Antero Midstream reports $327M revenue

Cover page 2 changes

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For the quarterly period ended June September 30, 2026

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Number of shares of the registrant s common stock outstanding as of July 24, October 23, 2026 (in thousands): 474,674 472,346

Forward-looking statements 133 changes

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risks associated with the successful integration and future performance of the HG Acquisition (as defined in Note 3 Transactions to the unaudited condensed consolidated financial statements);

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expectations regarding the amount and timing of litigation awards;

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Preferred stock, $ 0.01 par value: 100,000 authorized as of December 31, 2025 and June September 30, 2026

Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2025 and June September 30, 2026

Common stock, $ 0.01 par value; 2,000,000 authorized; 474,060 and 474,657 473,417 issued and outstanding as of December 31, 2025 and June September 30, 2026, respectively

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Three Months Ended June September 30,

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General and administrative (including $ 11,407 11,026 and $ 10,828 10,960 of equity-based compensation in 2025 and 2026, respectively)

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Loss on long-lived assets

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Loss on early extinguishment of debt

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Six Months Ended June 30,

Nine Months Ended September 30,

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General and administrative (including $ 23,809 34,835 and $ 21,407 32,367 of equity-based compensation in 2025 and 2026, respectively)

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Loss on early extinguishment of debt

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Dividends to stockholders

Equity-based compensation

Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes ( 3 )

Repurchases and retirement of common stock

Net income and comprehensive income

Balance at September 30, 2025

See accompanying notes to unaudited condensed consolidated financial statements.

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Stockholders Equity (Unaudited)

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Dividends to stockholders

Equity-based compensation

Issuance of common stock upon vesting of equity-based compensation awards, net of common stock withheld for income taxes

Repurchases and retirement of common stock

Net income and comprehensive income

Balance at September 30, 2026

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Six Months Ended June 30,

Nine Months Ended September 30,

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Loss on early extinguishment of debt

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Income tax receivable

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Borrowings on Credit Facility

Repayments on Credit Facility

Issuance and borrowings of long-term debt

Repayments of long-term debt

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Employee tax withholding for settlement of equity-based compensation awards ( 27,042 27,089 )

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Net cash provided by used in financing activities

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Increase (decrease) in accrued capital expenditures and accounts payable for property and equipment ( 2,919 )

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These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ( GAAP ) for interim financial information, and, accordingly, do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments (consisting of normal and recurring accruals) considered necessary to present fairly the Company s financial position as of December 31, 2025 and June September 30, 2026, results of operations for the three and six nine months ended June September 30, 2025 and 2026 and cash flows for the six nine months ended June September 30, 2025 and 2026. The Company has no items of other comprehensive income or loss; therefore, net income is equal to comprehensive income.

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(1) business services, such as payroll, accounts payable and facilities management;

(2) corporate services, such as finance and accounting, legal, human resources, investor relations and public and regulatory policy; and (3) employee compensation.

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Principles of Consolidation

Principles of Consolidatio n

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In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses ( ASU 2024-03 ). ASU 2024-03 is intended to improve the disclosure about certain operating expenses primarily through enhanced disclosure of cost of sales and selling, general and administrative expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. ASU 2024-03 can be applied on either a prospective or a retrospective basis at the Company s election. The Company plans to adopt ASU 2024-03 on a prospective basis in the Annual Report on Form 10-K for the year ending December 31, 2027. The Company is evaluating the impact that ASU 2024-03 will have on the financial statements. and its plans for adoption, including its transition method and adoption date .

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The HG Acquisition has been accounted for using the acquisition method of accounting with Antero Midstream Partners identified as the acquirer of HG Midstream. The Company is still completing its analysis of the final purchase price allocation. including the fair values to be assigned to property and equipment and customer relationships, among others. Adjustments to the preliminary purchase price allocation recorded during the three and nine months ended June September 30, 2026 primarily relate to additional information obtained by the Company between the Closing Date and June September 30, 2026 about facts and circumstances that existed on the Closing Date, including the completion of the post-closing settlement statement and updates to our property and equipment and customer relationship valuations, among others. The Company expects to complete the purchase price allocation during the 12-month period following the Closing Date. The table below summarizes the preliminary purchase price and estimated fair values of the assets acquired and liabilities assumed as of the Closing Date. See Note 14 Fair Value Measurement for additional information on the fair value assumptions and hierarchy used in the HG Acquisition preliminary purchase price allocation.

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The Company s financial statements include $ 9 million of acquisition-related costs associated with the HG Acquisition during the six nine months ended June September 30, 2026, which are recorded in transaction expense in the unaudited condensed consolidated statements of operations and comprehensive income.

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through June 30, 2026

through September 30, 2026

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(1) Net income includes transaction expense of $ 9 million related to the HG Acquisition recognized during the six nine months ended June September 30, 2026.

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The cash consideration received for the Utica Shale Divestiture, less costs to sell, of approximately $ 380 million was less than its carrying value of the Utica Shale Property and Equipment s net assets. Accordingly, the Company reduced the carrying value of the Utica Shale Property and Equipment to the estimated selling price less costs to sell and recorded a loss on long-lived assets of $ 87 million during the year ended December 31, 2025 in its statements of operations and comprehensive income. During the six three and nine months ended June September 30, 2026, the Company recorded a loss on long-lived assets of $ 1 million and a gain on long-lived assets of $ 3 2 million to reflect the cash consideration received for the Utica Shale Divestiture, less costs to sell, upon transaction closing.

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All customer relationships are subject to amortization and are amortized over a weighted average period of 21 years , which reflects the remaining economic life of the relationships as of June September 30, 2026. The carrying amount of customer relationships were as follows:

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Future amortization expense as of June September 30, 2026 is as follows (in thousands):

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Substantially all revenues earned during the three and six nine months ended June September 30, 2025 and 2026 were earned from Antero Resources, under various agreements for gathering and compression and water handling services. Revenues earned from gathering and compression services consist of lease income.

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The employees supporting the Company s operations are concurrently employed by Antero Resources and the Company. Direct operating expense includes costs charged to the Company of $ 5 million and $ 6 million during the three months ended June September 30, 2025 and 2026, respectively, and $ 10 16 million and $ 11 17 million during the six nine months ended June September 30, 2025 and 2026, respectively. These costs were for services provided by employees associated with the operation of the Company s gathering lines, centralized compressor stations and water handling assets. General and administrative expense includes costs charged to the Company by Antero Resources of $ 8 million and $ 7 million during each of the three months ended June September 30, 2025 and 2026, and $ 17 25 million and $ 16 24 million during the six nine months ended June September 30, 2025 and 2026, respectively. These costs relate to (i) various business services, including payroll processing, accounts payable processing and facilities management, (ii) various corporate services, including legal, accounting, treasury, information technology and human resources and (iii) compensation. These expenses are charged to the Company based on the nature of the expenses and are apportioned based on a combination of the Company s proportionate share of gross property and equipment, capital expenditures and labor costs, as applicable. The Company reimburses Antero Resources directly for all general and administrative costs charged to it.

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Pursuant to the gathering and compression agreements, Antero Resources has dedicated substantially all of its current and future acreage in West Virginia, Ohio and Pennsylvania to the Company for gathering and compression services. The 2019 gathering and compression agreement, Marcellus gathering and compression agreement and Mountaineer gathering and compression agreement have initial terms through 2038, 2031 and 2026, respectively. Upon expiration of the Marcellus gathering and compression agreement and the Mountaineer gathering and compression agreement, the Company will continue to provide gathering and compression services under the 2019 gathering and compression agreement. The Company also has an option to gather and compress natural gas produced by Antero Resources on any additional undedicated acreage it acquires during the term of the 2019 gathering and compression agreement outside of West Virginia, Ohio and Pennsylvania on the same terms and conditions as the 2019 gathering and compression agreement. Upon completion of the initial contract term in

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same terms and conditions as the 2019 gathering and compression agreement. Upon completion of the initial contract term in 2038, the 2019 gathering and compression agreement will continue in effect from year to year until such time as the agreement is terminated, effective upon an anniversary of the effective date of the agreement, by notice from either the Company or Antero Resources to the other party on or before the 180 th day prior to the anniversary of such agreement.

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The Company recognizes lease income from its minimum lease payments under its gathering and compression agreements on a straight-line basis. Additional variable operating lease income is earned when volumes in excess of the minimum commitments or fees are delivered under the contract. The Company recognizes variable lease income when (i) gathering volumes are delivered to a centralized compressor station, centralized compression volumes are delivered to a high pressure line and high pressure volumes are delivered to a processing plant or transmission pipeline, as applicable or (ii) well pad compression volumes are delivered to a gathering line and gathering volumes are delivered to a processing plant or

The 2019 gathering and compression agreement, the Marcellus gathering and compression agreement and the Mountaineer gathering and compression agreement include certain fixed fee provisions. If and to the extent Antero Resources requests that the Company construct new gathering lines, centralized compressor stations and/or high pressure lines, the 2019 gathering and compression agreement contains options at the Company s election for either (i) minimum volume commitments that require Antero Resources to utilize or pay for 70 % of the centralized compression capacity and 75 % of the high pressure gathering capacity of such new construction for 10 years or (ii) a cost of service fee that allows the Company to earn a return on capital invested of 13 % per annum over a period of seven years , which election is made individually for each piece of equipment placed in service. The Marcellus gathering and compression agreement provides for a minimum volume commitment that requires Antero Resources to utilize or pay for 25 % of the compression capacity for a period of 10 years from the in-service date. The Mountaineer gathering and compression agreement provides for monthly minimum compression and gathering fees for each centralized compressor station or high pressure gathering line, respectively, for a period of 12 years commencing 90 days after such asset s in-service date. As of June September 30, 2026, all monthly minimum compression fees under the Mountaineer gathering and compression agreement have expired. All lease payments under the minimum volume commitments, cost of service fees and minimum gathering and compression fees are considered to be in-substance fixed lease payments ( minimum lease payments ) under the gathering and compression agreements. The minimum lease payments for the 2019 gathering and compression agreement and Mountaineer gathering and compression agreement end in 2035 and 2026, respectively. As of January 1, 2025, there were no minimum lease payments for the Marcellus gathering and compression agreement.

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The Company recognizes lease income from its minimum lease payments under its gathering and compression agreements on a straight-line basis. Additional variable operating lease income is earned when volumes in excess of the minimum commitments or fees are delivered under the contract. The Company recognizes variable lease income when (i) gathering volumes are delivered to a centralized compressor station, centralized compression volumes are delivered to a high pressure line and high pressure volumes are delivered to a processing plant or transmission pipeline, as applicable or (ii) well pad compression volumes are delivered to a gathering line and gathering volumes are delivered to a processing plant or transmission pipeline, as applicable. Minimum volume commitments for the 2019 gathering and compression agreement are aggregated such that the agreement has a single minimum volume commitment for the respective service each year. The Mountaineer gathering and compression agreement minimum gathering fees are not subject to aggregation and are determined on a monthly basis for each gathering line, subject to such agreement. The Company invoices the customer the month after each service is performed, and payment is due in the same month. The Company is not party to any leases that have not commenced.

Minimum future lease cash flows to be received by the Company under the gathering and compression agreements as of June September 30, 2026 are as follows (in thousands):

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The Company is party to a water services agreement with Antero Resources, whereby the Company provides certain water handling services to Antero Resources within an area of dedication in defined service areas in West Virginia. The initial term of the water services agreement runs to 2035. Upon completion of the initial term in 2035, the water services agreement will continue in effect from year to year until such time as the agreement is terminated, effective upon an anniversary of the effective date of the agreement, by notice from either the Company or Antero Resources to the other party on or before the 180 th day prior to the anniversary of such agreement. Under the agreement, the Company receives a fixed fee for fresh water deliveries by pipeline directly to the well site, subject to annual CPI-based adjustments. In addition, the Company provides other fluid handling services. These operations, along with the Company s fresh water delivery systems, support well completion and production operations for Antero Resources. These services are provided by the Company directly or through third-parties with which the Company contracts. For these other fluid handling services provided by third-parties, Antero Resources reimburses the Company s third-party out-of-pocket costs plus 3 % . For these other fluid handling services provided by the Company, the Company charges Antero Resources a cost of service fee. The cost of service fee allows the Company to recover its share of capital expenditures to construct any new facilities required to provide other fluid handling services to Antero Resources and earn a return on capital invested of 13 % per annum over a period of seven years . As of June September 30, 2026, the Company had minimum future revenues for its cost of service fees of $ 63 59 million to be received and recognized by the Company under the water services agreement during 2026 through 2033 as the agreement s performance obligations are satisfied. In light of the nature and location of the assets and operations acquired in the HG Acquisition, the Company and Antero Resources agreed in principle to certain updates to, and intend to modify, their existing commercial arrangement to provide certain water services. For certain fresh water services provided by the Company related to the HG Energy II Production Holdings, LLC ( HG Production ) assets acquired by Antero Resources, Antero Resources will reimburse the Company s third-party out-of-pocket costs plus 3 %.

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Transaction Price Allocated to Remaining Performance Obligations

The Company s water services agreement with Antero Resources has a term greater than one year. The Company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under this contract, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

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Transaction Price Allocated to Remaining Performance Obligations

The Company s water services agreement with Antero Resources has a term greater than one year. The Company is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under this contract, each unit of product delivered to the customer represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

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Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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The Company s receivables from its contracts with customers and operating leases as of December 31, 2025 and June September 30, 2026, were $ 111 million and $ 136 124 million, respectively.

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Gas gathering systems and facilities

Permanent buried water pipelines and equipment

Surface water pipelines and equipment

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Lender commitments under the Credit Facility were $ 1.25 billion as of each of December 31, 2025 and June September 30, 2026. respectively. The Credit Facility matures on July 30, 2029; provided that if on the date that is 91 days prior to the stated maturity of any outstanding senior unsecured notes of the Borrower, including the 2028 Notes (as defined below) and the 2029 Notes (as defined below), the outstanding principal amount of such notes is greater than or equal to $ 50 million and the sum of (A) the outstanding principal amount of loans, undrawn letters of credit, and drawn but unreimbursed amounts with respect to letters of credit, in each case, then outstanding under the Credit Facility plus (B) (1) the outstanding principal amount of such notes on such date minus (2) consolidated unrestricted cash of the Borrower exceeds 85 % of the Aggregate Commitments (as defined in the Credit Facility), the Credit Facility will mature on such date. As of June September 30, 2026, the Credit Facility had an available borrowing capacity of $ 908 673 million.

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The Borrower was in compliance with all of the financial covenants under the Credit Facility as of December 31, 2025 and June September 30, 2026.

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If the Borrower receives at least two Investment Grade Ratings (as defined in the Credit Facility), no default or event of default exists and the Borrower is in pro forma compliance with the Credit Facility s financial covenants (subject to provision of the Credit Facility), the Borrower may elect to enter into an Investment Grade Period. During an Investment Grade Period, the interest margin is determined by reference to the Company s corporate family rating, which for SOFR loans range from 1.125 % to 2.000 % . In addition, during an Investment Grade Period, the commitment fees on the unused portion of the Credit Facility are determined by reference to the Company s corporate family rating, which range from 0.125 % to 0.300 %. The Borrower was not in an Investment Grade Period during the three and nine months ended June September 30, 2026.

As of December 31, 2025, the Borrower had no outstanding borrowings under the Credit Facility. As of June September 30, 2026, the Borrower had outstanding borrowings under the Credit Facility of $ 342 577 million with a weighted average interest rate of 5.35 5.62 % . No letters of credit were outstanding under the Credit Facility as of December 31, 2025 and June September 30, 2026.

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On June 28, 2019, the Issuers issued $ 650 million in aggregate principal amount of 5.75 % senior notes due January 15, 2028 (the 2028 Notes ) at par. The 2028 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2028 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by the Company, Antero Midstream Partners wholly owned subsidiaries (other than Finance Corp) and certain of its future restricted subsidiaries. Interest on the 2028 Notes is payable on January 15 and July 15 of each year. Antero Midstream Partners may redeem all or part of the 2028 Notes at any time at a redemption price of 100.00 % as of June 30, 2026. If Antero Midstream Partners undergoes a change of control followed by a rating decline, the holders of the 2028 Notes will have the right to require Antero Midstream Partners to repurchase all or a portion of the 2028 Notes at a price equal to 101 % of the principal amount of the 2028 Notes, plus accrued and unpaid interest.

On July 24, 2026, the Company called for redemption all $ 650 million aggregate principal amount of the 2028 Notes on August 8, 2026 (the Redemption Date ). The redemption price will be equal to 100 % of the principal amount thereof plus accrued and unpaid interest to, but excluding, the Redemption Date.

On June 28, 2019, the Issuers issued $ 650 million in aggregate principal amount of 5.75 % senior notes due January 15, 2028 (the 2028 Notes ) at par. On August 8, 2026, the Issuers redeemed all $ 650 million aggregate principal amount of the 2028 Notes at par, plus accrued and unpaid interest, and recognized a loss on early debt extinguishment of $ 2 million during the three and nine months ended September 30, 2026, which included the write-off of all unamortized debt issuance costs. Interest on the 2028 Notes was payable on January 15 and July 15 of each year.

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and 53 more changes in the filing

MD&A 83 changes

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On December 5, 2025, we entered into a definitive agreement to acquire 100% of the issued and outstanding equity interests of HG Midstream for cash consideration of $1.1 billion, subject to the terms and conditions thereof. The HG Acquisition included gathering pipelines and integrated water handling assets in the core of the Marcellus Shale in West Virginia. This acquisition closed on the Closing Date. The Company s unaudited condensed consolidated statement of operations for the six nine months ended June September 30, 2026 included results of operations from the assets and operations acquired in the HG Acquisition from the Closing Date through June September 30, 2026.

The HG Acquisition was funded with net proceeds of the 2034 Notes, borrowing under the Credit Facility and restricted cash. See Note 3 Transactions to our unaudited condensed consolidated financial statements for additional information. In light of the nature and location of the assets and operations acquired in the HG Acquisition, we and Antero Resources agreed in principle to certain updates to, and intend to modify, our existing commercial arrangements with Antero Resources to provide for well pad compression with respect to certain wells and to provide certain water services. See Note 6 Revenue to our unaudited condensed consolidated financial statements for additional information.

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On December 5, 2025, we entered into a purchase and sale agreement with the Buyer Parties to sell substantially all of our Utica Shale Property and Equipment in Ohio, for aggregate cash consideration of $400 million, subject to the terms and conditions thereof. The Utica Shale Property and Equipment included 118 miles of gathering pipelines, 0.7 Bcfe/d of compression capacity, 85 miles of water pipelines and 12 water impoundments with storage capacity of approximately 2 million barrels. The Utica Shale Divestiture closed on February 23, 2026. The net proceeds from the Utica Shale Divestiture were used for the repayment of long-term debt. See Note 3 Transactions to our unaudited condensed consolidated financial statements for additional information.

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Through our share repurchase program, during the three and six nine months ended June September 30, 2026, we repurchased and retired approximately 0.4 1.3 million shares of our common stock for a total cost of $8 $27 million and approximately 1 2.7 million shares of our common stock for a total cost of $26 $54 million, respectively. As of June September 30, 2026, we have approximately $310 $283 million of remaining capacity under our share repurchase program. The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by us at our discretion and will depend on a variety of factors, including the market price of our common stock, general market and economic conditions and applicable legal requirements. The exact number of shares to be repurchased by us is not guaranteed and the program may be suspended, modified or discontinued at any time without prior notice.

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On July 24, August 8, 2026, we called for redemption redeemed all $650 million aggregate principal amount of the 2028 Notes on August 8, 2026. The at a redemption price will be equal to 100% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the redemption date, and will be which was funded by cash on hand and borrowings under our Credit Facility. See Note 9 Long-Term Debt to the unaudited condensed consolidated financial statements for more information.

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Benchmark prices for oil, ethane and C3+ NGLs increased, significantly, while benchmark prices for natural gas and ethane decreased during the three months ended June September 30, 2026 as compared to the same period of 2025. Benchmark prices for oil, and natural gas increased, while benchmark prices for and C3+ NGLs remained relatively consistent and increased, while benchmark prices for ethane decreased during the six nine months ended June September 30, 2026 as compared to the same period of 2025. While substantially all of our revenues are based on fixed-fee contracts that are not directly impacted by changes in commodity prices, commodity price changes do impact the revenues and cash flows of Antero Resources, and Antero Resources drilling and development plan does have a direct impact on our gathering, compression and water handling services, revenues and cash flows. In the current economic environment, we expect that commodity prices for some or all of the commodities produced by Antero Resources could remain volatile. However, due to Antero Resources increased scale, liquidity and leverage position as compared to historical levels, together with Antero Resources increased commodity derivative portfolio, we do not expect to experience significant variability in our throughput volumes resulting from volatile commodity prices.

The economy experienced elevated inflation levels as a result of global supply and demand imbalances, where global demand outpaced supplies beginning in 2021 and continuing through 2026. During the second half of 2024, inflation rates began to approach the Federal Reserve s stated goal of 2%, and the Federal Reserve decreased the federal funds rate by 1.75% in 2024 and 2025. Annual inflation rates have remained generally consistent at approximately 3% since 2023 over that time . As a result, in September 2026, the Federal Reserve increased the federal funds rate by 0.25% in an effort to reach its stated goal for inflation of 2%.

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We have two reportable segments: (i) gathering and processing and (ii) water handling. The gathering and processing segment includes a network of gathering pipelines, and centralized compressor stations and well pad compressors that collect and process production from Antero Resources wells in the Appalachian Basin, as well as equity in earnings from our investments in the Joint Venture and Stonewall. The Joint Venture and Stonewall provide processing and fractionation services and high-pressure gas gathering services, respectively, in the Appalachian Basin. The water handling segment includes (i) an independent system that delivers water from sources including the Ohio River, local reservoirs and several regional waterways, and (ii) other fluid handling services, which include high rate transfer, wastewater transportation, disposal and blending. See Note 17 Reportable Segments to our unaudited condensed consolidated financial statements for additional information.

Three Months Ended June September 30, 2025 Compared to Three Months Ended June September 30, 2026

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Three Months Ended June September 30, 2025

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Impairment of property and equipment

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Loss on early extinguishment of debt

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Three Months Ended June September 30, 2026

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Loss on long-lived assets

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Operating income (loss)

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Loss on early extinguishment of debt

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Income (loss) before income taxes

Net income (loss) and comprehensive income (loss)

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Three Months Ended June September 30,

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Wells serviced by fresh water delivery (1)

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(3) The average realized fees for the three months ended June September 30, 2026 include annual CPI-based adjustments of approximately 1.5%.

Revenues. Total revenues increased by 7%, 11%, from $305 $295 million for the three months ended June September 30, 2025 to $327 million for the three months ended June September 30, 2026. Total revenues included amortization of customer relationships of $18 million and $23 million for the three months ended June September 30, 2025 and 2026, respectively. Gathering and processing revenues increased by 8%, 7%, from $240 $241 million for the three months ended June September 30, 2025 to $258 $257 million for the three months ended June September 30, 2026. Water handing handling revenues increased by 6%, 30%, from $65 $54 million for the three months ended June September 30, 2025 to $69 $70 million for the three months ended June September 30, 2026. These fluctuations increases primarily resulted from the following:

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Fresh water delivery revenue decreased $6 million period over period primarily due to decreased fresh water delivery volumes of 1 MMBbl, or 16 MBbl/d, partially offset by an increase to the fresh water delivery rate as a result of the annual CPI-based adjustment. Water delivery volumes decreased between periods due to the timing and location of well completions by Antero Resources.

Equity-based compensation expenses. Equity-based compensation expenses remained consistent at $11 million for the three months ended June 30, 2025 and 2026. See Note 11 Equity-Based Compensation to the unaudited condensed consolidated financial statements for additional information.

Income tax expense. Income tax expense remained relatively consistent at $44 million and $41 million for the three months ended June 30, 2025 and 2026, which reflects effective tax rates of approximately 26% for each respective period.

Gathering revenue increased $24 $23 million period over period primarily due to increased throughput volumes of 60 58 Bcf, or 664 635 MMcf/d, from the HG Acquisition and 80 86 wells that were connected to our system between periods and increased gathering rates as a result of annual CPI-based adjustments, partially offset by the Utica Shale Divestiture and natural production decline of the wells connected to our system between periods.

Compression revenue increased $5 $4 million period over period primarily due to increased compression volumes of 54 53 Bcf, or 589 571 MMcf/d, from the HG Acquisition and 80 86 wells that were connected to our system between periods and increased centralized compression rates as a result of annual CPI-based adjustments, partially offset by the Utica Shale Divestiture and natural production decline of the wells connected to our system between periods.

High pressure gathering revenue decreased $6 $7 million period over period primarily due to decreased throughput volumes of 21 23 Bcf, or 235 254 MMcf/d, primarily due to the Utica Shale Divestiture and natural production decline of the wells connected to our system between periods, partially offset by increased high pressure gathering rates as a result of annual CPI-based adjustments.

Amortization of customer relationships increased $5 $4 million period over period due to a customer relationship intangible asset of $549 million acquired in the HG Acquisition completed during the first quarter of 2026.

Equity in earnings of unconsolidated affiliates. Equity in earnings of unconsolidated affiliates Fresh water delivery revenue remained relatively consistent at $30 $37 million and $29 $36 million for the three months ended June September 30, 2025 and 2026, respectively.

Other water handling revenue increased $10 $17 million period over period primarily due to higher other water handling volumes of 7 6 MMBbl, or 77 69 MBbl/d, as well as higher blending cost of service fees and increased costs for wastewater trucking and disposal volumes. Other water handling volumes increased between periods primarily due to 6 5 MMBbl of fresh water delivery volumes provided to Antero Resources on its acreage acquired from HG Production that are charged at cost plus 3% and increased blending activity during the three months ended June September 30, 2026.

Direct operating expenses. Direct operating expenses increased by 34%, 44%, from $63 $58 million for the three months ended June September 30, 2025 to $85 $83 million for the three months ended June September 30, 2026. Gathering and processing direct operating expenses increased by 42% 33% from $26 $29 million for the three months ended June September 30, 2025 to $37 $38 million for the three months ended June September 30, 2026 primarily due to increased gathering and well pad compression costs between periods related to assets acquired with the HG Acquisition, partially offset by the Utica Shale Divestiture . Water handling direct operating expenses increased by 28%, 55%, from $37 $29 million for the three months ended June September 30, 2025 to $48 $45 million for the three months ended June September 30, 2026 primarily due to fresh water delivery volumes provided by to Antero Resources on acreage acquired from HG Production, during the second quarter of 2026, increased wastewater trucking and disposal volumes between periods and increased blending volumes and costs between periods.

General and administrative (excluding equity-based compensation) expenses. General and administrative expenses (excluding equity-based compensation expense) remained relatively consistent at $11 million and $12 $10 million for each of the three months ended June September 30, 2025 and 2026. respectively.

Depreciation expense. Depreciation expense increased by 12%, 10%, from $33 $34 million for the three months ended June September 30, 2025 to $37 $38 million for the three months ended June September 30, 2026 primarily due to incremental depreciation expense of $4 million related to gathering and water pipelines acquired in the HG Acquisition and $3 million for assets placed in service between periods, partially offset by lower depreciation as a result of the Utica Shale Divestiture of $3 million between periods.

Gain on litigation. There was no gain on litigation during the three months ended September 30, 2025. During the three months ended September 30, 2026, we recognized a gain on litigation of $377 million related to the Veolia matter. See Note 16 Contingencies to the unaudited condensed consolidated financial statements for additional information.

Interest expense, net. Interest expense, net increased by 16%, 8%, from $48 $47 million for the three months ended June September 30, 2025 to $56 $51 million for the three months ended June September 30, 2026 primarily due to issuance of the 2033 Notes and 2034 Notes during the second half of 2025 and higher average daily Credit Facility borrowings between periods, partially offset by the redemption of the 2027 Notes during the three months ended September 30, 2025 and 2028 Notes during the three months ended September 30, 2026 and lower average daily Credit Facility borrowings and interest rates between periods. See Note 9 Long-Term Debt to our unaudited condensed consolidated financial statements for additional information.

Equity in earnings of unconsolidated affiliates. Equity in earnings of unconsolidated affiliates remained relatively consistent at $30 million and $28 million for the three months ended September 30, 2025 and 2026, respectively.

Income tax expense. Income tax expense increased by 207%, from $46 million for three months ended September 30, 2025 to $140 million for the three months ended September 30, 2026, which reflects effective tax rates of approximately 28% and 26%, respectively. This income tax expense increase was primarily due to higher net income before taxes during the three months ended September 30, 2026 as a result of the gain on litigation of $377 million.

Six Nine Months Ended June September 30, 2025 Compared to Six Nine Months Ended June September 30, 2026

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Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

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Loss on early extinguishment of debt

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Six Months Ended June 30, 2026

Nine Months Ended September 30, 2026

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Operating income (loss)

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Loss on early extinguishment of debt

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Income (loss) before income taxes

Net income (loss) and comprehensive income (loss)

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Six Months Ended June 30,

Nine Months Ended September 30,

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Wells serviced by fresh water delivery (1)

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(3) The average realized fees for the six nine months ended June September 30, 2026 include annual CPI-based adjustments of approximately 1.5%.

Revenues. Total revenues increased by 8%, 9%, from $597 $891 million for the six nine months ended June September 30, 2025 to $641 $968 million for the six nine months ended June September 30, 2026. Total revenues included amortization of customer relationships of $35 $53 million and $44 $67 million for the six nine months ended June September 30, 2025 and 2026, respectively. Gathering and processing revenues increased by 8%, from $469 $709 million for the six nine months ended June September 30, 2025 to $507 $764 million for the six nine months ended June September 30, 2026. Water handling revenues increased by 4%, 12%, from $128 $182 million for the six nine months ended June September 30, 2025 to $134 $204 million for the six nine months ended June September 30, 2026. These fluctuations increases primarily resulted from the following:

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Equity-based compensation expenses. Equity-based compensation expenses remained relatively consistent at $24 million and $21 million for the six months ended June 30, 2025 and 2026, respectively. See Note 11 Equity-Based Compensation to the unaudited condensed consolidated financial statements for additional information.

Income tax expense. Income tax expense remained relatively consistent at $80 million and $79 million for the six months ended June 30, 2025 and 2026, respectively, which reflects an effective tax rate of approximately 25% for each respective period.

Gathering revenue increased $40 $64 million period over period primarily due to increased throughput volumes of 102 160 Bcf, or 561 587 MMcf/d, from the HG Acquisition and 80 86 wells that were connected to our system between periods and increased gathering rates as a result of annual CPI-based adjustments, partially offset by the Utica Shale Divestiture and natural production decline of the wells connected to our system between periods.

Compression revenue increased $10 $14 million period over period primarily due to increased throughput volumes of 98 150 Bcf, or 541 551 MMcf/d, from the HG Acquisition and 80 86 wells that were connected to our system between periods and increased centralized compression rates as a result of annual CPI-based adjustments, partially offset by the Utica Shale Divestiture and natural production decline of the wells connected to our system between periods.

High pressure gathering revenue decreased $4 $11 million period over period primarily due to decreased throughput volumes of 19 42 Bcf, or 105 155 MMcf/d, due to the Utica Shale Divestiture and natural production decline of the wells connected to our system between periods, partially offset by increased high pressure gathering rates as a result of annual CPI-based adjustments.

Amortization of customer relationships increased $8 $12 million period over period due to a customer relationship intangible asset of $549 million acquired in the HG Acquisition during the six nine months ended June September 30, 2026.

Fresh water delivery revenue decreased $14 million period over period primarily due to decreased fresh water delivery volumes of 3 4 MMBbl, or 18 13 MBbl/d, partially offset by an increase to the fresh water delivery rate as a result of the annual CPI-based adjustment. Water delivery volumes decreased between periods due to the timing and location of well completions by Antero Resources.

Other water handling revenue increased $20 $38 million period over period primarily due to higher other water handling volumes of 10 17 MMBbl, or 57 60 MBbl/d, as well as higher blending cost of service fees and increased wastewater trucking and disposal volumes. costs. Other water handling volumes increased between periods primarily due to 8 13 MMBbl of fresh water delivery volumes provided to Antero Resources on its acreage acquired from HG Production that are charged at cost plus 3% and increased blending activity during the six nine months ended June September 30, 2026.

Amortization of customer relationships increased $2 million period over period due to a customer relationship intangible asset of $73 million acquired in the HG Acquisition during the nine months ended September 30, 2026.

Direct operating expenses. Direct operating expenses increased by 29%, 34%, from $120 $178 million for the six nine months ended June September 30, 2025 to $155 $238 million for the six nine months ended June September 30, 2026. Gathering and processing direct operating expenses increased by 28% 30% from $52 $81 million for the six nine months ended June September 30, 2025 to $67 $105 million for the six nine months ended June September 30, 2026 primarily due to increased gathering and well pad compression costs between periods related to assets acquired with the HG Acquisition, partially offset by the Utica Shale Divestiture. Water handling direct operating expenses increased by 30%, 38%, from $68 $97 million for the six nine months ended June September 30, 2025 to $89 $133 million for the six nine months ended June September 30, 2026 primarily due to fresh water delivery volumes provided by to Antero Resources on acreage it acquired from HG Production during the six nine months ended June September 30, 2026, increased wastewater trucking and disposal volumes between periods and increased blending volumes and costs between periods.

General and administrative (excluding equity-based compensation) expenses. General and administrative expenses (excluding equity-based compensation expense) remained relatively consistent at $21 $32 million and $23 $34 million for the six nine months ended June September 30, 2025 and 2026, respectively.

Depreciation expense. Depreciation expense increased by 9%, from $66 $101 million for the six nine months ended June September 30, 2025 to $72 $110 million for the six nine months ended June September 30, 2026 primarily due to incremental depreciation expense of $7 $12 million related to gathering and water pipelines acquired in the HG Acquisition and $6 $8 million for assets placed in service between periods, partially offset by lower depreciation as a result of the Utica Shale Divestiture of $7 $11 million between periods.

Gain on long-lived assets. litigation. There were was no long-lived asset sales gain on litigation during the six nine months ended June September 30, 2025. During the six nine months ended June September 30, 2026, we recognized a gain on long-lived assets litigation of $3 $377 million related to the Utica Shale Divestiture. Veolia matter. See Note 3 Transactions 16 Contingencies to our unaudited condensed consolidated financial statements for additional information.

Interest expense, net. Interest expense, net increased by 14%, 12%, from $96 $144 million for the six nine months ended June September 30, 2025 to $110 $160 million for the six nine months ended June September 30, 2026 primarily due to issuance of the 2033 Notes and 2034 Notes during the second half of 2025, partially offset by the redemption of the 2027 Notes during the nine months ended September 30, 2025 and 2028 Notes during the nine months ended September 30, 2026, lower average daily Credit Facility borrowings and interest rates between periods and higher interest income on cash equivalents and restricted cash between periods. See Note 9 Long-Term Debt to our unaudited condensed consolidated financial statements for additional information.

Equity in earnings of unconsolidated affiliates. Equity in earnings of unconsolidated affiliates remained relatively consistent at $58 $88 million and $59 $86 million for the six nine months ended June September 30, 2025 and 2026, respectively.

Transaction expense. There were no transaction expenses during the six nine months ended June September 30, 2025. During the nine months ended September 30, 2026, we incurred $9 million of transaction expense related to the HG Acquisition. There were no transaction expenses during the six months ended June 30, 2025. See Note 3 Transactions to our unaudited condensed consolidated financial statements for additional information.

Income tax expense. Income tax expense increased by 74%, from $126 million for the nine months ended September 30, 2025 to $219 million for the nine months ended September 30, 2026, which reflects an effective tax rate of approximately 26% for each respective period. This income tax expense increase was primarily due to higher net income before taxes during the nine months ended September 30, 2026 as a result of the gain on litigation of $377 million.

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Our Board declared a cash dividend on the shares of our common stock of $0.225 per share for the quarter ended June September 30, 2026. The dividend is payable on August 12, November 11, 2026 to stockholders of record as of July 29, October 28, 2026. Our Board also declared a cash dividend of $137,500 on the shares of Series A Preferred Stock that is payable on August 14, November 16, 2026 in accordance with their terms as discussed in Note 13 Equity and Net Income Per Common Share. As of June September 30, 2026, there were dividends in the amount of $68,750 accumulated in arrears on our Series A Preferred Stock.

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Six Months Ended June 30,

As of June September 30, 2026, we did not have any off-balance sheet arrangements.

The following table summarizes our cash flows for the six nine months ended June September 30, 2025 and 2026:

Nine Months Ended September 30,

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Net cash provided by used in financing activities

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Operating activities. Net cash provided by operating activities was $464 $677 million and $493 $1,093 million for the six nine months ended June September 30, 2025 and 2026, respectively. This increase in cash flows provided by operating activities between periods was primarily the result of the gain on litigation of $377 million related to the Veolia matter, lower cash used for working capital and increased gathering and processing and water handling revenues during the six nine months ended June September 30, 2026 attributable to the HG Acquisition and decreased direct operating expenses for the Utica Shale Divestiture, partially offset by increased gathering and processing and water handling direct operating expenses attributable to the HG Acquisition and lower gathering and processing revenues for the Utica Shale Divestiture between periods.

Investing activities. Net cash flows used in investing activities was $72 $119 million and $816 $867 million for the six nine months ended June September 30, 2025 and 2026, respectively. The increase in cash flows used in investing activities between periods was primarily due to cash paid for the HG Acquisition of $1.1 billion during the six nine months ended June September 30, 2026, as well as increased capital spending for gathering systems and facilities of $12 $19 million and water handling systems of $12 $3 million, partially offset by proceeds from the Utica Shale Divestiture of $379 $377 million and lower additional investments in unconsolidated affiliates of $6 million during the six nine months ended June September 30, 2026.

Financing activities. Net cash used in financing activities was $392 $558 million for the six months ended June 30, 2025 and net cash provided by financing activities was $60 $489 million for the six nine months ended June September 30, 2025 and 2026, respectively. The increase decrease in cash flows provided by used in financing activities between periods was primarily due to the increase in net borrowings on our Credit Facility of $437 $682 million, and lower share repurchases of $19 $33 million between periods and lower payments of deferred financing costs of $5 million, partially offset by the redemption of the 2028 Notes of $650 million and higher payments for employee tax withholding for settlement of equity-based compensation awards of $6 million and higher payments of deferred financing costs of $2 million.

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Six Months Ended June 30,

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and 3 more changes in the filing

Market risk 1 change

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Our primary exposure to interest rate risk results from outstanding borrowings under the Credit Facility, which has a floating interest rate. We do not currently, but may in the future, hedge the interest on portions of our borrowings under the Credit Facility from time-to- time in order to manage risks associated with floating interest rates. As of June September 30, 2026, we had $342 $577 million of borrowings and no letters of credit outstanding under the Credit Facility. A 1.0% increase in the Credit Facility interest rate would have resulted in an estimated $2 $3 million increase in interest expense for the six nine months ended June September 30, 2026.

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Controls and procedures 2 changes

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As required by Rule 13a-15(b) under the Exchange Act, we have evaluated, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d- 15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Based upon that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of June September 30, 2026 at a reasonable assurance level.

1 unchanged paragraph

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended June September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Unregistered sales of stock 6 changes

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April 1, 2026 April 30, 2026

May 1, 2026 May 31, 2026

June 1, 2026 June 30, 2026

July 1, 2026 July 31, 2026

August 1, 2026 August 31, 2026

September 1, 2026 September 30, 2026

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Exhibits 3 changes

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Certification of the Company s Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 (15 U.S.C. Section 7241).

Certification of the Company s Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (18 (15 U.S.C. Section 7241).

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The following financial information from this Quarterly Report on Form 10-Q of Antero Midstream Corporation for the quarter ended June September 30, 2026, 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.

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