Antero Midstream Corp 10-Q for FY2023 Q3

Antero Midstream Corp (AM)

10-Q 2023-10-25 For: 2023-09-30

Added on April 08, 2026

About this 10-Q

Antero Midstream Corp filed this 10-Q on October 25, 2023, covering the quarter ended September 30, 2023 (FY2023 Q3).

Headline figures

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

Revenue: $263.84M; up 14.2% from $231.03M a year earlier
Net income: $97.82M; up 16.4% from net income of $84.01M a year earlier
Diluted EPS: $0.20; up 17.6% 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 5	Other Information	40
Item 6.	Exhibits	41
SIGNATURES		42


			(Unaudited)
	December 31,		September 30,
	2022		2023
Assets
Current assets:
Accounts receivable–Antero Resources	$	86,152		93,019
Accounts receivable–third party		575		764
Income tax receivable		940		940
Other current assets		1,326		811
Total current assets		88,993		95,534

Property and equipment, net		3,751,431		3,782,554
Investments in unconsolidated affiliates		652,767		635,954
Customer relationships		1,286,103		1,233,099
Other assets, net		12,026		11,570
Total assets	$	5,791,320		5,758,711

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable–Antero Resources	$	5,436		3,669
Accounts payable–third party		22,865		24,683
Accrued liabilities		72,715		81,628
Other current liabilities		1,061		669
Total current liabilities		102,077		110,649
Long-term liabilities:
Long-term debt		3,361,282		3,258,537
Deferred income tax liability		131,215		228,636
Other		4,428		9,749
Total liabilities		3,599,002		3,607,571

Stockholders' equity:
Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2022 and September 30, 2023
Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2022 and September 30, 2023		—		—
Common stock, $0.01 par value; 2,000,000 authorized; 478,497 and 479,678 issued and outstanding as of December 31, 2022 and September 30, 2023, respectively		4,785		4,797
Additional paid-in capital		2,104,740		2,048,523
Retained earnings		82,793		97,820
Total stockholders' equity		2,192,318		2,151,140
Total liabilities and stockholders' equity	$	5,791,320		5,758,711


☒	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 September 30,
	2022		2023
Revenue:
Gathering and compression–Antero Resources	$	185,640		214,992
Water handling–Antero Resources		61,411		66,132
Water handling–third party		1,651		383
Amortization of customer relationships		(17,668)		(17,668)
Total revenue		231,034		263,839
Operating expenses:
Direct operating		46,648		51,914
General and administrative (including $5,553 and $8,349 of equity-based compensation in 2022 and 2023, respectively)		13,587		17,633
Facility idling		865		722
Depreciation		34,206		30,745
Accretion of asset retirement obligations		50		45
Loss (gain) on asset sale		(2,092)		467
Total operating expenses		93,264		101,526
Operating income		137,770		162,313
Other income (expense):
Interest expense, net		(47,835)		(55,233)
Equity in earnings of unconsolidated affiliates		24,411		27,397
Total other expense		(23,424)		(27,836)
Income before income taxes		114,346		134,477
Income tax expense		(30,332)		(36,657)
Net income and comprehensive income	$	84,014		97,820

Net income per share–basic	$	0.18		0.20
Net income per share–diluted	$	0.17		0.20

Weighted average common shares outstanding:
Basic		478,460		479,676
Diluted		480,318		482,840


	Nine Months Ended September 30,
	2022		2023
Revenue:
Gathering and compression–Antero Resources	$	552,154		625,636
Water handling–Antero Resources		176,994		208,040
Water handling–third party		2,288		929
Amortization of customer relationships		(53,004)		(53,004)
Total revenue		678,432		781,601
Operating expenses:
Direct operating		131,959		162,382
General and administrative (including $14,026 and $23,175 of equity-based compensation in 2022 and 2023, respectively)		47,597		53,142
Facility idling		3,198		1,933
Depreciation		98,181		101,174
Impairment of property and equipment		3,702		—
Accretion of asset retirement obligations		178		133
Loss on settlement of asset retirement obligations		539		620
Loss (gain) on asset sale		(2,242)		6,036
Total operating expenses		283,112		325,420
Operating income		395,320		456,181
Other income (expense):
Interest expense, net		(137,540)		(165,245)
Equity in earnings of unconsolidated affiliates		70,467		77,825
Total other expense		(67,073)		(87,420)
Income before income taxes		328,247		368,761
Income tax expense		(84,798)		(97,422)
Net income and comprehensive income	$	243,449		271,339

Net income per share–basic	$	0.51		0.57
Net income per share–diluted	$	0.51		0.56

Weighted average common shares outstanding:
Basic		478,144		479,267
Diluted		480,342		481,908


									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
Dividends to stockholders		—		—		—		(80,853)		(26,960)		(107,813)
Equity-based compensation		—		—		—		5,553		—		5,553
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		25		—		(18)		—		(18)
Net income and comprehensive income		—		—		—		—		84,014		84,014
Balance at September 30, 2022	$	—		478,462	$	4,784		2,123,057		84,014		2,211,855

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
Dividends to stockholders		—		—		—		(21,053)		(87,012)		(108,065)
Equity-based compensation		—		—		—		8,349		—		8,349
Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes		—		22		—		(3)		—		(3)
Net income and comprehensive income		—		—		—		—		97,820		97,820
Balance at September 30, 2023	$	—		479,678	$	4,797		2,048,523		97,820		2,151,140


Customer relationships as of December 31, 2022	$	1,286,103
Amortization of customer relationships		(53,004)
Customer relationships as of September 30, 2023	$	1,233,099


Remainder of year ending December 31, 2023	$	17,668
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	$	1,233,099


Remainder of year ending December 31, 2023	$	54,905
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		382,435
Total	$	1,560,452


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2023		2022		2023		Reportable Segment
Type of service
Gathering—low pressure	$	92,091		106,731		273,188		311,410	Gathering and Processing ⁽¹⁾
Gathering—low pressure fee rebate		(12,000)		(12,000)		(36,000)		(36,000)	Gathering and Processing ⁽¹⁾
Compression		52,364		62,903		155,462		182,858	Gathering and Processing ⁽¹⁾
Gathering—high pressure		53,185		57,358		159,504		167,368	Gathering and Processing ⁽¹⁾
Fresh water delivery		38,445		40,989		111,609		128,214	Water Handling
Other fluid handling		24,617		25,526		67,673		80,755	Water Handling
Amortization of customer relationships		(9,271)		(9,271)		(27,814)		(27,814)	Gathering and Processing
Amortization of customer relationships		(8,397)		(8,397)		(25,190)		(25,190)	Water Handling
Total	$	231,034		263,839		678,432		781,601

Type of contract
Per Unit Fixed Fee	$	197,640		226,992		588,154		661,636	Gathering and Processing ⁽¹⁾
Gathering—low pressure fee rebate		(12,000)		(12,000)		(36,000)		(36,000)	Gathering and Processing ⁽¹⁾
Per Unit Fixed Fee		38,921		41,371		112,722		129,143	Water Handling
Cost plus 3%		19,346		19,789		51,384		63,031	Water Handling
Cost of service fee		4,795		5,355		15,176		16,795	Water Handling
Amortization of customer relationships		(9,271)		(9,271)		(27,814)		(27,814)	Gathering and Processing
Amortization of customer relationships		(8,397)		(8,397)		(25,190)		(25,190)	Water Handling
Total	$	231,034		263,839		678,432		781,601


				(Unaudited)
	Estimated	December 31,		September 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		3,328,513
Permanent buried pipelines and equipment	7-20 years		601,347		633,113
Surface pipelines and equipment	1-7 years		66,726		80,048
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		196,619
Total property and equipment			4,148,700		4,280,248
Less accumulated depreciation			(397,269)		(497,694)
Property and equipment, net		$	3,751,431		3,782,554


	Nine Months Ended September 30,
	2022		2023
Cash flows provided by (used in) operating activities:
Net income	$	243,449		271,339
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		98,181		101,174
Accretion of asset retirement obligations		178		133
Impairment of property and equipment		3,702		—
Deferred income tax expense		84,798		97,422
Equity-based compensation		14,026		23,175
Equity in earnings of unconsolidated affiliates		(70,467)		(77,825)
Distributions from unconsolidated affiliates		90,470		94,900
Amortization of customer relationships		53,004		53,004
Amortization of deferred financing costs		4,268		4,463
Settlement of asset retirement obligations		(1,395)		(869)
Loss on settlement of asset retirement obligations		539		620
Loss (gain) on asset sale		(2,242)		6,036
Changes in assets and liabilities:
Accounts receivable–Antero Resources		5,596		(6,867)
Accounts receivable–third party		(822)		436
Other current assets		242		(1,307)
Accounts payable–Antero Resources		(2,006)		(1,766)
Accounts payable–third party		12,228		1,214
Accrued liabilities		(2,773)		5,460
Net cash provided by operating activities		530,976		570,742
Cash flows provided by (used in) investing activities:
Additions to gathering systems and facilities		(190,407)		(90,175)
Additions to water handling systems		(45,747)		(39,850)
Investments in unconsolidated affiliates		—		(262)
Return of investment in unconsolidated affiliate		17,000		—
Acquisition of gathering systems and facilities		—		(266)
Cash received in asset sales		4,026		1,071
Change in other assets		(24)		(26)
Change in other liabilities		(804)		—
Net cash used in investing activities		(215,956)		(129,508)
Cash flows provided by (used in) financing activities:
Dividends to common stockholders		(325,120)		(326,871)
Dividends to preferred stockholders		(413)		(413)
Payments of deferred financing costs		(302)		—


		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	(1,901,400)		9.59
Forfeited	(170,365)		10.39
Total AM LTIP RSUs awarded and unvested—September 30, 2023	5,909,215	$	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		*
Q2 2023	July 26, 2023	August 9, 2023		107,900		0.2250
*	August 14, 2023	August 14, 2023		138		*
	Total 2023		$	327,284


					(Unaudited)
	December 31, 2022				September 30, 2023
(in thousands)	Fair Value ⁽¹⁾		Carrying Value ⁽²⁾		Fair Value ⁽¹⁾		Carrying Value ⁽²⁾
2026 Notes	$	556,985		545,416		553,190		546,320
2027 Notes		612,365		646,610		621,010		647,131
2028 Notes		601,575		644,776		613,730		645,467
2029 Notes		685,650		742,480		688,500		743,219
Total	$	2,456,575		2,579,282		2,476,430		2,582,137


					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⁾		72,539		5,286		77,825
Distributions from unconsolidated affiliates		(82,120)		(12,780)		(94,900)
Balance as of September 30, 2023	$	517,071		118,883		635,954


	Three Months Ended September 30, 2022
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	185,640		61,411		—		247,051
Revenue–third-party		—		1,651		—		1,651
Amortization of customer relationships		(9,271)		(8,397)		—		(17,668)
Total revenues		176,369		54,665		—		231,034
Operating expenses:
Direct operating		19,813		26,835		—		46,648
General and administrative		9,890		2,425		1,272		13,587
Facility idling		—		865		—		865
Depreciation		21,177		13,029		—		34,206
Accretion of asset retirement obligations		—		50		—		50
Gain on asset sale		(2,056)		(36)		—		(2,092)
Total operating expenses		48,824		43,168		1,272		93,264
Operating income	$	127,545		11,497		(1,272)		137,770

Equity in earnings of unconsolidated affiliates	$	24,411		—		—		24,411
Additions to property and equipment	$	58,742		15,378		—		74,120


	Three Months Ended September 30, 2023
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	214,992		66,132		—		281,124
Revenue–third-party		—		383		—		383
Amortization of customer relationships		(9,271)		(8,397)		—		(17,668)
Total revenues		205,721		58,118		—		263,839
Operating expenses:
Direct operating		23,547		28,367		—		51,914
General and administrative		12,240		4,039		1,354		17,633
Facility idling		—		722		—		722
Depreciation		17,710		13,035		—		30,745
Accretion of asset retirement obligations		—		45		—		45
Loss on asset sale		467		—		—		467
Total operating expenses		53,964		46,208		1,354		101,526
Operating income	$	151,757		11,910		(1,354)		162,313

Equity in earnings of unconsolidated affiliates	$	27,397		—		—		27,397
Additions to property and equipment, net	$	31,019		14,267		—		45,286


	Nine Months Ended September 30, 2022
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	552,154		176,994		—		729,148
Revenue–third-party		—		2,288		—		2,288
Amortization of customer relationships		(27,814)		(25,190)		—		(53,004)
Total revenues		524,340		154,092		—		678,432
Operating expenses:
Direct operating		56,338		75,621		—		131,959
General and administrative		30,081		13,015		4,501		47,597
Facility idling		—		3,198		—		3,198
Depreciation		59,838		38,343		—		98,181
Impairment of property and equipment		1,130		2,572		—		3,702
Accretion of asset retirement obligations		—		178		—		178
Loss on settlement of asset retirement obligations		—		539		—		539
Gain on asset sale		(2,119)		(123)		—		(2,242)
Total operating expenses		145,268		133,343		4,501		283,112
Operating income	$	379,072		20,749		(4,501)		395,320

Equity in earnings of unconsolidated affiliates	$	70,467		—		—		70,467
Additions to property and equipment	$	190,407		45,747		—		236,154


	Nine Months Ended September 30, 2023
	Gathering and		Water				Consolidated
(in thousands)	Processing		Handling		Unallocated ⁽¹⁾		Total
Revenues:
Revenue–Antero Resources	$	625,636		208,040		—		833,676
Revenue–third-party		—		929		—		929
Amortization of customer relationships		(27,814)		(25,190)		—		(53,004)
Total revenues		597,822		183,779		—		781,601
Operating expenses:
Direct operating		72,819		89,563		—		162,382
General and administrative		33,790		15,108		4,244		53,142
Facility idling		—		1,933		—		1,933
Depreciation		61,969		39,205		—		101,174
Accretion of asset retirement obligations		—		133		—		133
Loss on settlement of asset retirement obligations		—		620		—		620
Loss (gain) on asset sale		6,039		(3)		—		6,036
Total operating expenses		174,617		146,559		4,244		325,420
Operating income	$	423,205		37,220		(4,244)		456,181

Equity in earnings of unconsolidated affiliates	$	77,825		—		—		77,825
Additions to property and equipment, net	$	90,175		39,850		—		130,025


	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
	September 30,				Increase		Percentage
	2022		2023		or Decrease		Change
Operating Data:
Gathering—low pressure (MMcf)		271,569		305,676		34,107		13	%
Compression (MMcf)		257,025		300,967		43,942		17	%
Gathering—high pressure (MMcf)		257,757		269,986		12,229		5	%
Fresh water delivery (MBbl)		9,515		9,750		235		2	%
Other fluid handling (MBbl)		5,280		4,961		(319)		(6)	%
Wells serviced by fresh water delivery		18		15		(3)		(17)	%
Gathering—low pressure (MMcf/d)		2,952		3,323		371		13	%
Compression (MMcf/d)		2,794		3,271		477		17	%
Gathering—high pressure (MMcf/d)		2,802		2,935		133		5	%
Fresh water delivery (MBbl/d)		103		106		3		3	%
Other fluid handling (MBbl/d)		57		54		(3)		(5)	%
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)	$	4.04		4.20		0.16		4	%
Joint Venture Operating Data:
Processing—Joint Venture (MMcf)		135,611		148,672		13,061		10	%
Fractionation—Joint Venture (MBbl)		3,287		3,680		393		12	%
Processing—Joint Venture (MMcf/d)		1,474		1,616		142		10	%
Fractionation—Joint Venture (MBbl/d)		36		40		4		11	%


					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	Under the Plan
July 1, 2023 – July 31, 2023	208	$	11.74	—	$	—
August 1, 2023 – August 31, 2023	—		—	—		—
September 1, 2023 – September 30, 2023	—		—	—		—
Total	208	$	11.74	—


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 September 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:	October 25, 2023


Date: October 25, 2023

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