Antero Midstream Corp 10-Q for FY2023 Q2

Antero Midstream Corp (AM)

10-Q 2023-07-26 For: 2023-06-30

Added on April 08, 2026

About this 10-Q

Antero Midstream Corp filed this 10-Q on July 26, 2023, covering the quarter ended June 30, 2023 (FY2023 Q2).

Headline figures

Quarter ended June 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $258.29M; up 12.8% from $228.91M a year earlier
Net income: $87.01M; up 9.6% from net income of $79.4M a year earlier
Diluted EPS: $0.18; up 5.9% from $0.17 a year earlier

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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 ☐



		Page
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS		1
PART I—FINANCIAL INFORMATION		3
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	38
Item 4.	Controls and Procedures	39
PART II—OTHER INFORMATION		40
Item 1.	Legal Proceedings	40
Item 1A.	Risk Factors	40
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	40
Item 6.	Exhibits	41
SIGNATURES		42


			(Unaudited)
	December 31,		June 30,
	2022		2023
Assets
Current assets:
Accounts receivable–Antero Resources	$	86,152		91,621
Accounts receivable–third party		575		550
Income tax receivable		940		940
Other current assets		1,326		795
Total current assets		88,993		93,906

Property and equipment, net		3,751,431		3,756,496
Investments in unconsolidated affiliates		652,767		639,887
Customer relationships		1,286,103		1,250,767
Other assets, net		12,026		11,827
Total assets	$	5,791,320		5,752,883

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable–Antero Resources	$	5,436		2,921
Accounts payable–third party		22,865		17,947
Accrued liabilities		72,715		74,924
Other current liabilities		1,061		817
Total current liabilities		102,077		96,609
Long-term liabilities:
Long-term debt		3,361,282		3,306,667
Deferred income tax liability		131,215		191,979
Other		4,428		4,589
Total liabilities		3,599,002		3,599,844

Stockholders' equity:
Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2022 and June 30, 2023
Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2022 and June 30, 2023		—		—
Common stock, $0.01 par value; 2,000,000 authorized; 478,497 and 479,656 issued and outstanding as of December 31, 2022 and June 30, 2023, respectively		4,785		4,797
Additional paid-in capital		2,104,740		2,061,230
Retained earnings		82,793		87,012
Total stockholders' equity		2,192,318		2,153,039
Total liabilities and stockholders' equity	$	5,791,320		5,752,883


☒	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,
	2022		2023
Revenue:
Gathering and compression–Antero Resources	$	184,071		211,068
Water handling–Antero Resources		62,262		64,613
Water handling–third party		242		274
Amortization of customer relationships		(17,668)		(17,668)
Total revenue		228,907		258,287
Operating expenses:
Direct operating		43,299		52,595
General and administrative (including $5,641 and $8,499 of equity-based compensation in 2022 and 2023, respectively)		16,079		18,162
Facility idling		1,185		637
Depreciation		35,675		35,233
Impairment of property and equipment		3,702		—
Accretion of asset retirement obligations		64		44
Loss on settlement of asset retirement obligations		539		279
Loss (gain) on asset sale		(32)		5,814
Total operating expenses		100,511		112,764
Operating income		128,396		145,523
Other income (expense):
Interest expense, net		(45,426)		(55,388)
Equity in earnings of unconsolidated affiliates		22,824		25,972
Total other expense		(22,602)		(29,416)
Income before income taxes		105,794		116,107
Income tax expense		(26,399)		(29,095)
Net income and comprehensive income	$	79,395		87,012

Net income per share–basic	$	0.17		0.18
Net income per share–diluted	$	0.17		0.18

Weighted average common shares outstanding:
Basic		478,317		479,502
Diluted		480,270		481,512


	Six Months Ended June 30,
	2022		2023
Revenue:
Gathering and compression–Antero Resources	$	366,514		410,644
Water handling–Antero Resources		115,583		141,908
Water handling–third party		637		546
Amortization of customer relationships		(35,336)		(35,336)
Total revenue		447,398		517,762
Operating expenses:
Direct operating		85,311		110,468
General and administrative (including $8,473 and $14,826 of equity-based compensation in 2022 and 2023, respectively)		34,010		35,509
Facility idling		2,333		1,211
Depreciation		63,975		70,429
Impairment of property and equipment		3,702		—
Accretion of asset retirement obligations		128		88
Loss on settlement of asset retirement obligations		539		620
Loss (gain) on asset sale		(150)		5,569
Total operating expenses		189,848		223,894
Operating income		257,550		293,868
Other income (expense):
Interest expense, net		(89,705)		(110,012)
Equity in earnings of unconsolidated affiliates		46,056		50,428
Total other expense		(43,649)		(59,584)
Income before income taxes		213,901		234,284
Income tax expense		(54,466)		(60,765)
Net income and comprehensive income	$	159,435		173,519

Net income per share–basic	$	0.33		0.36
Net income per share–diluted	$	0.33		0.36

Weighted average common shares outstanding:
Basic		477,983		479,059
Diluted		480,329		481,420


									Retained
							Additional		Earnings
	Preferred		Common Stock				Paid-In		(Accumulated		Total
	Stock		Shares		Amount		Capital		Deficit)		Equity
Balance at December 31, 2021	$	—		477,495	$	4,775		2,414,398		(132,475)		2,286,698
Dividends to stockholders		—		—		—		(108,287)		—		(108,287)
Equity-based compensation		—		—		—		2,832		—		2,832
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		188		2		(1,331)		—		(1,329)
Net income and comprehensive income		—		—		—		—		80,040		80,040
Balance at March 31, 2022		—		477,683		4,777		2,307,612		(52,435)		2,259,954
Dividends to stockholders		—		—		—		(109,433)		—		(109,433)
Equity-based compensation		—		—		—		5,641		—		5,641
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		754		7		(5,445)		—		(5,438)
Net income and comprehensive income		—		—		—		—		79,395		79,395
Balance at June 30, 2022	$	—		478,437	$	4,784		2,198,375		26,960		2,230,119

Balance at December 31, 2022	$	—		478,497	$	4,785		2,104,740		82,793		2,192,318
Dividends to stockholders		—		—		—		(25,709)		(82,793)		(108,502)
Equity-based compensation		—		—		—		6,327		—		6,327
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		148		1		(1,167)		—		(1,166)
Net income and comprehensive income		—		—		—		—		86,507		86,507
Balance at March 31, 2023		—		478,645		4,786		2,084,191		86,507		2,175,484
Dividends to stockholders		—		—		—		(24,267)		(86,507)		(110,774)
Equity-based compensation		—		—		—		8,499		—		8,499
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		1,011		11		(7,193)		—		(7,182)
Net income and comprehensive income		—		—		—		—		87,012		87,012
Balance at June 30, 2023	$	—		479,656	$	4,797		2,061,230		87,012		2,153,039


Customer relationships as of December 31, 2022	$	1,286,103
Amortization of customer relationships		(35,336)
Customer relationships as of June 30, 2023	$	1,250,767


Remainder of year ending December 31, 2023	$	35,336
Year ending December 31, 2024		70,672
Year ending December 31, 2025		70,672
Year ending December 31, 2026		70,672
Year ending December 31, 2027		70,672
Thereafter		932,743
Total	$	1,250,767


Remainder of year ending December 31, 2023	$	144,632
Year ending December 31, 2024		316,492
Year ending December 31, 2025		298,143
Year ending December 31, 2026		284,327
Year ending December 31, 2027		224,150
Thereafter		382,434
Total	$	1,650,178


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2022		2023		2022		2023		Reportable Segment
Type of service
Gathering—low pressure	$	91,660		105,042		181,097		204,679	Gathering and Processing ⁽¹⁾
Gathering—low pressure fee rebate		(12,000)		(12,000)		(24,000)		(24,000)	Gathering and Processing ⁽¹⁾
Compression		51,486		61,565		103,098		119,955	Gathering and Processing ⁽¹⁾
Gathering—high pressure		52,925		56,461		106,319		110,010	Gathering and Processing ⁽¹⁾
Fresh water delivery		41,120		40,399		73,164		87,225	Water Handling
Other fluid handling		21,384		24,488		43,056		55,229	Water Handling
Amortization of customer relationships		(9,272)		(9,272)		(18,543)		(18,543)	Gathering and Processing
Amortization of customer relationships		(8,396)		(8,396)		(16,793)		(16,793)	Water Handling
Total	$	228,907		258,287		447,398		517,762

Type of contract
Per Unit Fixed Fee	$	196,071		223,068		390,514		434,644	Gathering and Processing ⁽¹⁾
Gathering—low pressure fee rebate		(12,000)		(12,000)		(24,000)		(24,000)	Gathering and Processing ⁽¹⁾
Per Unit Fixed Fee		41,362		40,673		73,801		87,772	Water Handling
Cost plus 3%		16,400		18,797		32,038		43,242	Water Handling
Cost of service fee		4,742		5,417		10,381		11,440	Water Handling
Amortization of customer relationships		(9,272)		(9,272)		(18,543)		(18,543)	Gathering and Processing
Amortization of customer relationships		(8,396)		(8,396)		(16,793)		(16,793)	Water Handling
Total	$	228,907		258,287		447,398		517,762


				(Unaudited)
	Estimated	December 31,		June 30,
(in thousands)	Useful Lives	2022		2023
Land	n/a	$	31,668		31,668
Gathering systems and facilities	40-50 years ⁽¹⁾		3,281,872		3,317,470
Permanent buried pipelines and equipment	7-20 years		601,347		632,748
Surface pipelines and equipment	1-7 years		66,726		77,858
Heavy trucks and equipment	3-5 years		5,157		5,157
Above ground storage tanks	5-10 years		2,953		5,130
Construction-in-progress	n/a		158,977		153,412
Total property and equipment			4,148,700		4,223,443
Less accumulated depreciation			(397,269)		(466,947)
Property and equipment, net		$	3,751,431		3,756,496


	Six Months Ended June 30,
	2022		2023
Cash flows provided by (used in) operating activities:
Net income	$	159,435		173,519
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		63,975		70,429
Accretion of asset retirement obligations		128		88
Impairment of property and equipment		3,702		—
Deferred income tax expense		54,466		60,765
Equity-based compensation		8,473		14,826
Equity in earnings of unconsolidated affiliates		(46,056)		(50,428)
Distributions from unconsolidated affiliates		60,505		63,570
Amortization of customer relationships		35,336		35,336
Amortization of deferred financing costs		2,828		2,957
Settlement of asset retirement obligations		(916)		(695)
Loss on settlement of asset retirement obligations		539		620
Loss (gain) on asset sale		(150)		5,569
Changes in assets and liabilities:
Accounts receivable–Antero Resources		6,099		(5,470)
Accounts receivable–third party		517		481
Other current assets		158		(800)
Accounts payable–Antero Resources		(2,427)		(2,515)
Accounts payable–third party		9,480		(889)
Accrued liabilities		(1,911)		942
Net cash provided by operating activities		354,181		368,305
Cash flows provided by (used in) investing activities:
Additions to gathering systems and facilities		(131,665)		(59,156)
Additions to water handling systems		(30,369)		(25,583)
Investments in unconsolidated affiliates		—		(262)
Acquisition of gathering systems and facilities		—		(266)
Cash received in asset sales		147		1,071
Change in other assets		—		(15)
Change in other liabilities		(805)		—
Net cash used in investing activities		(162,692)		(84,211)
Cash flows provided by (used in) financing activities:
Dividends to common stockholders		(217,445)		(218,971)
Dividends to preferred stockholders		(275)		(275)
Payments of deferred financing costs		(302)		—
Borrowings (repayments) on bank credit facilities, net		33,300		(56,500)


		Weighted Average
	Number	Grant Date
	of Units	Fair Value
Total AM LTIP RSUs awarded and unvested—December 31, 2022	4,877,258	$	9.79
Granted	3,103,722		10.59
Vested	(1,900,773)		9.59
Forfeited	(74,520)		10.21
Total AM LTIP RSUs awarded and unvested—June 30, 2023	6,005,687	$	10.26


					Dividends
Period	Record Date	Dividend Date	Dividends		per Share
Q4 2021	January 26, 2022	February 9, 2022	$	108,149	$	0.2250
*	February 14, 2022	February 14, 2022		138		*
Q1 2022	April 27, 2022	May 11, 2022		109,296		0.2250
*	May 16, 2022	May 16, 2022		137		*
Q2 2022	July 27, 2022	August 10, 2022		107,675		0.2250
*	August 15, 2022	August 15, 2022		138		*
Q3 2022	October 26, 2022	November 9, 2022		107,705		0.2250
*	November 14, 2022	November 14, 2022		137		*
	Total 2022		$	433,375

Q4 2022	January 25, 2023	February 8, 2023	$	108,364	$	0.2250
*	February 14, 2023	February 14, 2023		138		*
Q1 2023	April 26, 2023	May 10, 2023		110,607		0.2250
*	May 15, 2023	May 15, 2023		137		*
	Total 2023		$	219,246


					(Unaudited)
	December 31, 2022				June 30, 2023
(in thousands)	Fair Value ⁽¹⁾		Carrying Value ⁽²⁾		Fair Value ⁽¹⁾		Carrying Value ⁽²⁾
2026 Notes	$	556,985		545,416		555,500		546,012
2027 Notes		612,365		646,610		624,065		646,955
2028 Notes		601,575		644,776		615,875		645,232
2029 Notes		685,650		742,480		696,600		742,968
Total	$	2,456,575		2,579,282		2,492,040		2,581,167


					Total Investment
					in Unconsolidated
(in thousands)	Joint Venture		Stonewall		Affiliates
Balance as of December 31, 2022	$	526,652		126,115		652,767
Additional investments		—		262		262
Equity in earnings of unconsolidated affiliates ⁽¹⁾		46,754		3,674		50,428
Distributions from unconsolidated affiliates		(54,345)		(9,225)		(63,570)
Balance as of June 30, 2023	$	519,061		120,826		639,887


	Three Months Ended June 30, 2022
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	184,071		62,262		—		246,333
Revenue–third-party		—		242		—		242
Amortization of customer relationships		(9,272)		(8,396)		—		(17,668)
Total revenues		174,799		54,108		—		228,907
Operating expenses:
Direct operating		19,343		23,956		—		43,299
General and administrative		10,490		3,849		1,740		16,079
Facility idling		—		1,185		—		1,185
Depreciation		22,854		12,821		—		35,675
Impairment of property and equipment		1,130		2,572		—		3,702
Accretion of asset retirement obligations		—		64		—		64
Loss on settlement of asset retirement obligations		—		539		—		539
Gain on asset sale		(32)		—		—		(32)
Total operating expenses		53,785		44,986		1,740		100,511
Operating income	$	121,014		9,122		(1,740)		128,396

Equity in earnings of unconsolidated affiliates	$	22,824		—		—		22,824
Additions to property and equipment	$	60,931		16,836		—		77,767


	Three Months Ended June 30, 2023
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	211,068		64,613		—		275,681
Revenue–third-party		—		274		—		274
Amortization of customer relationships		(9,272)		(8,396)		—		(17,668)
Total revenues		201,796		56,491		—		258,287
Operating expenses:
Direct operating		25,154		27,441		—		52,595
General and administrative		11,370		4,861		1,931		18,162
Facility idling		—		637		—		637
Depreciation		22,196		13,037		—		35,233
Accretion of asset retirement obligations		—		44		—		44
Loss on settlement of asset retirement obligations		—		279		—		279
Loss on asset sale		5,814		—		—		5,814
Total operating expenses		64,534		46,299		1,931		112,764
Operating income	$	137,262		10,192		(1,931)		145,523

Equity in earnings of unconsolidated affiliates	$	25,972		—		—		25,972
Additions to property and equipment, net	$	29,959		11,823		—		41,782


	Six Months Ended June 30, 2022
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	366,514		115,583		—		482,097
Revenue–third-party		—		637		—		637
Amortization of customer relationships		(18,543)		(16,793)		—		(35,336)
Total revenues		347,971		99,427		—		447,398
Operating expenses:
Direct operating		36,525		48,786		—		85,311
General and administrative		20,191		10,590		3,229		34,010
Facility idling		—		2,333		—		2,333
Depreciation		38,661		25,314		—		63,975
Impairment of property and equipment		1,130		2,572		—		3,702
Accretion of asset retirement obligations		—		128		—		128
Loss on settlement of asset retirement obligations		—		539		—		539
Gain on asset sale		(63)		(87)		—		(150)
Total operating expenses		96,444		90,175		3,229		189,848
Operating income	$	251,527		9,252		(3,229)		257,550

Equity in earnings of unconsolidated affiliates	$	46,056		—		—		46,056
Additions to property and equipment	$	131,665		30,369		—		162,034


	Six Months Ended June 30, 2023
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	410,644		141,908		—		552,552
Revenue–third-party		—		546		—		546
Amortization of customer relationships		(18,543)		(16,793)		—		(35,336)
Total revenues		392,101		125,661		—		517,762
Operating expenses:
Direct operating		49,272		61,196		—		110,468
General and administrative		21,550		11,069		2,890		35,509
Facility idling		—		1,211		—		1,211
Depreciation		44,259		26,170		—		70,429
Accretion of asset retirement obligations		—		88		—		88
Loss on settlement of asset retirement obligations		—		620		—		620
Loss (gain) on asset sale		5,572		(3)		—		5,569
Total operating expenses		120,653		100,351		2,890		223,894
Operating income	$	271,448		25,310		(2,890)		293,868

Equity in earnings of unconsolidated affiliates	$	50,428		—		—		50,428
Additions to property and equipment, net	$	59,156		25,583		—		84,739


	Low Pressure Gathering	Quarterly Fee
	Volume Growth Incentive	Reduction
	Targets (MMcf/d)	(in millions)
Calendar Year 2023
Threshold 1	>2,900 and <3,150	$12.0
Threshold 2	>3,150 and <3,400	$15.5
Threshold 3	>3,400	$19.0


	Three Months Ended				Amount of
	June 30,				Increase		Percentage
	2022		2023		or Decrease		Change
Operating Data:
Gathering—low pressure (MMcf)		270,302		300,706		30,404		11	%
Compression (MMcf)		252,644		295,801		43,157		17	%
Gathering—high pressure (MMcf)		256,537		265,890		9,353		4	%
Fresh water delivery (MBbl)		10,048		9,585		(463)		(5)	%
Other fluid handling (MBbl)		4,128		4,953		825		20	%
Wells serviced by fresh water delivery		15		23		8		53	%
Gathering—low pressure (MMcf/d)		2,970		3,304		334		11	%
Compression (MMcf/d)		2,776		3,251		475		17	%
Gathering—high pressure (MMcf/d)		2,819		2,922		103		4	%
Fresh water delivery (MBbl/d)		110		105		(5)		(5)	%
Other fluid handling (MBbl/d)		45		54		9		20	%
Average Realized Fees:
Average gathering—low pressure fee ($/Mcf)	$	0.34		0.35		0.01		3	%
Average compression fee ($/Mcf)	$	0.21		0.21		—		*
Average gathering—high pressure fee ($/Mcf)	$	0.21		0.21		—		*
Average fresh water delivery fee ($/Bbl)	$	4.09		4.21		0.12		3	%
Joint Venture Operating Data:
Processing—Joint Venture (MMcf)		132,664		145,645		12,981		10	%
Fractionation—Joint Venture (MBbl)		3,368		3,553		185		5	%
Processing—Joint Venture (MMcf/d)		1,458		1,600		142		10	%
Fractionation—Joint Venture (MBbl/d)		37		39		2		5	%


					Approximate
				Total Number of	Dollar Value of
	Total Number	Average Price		Shares Purchased	Shares that May
	of Shares	Paid per		as Part of Publicly	Yet be Purchased
Period	Purchased ⁽¹⁾	Share		Announced Plans ⁽²⁾	Under the Plan ⁽²⁾
April 1, 2023 – April 30, 2023	676,220	$	10.62	—	$	149,767,409
May 1, 2023 – May 31, 2023	—		—	—		N/A
June 1, 2023 – June 30, 2023	—		—	—		N/A
Total	676,220	$	10.62	—	$	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		Certificate of Amendment to Certificate of Incorporation of Antero Midstream Corporation, dated June 8, 2023 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (Commission File No. 001-38075) filed on June 8, 2023).
3.4		Amended and Restated Bylaws of Antero Midstream Corporation, dated February 14, 2023 (incorporated by reference to Exhibit 3.3 to the Company’s Annual Report on Form 10-K (Commission File No. 001-38075) filed on February 15, 2023).
3.5		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).
101	*	The following financial information from this Quarterly Report on Form 10-Q of Antero Midstream Corporation for the quarter ended June 30, 2023, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Income, (iii) Condensed Consolidated Statements of Stockholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Unaudited 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/ BRENDAN E. KRUEGER
	Brendan E. Krueger
	Chief Financial Officer, Vice President – Finance and Treasurer

Date:	July 26, 2023


Date: July 26, 2023

/s/ Paul M. Rady
Paul M. Rady
President and Chief Executive Officer