Here are 1-3 brief analogies for Antero Midstream (AM):

• Like Union Pacific (the railroad company), but instead of tracks and freight trains, Antero Midstream provides the pipelines and processing plants to transport natural gas.
• The American Tower (cell tower company) for natural gas infrastructure, owning and leasing essential pipelines and processing facilities to energy producers.

• Natural Gas Gathering & Compression: Service involving the collection of raw natural gas from wellheads and increasing its pressure for transportation through pipelines.
• Natural Gas Processing: Service that separates raw natural gas into marketable dry gas and valuable natural gas liquids (NGLs).
• NGL Gathering & Fractionation: Service for collecting mixed natural gas liquids and separating them into individual components like ethane, propane, and butane.
• Water Handling Services: Services encompassing the delivery of fresh water for drilling and completion activities, as well as the gathering and disposal of produced water.

Antero Midstream (symbol: AM) primarily sells its services to other companies. Its major customer is:

• Antero Resources Corporation (symbol: AR)

Antero Midstream was originally formed by Antero Resources Corporation to own, operate, and develop midstream energy infrastructure. As a result, Antero Resources remains the overwhelmingly dominant customer for Antero Midstream, accounting for substantially all of its revenue through long-term, fee-based contracts for natural gas gathering, processing, and water handling services in the Appalachian Basin.

Michael N. Kennedy, Chief Executive Officer and President

Michael N. Kennedy assumed the roles of CEO and President of Antero Midstream (and Antero Resources) effective August 14, 2025. He joined Antero in 2013 and has held various senior financial positions, including Chief Financial Officer of Antero Resources since 2021 and Senior Vice President—Finance for both Antero Resources and Antero Midstream since 2016. Previously, he served as Chief Financial Officer of Antero Midstream from 2016 to 2021. Before joining Antero, Mr. Kennedy spent 12 years at Forest Oil Corporation, where he was Executive Vice President and Chief Financial Officer from 2009 to 2013. He also served as Chief Financial Officer and Executive Vice President of Lone Pine Resources, Inc. His career began as an auditor with Arthur Andersen, focusing on the Natural Resources Industry from 1996 to 2001. He has been involved in all capital markets activities and strategic transactions for the Antero companies, including all three IPOs related to Antero entities.

Justin J. Agnew, Chief Financial Officer

Justin J. Agnew was appointed Chief Financial Officer of Antero Midstream, effective August 14, 2025. He joined Antero in 2014 and has taken on roles of increasing responsibility, including Vice President—Finance since April 2024 and Director of Finance from 2018 to 2024. Prior to his tenure at Antero, Mr. Agnew worked in equity research at Robert W. Baird & Co. and gained experience at M&I Bank (now a subsidiary of BMO). He holds Bachelor of Science degrees in Finance and Economics from Arizona State University.

Brendan E. Krueger, Senior Vice President—Finance and Treasurer

Brendan E. Krueger currently serves as the Chief Financial Officer and Treasurer of Antero Resources and Senior Vice President—Finance and Treasurer of Antero Midstream. He was previously Chief Financial Officer of Antero Midstream from 2021 to 2025. Mr. Krueger joined Antero in 2014, serving as Finance Manager from 2014 to 2016, Finance Director from 2016 to 2018, and Vice President - Finance at Antero Resources from 2018 to 2025. Before joining Antero, he spent seven years as an investment banker specializing in equity and debt financing and M&A advisory with firms including Robert W. Baird & Co. and Wells Fargo Securities.

Yvette K. Schultz, General Counsel, Chief Compliance Officer, SVP—Legal and Corporate Secretary

Yvette K. Schultz joined Antero in 2015 and has served as General Counsel of Antero Resources and Antero Midstream since 2017. She also holds the titles of Chief Compliance Officer and Senior Vice President—Legal since 2022, and Corporate Secretary since 2021. Before her time at Antero, Ms. Schultz practiced law as an attorney at Vinson & Elkins L.L.P. from 2008 to 2012 and Latham & Watkins LLP from 2012 to 2015.

David H. Keyte, Chairman of the Board

David H. Keyte became Chairman of the Board of Antero Midstream effective August 14, 2025, and has been a member of its Board of Directors since 2019. Mr. Keyte also served as Co-founder, Chairman and Chief Executive Officer of Caerus Oil and Gas LLC from 2009 until its sale in 2024. Prior to founding Caerus, he spent 22 years with Forest Oil Corporation, with the last 14 years as Chief Financial Officer. Additionally, he was a director of Regal Entertainment Group (RGC) from 2006 until the company was sold in 2018. Mr. Keyte holds a B.S. degree in Economics from the University of Pennsylvania’s Wharton School of Finance.

The key risks to Antero Midstream's business include:

1. Customer Concentration Risk: Antero Midstream is substantially dependent on Antero Resources (AR) for nearly all of its revenue. Any material adverse development affecting Antero Resources' operations, financial condition, or market reputation could significantly impact Antero Midstream. This includes risks related to Antero Resources' drilling and completion plans, future production rates, cash flows, and access to capital.
2. Commodity Price Volatility: Although Antero Midstream operates on a fee-based model, insulated from direct commodity price fluctuations, a prolonged downturn in natural gas prices could negatively affect Antero Resources' drilling activity and production volumes. Reduced volumes from Antero Resources would directly translate to lower revenues for Antero Midstream, despite minimum volume commitments in some agreements.
3. Regulatory and Environmental Risks: The company's operations are subject to complex and stringent federal, state, and local laws and regulations. Changes in these regulations, particularly those affecting the oil and gas industry and environmental matters, could adversely impact the cost, manner, or feasibility of Antero Midstream's operations or expose it to significant liabilities. This also includes risks associated with achieving greenhouse gas reduction targets.

• Accelerated energy transition and decarbonization pressures. The increasing adoption of renewable energy sources, advancements in battery storage, and global policy pushes towards net-zero emissions represent a growing long-term threat to the demand for natural gas and, by extension, the utilization and expansion prospects of natural gas midstream infrastructure. This trend is driving investment away from fossil fuels and could lead to declining throughput volumes or difficulty in securing new contracts in the future.
• Sustained capital discipline and declining production growth from exploration and production (E&P) companies. Following years of investor pressure, E&P companies are prioritizing free cash flow and shareholder returns over aggressive production growth. This structural shift in producer behavior, including by Antero Resources (AM's primary customer), limits new drilling activity and infrastructure build-out, potentially constraining Antero Midstream's organic growth opportunities and future volume commitments as existing dedicated acreage matures.

Antero Midstream (AM) operates primarily in two main product and service segments: natural gas gathering and processing, and water handling services. The company's operations are concentrated in the Appalachian Basin, specifically in West Virginia and Ohio. Therefore, the addressable market sizes are identified for the U.S. or North America.

Natural Gas Gathering and Processing

The addressable market for natural gas gathering and processing services in the United States is substantial. The U.S. gas pipeline infrastructure market, which encompasses gathering pipelines, was valued at approximately USD 1,058.73 billion in 2024 and is projected to reach around USD 2,431.55 billion by 2034. This market is expanding at a compound annual growth rate (CAGR) of 8.67% between 2025 and 2034.

More broadly, the global gas processing market size was estimated at USD 228.66 billion in 2024 and is anticipated to surpass USD 430.84 billion by 2034, with a CAGR of 6.54% from 2024 to 2034. North America held the largest share in the global gas processing market in 2023.

Water Handling Services

Antero Midstream's water handling services include freshwater delivery and wastewater transportation, recycling, and disposal, primarily supporting hydraulic fracturing operations. The U.S. industrial water treatment market, which is highly relevant to these services, was valued at USD 5.10 billion in 2024 and is expected to grow to USD 22.83 billion by 2032, at a CAGR of 4.30% during the forecast period.

A broader market, the U.S. water and wastewater treatment market, which includes industrial applications, was valued at USD 64.27 billion in 2024 and is projected to increase to approximately USD 123.76 billion by 2034, growing at a CAGR of 6.80% from 2025 to 2034. The North America water treatment as a service market, a segment that may also overlap with Antero Midstream's offerings, was valued at USD 7.9 billion in 2023 and is expected to reach USD 18.0 billion by 2032.

Antero Midstream (AM) Expected Drivers of Future Revenue Growth

One of the primary drivers of future revenue growth for Antero Midstream is the **increase in gathering and processing volumes** from its anchor customer, Antero Resources (AR). Antero Midstream consistently reports record or near-record low-pressure gathering, compression, and processing volumes, driven by AR's production growth and capital efficiency gains in the Appalachian basin. For example, low-pressure gathering volumes increased by 13% year-over-year in Q3 2023, with approximately 6% organic growth. In Q1 2025, processing volumes set a company record at 1.65 Bcf per day, and the company expects further increases in gathering volumes to drive low to mid-single-digit year-over-year growth in 2025. Antero Resources' multi-decade drilling inventory supports sustained production, which in turn drives demand for Antero Midstream's services.

Another significant driver is the **expiration of the low-pressure gathering fee rebate program**. Antero Midstream forecasts that this expiration, combined with inflation adjustments to its fixed fees, will contribute to a 5% increase in Adjusted EBITDA in 2024 compared to 2023. The falling away of fee rebates in 2024, alongside Antero Resources maintaining higher production levels, is expected to lead to single to high-single-digit EBITDA growth.

Furthermore, **inflation adjustments to Antero Midstream's fixed fees** are expected to bolster revenue. This mechanism, alongside the expiration of the rebate program and throughput growth, is cited as a contributor to the projected Adjusted EBITDA growth in 2024.

**Strategic bolt-on acquisitions** also contribute to revenue growth. Antero Midstream has actively pursued and realized synergies from bolt-on acquisitions, which have contributed to its financial achievements and expanded its asset base. For instance, approximately 7% of the 13% growth in low-pressure gathering volumes in Q3 2023 was attributed to the Crestwood acquisition. A $70 million acquisition from Summit Midstream in Q2 2024 was immediately accretive to free cash flow, demonstrating the company's strategy to expand its asset base and generate additional revenue.

Finally, **expanding demand for natural gas from new markets**, particularly from power plants and data centers, presents a potential long-term revenue growth opportunity. Analysts and company commentary suggest that Antero Midstream's footprint in the Marcellus shale positions it to benefit from the growing natural gas demand driven by these sectors. The company continues to remain active in expansion efforts, leveraging existing assets to capitalize on structural changes in natural gas demand.

Share Repurchases

• Antero Midstream authorized a $500 million share repurchase program in February 2024.
• During Q4 2024, the company repurchased 1.9 million shares for $29 million, leaving approximately $471 million in remaining capacity under the program as of December 31, 2024.
• In Q3 2025, Antero Midstream repurchased 2.3 million shares for approximately $41 million, with around $385 million remaining under the authorized program as of September 30, 2025.

Outbound Investments

• In December 2022, Antero Midstream acquired four compressor stations from EnLink Midstream LLC for $10 million.
• The company completed a $70 million cash bolt-on acquisition of the Mountaineer Midstream System from Summit Midstream Partners in Q1 2024, which included 48 miles of high-pressure gas gathering pipelines and two compressor stations.

Capital Expenditures

• For the full year 2024, capital expenditures were $161 million.
• In 2023, capital expenditures totaled $185 million. The initial budget for 2023 was $195 million to $215 million.
• Antero Midstream's 2025 capital budget is forecasted to be $170 million to $200 million. The primary focus for 2025 includes approximately $85 million for gathering and compression infrastructure for low-pressure gathering connections and compression, and $85 million for water infrastructure, primarily for the expansion to the southern Marcellus liquids-rich midstream corridor. An additional $10 million to $15 million is budgeted for capital contributions to the Stonewall Joint Venture to increase its capacity.