Antero Midstream Corp 10-Q for FY2020 Q2

Antero Midstream Corp (AM)

10-Q 2020-07-29 For: 2020-06-30

Added on April 08, 2026

About this 10-Q

Antero Midstream Corp filed this 10-Q on July 29, 2020, covering the quarter ended June 30, 2020 (FY2020 Q2).

Headline figures

Quarter ended June 30, 2020, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $219.74M; down 14.0% from $255.62M a year earlier
Net income: $88.44M; up 27.7% from net income of $69.27M a year earlier
Diluted EPS: $0.18; up 28.6% from $0.14 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Delaware		61-1748605
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

1615 Wynkoop Street Denver, Colorado		80202
(Address of principal executive offices)		(Zip Code)



Securities registered pursuant to section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01	AM	New York Stock Exchange


Large Accelerated Filer ⌧		Accelerated Filer ◻

Non-accelerated Filer ◻		Smaller Reporting Company ☐
Emerging Growth Company ☐


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS		2
PART I—FINANCIAL INFORMATION		4
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	54
Item 4.	Controls and Procedures	55
PART II—OTHER INFORMATION		56
Item 1.	Legal Proceedings	56
Item 1A.	Risk Factors	56
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57
Item 6.	Exhibits	58
SIGNATURES		59


			(Unaudited)
	December 31,		June 30,
	2019		2020
Assets
Cash and cash equivalents	$	1,235		2,997
Accounts receivable–Antero Resources		101,029		76,088
Accounts receivable–third party		4,574		3,392
Income tax receivable		—		17,547
Other current assets		1,720		645
Total current assets		108,558		100,669
Property and equipment, net		3,273,410		3,249,643
Investments in unconsolidated affiliates		709,639		729,823
Deferred tax asset		103,231		160,579
Customer relationships		1,498,119		1,462,908
Goodwill		575,461		—
Other assets, net		14,460		11,433
Total assets	$	6,282,878		5,715,055

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable–Antero Resources	$	3,146		2,714
Accounts payable–third party		6,645		19,822
Accrued liabilities		104,188		72,284
Contingent acquisition consideration		125,000		—
Other current liabilities		3,105		3,325
Total current liabilities		242,084		98,145
Long-term liabilities:
Long-term debt		2,892,249		3,088,785
Other		5,131		4,943
Total liabilities		3,139,464		3,191,873

Stockholders' Equity:
Preferred stock, $0.01 par value: 100,000 authorized at December 31, 2019 and June 30, 2020, respectively
Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding at both December 31, 2019 and June 30, 2020		—		—
Common stock, $0.01 par value; 2,000,000 authorized; 484,042 and 476,486 issued and outstanding at December 31, 2019 and June 30, 2020, respectively		4,840		4,765
Additional paid-in capital		3,480,139		3,164,474
Accumulated loss		(341,565)		(646,057)
Total stockholders' equity		3,143,414		2,523,182
Total liabilities and stockholders' equity	$	6,282,878		5,715,055


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended June 30,
	2019		2020
Revenue:
Gathering and compression–Antero Resources	$	168,925		173,991
Water handling–Antero Resources		95,181		63,351
Water handling and treatment–third party		46		—
Amortization of customer relationships		(8,534)		(17,606)
Total revenue		255,618		219,736
Operating expenses:
Direct operating		63,998		42,067
General and administrative (including $21,543 and $2,697 of equity-based compensation in 2019 and 2020, respectively)		34,622		12,422
Facility idling		—		2,475
Impairment of property and equipment		594		—
Depreciation		36,447		27,745
Accretion and change in fair value of contingent acquisition consideration		2,297		—
Accretion of asset retirement obligations		69		61
Loss on asset sale		—		240
Total operating expenses		138,027		85,010
Operating income		117,591		134,726
Interest expense, net		(31,521)		(35,311)
Equity in earnings of unconsolidated affiliates		13,623		20,947
Income before income taxes		99,693		120,362
Provision for income tax expense		(30,419)		(31,921)
Net income and comprehensive income	$	69,274		88,441

Net income per share–basic	$	0.14		0.19
Net income per share–diluted	$	0.14		0.18

Weighted average common shares outstanding:
Basic		506,816		476,836
Diluted		507,767		478,837


	Six Months Ended June 30,
	2019		2020
Revenue:
Gathering and compression–Antero Resources	$	202,459		337,120
Water handling–Antero Resources		117,532		161,535
Water handling–third party		50		—
Amortization of customer relationships		(10,315)		(35,211)
Total revenue		309,726		463,444
Operating expenses:
Direct operating		78,980		90,795
General and administrative (including $32,966 and $6,035 of equity-based compensation in 2019 and 2020, respectively)		54,431		25,959
Facility idling		—		11,153
Impairment of goodwill		—		575,461
Impairment of property and equipment		594		89,083
Depreciation		44,097		55,088
Accretion and change in fair value of contingent acquisition consideration		3,346		—
Accretion of asset retirement obligations		79		103
Loss on asset sale		—		240
Total operating expenses		181,527		847,882
Operating income (loss)		128,199		(384,438)
Interest expense, net		(37,738)		(72,942)
Equity in earnings of unconsolidated affiliates		16,503		40,024
Income (loss) before income taxes		106,964		(417,356)
Provision for income tax benefit (expense)		(28,042)		112,864
Net income (loss) and comprehensive income (loss)	$	78,922		(304,492)

Net income (loss) per share–basic and diluted	$	0.21		(0.63)

Weighted average common shares outstanding:
Basic		381,045		479,969
Diluted		382,026		479,969


	Common
	Shares
	Representing
	Limited										Additional
	Partner		Series B		Preferred		Common Stock				Paid-In		Accumulated		Total
	Interests		Unitholders		Stock		Shares		Amount		Capital		Earnings		Equity
Balance at December 31, 2018	$	(41,969)		72,830		—		—	$	—		—		—		30,861
Distributions to unitholders		(30,543)		(3,720)		—		—		—		—		—		(34,263)
Net (loss) and comprehensive (loss) pre-acquisition		(13,549)		—		—		—		—		—		—		(13,549)
Equity-based compensation pre-acquisition		7,034		—		—		—		—		—		—		7,034
Exchange of common shares for shares of common stock and cash consideration paid		79,027		(69,110)		—		506,641		5,066		4,002,898		—		4,017,881
Issuance of Series A non-voting perpetual preferred stock		—		—		—		—		—		—		—		—
Equity-based compensation post-acquisition		—		—		—		—		—		4,389		—		4,389
Net income and comprehensive income post-acquisition		—		—		—		—		—		—		23,197		23,197
Balance at March 31, 2019		—		—		—		506,641		5,066		4,007,287		23,197		4,035,550
Dividends to shareholders		—		—		—		—		—		(152,180)		—		(152,180)
Equity-based compensation		—		—		—		—		—		21,543		—		21,543
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		—		—		206		2		(1,830)		—		(1,828)
Net income and comprehensive income		—		—		—		—		—		—		69,274		69,274
Balance at June 30, 2019	$	—		—		—		506,847	$	5,068		3,874,820		92,471		3,972,359


Fair value of shares of AM common stock issued⁽¹⁾	$	4,017,881
Cash		598,709
Total fair value of consideration transferred	$	4,616,590


Cash and cash equivalents	$	619,532
Accounts receivable–Antero Resources		142,312
Accounts receivable–third party		117
Other current assets		1,150
Property and equipment, net		3,371,427
Investments in unconsolidated affiliates		568,285
Customer relationships		1,567,000
Other assets, net		42,887
Total assets acquired		6,312,710

Accounts payable–Antero Resources		3,316
Accounts payable–third party		30,674
Accrued liabilities		87,021
Other current liabilities		537
Long-term debt		2,364,935
Contingent acquisition consideration		116,924
Other liabilities		8,524
Total liabilities assumed		2,611,931
Net assets acquired, excluding goodwill		3,700,779
Goodwill		915,811
Net assets acquired	$	4,616,590


Impairment of property and equipment	$	408,882
Impairment of goodwill		42,290
Impairment of customer relationships		11,871
Total impairment expense	$	463,043


Customer relationships as of December 31, 2019	$	1,498,119
Accumulated amortization		(35,211)
Customer relationships as of June 30, 2020	$	1,462,908


Remainder of year ending December 31, 2020	$	35,463
Year ending December 31, 2021		70,672
Year ending December 31, 2022		70,672
Year ending December 31, 2023		70,672
Year ending December 31, 2024		70,672
Year ending December 31, 2025		70,672
Thereafter		1,074,085
Total	$	1,462,908


Remainder of 2020	$	80,262
Year ending December 31, 2021		235,901
Year ending December 31, 2022		235,901
Year ending December 31, 2023		235,901
Year ending December 31, 2024		236,547
Year ending December 31, 2025		222,858
Thereafter		499,138
Total	$	1,746,508


	Three Months Ended June 30,				Six Months Ended June 30,				Segment to which
(in thousands)	2019		2020		2019		2020		revenues relate
Revenue from contracts with customers
Type of service
Gathering—low pressure	$	78,807		85,791		94,634		166,939	Gathering and Processing⁽¹⁾
Gathering—low pressure rebate		—		(12,000)		—		(24,000)	Gathering and Processing⁽¹⁾
Gathering—high pressure		47,749		51,577		57,032		100,490	Gathering and Processing⁽¹⁾
Compression		42,369		48,623		50,793		93,691	Gathering and Processing⁽¹⁾
Fresh water delivery		43,429		36,900		54,204		102,718	Water Handling
Wastewater treatment		12,011		—		14,441		—	Water Handling
Other fluid handling		39,787		26,451		48,937		58,817	Water Handling
Amortization of customer relationships⁽²⁾		(2,402)		(9,239)		(2,903)		(18,477)	Gathering and Processing
Amortization of customer relationships⁽²⁾		(6,132)		(8,367)		(7,412)		(16,734)	Water Handling
Total	$	255,618		219,736		309,726		463,444

Type of contract
Per Unit Fixed Fee	$	168,925		185,991		202,459		361,120	Gathering and Processing⁽¹⁾
Gathering—low pressure rebate		—		(12,000)		—		(24,000)	Gathering and Processing⁽¹⁾
Per Unit Fixed Fee		55,440		36,900		68,645		102,718	Water Handling
Cost plus 3%		39,787		23,742		48,937		54,687	Water Handling
Cost of service fee		—		2,709		—		4,130	Water Handling
Amortization of customer relationships⁽²⁾		(2,402)		(9,239)		(2,903)		(18,477)	Gathering and Processing
Amortization of customer relationships⁽²⁾		(6,132)		(8,367)		(7,412)		(16,734)	Water Handling
Total	$	255,618		219,736		309,726		463,444


	Estimated	December 31,		June 30,
(in thousands)	useful lives	2019		2020
Land	n/a	$	23,549		23,582
Gathering systems and facilities	40-50 years⁽¹⁾		2,375,241		2,577,408
Permanent buried pipelines and equipment	7-20 years		602,230		537,173
Surface pipelines and equipment	1-7 years		48,594		42,919
Landfill	n/a⁽²⁾		1,244		1,244
Heavy trucks and equipment	3-5 years		6,617		5,919
Above ground storage tanks	5-10 years		3,418		1,868
Construction-in-progress	n/a		300,165		163,575
Total property and equipment			3,361,058		3,353,688
Less accumulated depreciation			(87,648)		(104,045)
Property and equipment, net		$	3,273,410		3,249,643


		Weighted
		Average		Aggregate
	Number of	grant date		intrinsic value
	units	fair value		(in thousands)
Total AM LTIP RSUs awarded and unvested—December 31, 2019	1,275,990	$	14.38	$	9,685
Granted	985,269	$	7.23
Vested	(454,933)	$	13.63
Forfeited	(47,367)	$	14.43
Total AM LTIP RSUs awarded and unvested—June 30, 2020	1,758,959	$	10.45	$	8,971


					Distributions/
Quarter			Distributions/		Dividends
and Year	Record Date	Distribution Date	Dividends		per share
Q4 2018	February 1, 2019	February 21, 2019	$	30,543	$	0.164
Q1 2019	April 26, 2019	May 8, 2019		152,082	$	0.3025
Q1 2019	May 15, 2019	May 15, 2019		98		*
Q2 2019	July 26, 2019	August 7, 2019		154,146	$	0.3075
Q2 2019	August 14, 2019	September 18, 2019		138		*
Q3 2019	November 1, 2019	November 13, 2019		153,033	$	0.3075
Q3 2019	November 14, 2019	November 14, 2019		138		*
**	December 31, 2019	December 31, 2019		2,299		**
	Total 2019		$	492,477

Q4 2019	January 31, 2020	February 12, 2020	$	148,876	$	0.3075
*	February 14, 2020	February 14, 2020		138		*
Q1 2020	April 30, 2020	May 12, 2020		147,519	$	0.3075
*	May 15, 2020	May 15, 2020		137		*
	Total 2020		$	296,670


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2019		2020		2019		2020
Net income (loss)	$	69,274		88,441		78,922		(304,492)
Less preferred stock dividends		(139)		(137)		(168)		(275)
Net income (loss) available to common shareholders	$	69,135		88,304		78,754		(304,767)

Net income (loss) per share–basic	$	0.14		0.19		0.21		(0.63)
Net income (loss) per share–diluted	$	0.14		0.18		0.21		(0.63)

Weighted average common shares outstanding–basic		506,816		476,836		381,045		479,969
Weighted average common shares outstanding–diluted		507,767		478,837		382,026		479,969


	Antero						Total Investment
	Midstream				MarkWest		in Unconsolidated
(in thousands)	Partners LP		Stonewall			Joint Venture	Affiliates
Balance at December 31, 2018	$	43,492		—		—		43,492
Distributions from unconsolidated affiliates		(43,492)		—		—		(43,492)
Balance at March 12, 2019		—		—		—		—
Investments in unconsolidated affiliates acquired from Antero Midstream Partners		—		142,071		426,214		568,285
Additional Investments		—		—		154,359		154,359
Equity in net income of unconsolidated affiliates⁽¹⁾		—		4,117		47,198		51,315
Distributions from unconsolidated affiliates		—		(5,730)		(58,590)		(64,320)
Balance at December 31, 2019		—		140,458		569,181		709,639
Additional investments		—		—		21,988		21,988
Equity in net income of unconsolidated affiliates⁽¹⁾		—		3,160		36,864		40,024
Distributions from unconsolidated affiliates		—		(4,485)		(37,343)		(41,828)
Balance at June 30, 2020	$	—		139,133		590,690		729,823


	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Three months ended June 30, 2019
Revenues:
Revenue–Antero Resources	$	168,925		95,181		—		264,106
Revenue–third-party		—		46		—		46
Amortization of customer contracts		(2,402)		(6,132)		—		(8,534)
Total revenues		166,523		89,095		—		255,618

Operating expenses:
Direct operating		12,377		51,621		—		63,998
General and administrative (excluding equity-based compensation)		7,335		3,958		1,786		13,079
Equity-based compensation		2,286		926		18,331		21,543
Impairment of property and equipment		592		2		—		594
Depreciation		12,721		23,726		—		36,447
Accretion and change in fair value of contingent acquisition consideration		—		2,297		—		2,297
Accretion of asset retirement obligations		—		69		—		69
Total expenses		35,311		82,599		20,117		138,027
Operating income	$	131,212		6,496		(20,117)		117,591

Equity in earnings of unconsolidated affiliates	$	13,623		—		—		13,623
Total assets	$	4,916,854		1,844,385		7,770		6,769,009
Additions to property and equipment	$	81,529		43,656		—		125,185


	Low Pressure Gathering	Quarterly Fee
	Volume Growth Incentive	Reduction
	Targets (MMcf/d)	(in millions)
Calendar Year 2020
First Quarter	>2,700	$12
Second Quarter	>2,700	$12
Third Quarter	>2,800	$12
Fourth Quarter	>2,900	$12
Calendar Years 2021-2023
Threshold 1	>2,900 and <3,150	$12
Threshold 2	>3,150 and <3,400	$15.5
Threshold 3	>3,400	$19


					Amount of
	Three Months Ended June 30,				Increase		Percentage
	2019		2020		or Decrease		Change
Operating Data:
Gathering—low pressure (MMcf)		242,266		261,039		18,773		8	%
Gathering—high pressure (MMcf)		238,406		258,380		19,974		8	%
Compression (MMcf)		218,020		246,790		28,770		13	%
Fresh water delivery (MBbl)		11,147		9,318		(1,829)		(16)	%
Treated water (MBbl)		2,658		—		(2,658)		*
Other fluid handling (MBbl)		5,086		5,433		347		7	%
Wells serviced by fresh water delivery		25		22		(3)		(12)	%
Gathering—low pressure (MMcf/d)		2,662		2,869		207		8	%
Gathering—high pressure (MMcf/d)		2,620		2,839		219		8	%
Compression (MMcf/d)		2,396		2,712		316		13	%
Fresh water delivery (MBbl/d)		122		102		(20)		(16)	%
Treated water (MBbl/d)		29		—		(29)		*
Other fluid handling (MBbl/d)		56		60		4		7	%
Average realized fees:
Average gathering—low pressure fee ($/Mcf)	$	0.33		0.33		—		*
Average gathering—high pressure fee ($/Mcf)	$	0.20		0.20		—		*
Average compression fee ($/Mcf)	$	0.19		0.20		0.01		5	%
Average fresh water delivery fee ($/Bbl)	$	3.90		3.96		0.06		2	%
Average treatment fee ($/Bbl)	$	4.50		—		(4.50)		*
Joint Venture Operating Data:
Processing—Joint Venture (MMcf)		89,770		127,791		38,021		42	%
Fractionation—Joint Venture (MBbl)		2,470		3,014		544		22	%
Processing—Joint Venture (MMcf/d)		986		1,404		418		42	%
Fractionation—Joint Venture (MBbl/d)		27		33		6		22	%


									Pro Forma
	Gathering and		Water		Pro Forma				Consolidated
(in thousands)	Processing		Handling		Adjustments		Unallocated ⁽¹⁾		Total
Six months ended June 30, 2019
Revenues:
Revenue–Antero Resources	$	327,232		211,069		—		—		538,301
Revenue–third-party		—		101		—		—		101
Amortization of customer contracts		(2,903)		(7,412)		(25,225)		—		(35,540)
Total revenues		324,329		203,758		(25,225)		—		502,862

Operating expenses:
Direct operating		26,485		117,313		—		—		143,798
General and administrative (excluding equity-based compensation)		18,247		10,956		(15,345)		8,578		22,436
Equity-based compensation		4,248		2,031		—		29,164		35,443
Impairment of property and equipment		7,183		393		—		—		7,576
Depreciation		23,603		42,201		(2,974)		—		62,830
Accretion and change in fair value of contingent acquisition consideration		—		5,274		—		—		5,274
Accretion of asset retirement obligations		—		142		—		—		142
Total operating expenses		79,766		178,310		(18,319)		37,742		277,499
Operating income		244,563		25,448		(6,906)		(37,742)		225,363
Other income (expenses):
Interest expense, net		—		—		(3,301)		(54,553)		(57,854)
Equity in earnings of unconsolidated affiliates		28,767		—		571		—		29,338
Income before taxes		273,330		25,448		(9,636)		(92,295)		196,847
Provision for income tax expense		—		—		(22,470)		(28,042)		(50,512)
Net income and comprehensive income	$	273,330		25,448		(32,106)		(120,337)		146,335

Adjusted EBITDA⁽²⁾									$	408,633


	Six Months Ended June 30,				Increase/
(in thousands)	2019		2020		(Decrease)
Net cash provided by operating activities	$	252,164		362,147		109,983
Net cash used in investing activities		(221,401)		(143,341)		(78,060)
Net cash used in financing activities		(25,794)		(217,044)		191,250
Net increase in cash and cash equivalents	$	4,969		1,762


	Remainder		Year Ended December 31,
(in millions)	of 2020		2021		2022		2023		2024		2025		Thereafter		Total
Credit Facility ⁽¹⁾	$	—		—		1,155		—		—		—		—		1,155
5.375% senior notes due 2024—principal		—		—		—		—		650		—		—		650
5.375% senior notes due 2024—interest		17		35		35		35		35		—		—		157
5.75% senior notes due 2027—principal		—		—		—		—		—		—		650		650
5.75% senior notes due 2027—interest		19		37		37		37		37		37		56		260
5.75% senior notes due 2028—principal		—		—		—		—		—		—		650		650
5.75% senior notes due 2028—interest		19		37		37		37		37		37		93		297
Asset retirement obligations		3		—		—		1		—		—		2		6
Total	$	58		109		1,264		110		759		74		1,451		3,825


				Total Number of	Approximate Value
	Number of	Average Price		Common	of Common
	Common	Paid per		Shares Purchased	Shares that May
	Shares	Common		as Part of Publicly	Yet be Purchased
Period	Purchased⁽¹⁾	Share		Announced Plans⁽²⁾	Under the Plan
April 1, 2020 – April 30, 2020	3,335,119	$	2.76	3,201,800	$	149,800,870
May 1, 2020 – May 31, 2020	7,900	$	4.24	7,900	$	149,767,409
June 1, 2020 – June 30, 2020	—	$	—	—		N/A
Total	3,343,019	$	2.77	3,209,700	$	149,767,409


Exhibit Number		Description of Exhibit
3.1		Certificate of Conversion of Antero Midstream Corporation, dated March 12, 2019 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K (Commission File No. 001-38075) filed on March 12, 2019).
3.2		Certificate of Incorporation of Antero Midstream Corporation, dated March 12, 2019 (incorporated by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K (Commission File No. 001-38075) filed on March 12, 2019).
3.3		Bylaws of Antero Midstream Corporation, dated March 12, 2019 (incorporated by reference to Exhibit 3.4 to the Company’s Current Report on Form 8-K (Commission File No. 001-38075) filed on March 12, 2019).
3.4		Certificate of Designations of Antero Midstream Corporation, dated March 12, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (Commission File No. 001-38075) filed on March 12, 2019).
31.1	*	Certification of the Company’s Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 7241).
31.2	*	Certification of the Company’s Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 7241).
32.1	*	Certification of the Company’s Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).
32.2	*	Certification of the Company’s Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350).
99.1	*	Unaudited pro forma condensed combined financial statements of Antero Midstream Corporation.
101	*	The following financial information from this Quarterly Report on Form 10-Q of Antero Midstream Corporation for the quarter ended June 30, 2020, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (iii) Condensed Consolidated Statements of Partners’ Capital and Stockholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements, tagged as blocks of text.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).



ANTERO MIDSTREAM CORPORATION

By:	/s/ Michael N. Kennedy
	MICHAEL N. KENNEDY
	Chief Financial Officer

Date:	July 29, 2020