Antero Midstream Corp 10-Q for FY2025 Q1

Antero Midstream Corp (AM)

10-Q 2025-04-30 For: 2025-03-31

Added on April 08, 2026

About this 10-Q

Antero Midstream Corp filed this 10-Q on April 30, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $291.13M; up 4.3% from $279.05M a year earlier
Net income: $120.74M; up 16.2% from net income of $103.93M a year earlier
Diluted EPS: $0.25; up 19.0% from $0.21 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	24
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	30
Item 4.	Controls and Procedures	31
PART II—OTHER INFORMATION		32
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 5.	Other Information	32
Item 6.	Exhibits	33
SIGNATURES		34


			(Unaudited)
	December 31,		March 31,
	2024		2025
Assets
Current assets:
Accounts receivable–Antero Resources	$	115,180		124,005
Accounts receivable–third party		832		877
Other current assets		2,052		2,770
Total current assets		118,064		127,652
Long-term assets:
Property and equipment, net		3,881,621		3,884,394
Investments in unconsolidated affiliates		603,956		600,349
Customer relationships		1,144,759		1,127,091
Other assets, net		13,348		12,632
Total assets	$	5,761,748		5,752,118

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable–Antero Resources	$	4,114		5,743
Accounts payable–third party		12,308		15,071
Accrued liabilities		83,555		66,906
Other current liabilities		635		2,477
Total current liabilities		100,612		90,197
Long-term liabilities:
Long-term debt		3,116,958		3,110,975
Deferred income tax liability, net		413,608		448,024
Other		15,399		14,383
Total liabilities		3,646,577		3,663,579
Stockholders' equity:
Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2024 and March 31, 2025
Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2024 and March 31, 2025		—		—
Common stock, $0.01 par value; 2,000,000 authorized; 479,422 and 479,263 issued and outstanding as of December 31, 2024 and March 31, 2025, respectively		4,794		4,793
Additional paid-in capital		2,019,830		1,984,372
Retained earnings		90,547		99,374
Total stockholders' equity		2,115,171		2,088,539
Total liabilities and stockholders' equity	$	5,761,748		5,752,118


☒	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 March 31,
	2024		2025
Revenue:
Gathering and compression–Antero Resources	$	227,593		238,017
Water handling–Antero Resources		68,455		70,275
Water handling–third party		671		505
Amortization of customer relationships		(17,668)		(17,668)
Total revenue		279,051		291,129
Operating expenses:
Direct operating		53,918		56,830
General and administrative (including $9,327 and $12,402 of equity-based compensation in 2024 and 2025, respectively)		21,221		23,024
Facility idling		522		443
Depreciation		37,095		32,748
Impairment of property and equipment		—		817
Other operating expense, net		44		44
Total operating expenses		112,800		113,906
Operating income		166,251		177,223
Other income (expense):
Interest expense, net		(53,308)		(48,410)
Equity in earnings of unconsolidated affiliates		27,530		28,020
Loss on early extinguishment of debt		(59)		—
Total other expense		(25,837)		(20,390)
Income before income taxes		140,414		156,833
Income tax expense		(36,488)		(36,096)
Net income and comprehensive income	$	103,926		120,737

Net income per common share–basic	$	0.22		0.25
Net income per common share–diluted	$	0.21		0.25

Weighted average common shares outstanding:
Basic		479,897		479,064
Diluted		484,303		484,378



							Additional
	Preferred		Common Stock				Paid-In		Retained		Total
	Stock		Shares		Amount		Capital		Earnings		Equity
Balance at December 31, 2023	$	—		479,713	$	4,797		2,046,487		100,447		2,151,731
Dividends to stockholders		—		—		—		(8,542)		(100,447)		(108,989)
Equity-based compensation		—		—		—		9,327		—		9,327
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		615		6		(5,622)		—		(5,616)
Net income and comprehensive income		—		—		—		—		103,926		103,926
Balance at March 31, 2024	$	—		480,328	$	4,803		2,041,650		103,926		2,150,379

Balance at December 31, 2024	$	—		479,422	$	4,794		2,019,830		90,547		2,115,171
Dividends to stockholders		—		—		—		(22,206)		(90,547)		(112,753)
Equity-based compensation		—		—		—		12,402		—		12,402
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		1,563		16		(18,465)		—		(18,449)
Repurchases and retirement of common stock		—		(1,722)		(17)		(7,189)		(21,363)		(28,569)
Net income and comprehensive income		—		—		—		—		120,737		120,737
Balance at March 31, 2025	$	—		479,263	$	4,793		1,984,372		99,374		2,088,539


Remainder of year ending December 31, 2025	$	53,004
Year ending December 31, 2026		70,672
Year ending December 31, 2027		70,672
Year ending December 31, 2028		70,672
Year ending December 31, 2029		70,672
Thereafter		791,399
Total	$	1,127,091


Remainder of year ending December 31, 2025	$	234,031
Year ending December 31, 2026		315,911
Year ending December 31, 2027		250,571
Year ending December 31, 2028		181,179
Year ending December 31, 2029		121,236
Thereafter		221,575
Total	$	1,324,503


	Three Months Ended March 31,
(in thousands)	2024		2025		Reportable Segment
Type of service
Gathering—low pressure	$	106,736		109,005	Gathering and Processing ⁽¹⁾
Compression		62,584		65,074	Gathering and Processing ⁽¹⁾
Gathering—high pressure		58,273		63,938	Gathering and Processing ⁽¹⁾
Fresh water delivery		44,146		41,209	Water Handling
Other fluid handling		24,980		29,571	Water Handling
Amortization of customer relationships		(9,271)		(9,271)	Gathering and Processing
Amortization of customer relationships		(8,397)		(8,397)	Water Handling
Total	$	279,051		291,129

Type of contract
Per unit fixed fee	$	227,593		238,017	Gathering and Processing ⁽¹⁾
Per unit fixed fee		44,817		41,715	Water Handling
Cost plus 3%		17,410		20,353	Water Handling
Cost of service fee		6,899		8,712	Water Handling
Amortization of customer relationships		(9,271)		(9,271)	Gathering and Processing
Amortization of customer relationships		(8,397)		(8,397)	Water Handling
Total	$	279,051		291,129


				(Unaudited)
	Estimated	December 31,		March 31,
(in thousands)	Useful Lives	2024		2025
Land	n/a	$	31,237		31,813
Gathering systems and facilities	40-50 years ⁽¹⁾		3,553,934		3,656,436
Permanent buried pipelines and equipment	7-20 years		653,891		656,788
Surface pipelines and equipment	1-7 years		110,677		125,638
Heavy trucks and equipment	3-5 years		4,413		4,413
Above ground storage tanks	5-10 years		5,131		5,133
Other assets	3-20 years		8,111		8,111
Construction-in-progress	n/a		184,680		99,263
Total property and equipment			4,552,074		4,587,595
Less accumulated depreciation			(670,453)		(703,201)
Property and equipment, net		$	3,881,621		3,884,394


		Weighted Average
	Number	Grant Date
	of Units	Fair Value
Total awarded and unvested—December 31, 2024	5,642,261	$	11.79
Granted	2,101,488		16.46
Vested	(1,792,395)		11.86
Forfeited	(368)		13.44
Total awarded and unvested—March 31, 2025	5,950,986	$	13.41


					Dividends
Period	Record Date	Dividend Date	Dividends		per Share
Q4 2023	January 24, 2024	February 7, 2024	$	107,918	$	0.2250
*	February 14, 2024	February 14, 2024		138		*
Q1 2024	April 24, 2024	May 8, 2024		112,818		0.2250
*	May 15, 2024	May 15, 2024		137		*
Q2 2024	July 24, 2024	August 7, 2024		108,516		0.2250
*	August 14, 2024	August 14, 2024		138		*
Q3 2024	October 23, 2024	November 6, 2024		108,382		0.2250
*	November 14, 2024	November 14, 2024		137		*
	Total 2024		$	438,184

Q4 2024	January 29, 2025	February 12, 2025	$	112,615	$	0.2250
*	February 14, 2025	February 14, 2025		138		*
	Total 2025		$	112,753


	Three Months Ended March 31,
	2024		2025
Cash flows provided by (used in) operating activities:
Net income	$	103,926		120,737
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		37,095		32,748
Impairment of property and equipment		—		817
Deferred income tax expense		36,488		34,416
Equity-based compensation		9,327		12,402
Equity in earnings of unconsolidated affiliates		(27,530)		(28,020)
Distributions from unconsolidated affiliates		34,960		33,375
Amortization of customer relationships		17,668		17,668
Amortization of deferred financing costs		1,655		1,307
Settlement of asset retirement obligations		(164)		(210)
Loss on early extinguishment of debt		59		—
Other operating activities		44		44
Changes in assets and liabilities:
Accounts receivable–Antero Resources		(16,156)		(8,825)
Accounts receivable–third party		103		35
Other current assets		(189)		(695)
Accounts payable–Antero Resources		716		1,629
Accounts payable–third party		2,346		1,056
Income taxes payable		—		1,783
Accrued liabilities		10,213		(21,325)
Net cash provided by operating activities		210,561		198,942
Cash flows provided by (used in) investing activities:
Additions to gathering systems, facilities and other		(27,723)		(22,081)
Additions to water handling systems		(7,350)		(8,447)
Additional investments in unconsolidated affiliate		—		(1,748)
Acquisition of gathering systems and facilities		(2,048)		—
Other investing activities		(2)		5
Net cash used in investing activities		(37,123)		(32,271)
Cash flows provided by (used in) financing activities:
Dividends to common stockholders		(107,918)		(112,615)
Dividends to preferred stockholders		(138)		(138)
Repurchases of common stock		—		(28,569)
Issuance of Senior Notes		600,000		—
Redemption of Senior Notes		(2,147)		—
Payments of deferred financing costs		(7,082)		—


	Three Months Ended March 31,
(in thousands, except per share amounts)	2024		2025
Net income		103,926		120,737
Less preferred stock dividends		(138)		(138)
Net income available to common shareholders		103,788		120,599

Net income per common share–basic		0.22		0.25
Net income per common share–diluted		0.21		0.25

Weighted average common shares outstanding–basic		479,897		479,064
Weighted average common shares outstanding–diluted		484,303		484,378


					(Unaudited)
	December 31, 2024				March 31, 2025
(in thousands)	Fair Value ⁽¹⁾		Carrying Value ⁽²⁾		Fair Value ⁽¹⁾		Carrying Value ⁽²⁾
2027 Notes	$	646,750		648,082		645,905		648,286
2028 Notes		644,410		646,684		642,135		646,941
2029 Notes		730,425		744,516		730,575		744,788
2032 Notes		602,220		593,376		605,220		593,560
Total	$	2,623,805		2,632,658		2,623,835		2,633,575


					Total Investment
					in Unconsolidated
(in thousands)	Joint Venture		Stonewall		Affiliates
Balance as of December 31, 2024	$	490,365		113,591		603,956
Additional investments		—		1,748		1,748
Equity in earnings of unconsolidated affiliates ⁽¹⁾		25,904		2,116		28,020
Distributions from unconsolidated affiliates		(29,790)		(3,585)		(33,375)
Balance as of March 31, 2025	$	486,479		113,870		600,349


	Three Months Ended March 31, 2024
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	227,593		68,455		—		296,048
Revenue–third-party		—		671		—		671
Amortization of customer relationships		(9,271)		(8,397)		—		(17,668)
Total revenues		218,322		60,729		—		279,051
Operating expenses:
Direct operating		26,143		27,775		—		53,918
General and administrative (excluding equity-based compensation)		7,470		3,411		1,013		11,894
Equity-based compensation		7,263		1,815		249		9,327
Facility idling		—		522		—		522
Depreciation		23,421		13,674		—		37,095
Other ⁽²⁾		—		44		—		44
Total operating expenses		64,297		47,241		1,262		112,800
Operating income	$	154,025		13,488		(1,262)		166,251

Equity in earnings of unconsolidated affiliates	$	27,530		—		—		27,530
Additions to property and equipment	$	27,723		7,350		—		35,073


	Three Months Ended March 31, 2025
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	238,017		70,275		—		308,292
Revenue–third-party		—		505		—		505
Amortization of customer relationships		(9,271)		(8,397)		—		(17,668)
Total revenues		228,746		62,383		—		291,129
Operating expenses:
Direct operating		26,193		30,637		—		56,830
General and administrative (excluding equity-based compensation)		5,238		4,197		1,187		10,622
Equity-based compensation		7,883		4,245		274		12,402
Facility idling		—		443		—		443
Depreciation		19,031		13,717		—		32,748
Impairment of property and equipment		—		817		—		817
Other ⁽²⁾		—		44		—		44
Total operating expenses		58,345		54,100		1,461		113,906
Operating income	$	170,401		8,283		(1,461)		177,223

Equity in earnings of unconsolidated affiliates	$	28,020		—		—		28,020
Additions to property and equipment	$	22,081		8,447		—		30,528


	As of December 31, 2024
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Investments in unconsolidated affiliates	$	603,956		—		—		603,956
Total assets		4,769,825		991,923		—		5,761,748


	(Unaudited)
	As of March 31, 2025
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Investments in unconsolidated affiliates	$	600,349		—		—		600,349
Total assets		4,768,047		983,673		398		5,752,118


					Amount of
	Three Months Ended March 31,				Increase		Percentage
	2024		2025		or Decrease		Change
Operating Data:
Gathering—low pressure (MMcf)		300,429		301,298		869		*
Compression (MMcf)		296,663		299,718		3,055		1	%
Gathering—high pressure (MMcf)		269,922		279,579		9,657		4	%
Fresh water delivery (MBbl)		10,274		9,415		(859)		(8)	%
Other fluid handling (MBbl)		5,061		5,179		118		2	%
Wells serviced by fresh water delivery		17		28		11		65	%
Gathering—low pressure (MMcf/d)		3,301		3,348		47		1	%
Compression (MMcf/d)		3,260		3,330		70		2	%
Gathering—high pressure (MMcf/d)		2,966		3,106		140		5	%
Fresh water delivery (MBbl/d)		113		105		(8)		(7)	%
Other fluid handling (MBbl/d)		56		58		2		4	%
Average Realized Fees⁽¹⁾:
Average gathering—low pressure fee ($/Mcf)	$	0.36		0.36		—		*
Average compression fee ($/Mcf)	$	0.21		0.22		0.01		5	%
Average gathering—high pressure fee ($/Mcf)	$	0.22		0.23		0.01		5	%
Average fresh water delivery fee ($/Bbl)	$	4.30		4.38		0.08		2	%
Joint Venture Operating Data:
Processing—Joint Venture (MMcf)		145,758		148,523		2,765		2	%
Fractionation—Joint Venture (MBbl)		3,640		3,600		(40)		(1)	%
Processing—Joint Venture (MMcf/d)		1,602		1,650		48		3	%
Fractionation—Joint Venture (MBbl/d)		40		40		—		*


					Approximate
					Dollar Value of
				Total Number of	Shares that May
	Total Number	Average Price		Shares Purchased	Yet be Purchased
	of Shares	Paid per		as Part of Publicly	Under the Plan ⁽²⁾
Period	Purchased ⁽¹⁾	Share		Announced Plans	($ in thousands)
January 1, 2025 – January 31, 2025	685,844	$	15.86	683,336	$	460,475
February 1, 2025 – February 28, 2025	725,864		16.23	338,888		454,971
March 1, 2025 – March 31, 2025	1,437,202		16.95	700,150		442,741
Total	2,848,910	$	16.50	1,722,374


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 March 31, 2025, 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:	April 30, 2025


Date: April 30, 2025

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