Earnings summaries and quarterly performance for Antero Midstream.
Executive leadership at Antero Midstream.
Michael Kennedy
Detailed
Chief Executive Officer and President
CEO
BK
Brendan Krueger
Detailed
Senior Vice President—Finance and Treasurer
JA
Justin Agnew
Detailed
Chief Financial Officer and Vice President—Finance & Investor Relations
YS
Yvette Schultz
Detailed
Chief Compliance Officer, Senior Vice President—Legal, General Counsel and Corporate Secretary
Board of directors at Antero Midstream.
Research analysts who have asked questions during Antero Midstream earnings calls.
NM
Naomi Marfatia
Mizuho Securities USA LLC
3 questions for AM
Also covers: HESM
JT
Jeremy Tonet
JPMorgan Chase & Co.
2 questions for AM
Also covers: AEE, AEP, ARIS +45 more
JM
John Mackay
Goldman Sachs Group, Inc.
2 questions for AM
Also covers: ARIS, CQP, DTM +16 more
NK
Noah Katz
JPMorgan Chase & Co.
2 questions for AM
Also covers: ARIS, EE, HESM +1 more
JM
John McKay
Goldman Sachs
1 question for AM
Also covers: VG
Ned Baramov
Wells Fargo & Company
1 question for AM
Also covers: NGL, SUN, WES
Olivia Halferty
Goldman Sachs
1 question for AM
Also covers: TRP
Wade Suki
Capital One Financial
1 question for AM
Also covers: ARIS, EE, ENLC +5 more
ZV
Zackery Van Everen
Tudor, Pickering, Holt & Co.
1 question for AM
Also covers: DTM, EE, ENLC +6 more
Recent press releases and 8-K filings for AM.
Antero Midstream Subsidiaries Complete $600 Million Senior Notes Offering
AM
Debt Issuance
M&A
New Projects/Investments
- On December 23, 2025, Antero Midstream Corporation's indirect, wholly owned subsidiaries, Antero Midstream Partners LP and Antero Midstream Finance Corporation, completed a private placement of $600.0 million in aggregate principal amount of their 5.750% Senior Notes due 2034.
- The offering was upsized from an initial $500.0 million aggregate principal amount.
- The net proceeds from the offering, along with borrowings under a revolving credit facility and proceeds from the disposition of Utica Shale midstream assets, will be used to fund the acquisition of HG Energy II Midstream Holdings, LLC, and related fees and expenses.
- The notes are not redeemable at the issuers' option prior to January 1, 2029, except for specific conditions, such as redeeming up to 35% of the aggregate principal amount with net cash proceeds from equity offerings at a price of 105.750%.
7 days ago
Antero Midstream Prices $600 Million Senior Notes Offering
AM
Debt Issuance
M&A
New Projects/Investments
- Antero Midstream Corporation priced an upsized private placement of $600 million in 5.75% senior unsecured notes due 2034.
- The offering is expected to close on December 23, 2025, with estimated net proceeds of approximately $593 million.
- The company intends to use the net proceeds, along with other funds, to finance the acquisition of HG Energy II Midstream Holdings, LLC.
- A special mandatory redemption clause stipulates that the notes will be redeemed if the HG Acquisition does not close by June 2, 2026, or an extended date of September 2, 2026.
Dec 9, 2025, 10:39 PM
Antero Midstream Announces Launch of $500 Million Senior Notes Offering
AM
Debt Issuance
M&A
New Projects/Investments
- Antero Midstream Corporation (AM) announced its intention to offer $500 million in aggregate principal amount of senior unsecured notes due 2034 in a private placement.
- The net proceeds from the offering are intended to fund the acquisition of HG Energy II Midstream Holdings, LLC, along with borrowings and proceeds from the disposition of Utica Shale midstream assets.
- The completion of this offering is not contingent on the consummation of the HG Acquisition or the Utica Disposition, and vice versa.
- A special mandatory redemption clause stipulates that if the HG Acquisition has not closed by June 2, 2026 (or by September 2, 2026, if extended), or if the purchase agreement is terminated, Antero Midstream Partners will redeem the outstanding notes at 100% of the initial issue price plus accrued and unpaid interest.
Dec 9, 2025, 12:52 PM
Antero Resources and Antero Midstream Announce Strategic Acquisitions and Divestitures
AM
M&A
New Projects/Investments
- Antero Resources (AR) is acquiring HG Energy's upstream business for $2.8 billion plus a hedge book, while Antero Midstream (AM) is acquiring HG Energy's midstream business for $1.1 billion.
- Concurrently, AR is divesting non-core Utica upstream assets for $800 million, and AM is divesting Utica midstream assets for $400 million.
- The HG acquisition is expected to add 400+ additional locations in the Marcellus Shale, generate $950 million in identified synergies, and be 30%+ accretive to operating cash flow, free cash flow, and NAV per share metrics.
- AR expects the acquisition to be fully paid off by 2028, funded by a combination of AR Free Cash Flow, Utica divestiture proceeds, a $1.5 billion 3-Year Term Loan A, and free cash flow from the acquired assets. The company anticipates maintaining leverage below 1.0x in 2026.
Dec 8, 2025, 2:00 PM
Antero Resources and Antero Midstream Announce Strategic Acquisitions and Divestitures
AM
M&A
New Projects/Investments
Guidance Update
- Antero Resources (AR) is acquiring West Virginia Marcellus upstream assets for $2.8 billion and divesting non-core Ohio Utica upstream assets for $800 million.
- Antero Midstream (AM) is acquiring midstream assets for $1.1 billion and divesting midstream assets for $400 million.
- The acquired assets include 385,000 net acres and approximately 850 million a day of production, adding over 400 undeveloped locations.
- The transactions are expected to generate approximately $950 million in synergies on a PV10 basis over 10 years and increase AR's pro forma maintenance capital target to approximately $900 million.
- AR's pro forma production for 2026 is projected to be approximately 4.2 BCFE per day, extending core inventory life by about five years.
Dec 8, 2025, 2:00 PM
Antero Resources and Antero Midstream Announce Strategic Acquisitions and Divestitures
AM
M&A
New Projects/Investments
Guidance Update
- Antero Resources (AR) and Antero Midstream (AM) announced strategic transactions involving the acquisition of West Virginia Marcellus assets and the divestiture of non-core Ohio Utica assets.
- AR will acquire upstream assets for $2.8 billion and divest upstream assets for $800 million, while AM will acquire midstream assets for $1.1 billion and divest midstream assets for $400 million.
- The acquired assets include 385,000 net acres and approximately 850 million a day of production, adding over 400 undeveloped locations.
- The transactions are expected to generate approximately $950 million of synergies on a PV10 basis over 10 years, reduce AR's cost structure by $0.25 per MCFE, and increase margins by $0.15-$0.20 per MCFE.
- Following the transactions, AR's 2026 maintenance production program is projected to be approximately 4.2 BCFE per day, and its pro forma maintenance capital target would increase to approximately $900 million.
Dec 8, 2025, 2:00 PM
Antero Resources and Antero Midstream Announce Strategic M&A Transactions
AM
M&A
New Projects/Investments
Debt Issuance
- Antero Resources (AR) and Antero Midstream (AM) announced strategic transactions on December 8, 2025, involving the acquisition of West Virginia Marcellus assets and the divestiture of non-core Ohio Utica assets.
- AR acquired upstream assets for $2.8 billion and divested upstream assets for $800 million, while AM acquired midstream assets for $1.1 billion and divested midstream assets for $400 million.
- The acquired assets include 385,000 net acres and approximately 850 million a day of production, adding over 400 undeveloped locations. These transactions are expected to generate approximately $950 million in synergies over 10 years on a PV-10 basis, reduce AR's cost structure by approximately $0.25 per Mcfe, and increase margins by $0.15-$0.20 per Mcfe.
- The AR acquisition is primarily funded by $800 million from the Utica divestiture and an expected $500 million of free cash flow generated by closing in Q2 2026, with the remainder financed by a three-year Term Loan A. AR expects to be below one times leverage in 2026, and AM expects leverage to decline below its 3.0x target in 2026.
Dec 8, 2025, 2:00 PM
Antero Midstream Announces Strategic Marcellus Shale Acquisition and Ohio Utica Divestiture
AM
M&A
New Projects/Investments
- Antero Midstream Corporation (AM) announced a definitive agreement to acquire HG II Energy Midstream Holdings, LLC for $1.1 billion in cash, with the transaction expected to close in the second quarter of 2026.
- Concurrently, AM will divest its Ohio Utica Shale assets for $400 million in cash, with closing anticipated in the first quarter of 2026.
- The acquisition is estimated to be immediately accretive to Free Cash Flow after dividends by over 15% and is expected to add approximately 900 MMcf/d of throughput in 2026.
- The acquisition transaction multiple is approximately 7.5x next three years average annual EBITDA, adjusted to 7.0x after identified synergies, while the Utica divestiture multiple is over 11x.
Dec 8, 2025, 12:12 PM
Antero Midstream Announces Strategic Acquisition and Divestiture
AM
M&A
New Projects/Investments
Guidance Update
- Antero Midstream Corporation announced a definitive agreement to acquire HG II Energy Midstream Holdings, LLC for $1.1 billion in cash, with the transaction expected to close in the second quarter of 2026.
- This acquisition is estimated to be immediately accretive to Free Cash Flow after dividends by over 15% and is expected to add approximately 900 MMcf/d of throughput in 2026.
- Concurrently, the company entered into a definitive agreement to divest its Ohio Utica Shale assets for $400 million in cash, anticipated to close in the first quarter of 2026.
- The divestiture was at a transaction multiple over 11x next three years average annual EBITDA, while the acquisition was at approximately 7.5x (adjusted to 7.0x with synergies).
- These strategic transactions are expected to enhance the company's asset base, expand its dedicated inventory, and allow for debt financing while maintaining its credit profile and achieving a 3.0x leverage target almost immediately after closing.
Dec 8, 2025, 12:00 PM
Antero Midstream Reports Strong Q3 2025 Financial Results and Strategic Growth
AM
Earnings
Debt Issuance
Share Buyback
- Antero Midstream reported strong Q3 2025 financial performance, with Adjusted EBITDA increasing 10% year over year to $281 million and free cash flow after dividends growing 94% to $78 million.
- The company significantly improved its balance sheet, reducing leverage to 2.7 times as of September 30 and absolute debt by approximately $175 million over the last year, which facilitated a credit rating upgrade and the refinancing of 2027 notes to 2033 at a 5.75% coupon.
- Strategic initiatives included $51 million in capital investment during Q3 2025, bringing the year-to-date total to $133 million (approximately 75% of the budget), and the dedication of 10 new locations to Antero Midstream from Antero Resources' acquisitions, totaling 80 new dedicated locations year-to-date.
- Antero Midstream is also leveraging existing underutilized infrastructure to support Antero Resources' first dry gas Marcellus pad in over a decade, serving as a "proof of concept" for future in-basin demand growth.
- The company maintains a capital allocation strategy focused on a balanced approach of roughly 50/50 between share repurchases and debt reduction.
Oct 30, 2025, 4:00 PM
Quarterly earnings call transcripts for Antero Midstream.
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