Antero Midstream Corp 10-Q for FY2022 Q2

Antero Midstream Corp (AM)

10-Q 2022-07-27 For: 2022-06-30

Added on April 08, 2026

About this 10-Q

Antero Midstream Corp filed this 10-Q on July 27, 2022, covering the quarter ended June 30, 2022 (FY2022 Q2).

Headline figures

Quarter ended June 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $228.91M; down 1.7% from $232.79M a year earlier
Net income: $79.4M; down 1.0% from net income of $80.22M a year earlier
Diluted EPS: $0.17; unchanged 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	41
Item 6.	Exhibits	42
SIGNATURES		43


			(Unaudited)
	December 31,		June 30,
	2021		2022
Assets
Current assets:
Accounts receivable–Antero Resources	$	81,197		75,098
Accounts receivable–third party		747		431
Income tax receivable		940		940
Other current assets		920		588
Total current assets		83,804		77,057

Property and equipment, net		3,394,746		3,492,489
Investments in unconsolidated affiliates		696,009		681,560
Customer relationships		1,356,775		1,321,439
Other assets, net		12,667		12,956
Total assets	$	5,544,001		5,585,501

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable–Antero Resources	$	4,956		2,227
Accounts payable–third party		23,592		24,510
Accrued liabilities		80,838		90,656
Other current liabilities		4,623		6,379
Total current liabilities		114,009		123,772
Long-term liabilities:
Long-term debt		3,122,910		3,157,966
Deferred income tax liability		13,721		68,187
Other		6,663		5,457
Total liabilities		3,257,303		3,355,382

Stockholders' Equity:
Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2021 and June 30, 2022
Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2021 and June 30, 2022		—		—
Common stock, $0.01 par value; 2,000,000 authorized; 477,495 and 478,437 issued and outstanding as of December 31, 2021 and June 30, 2022, respectively		4,775		4,784
Additional paid-in capital		2,414,398		2,198,375
Retained earnings (accumulated deficit)		(132,475)		26,960
Total stockholders' equity		2,286,698		2,230,119
Total liabilities and stockholders' equity	$	5,544,001		5,585,501


☒	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,
	2021		2022
Revenue:
Gathering and compression–Antero Resources	$	192,667		184,071
Water handling–Antero Resources		57,718		62,262
Water handling–third party		70		242
Amortization of customer relationships		(17,668)		(17,668)
Total revenue		232,787		228,907
Operating expenses:
Direct operating		39,555		43,299
General and administrative (including $3,059 and $5,641 of equity-based compensation in 2021 and 2022, respectively)		14,251		16,079
Facility idling		984		1,185
Depreciation		26,619		35,675
Impairment of property and equipment		—		3,702
Accretion of asset retirement obligations		114		64
Loss on settlement of asset retirement obligations		—		539
Gain on asset sale		(135)		(32)
Total operating expenses		81,388		100,511
Operating income		151,399		128,396
Other income (expense):
Interest expense, net		(43,505)		(45,426)
Equity in earnings of unconsolidated affiliates		21,515		22,824
Loss on early extinguishment of debt		(20,701)		—
Total other expense		(42,691)		(22,602)
Income before income taxes		108,708		105,794
Income tax expense		(28,485)		(26,399)
Net income and comprehensive income	$	80,223		79,395

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

Weighted average common shares outstanding:
Basic		477,290		478,317
Diluted		479,530		480,270


	Six Months Ended June 30,
	2021		2022
Revenue:
Gathering and compression–Antero Resources	$	377,828		366,514
Water handling–Antero Resources		114,321		115,583
Water handling–third party		95		637
Amortization of customer relationships		(35,336)		(35,336)
Total revenue		456,908		447,398
Operating expenses:
Direct operating		78,869		85,311
General and administrative (including $7,071 and $8,473 of equity-based compensation in 2021 and 2022, respectively)		32,181		34,010
Facility idling		2,163		2,333
Depreciation		53,469		63,975
Impairment of property and equipment		1,379		3,702
Accretion of asset retirement obligations		233		128
Loss on settlement of asset retirement obligations		—		539
Loss (gain) on asset sale		3,628		(150)
Total operating expenses		171,922		189,848
Operating income		284,986		257,550
Other income (expense):
Interest expense, net		(86,371)		(89,705)
Equity in earnings of unconsolidated affiliates		42,259		46,056
Loss on early extinguishment of debt		(20,701)		—
Total other expense		(64,813)		(43,649)
Income before income taxes		220,173		213,901
Income tax expense		(56,509)		(54,466)
Net income and comprehensive income	$	163,664		159,435

Net income per share–basic	$	0.34		0.33
Net income per share–diluted	$	0.34		0.33

Weighted average common shares outstanding:
Basic		477,071		477,983
Diluted		479,382		480,329


									Retained
							Additional		Earnings
	Preferred		Common Stock				Paid-In		(Accumulated		Total
	Stock		Shares		Amount		Capital		Deficit)		Equity
Balance at December 31, 2020	$	—		476,639	$	4,766		2,877,612		(464,092)		2,418,286
Dividends to stockholders		—		—		—		(147,332)		—		(147,332)
Equity-based compensation		—		—		—		4,012		—		4,012
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		268		3		(1,544)		—		(1,541)
Net income and comprehensive income		—		—		—		—		83,441		83,441
Balance at March 31, 2021		—		476,907		4,769		2,732,748		(380,651)		2,356,866
Dividends to stockholders		—		—		—		(108,936)		—		(108,936)
Equity-based compensation		—		—		—		3,059		—		3,059
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		451		5		(2,781)		—		(2,776)
Net income and comprehensive income		—		—		—		—		80,223		80,223
Balance at June 30, 2021	$	—		477,358	$	4,774		2,624,090		(300,428)		2,328,436

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


Customer relationships as of December 31, 2021	$	1,356,775
Amortization of customer relationships		(35,336)
Customer relationships as of June 30, 2022	$	1,321,439


Remainder of year ending December 31, 2022	$	35,336
Year ending December 31, 2023		70,672
Year ending December 31, 2024		70,672
Year ending December 31, 2025		70,672
Year ending December 31, 2026		70,672
Thereafter		1,003,415
Total	$	1,321,439


Remainder of year ending December 31, 2022	$	125,982
Year ending December 31, 2023		298,655
Year ending December 31, 2024		299,473
Year ending December 31, 2025		285,175
Year ending December 31, 2026		271,762
Thereafter		562,414
Total	$	1,843,461


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2022		2021		2022		Reportable Segment
Type of service
Gathering—low pressure	$	91,761		91,660		178,067		181,097	Gathering and Processing ⁽¹⁾
Gathering—low pressure rebate		—		(12,000)		—		(24,000)	Gathering and Processing ⁽¹⁾
Compression		49,371		51,486		97,508		103,098	Gathering and Processing ⁽¹⁾
Gathering—high pressure		51,535		52,925		102,253		106,319	Gathering and Processing ⁽¹⁾
Fresh water delivery		37,751		41,120		75,109		73,164	Water Handling
Other fluid handling		20,037		21,384		39,307		43,056	Water Handling
Amortization of customer relationships		(9,271)		(9,272)		(18,542)		(18,543)	Gathering and Processing
Amortization of customer relationships		(8,397)		(8,396)		(16,794)		(16,793)	Water Handling
Total	$	232,787		228,907		456,908		447,398

Type of contract
Per Unit Fixed Fee	$	192,667		196,071		377,828		390,514	Gathering and Processing ⁽¹⁾
Gathering—low pressure rebate		—		(12,000)		—		(24,000)	Gathering and Processing ⁽¹⁾
Per Unit Fixed Fee		37,751		41,362		75,109		73,801	Water Handling
Cost plus 3%		16,425		16,400		31,775		32,038	Water Handling
Cost of service fee		3,612		4,742		7,532		10,381	Water Handling
Amortization of customer relationships		(9,271)		(9,272)		(18,542)		(18,543)	Gathering and Processing
Amortization of customer relationships		(8,397)		(8,396)		(16,794)		(16,793)	Water Handling
Total	$	232,787		228,907		456,908		447,398


				(Unaudited)
	Estimated	December 31,		June 30,
(in thousands)	Useful Lives	2021		2022
Land	n/a	$	23,369		26,682
Gathering systems and facilities	40-50 years ⁽¹⁾		2,817,918		2,974,773
Permanent buried pipelines and equipment	7-20 years		582,481		602,024
Surface pipelines and equipment	1-7 years		54,542		61,649
Heavy trucks and equipment	3-5 years		5,157		5,157
Above ground storage tanks	5-10 years		2,946		2,953
Construction-in-progress	n/a		174,271		148,733
Total property and equipment			3,660,684		3,821,971
Less accumulated depreciation			(265,938)		(329,482)
Property and equipment, net		$	3,394,746		3,492,489


	Six Months Ended June 30,
	2021		2022
Cash flows provided by (used in) operating activities:
Net income	$	163,664		159,435
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		53,469		63,975
Accretion		233		128
Impairment		1,379		3,702
Deferred income tax expense		56,509		54,466
Equity-based compensation		7,071		8,473
Equity in earnings of unconsolidated affiliates		(42,259)		(46,056)
Distributions from unconsolidated affiliates		58,185		60,505
Amortization of customer relationships		35,336		35,336
Amortization of deferred financing costs		2,733		2,828
Settlement of asset retirement obligations		(602)		(916)
Loss on settlement of asset retirement obligations		—		539
Loss (gain) on asset sale		3,628		(150)
Loss on early extinguishment of debt		20,701		—

Changes in assets and liabilities:
Accounts receivable–Antero Resources		(16,274)		6,099
Accounts receivable–third party		777		517
Income tax receivable		16,311		—
Other current assets		1,070		158
Accounts payable–Antero Resources		376		(2,427)
Accounts payable–third party		5,365		9,480
Accrued liabilities		(7,297)		(1,911)
Net cash provided by operating activities		360,375		354,181
Cash flows provided by (used in) investing activities:
Additions to gathering systems and facilities		(51,658)		(131,665)
Additions to water handling systems		(22,707)		(30,369)
Investments in unconsolidated affiliates		(966)		—
Cash received in asset sale		1,627		147
Change in other liabilities		—		(805)
Net cash used in investing activities		(73,704)		(162,692)
Cash flows provided by (used in) financing activities:
Dividends to stockholders		(255,993)		(217,445)
Dividends to preferred stockholders		(275)		(275)
Issuance of senior notes		750,000		—


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2021		2022		2021		2022
Restricted stock units ⁽¹⁾	$	2,925		4,425		5,703		6,913
Performance share units ⁽¹⁾		(94)		988		913		1,105
Equity awards issued to directors		228		228		455		455
Total expense	$	3,059		5,641		7,071		8,473


		Weighted Average
	Number	Grant Date
	of Units	Fair Value
Total AM LTIP RSUs awarded and unvested—December 31, 2021	3,573,377	$	8.11
Granted	2,750,896		11.28
Vested	(1,237,558)		8.38
Forfeited	(132)		11.28
Total AM LTIP RSUs awarded and unvested—June 30, 2022	5,086,583	$	9.76


					Dividends
Period	Record Date	Dividend Date	Dividends		per Share
Q4 2020	February 3, 2021	February 11, 2021	$	147,194	$	0.3075
*	February 16, 2021	February 16, 2021		138		*
Q1 2021	April 28, 2021	May 12, 2021		108,799		0.2250
*	May 17, 2021	May 17, 2021		137		*
Q2 2021	July 28, 2021	August 11, 2021		107,719		0.2250
*	August 16, 2021	August 16, 2021		138		*
Q3 2021	October 27, 2021	November 10, 2021		107,459		0.2250
*	November 15, 2021	November 15, 2021		137		*
	Total 2021		$	471,721

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		*
	Total 2022		$	217,720


					(Unaudited)
	December 31, 2021				June 30, 2022
(in thousands)	Fair Value ⁽¹⁾		Carrying Value ⁽²⁾		Fair Value ⁽¹⁾		Carrying Value ⁽²⁾
2026 Notes	$	604,450		544,294		548,625		544,844
2027 Notes		672,750		645,970		611,000		646,284
2028 Notes		680,225		643,902		594,750		644,333
2029 Notes		783,750		741,544		670,275		742,005
Total	$	2,741,175		2,575,710		2,424,650		2,577,466


					Total Investment
			MarkWest		in Unconsolidated
(in thousands)	Stonewall			Joint Venture	Affiliates
Balance as of December 31, 2021	$	130,572		565,437		696,009
Equity in earnings of unconsolidated affiliates ⁽¹⁾		3,429		42,627		46,056
Distributions from unconsolidated affiliates		(5,610)		(54,895)		(60,505)
Balance as of June 30, 2022	$	128,391		553,169		681,560


	Three Months Ended June 30, 2021
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	192,667		57,718		—		250,385
Revenue–third-party		—		70		—		70
Amortization of customer relationships		(9,271)		(8,397)		—		(17,668)
Total revenues		183,396		49,391		—		232,787
Operating expenses:
Direct operating		17,012		22,543		—		39,555
General and administrative		8,734		4,873		644		14,251
Facility idling		—		984		—		984
Depreciation		14,404		12,215		—		26,619
Accretion of asset retirement obligations		—		114		—		114
Gain on asset sale		(135)		—		—		(135)
Total operating expenses		40,015		40,729		644		81,388
Operating income	$	143,381		8,662		(644)		151,399

Equity in earnings of unconsolidated affiliates	$	21,515		—		—		21,515
Additions to property and equipment	$	36,599		9,377		—		45,976


	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, net	$	60,931		16,836		—		77,767


	Six Months Ended June 30, 2021
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	377,828		114,321		—		492,149
Revenue–third-party		—		95		—		95
Amortization of customer relationships		(18,542)		(16,794)		—		(35,336)
Total revenues		359,286		97,622		—		456,908
Operating expenses:
Direct operating		34,248		44,621		—		78,869
General and administrative		17,383		12,553		2,245		32,181
Facility idling		—		2,163		—		2,163
Depreciation		29,117		24,352		—		53,469
Impairment of property and equipment		1,218		161		—		1,379
Accretion of asset retirement obligations		—		233		—		233
Loss on asset sale		3,628		—		—		3,628
Total operating expenses		85,594		84,083		2,245		171,922
Operating income	$	273,692		13,539		(2,245)		284,986

Equity in earnings of unconsolidated affiliates	$	42,259		—		—		42,259
Additions to property and equipment	$	51,658		22,707		—		74,365


	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, net	$	131,665		30,369		—		162,034


	Low Pressure Gathering	Quarterly Fee
	Volume Growth Incentive	Reduction
	Targets (MMcf/d)	(in millions)
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
	2021		2022		or Decrease		Change
Operating Data:
Gathering—low pressure (MMcf)		263,640		270,302		6,662		3	%
Compression (MMcf)		249,681		252,644		2,963		1	%
Gathering—high pressure (MMcf)		257,193		256,537		(656)		*
Fresh water delivery (MBbl)		9,499		10,048		549		6	%
Other fluid handling (MBbl)		4,381		4,128		(253)		(6)	%
Wells serviced by fresh water delivery		17		15		(2)		(12)	%
Gathering—low pressure (MMcf/d)		2,897		2,970		73		3	%
Compression (MMcf/d)		2,744		2,776		32		1	%
Gathering—high pressure (MMcf/d)		2,826		2,819		(7)		*
Fresh water delivery (MBbl/d)		104		110		6		6	%
Other fluid handling (MBbl/d)		48		45		(3)		(6)	%
Average Realized Fees:
Average gathering—low pressure fee ($/Mcf)	$	0.33		0.34		0.01		3	%
Average compression fee ($/Mcf)	$	0.20		0.21		0.01		3	%
Average gathering—high pressure fee ($/Mcf)	$	0.20		0.21		0.01		3	%
Average fresh water delivery fee ($/Bbl)	$	3.97		4.09		0.12		3	%
Joint Venture Operating Data:
Processing—Joint Venture (MMcf)		131,912		132,664		752		1	%
Fractionation—Joint Venture (MBbl)		3,417		3,368		(49)		(1)	%
Processing—Joint Venture (MMcf/d)		1,450		1,458		8		1	%
Fractionation—Joint Venture (MBbl/d)		38		37		(1)		(3)	%


					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
April 1, 2022 – April 30, 2022	482,274	$	11.28	—	$	149,767,409
May 1, 2022 – May 31, 2022	—		—	—		N/A
June 1, 2022 – June 30, 2022	—		—	—		N/A
Total	482,274	$	11.28	—	$	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).
10.1	*	Form of Performance Share Unit Grant Notice and Performance Share Unit Agreement under the Antero Midstream Corporation Long Term Incentive Plan
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, 2022, 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 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, Treasurer and Vice President of Finance

Date:	July 27, 2022


Participant:		[ ]

Date of Grant:		[ ]

Target PSUs:		[ ] PSUs (the “Target Amount of PSUs”)

Performance Period:		[ ] to [ ]

Earning of PSUs:		[ ].


		ANTERO MIDSTREAM CORPORATION

		By:
			Yvette K. Schultz
			SVP – Legal, Chief Compliance Officer,
			General Counsel and Secretary

		PARTICIPANT


		[Name of Employee]


Date: July 27, 2022

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