Antero Midstream Corp

Antero Midstream Corporation (NYSE: AM) is a growth-oriented midstream energy company that owns, operates and develops midstream infrastructure primarily serving natural gas and natural gas liquids production in the Appalachian Basin. The company's website is www.anteromidstream.com.

The company operates through two reportable segments: gathering and processing, and water handling. Its gathering and processing assets consist of high and low pressure gathering pipelines, compressor stations, and processing and fractionation plants that collect and process natural gas and NGLs from wells in West Virginia and Ohio. As of December 31, 2025, the company operated 426 miles of low pressure pipeline, 305 miles of high pressure pipeline, and 4.8 Bcf/d of compression capacity in the Appalachian Basin. The water handling segment operates two independent systems that deliver water from sources including the Ohio River and local reservoirs, consisting of 236 miles of buried water pipeline, 187 miles of surface water pipeline, 33 water impoundments with approximately 5 million barrels of storage capacity, and various pumping stations and blending facilities.

Antero Midstream derives substantially all of its revenue from Antero Resources Corporation, one of North America's largest natural gas and NGLs producers. As of December 31, 2025, substantially all of Antero Resources' approximately 566,000 gross acres are dedicated to Antero Midstream for gathering, compression and water services under long-term, fixed-fee contracts extending through 2038 for gathering and compression services and 2035 for water services. Antero Resources owns a 29% interest in Antero Midstream as of December 31, 2025.

The company operates through its wholly-owned subsidiary Antero Midstream Partners LP and holds a 50% interest in a joint venture with MarkWest, a subsidiary of MPLX LP, to develop processing and fractionation assets in Appalachia. In February 2026, the company completed the acquisition of HG Energy II Midstream Holdings LLC for $1.1 billion, adding gathering pipelines and integrated water handling assets in the core Marcellus Shale. Concurrently, the company divested substantially all of its Utica Shale midstream assets in Ohio for $400 million.