AM Filings — Antero Midstream Corporation - FilingSpy
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Antero Midstream Corporation
A midstream energy company that builds and runs the pipelines, compression plants, and water-handling systems that carry natural gas from wells in the Appalachian Basin to market. It was created by the producer Antero Resources in 2012 to support its own drilling operations and went public in 2014. The name comes from Greek mythology: Anteros, the god of requited love.
HG Midstream acquisition lifts revenue 7% to $327M, but higher costs and interest expense push net income down 9%.
The HG Midstream acquisition reshaped the quarter. rose 7% to $327.2 million as acquired gathering volumes and CPI-linked fee increases more than offset the Utica Shale Divestiture, but fell 9% to $113.5 million as direct operating expenses climbed 34% and rose 16%. The company is now larger and more leveraged, with at $3.57 billion and integration costs still flowing through the income statement.
Key takeaways
rose 7% to $327.2 million, driven by the HG Midstream acquisition and CPI-based fee escalations, partially offset by the Utica Shale Divestiture.
Gathering and processing rose 8% as total gathering volumes increased 19% to 4,124 MMcf/d, including 747 MMcf/d from new well pad compression, while high-pressure gathering volumes fell 7% due to the Utica Shale Divestiture.
Water handling rose 6%, supported by higher wastewater trucking, disposal, and blending activity that more than offset a decline in fresh water delivery volumes.
Section summaries
Management's Discussion and Analysis
Revenue rose 7% YoY to $327M driven by HG Acquisition volumes and CPI-linked fee increases, partially offset by Utica Shale Divestiture.
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Total revenues increased 7% to $327M for Q2 2026, with gathering and processing up 8% and water handling up 6%, primarily from the HG Acquisition and CPI-based fee adjustments.
Gathering volumes rose 19% to 4,124 MMcf/d, including 747 MMcf/d of new well pad compression, while high pressure gathering volumes fell 7% due to the Utica Shale Divestiture.
Direct operating expenses rose 34% to $85 million, driven by costs from the acquired HG assets and increased water handling activity, compressing the by 5.4 points to 55.6%.
fell 9% to $113.5 million, as a 16% increase in to $56 million — following the issuance of new 2033 and 2034 Notes to fund the HG acquisition — more than offset the gains.
fell 4% to $254.2 million, while the company declared a $0.225 per share and called for redemption of all $650 million of 2028 Notes in August 2026.
What changed
The HG Midstream acquisition, flagged in the FY 2025 10-K as expected to close in early 2026, closed during Q1 2026 and its full-quarter contribution is now visible: gathering volumes rose 19% and gathering and processing rose 8%, while direct operating expenses rose 34% as acquired asset costs flowed through.
The water handling recovery that began in Q2 2025 continued, with revenue up 6% , though the mix shifted — fresh water delivery volumes declined while wastewater trucking, disposal, and blending activity expanded.
Floating-rate debt, which stood at zero at year-end 2025, rose to $442 million in Q1 2026 and declined to $342 million at Q2 2026 quarter-end, with a 1% rate rise now estimated to add $2 million in over six months, down from the $1 million per quarter estimate in Q1 2026.
The program, which had $385 million remaining at year-end 2025, was not mentioned as a material use of cash in Q2 2026, suggesting the larger capital budget and HG acquisition integration have paused buybacks.
What to watch
Whether direct operating expense growth moderates as HG Midstream assets are integrated, or whether the 34% increase represents a new run rate that will continue to compress margins.
Trajectory of floating-rate debt and , with $342 million in borrowings outstanding and the 2028 Notes redemption in August 2026 likely to further reshape the debt stack.
Whether the water handling mix shift — from fresh water delivery to wastewater and blending services — is sustained, and what it implies for margins given the different cost profiles of those services.
Capital expenditure pace against the $190 million to $220 million full-year budget, and whether the company resumes share repurchases or prioritizes debt reduction following the HG acquisition.
Direct operating expenses grew 34% to $85M, driven by costs from acquired HG assets and higher wastewater trucking and blending activity.
increased 16% to $56M due to new 2033 and 2034 Notes, partially offset by lower borrowings and the redemption of 2027 Notes.
Net was $493M for H1 2026; investing outflows of $816M included $1.1B for the HG Acquisition, partially offset by $379M from the Utica Shale Divestiture.
The company declared a $0.225/share and called for redemption of all $650M of 2028 Notes in August 2026.
Our operations are subject to a variety of risks and disputes normally incident to our business. As a result, we may, at any given time, be a defendant in various legal proceedings and litigation arising in the ordinary course of business. We maintain insurance policies with ins…
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Our operations are subject to a variety of risks and disputes normally incident to our business. As a result, we may, at any given time, be a defendant in various legal proceedings and litigation arising in the ordinary course of business.
We maintain insurance policies with insurers in amounts and with coverage and deductibles that we, with the advice of our insurance advisors and brokers, believe are reasonable and prudent. We cannot, however, assure you that this insurance will be adequate to protect us from all material expenses related to potential future claims for personal and property damage or that these levels of insurance will be available in the future at economical prices.
See Note 16—Contingencies to the unaudited condensed consolidated financial statements for additional information.
We are subject to certain risks and hazards due to the nature of the business activities we conduct. For a discussion of these risks, see “Item 1A. Risk Factors” in the 2025 Form 10-K. There have been no material changes to the risks described in such report. We may experience a…
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We are subject to certain risks and hazards due to the nature of the business activities we conduct. For a discussion of these risks, see “Item 1A. Risk Factors” in the 2025 Form 10-K. There have been no material changes to the risks described in such report. We may experience additional risks and uncertainties not currently known to us. Furthermore, as a result of developments occurring in the future, conditions that we currently deem to be immaterial may also materially and adversely affect us.