipment	133		133	817
Gain on long-lived assets			(2,658)
Other operating expense, net	454	50	488	94
Total operating expenses	145,335	119,028	270,935	232,934
Operating income	181,909	186,444	370,520	363,667
Other income (expense):
Interest expense, net	(55,680)	(47,962)	(109,709)	(96,372)
Equity in earnings of unconsolidated affiliates	28,525	30,016	58,537	58,036
Transaction expense	(273)		(8,962)
Total other expense	(27,428)	(17,946)	(60,134)	(38,336)
Income before income taxes	154,481	168,498	310,386	325,331
Income tax expense	(40,966)	(43,985)	(78,605)	(80,081)
Net income and comprehensive income	$ 113,515	$ 124,513	$ 231,781	$ 245,250
Net income per common share-basic (in dollars per share)	$ 0.24	$ 0.26	$ 0.49	$ 0.51
Net income per common share-diluted (in dollars per share)	$ 0.24	$ 0.26	$ 0.48	$ 0.51
Weighted average common shares outstanding:
Basic (in shares)	474,909	479,083	474,391	479,074
Diluted (in shares)	477,113	482,451	477,540	483,408
Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate
Revenue:
Total operating revenues	$ 271,507	$ 248,901	$ 533,506	$ 486,918
Natural Gas, Gathering, Transportation, Marketing and Processing - Third party
Revenue:
Total operating revenues			295
Natural Gas Water Handling and Treatment - Affiliate
Revenue:
Total operating revenues	$ 78,539	73,773	151,355	144,048
Natural Gas Water Handling and Treatment
Revenue:
Total operating revenues		$ 466	$ 311	$ 971

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows provided by (used in) operating activities:
Net income	$ 231,781	$ 245,250
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	72,013	66,112
Impairment of property and equipment	133	817
Deferred income tax expense	78,605	76,493
Equity-based compensation	21,407	23,809
Equity in earnings of unconsolidated affiliates	(58,537)	(58,036)
Distributions from unconsolidated affiliates	71,000	68,730
Amortization of customer relationships	44,012	35,336
Amortization of deferred financing costs	3,051	2,621
Settlement of asset retirement obligations	(74)	(258)
Gain on long-lived assets	(2,658)
Other operating activities	488	94
Changes in assets and liabilities:
Accounts receivable-Antero Resources	(8,345)	3,557
Accounts receivable-third party	361	304
Other current assets	120	(195)
Accounts payable-Antero Resources	416	166
Accounts payable-third party	3,501	1,750
Income taxes payable		989
Accrued liabilities	35,599	(3,414)
Net cash provided by operating activities	492,873	464,125
Cash flows provided by (used in) investing activities:
Additional investments in unconsolidated affiliate	(900)	(5,078)
Acquisition of HG Midstream	(1,103,032)
Proceeds from asset sales	378,628	6
Other investing activities	171
Net cash used in investing activities	(815,782)	(72,334)
Cash flows provided by (used in) financing activities:
Dividends to common stockholders	(220,735)	(224,134)
Dividends to preferred stockholders	(275)	(275)
Repurchases of common stock	(26,355)	(45,340)
Borrowings on Credit Facility	1,411,200	567,500
Repayments on Credit Facility	(1,069,300)	(662,500)
Payments of deferred financing costs	(1,784)
Employee tax withholding for settlement of equity-based compensation awards	(32,555)	(27,042)
Payments on capital lease obligations	(222)
Net cash provided by (used in) financing activities	59,974	(391,791)
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	0	0
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	91,865	93,416
Income taxes paid during the period		2,600
Increase (decrease) in accrued capital expenditures and accounts payable for property and equipment	(2,919)	9,795
Right-of-use assets obtained in exchange for new operating lease obligations	47,618	351
Gathering systems, facilities and other
Cash flows provided by (used in) investing activities:
Additions	(54,838)	(43,094)
Water handling systems
Cash flows provided by (used in) investing activities:
Additions	$ (35,811)	$ (24,168)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents		$ 180,435
Restricted cash		82,500
Income tax receivable	$ 1,896	1,896
Current assets held for sale		4,600
Other current assets	2,363	2,669
Total current assets	140,946	379,864
Long-term assets:
Property and equipment, net	3,942,843	3,454,572
Investments in unconsolidated affiliates	574,215	585,778
Customer relationships	1,652,223	1,074,087
Operating leases right-of-use assets	43,066
Assets held for sale		379,036
Other assets, net	10,522	10,779
Total assets	6,363,815	5,884,116
Current liabilities:
Accrued liabilities	134,626	91,527
Short-term lease liabilities	12,786
Current liabilities held for sale		2,297
Other current liabilities	1,235	1,924
Total current liabilities	167,351	111,482
Long-term liabilities:
Long-term debt	3,566,179	3,222,530
Deferred income tax liability, net	641,600	562,996
Long-term lease liabilities	30,580
Liabilities held for sale		3,021
Other	12,731	12,046
Total liabilities	4,418,441	3,912,075
Stockholders' equity:
Preferred stock
Common stock, $0.01 par value; 2,000,000 authorized; 474,060 and 474,657 issued and outstanding as of December 31, 2025 and June 30, 2026, respectively	4,747	4,741
Additional paid-in capital	1,833,934	1,952,524
Retained earnings	106,693	14,776
Total stockholders' equity	1,945,374	1,972,041
Total liabilities and stockholders' equity	6,363,815	5,884,116
Antero Resources
Current assets:
Accounts receivable	135,798	106,771
Current liabilities:
Accounts payable	5,716	5,366
Third party
Current assets:
Accounts receivable	889	993
Current liabilities:
Accounts payable	12,988	10,368
Series A Preferred Stock
Stockholders' equity:
Preferred stock