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Here are a few analogies for Antero Midstream:

• It's like FedEx or UPS for natural gas and water, providing the pipelines and systems to move these resources for energy companies.
• Think of it as the utility company for energy producers, specifically building natural gas pipelines and water infrastructure in drilling regions.

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• Gathering and Processing Services: Collects and processes natural gas and other production from wells using pipelines and compressor stations.
• Water Handling Services: Delivers fresh water and provides related infrastructure such as pumping stations, storage, and blending facilities.

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Major Customers of Antero Midstream (AM)

• Antero Midstream's primary customer is **Antero Resources Corporation** (symbol: AR).

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Michael N. Kennedy, Chief Executive Officer and President

Mr. Kennedy was appointed Chief Executive Officer and President of Antero Midstream and Antero Resources Corporation effective August 14, 2025. He joined Antero in 2013. Previously, he served as Chief Financial Officer of Antero Resources since 2021 and Senior Vice President—Finance of Antero Resources and Antero Midstream since 2016. He also served as Chief Financial Officer of Antero Midstream and its predecessors from 2016 to 2021. Prior to joining Antero, Mr. Kennedy was Executive Vice President and Chief Financial Officer of Forest Oil Corporation from 2009 to 2013. From 1996 to 2001, he was an auditor with Arthur Andersen LLP focusing on the Natural Resources industry.

Justin J. Agnew, Chief Financial Officer and Vice President—Finance & Investor Relations

Mr. Agnew was appointed Chief Financial Officer of Antero Midstream effective August 14, 2025. He has been with the Antero family of companies since 2014. Mr. Agnew previously served as Antero's Director of Finance from 2018 to 2024 and as Vice President - Finance since April 2024. Before joining Antero, he worked in equity research at Robert W. Baird & Co. and spent time at M&I Bank (now a subsidiary of BMO).

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

Ms. Schultz joined Antero in 2015 and has served as General Counsel of Antero Resources and Antero Midstream since 2017. She has also served as Chief Compliance Officer and Senior Vice President—Legal of Antero Resources and Antero Midstream since 2022 and Corporate Secretary since 2021. Prior to joining Antero, Ms. Schultz was an attorney at Vinson & Elkins L.L.P. from 2008 to 2012 and Latham & Watkins LLP from 2012 to 2015.

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

Mr. Krueger currently serves as Chief Financial Officer and Treasurer of Antero Resources and Senior Vice President - Finance and Treasurer of Antero Midstream. He previously served as Chief Financial Officer of Antero Midstream from 2021 to 2025. Since joining Antero in 2014, Mr. Krueger has been involved in capital markets related activity and strategic transactions for the Antero family of companies, including two initial public offerings. Prior to Antero, Mr. Krueger spent seven years in investment banking focused on equity and debt financing and M&A advisory with Robert W. Baird & Co. and Wells Fargo Securities.

W. Patrick Ash, Senior Vice President - Antero Water

Mr. Ash currently serves as Senior Vice President - Antero Water for Antero Midstream and Antero Resources Corporation. He has served as Senior Vice President - Antero Water for Antero since April 2024. Prior to that, he served as Vice President - Antero Water from 2019 to 2024 and as Antero's Director of Marketing and Transportation from 2014 to 2019.

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The key risks to Antero Midstream's business include a significant reliance on Antero Resources, indirect exposure to commodity price fluctuations, and regulatory and environmental challenges.

1. Customer Concentration Risk: Antero Midstream's business is highly dependent on Antero Resources Corporation ("Antero Resources"), its primary customer and affiliated producer. Substantially all of Antero Midstream's revenue is derived from Antero Resources, as its gathering and processing segment collects and processes production from Antero Resources' wells. This reliance means that any operational or financial challenges faced by Antero Resources, such as reduced drilling activity or production declines, would directly and materially impact Antero Midstream's cash flow, revenue, and growth prospects.
2. Indirect Exposure to Commodity Price Fluctuations: Although Antero Midstream largely operates under fixed-fee contracts, its volumes and, consequently, its revenue are indirectly tied to the production activities of Antero Resources, which are influenced by natural gas and natural gas liquids (NGL) prices. A sustained period of low commodity prices could compel Antero Resources to decrease its drilling and development plans, leading to reduced production volumes. Such a reduction in volumes would directly impact the demand for Antero Midstream's gathering, processing, and water handling services.
3. Regulatory and Environmental Risks: As an owner and operator of midstream energy infrastructure, Antero Midstream is subject to extensive and evolving environmental, social, and governance (ESG) regulations. Changes in environmental laws, increased regulatory scrutiny, or stricter permitting requirements for pipeline construction and operation could lead to delays, increased compliance costs, or even project cancellations. Furthermore, the company faces potential litigation risks related to climate change and could experience impacts on its access to capital if financial institutions adopt policies reducing funding to the fossil fuel sector.

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Clear Emerging Threats for Antero Midstream (AM):

• Accelerating Energy Transition and Decarbonization: The global shift towards renewable energy sources, energy storage advancements, and decarbonization policies represents a significant emerging threat. As demand for natural gas potentially declines due to these trends, the long-term throughput and value of Antero Midstream's natural gas gathering and processing infrastructure could be diminished. This could lead to underutilized assets and reduced opportunities for expansion.
• Increased On-site Water Recycling and Management by Upstream Operators: Upstream energy producers, including Antero Resources, are increasingly investing in and implementing advanced technologies for on-site water recycling, treatment, and reuse. This trend reduces their reliance on third-party services for fresh water delivery and disposal, directly threatening the demand for Antero Midstream's water handling services.

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Antero Midstream (AM) Addressable Market Sizes

• Natural Gas Gathering and Processing: The Appalachian Basin, encompassing West Virginia and Ohio, is the largest natural gas-producing region in the United States. In 2025, natural gas production in the Appalachian Basin reached 36.6 billion cubic feet per day (Bcf/d). The natural gas processing capacity across Kentucky, Ohio, Pennsylvania, and West Virginia is projected to increase by 2.5 Bcf/d over the next few years. The overall U.S. oil and gas midstream market, which includes gathering and processing, was valued at approximately USD 17.10 billion in 2025 and is projected to grow to USD 21.08 billion by 2031.
• Water Handling Services (for oil and gas operations): The U.S. midstream water market for oil and gas is projected to reach a total of USD 156 billion between 2025 and 2030, averaging over USD 26 billion annually. North America holds approximately 45% of the global market share for oil and gas water management services. While the Permian Basin dominates U.S. midstream water spending, the Appalachian Basin remains strategically important for natural gas production.

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Antero Midstream Corporation (AM) is expected to drive future revenue growth over the next two to three years through a combination of increased throughput, strategic acquisitions, and infrastructure expansion within its core operating areas.

The key drivers for Antero Midstream's future revenue growth include:

• Increased Gathering and Processing Volumes from Antero Resources: A primary driver of revenue growth for Antero Midstream is the anticipated increase in gathering and processing volumes from its anchor customer, Antero Resources (AR). Antero Resources' multi-decade drilling inventory is expected to support sustained production, which in turn will drive demand for Antero Midstream's gathering, compression, and processing services. For instance, in Q3 2023, low-pressure gathering volumes increased by 13% year-over-year, with approximately 6% organic growth, and processing volumes set a company record in Q1 2025. The company anticipates low to mid-single-digit year-over-year growth in gathering volumes for 2025.
• Strategic Acquisitions and Integration: The recent acquisition of HG Midstream for $1.1 billion is a significant driver, adding over 400 undeveloped locations dedicated to Antero Midstream. This acquisition is expected to provide a substantial addition to the company's asset base and future development projects, contributing to EBITDA and free cash flow growth in fiscal year 2026 and beyond. The integration of the acquired water assets is also projected to lead to further growth in the water business starting in 2027.
• Expansion of Rich Gas Gathering System and Dry Gas Infrastructure: Antero Midstream plans capital investments in high rate-of-return infrastructure projects within the Marcellus Shale. These include the buildout of its rich gas gathering system and new expansion projects aimed at supporting additional dry gas growth on dedicated acreage. These initiatives are designed to provide incremental market opportunities and unlock further development optionality across Antero Midstream's diverse portfolio of rich and dry gas assets.
• Growth in Water Handling Services: Beyond the integration of acquired assets, Antero Midstream's Water Handling segment is expected to continue growing. The company forecasts servicing 65 to 75 wells with its fresh water delivery system in 2026, primarily for Antero Resources' legacy acreage completions, before fully integrating and expanding services on the newly acquired HG acreage in 2027 and subsequent years.

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Share Repurchases

• Antero Midstream repurchased 2.7 million shares for $48 million during the fourth quarter of 2025.
• As of December 31, 2025, approximately $336 million of capacity remained under its $500 million authorized share repurchase program.
• In 2025, total shares purchased under the repurchase program and for tax withholding obligations amounted to 9.4 million shares at a weighted average price of $17.28 per share.

Outbound Investments

• Antero Midstream announced plans in December 2025 to acquire midstream assets from HG Energy II, LLC for a cash payment of $1.1 billion, which closed in early February 2026.
• The company divested its Utica Shale midstream assets for a cash consideration of $400 million, which was expected to close in early 2026.
• In May 2024, Antero Midstream completed a bolt-on acquisition of gathering and compression assets in the Marcellus Shale for $70 million from Summit Midstream Partners LP.

Capital Expenditures

• For the full year 2023, capital expenditures were $185 million.
• Antero Midstream is forecasting a capital budget of $190 million to $220 million for 2026. The 2026 budget includes approximately $145 million for gathering and compression infrastructure (for both legacy and acquired HG Midstream assets) and $60 million for water infrastructure.
• The 2024 capital budget was forecast to be $150 million to $170 million, primarily focused on gathering and compression infrastructure (low pressure gathering connections, additional compression, and Marcellus high pressure gathering system expansion) and fresh water delivery and wastewater blending.