Antero Midstream Corp 10-Q for FY2025 Q2

Antero Midstream Corp (AM)

10-Q 2025-07-30 For: 2025-06-30

Added on April 08, 2026

About this 10-Q

Antero Midstream Corp filed this 10-Q on July 30, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $305.47M; up 13.2% from $269.8M a year earlier
Net income: $124.51M; up 44.7% from net income of $86.04M a year earlier
Diluted EPS: $0.26; up 44.4% from $0.18 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	27
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 5.	Other Information	40
Item 6.	Exhibits	41
SIGNATURES		42


			(Unaudited)
	December 31,		June 30,
	2024		2025
Assets
Current assets:
Accounts receivable–Antero Resources	$	115,180		111,623
Accounts receivable–third party		832		774
Other current assets		2,052		2,080
Total current assets		118,064		114,477
Long-term assets:
Property and equipment, net		3,881,621		3,892,547
Investments in unconsolidated affiliates		603,956		598,340
Customer relationships		1,144,759		1,109,423
Other assets, net		13,348		12,215
Total assets	$	5,761,748		5,727,002

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable–Antero Resources	$	4,114		4,330
Accounts payable–third party		12,308		14,798
Accrued liabilities		83,555		90,303
Other current liabilities		635		1,737
Total current liabilities		100,612		111,168
Long-term liabilities:
Long-term debt		3,116,958		3,023,800
Deferred income tax liability, net		413,608		490,101
Other		15,399		14,544
Total liabilities		3,646,577		3,639,613
Stockholders' equity:
Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2024 and June 30, 2025
Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2024 and June 30, 2025		—		—
Common stock, $0.01 par value; 2,000,000 authorized; 479,422 and 479,011 issued and outstanding as of December 31, 2024 and June 30, 2025, respectively		4,794		4,790
Additional paid-in capital		2,019,830		1,970,769
Retained earnings		90,547		111,830
Total stockholders' equity		2,115,171		2,087,389
Total liabilities and stockholders' equity	$	5,761,748		5,727,002


☒	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,
	2024		2025
Revenue:
Gathering and compression–Antero Resources	$	228,993		248,901
Water handling–Antero Resources		58,056		73,773
Water handling–third party		414		466
Amortization of customer relationships		(17,668)		(17,668)
Total revenue		269,795		305,472
Operating expenses:
Direct operating		56,409		63,114
General and administrative (including $11,599 and $11,407 of equity-based compensation in 2024 and 2025, respectively)		21,219		22,125
Facility idling		412		375
Depreciation		37,576		33,364
Other operating expense, net		1,426		50
Total operating expenses		117,042		119,028
Operating income		152,753		186,444
Other income (expense):
Interest expense, net		(52,186)		(47,962)
Equity in earnings of unconsolidated affiliates		27,597		30,016
Loss on early extinguishment of debt		(13,691)		—
Total other expense		(38,280)		(17,946)
Income before income taxes		114,473		168,498
Income tax expense		(28,436)		(43,985)
Net income and comprehensive income	$	86,037		124,513

Net income per common share–basic	$	0.18		0.26
Net income per common share–diluted	$	0.18		0.26

Weighted average common shares outstanding:
Basic		481,103		479,083
Diluted		484,778		482,451


	Six Months Ended June 30,
	2024		2025
Revenue:
Gathering and compression–Antero Resources	$	456,586		486,918
Water handling–Antero Resources		126,511		144,048
Water handling–third party		1,085		971
Amortization of customer relationships		(35,336)		(35,336)
Total revenue		548,846		596,601
Operating expenses:
Direct operating		110,327		119,944
General and administrative (including $20,926 and $23,809 of equity-based compensation in 2024 and 2025, respectively)		42,440		45,149
Facility idling		934		818
Depreciation		74,671		66,112
Impairment of property and equipment		—		817
Other operating expense, net		1,470		94
Total operating expenses		229,842		232,934
Operating income		319,004		363,667
Other income (expense):
Interest expense, net		(105,494)		(96,372)
Equity in earnings of unconsolidated affiliates		55,127		58,036
Loss on early extinguishment of debt		(13,750)		—
Total other expense		(64,117)		(38,336)
Income before income taxes		254,887		325,331
Income tax expense		(64,924)		(80,081)
Net income and comprehensive income	$	189,963		245,250

Net income per common share–basic	$	0.39		0.51
Net income per common share–diluted	$	0.39		0.51

Weighted average common shares outstanding:
Basic		480,500		479,074
Diluted		484,534		483,408



							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
Dividends to stockholders		—		—		—		(8,154)		(103,926)		(112,080)
Equity-based compensation		—		—		—		11,599		—		11,599
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		915		9		(8,856)		—		(8,847)
Net income and comprehensive income		—		—		—		—		86,037		86,037
Balance at June 30, 2024	$	—		481,243	$	4,812		2,036,239		86,037		2,127,088

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
Dividends to stockholders		—		—		—		(12,288)		(99,374)		(111,662)
Equity-based compensation		—		—		—		11,407		—		11,407
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		741		7		(8,644)		—		(8,637)
Repurchases and retirement of common stock		—		(993)		(10)		(4,078)		(12,683)		(16,771)
Net income and comprehensive income		—		—		—		—		124,513		124,513
Balance at June 30, 2025	$	—		479,011	$	4,790		1,970,769		111,830		2,087,389


Remainder of year ending December 31, 2025	$	35,336
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	$	1,109,423


Remainder of year ending December 31, 2025	$	136,474
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	$	1,226,946


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2025		2024		2025		Reportable Segment
Type of service
Gathering—low pressure	$	105,580		113,890		212,316		222,895	Gathering and Processing ⁽¹⁾
Compression		62,648		68,017		125,232		133,091	Gathering and Processing ⁽¹⁾
Gathering—high pressure		60,765		66,994		119,038		130,932	Gathering and Processing ⁽¹⁾
Fresh water delivery		31,700		39,066		75,846		80,275	Water Handling
Other fluid handling		26,770		35,173		51,750		64,744	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	$	269,795		305,472		548,846		596,601

Type of contract
Per unit fixed fee	$	228,993		248,901		456,586		486,918	Gathering and Processing ⁽¹⁾
Per unit fixed fee		32,113		39,531		76,930		81,246	Water Handling
Cost plus 3%		19,128		25,592		36,538		45,945	Water Handling
Cost of service fee		7,229		9,116		14,128		17,828	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	$	269,795		305,472		548,846		596,601


				(Unaudited)
	Estimated	December 31,		June 30,
(in thousands)	Useful Lives	2024		2025
Land	n/a	$	31,237		31,813
Gathering systems and facilities	40-50 years ⁽¹⁾		3,553,934		3,672,251
Permanent buried pipelines and equipment	7-20 years		653,891		656,791
Surface pipelines and equipment	1-7 years		110,677		127,888
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		122,712
Total property and equipment			4,552,074		4,629,112
Less accumulated depreciation			(670,453)		(736,565)
Property and equipment, net		$	3,881,621		3,892,547


		Weighted Average
	Number	Grant Date
	of Units	Fair Value
Total awarded and unvested—December 31, 2024	5,642,261	$	11.79
Granted	2,110,599		16.46
Vested	(3,031,298)		11.29
Forfeited	(98,068)		14.12
Total awarded and unvested—June 30, 2025	4,623,494	$	14.20


	Six Months Ended June 30,
	2024		2025
Cash flows provided by (used in) operating activities:
Net income	$	189,963		245,250
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		74,671		66,112
Impairment of property and equipment		—		817
Deferred income tax expense		64,924		76,493
Equity-based compensation		20,926		23,809
Equity in earnings of unconsolidated affiliates		(55,127)		(58,036)
Distributions from unconsolidated affiliates		68,930		68,730
Amortization of customer relationships		35,336		35,336
Amortization of deferred financing costs		3,150		2,621
Settlement of asset retirement obligations		(414)		(258)
Loss on early extinguishment of debt		13,750		—
Other operating activities		1,470		94
Changes in assets and liabilities:
Accounts receivable–Antero Resources		(12,641)		3,557
Accounts receivable–third party		755		304
Other current assets		452		(195)
Accounts payable–Antero Resources		(353)		166
Accounts payable–third party		3,387		1,750
Income taxes payable		—		989
Accrued liabilities		17,188		(3,414)
Net cash provided by operating activities		426,367		464,125
Cash flows provided by (used in) investing activities:
Additions to gathering systems, facilities and other		(62,330)		(43,094)
Additions to water handling systems		(16,142)		(24,168)
Additional investments in unconsolidated affiliate		—		(5,078)
Acquisition of gathering systems and facilities		(70,634)		—
Other investing activities		684		6
Net cash used in investing activities		(148,422)		(72,334)
Cash flows provided by (used in) financing activities:
Dividends to common stockholders		(220,736)		(224,134)
Dividends to preferred stockholders		(275)		(275)
Repurchases of common stock		—		(45,340)
Issuance of Senior Notes		600,000		—
Redemption of Senior Notes		(560,862)		—
Payments of deferred financing costs		(7,274)		—


					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		*
Q1 2025	April 23, 2025	May 7, 2025		111,519		0.2250
*	May 15, 2025	May 15, 2025		137		*
	Total 2025		$	224,409


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2024		2025		2024		2025
Net income	$	86,037		124,513		189,963		245,250
Less preferred stock dividends		(137)		(137)		(275)		(275)
Net income available to common shareholders	$	85,900		124,376		189,688		244,975

Net income per common share–basic	$	0.18		0.26		0.39		0.51
Net income per common share–diluted	$	0.18		0.26		0.39		0.51

Weighted average common shares outstanding–basic		481,103		479,083		480,500		479,074
Weighted average common shares outstanding–diluted		484,778		482,451		484,534		483,408


					(Unaudited)
	December 31, 2024				June 30, 2025
(in thousands)	Fair Value ⁽¹⁾		Carrying Value ⁽²⁾		Fair Value ⁽¹⁾		Carrying Value ⁽²⁾
2027 Notes	$	646,750		648,082		646,750		648,495
2028 Notes		644,410		646,684		646,230		647,197
2029 Notes		730,425		744,516		743,025		745,060
2032 Notes		602,220		593,376		618,900		593,748
Total	$	2,623,805		2,632,658		2,654,905		2,634,500


					Total Investment
					in Unconsolidated
(in thousands)	Joint Venture		Stonewall		Affiliates
Balance as of December 31, 2024	$	490,365		113,591		603,956
Additional investments		—		5,078		5,078
Equity in earnings of unconsolidated affiliates ⁽¹⁾		53,327		4,709		58,036
Distributions from unconsolidated affiliates		(61,200)		(7,530)		(68,730)
Balance as of June 30, 2025	$	482,492		115,848		598,340


	Three Months Ended June 30, 2024
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	228,993		58,056		—		287,049
Revenue–third-party		—		414		—		414
Amortization of customer relationships		(9,272)		(8,396)		—		(17,668)
Total revenues		219,721		50,074		—		269,795
Operating expenses:
Direct operating		26,190		30,219		—		56,409
General and administrative (excluding equity-based compensation)		6,875		1,128		1,617		9,620
Equity-based compensation		9,487		1,862		250		11,599
Facility idling		—		412		—		412
Depreciation		23,608		13,968		—		37,576
Other ⁽²⁾		—		1,426		—		1,426
Total operating expenses		66,160		49,015		1,867		117,042
Operating income	$	153,561		1,059		(1,867)		152,753

Equity in earnings of unconsolidated affiliates	$	27,597		—		—		27,597
Additions to property and equipment	$	34,607		8,792		—		43,399


	Three Months Ended June 30, 2025
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	248,901		73,773		—		322,674
Revenue–third-party		—		466		—		466
Amortization of customer relationships		(9,272)		(8,396)		—		(17,668)
Total revenues		239,629		65,843		—		305,472
Operating expenses:
Direct operating		25,662		37,452		—		63,114
General and administrative (excluding equity-based compensation)		5,132		3,996		1,590		10,718
Equity-based compensation		7,229		3,893		285		11,407
Facility idling		—		375		—		375
Depreciation		19,336		14,028		—		33,364
Other ⁽²⁾		—		50		—		50
Total operating expenses		57,359		59,794		1,875		119,028
Operating income	$	182,270		6,049		(1,875)		186,444

Equity in earnings of unconsolidated affiliates	$	30,016		—		—		30,016
Additions to property and equipment	$	21,013		15,721		—		36,734


	Six Months Ended June 30, 2024
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	456,586		126,511		—		583,097
Revenue–third-party		—		1,085		—		1,085
Amortization of customer relationships		(18,543)		(16,793)		—		(35,336)
Total revenues		438,043		110,803		—		548,846
Operating expenses:
Direct operating		52,333		57,994		—		110,327
General and administrative (excluding equity-based compensation)		14,345		4,539		2,630		21,514
Equity-based compensation		16,750		3,677		499		20,926
Facility idling		—		934		—		934
Depreciation		47,029		27,642		—		74,671
Other ⁽²⁾		—		1,470		—		1,470
Total operating expenses		130,457		96,256		3,129		229,842
Operating income	$	307,586		14,547		(3,129)		319,004

Equity in earnings of unconsolidated affiliates	$	55,127		—		—		55,127
Additions to property and equipment	$	62,330		16,142		—		78,472


	Six Months Ended June 30, 2025
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	486,918		144,048		—		630,966
Revenue–third-party		—		971		—		971
Amortization of customer relationships		(18,543)		(16,793)		—		(35,336)
Total revenues		468,375		128,226		—		596,601
Operating expenses:
Direct operating		51,855		68,089		—		119,944
General and administrative (excluding equity-based compensation)		10,370		8,193		2,777		21,340
Equity-based compensation		15,112		8,138		559		23,809
Facility idling		—		818		—		818
Depreciation		38,367		27,745		—		66,112
Impairment of property and equipment		—		817		—		817
Other ⁽²⁾		—		94		—		94
Total operating expenses		115,704		113,894		3,336		232,934
Operating income	$	352,671		14,332		(3,336)		363,667

Equity in earnings of unconsolidated affiliates	$	58,036		—		—		58,036
Additions to property and equipment	$	43,094		24,168		—		67,262


	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 June 30, 2025
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Investments in unconsolidated affiliates	$	598,340		—		—		598,340
Total assets		4,754,964		971,773		265		5,727,002


					Amount of
	Three Months Ended June 30,				Increase		Percentage
	2024		2025		or Decrease		Change
Operating Data:
Gathering—low pressure (MMcf)		296,489		314,826		18,337		6	%
Compression (MMcf)		295,400		313,706		18,306		6	%
Gathering—high pressure (MMcf)		272,447		293,146		20,699		8	%
Fresh water delivery (MBbl)		7,362		8,941		1,579		21	%
Other fluid handling (MBbl)		5,144		5,330		186		4	%
Wells serviced by fresh water delivery		19		11		(8)		(42)	%
Gathering—low pressure (MMcf/d)		3,258		3,460		202		6	%
Compression (MMcf/d)		3,246		3,447		201		6	%
Gathering—high pressure (MMcf/d)		2,994		3,221		227		8	%
Fresh water delivery (MBbl/d)		81		98		17		21	%
Other fluid handling (MBbl/d)		57		59		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)	$	4.31		4.37		0.06		1	%
Joint Venture Operating Data:
Processing—Joint Venture (MMcf)		144,520		153,560		9,040		6	%
Fractionation—Joint Venture (MBbl)		3,640		3,640		—		*
Processing—Joint Venture (MMcf/d)		1,588		1,687		99		6	%
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)
April 1, 2025 – April 30, 2025	1,306,936	$	16.70	794,407	$	429,484
May 1, 2025 – May 31, 2025	196,651		17.70	195,666		426,020
June 1, 2025 – June 30, 2025	5,300		18.05	2,800		425,970
Total	1,508,887	$	16.84	992,873


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, 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:	July 30, 2025


Date: July 30, 2025

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