PART I—FINANCIAL INFORMATION [Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents Antero Midstream Corporation's unaudited condensed consolidated financial statements for Q1 2023 and 2022, detailing financial position, performance, and cash flows [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a slight decrease in total assets to $5.77 billion as of March 31, 2023, from $5.79 billion at year-end 2022, with stable liabilities and a slight decrease in long-term debt Condensed Consolidated Balance Sheet Highlights (In thousands) | Account | March 31, 2023 (Unaudited) | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $98,414 | $88,993 | | **Property and equipment, net** | $3,749,220 | $3,751,431 | | **Total assets** | **$5,770,527** | **$5,791,320** | | **Total current liabilities** | $96,219 | $102,077 | | **Long-term debt** | $3,331,320 | $3,361,282 | | **Total liabilities** | **$3,595,043** | **$3,599,002** | | **Total stockholders' equity** | $2,175,484 | $2,192,318 | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) For Q1 2023, total revenue increased to $259.5 million and net income rose to $86.5 million, up from $218.5 million and $80.0 million respectively in Q1 2022, while diluted earnings per share remained flat Q1 Statement of Operations Highlights (In thousands, except per share amounts) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total revenue** | $259,475 | $218,491 | | **Operating income** | $148,345 | $129,154 | | **Net income** | **$86,507** | **$80,040** | | **Net income per share–diluted** | $0.18 | $0.17 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities remained stable at $182.7 million for Q1 2023, while cash used in investing activities significantly decreased to $42.2 million, and cash used in financing activities increased to $140.6 million Q1 Cash Flow Summary (In thousands) | Cash Flow Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $182,719 | $184,664 | | **Net cash used in investing activities** | ($42,151) | ($84,146) | | **Net cash used in financing activities** | ($140,568) | ($100,518) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) These notes provide detailed explanations of the company's accounting policies, financial results, and significant transactions, including revenue recognition, debt, and legal contingencies - Substantially all revenues are earned from Antero Resources under long-term contracts for gathering, compression, and water handling services[25](index=25&type=chunk)[33](index=33&type=chunk) - In a lawsuit with Veolia Water Technologies, Inc., a court found in favor of the company's subsidiary, Antero Treatment, awarding **$242 million** in damages plus interest and fees. The damages award was later reduced by **$27 million** due to an identified error, with an amended judgment pending[114](index=114&type=chunk) Disaggregated Revenue by Service (In thousands) | Service | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **Gathering & Processing** | | | | Gathering—low pressure | $99,637 | $89,437 | | Gathering—low pressure fee rebate | ($12,000) | ($12,000) | | Compression | $58,390 | $51,612 | | Gathering—high pressure | $53,549 | $53,394 | | **Water Handling** | | | | Fresh water delivery | $46,826 | $32,044 | | Other fluid handling | $30,741 | $21,672 | | **Amortization of customer relationships** | ($17,668) | ($17,668) | | **Total** | **$259,475** | **$218,491** | Long-Term Debt Composition (In thousands) | Debt Instrument | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Credit Facility | $751,100 | $782,000 | | 7.875% senior notes due 2026 | $550,000 | $550,000 | | 5.75% senior notes due 2027 | $650,000 | $650,000 | | 5.75% senior notes due 2028 | $650,000 | $650,000 | | 5.375% senior notes due 2029 | $750,000 | $750,000 | | **Total principal** | **$3,351,100** | **$3,382,000** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial performance, highlighting revenue growth driven by volume increases and rate adjustments, alongside capital resources, liquidity, and Adjusted EBITDA reconciliation [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q1 2023 revenue increased 19% to $259 million, driven by a 10% rise in Gathering and Processing revenue and a 53% increase in Water Handling revenue, with net income rising 8% to $87 million - Gathering and Processing revenue increased by **$17 million (10%)** due to higher low pressure and compression volumes from 329 additional wells connected since March 2022 and assets acquired in Q4 2022[142](index=142&type=chunk)[143](index=143&type=chunk) - Water Handling revenue increased by **$24 million (53%)** due to a 41% increase in fresh water delivery volumes for higher well completions by Antero Resources and increased costs for other fluid handling services[142](index=142&type=chunk)[146](index=146&type=chunk) - Direct operating expenses rose **38% to $58 million**, primarily due to costs from acquired compressor stations and higher wastewater trucking volumes and rates[147](index=147&type=chunk) - Interest expense increased **23% to $55 million** due to higher interest rates on the variable-rate Credit Facility and higher average borrowings following Q4 2022 asset acquisitions[151](index=151&type=chunk) [Capital Resources and Liquidity](index=39&type=section&id=Capital%20Resources%20and%20Liquidity) The company's primary liquidity sources are operating cash flow and its credit facility, with Q1 2023 operating cash flow at $183 million, and a revised 2023 capital budget of $180-$200 million - The company declared a Q1 2023 cash dividend of **$0.2250 per common share**, payable on May 10, 2023[157](index=157&type=chunk) - The 2023 capital budget was revised to **$180-$200 million** to support growth from Antero Resources' drilling partnership. Q1 2023 capital expenditures were **$34 million**[162](index=162&type=chunk) - Financing activities in Q1 2023 included net repayments of **$31 million** on the Credit Facility, compared to net borrowings of **$9 million** in Q1 2022[161](index=161&type=chunk) [Non-GAAP Financial Measures](index=41&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA, a key performance indicator, increased 16% to $241.8 million in Q1 2023, driven by higher revenues and distributions from unconsolidated affiliates, partially offset by increased direct operating expenses Reconciliation of Net Income to Adjusted EBITDA (In thousands) | Line Item | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net income** | **$86,507** | **$80,040** | | Interest expense, net | $54,624 | $44,279 | | Income tax expense | $31,670 | $28,067 | | Depreciation expense | $35,196 | $28,300 | | Equity-based compensation | $6,327 | $2,832 | | Amortization of customer relationships | $17,668 | $17,668 | | Equity in earnings of unconsolidated affiliates | ($24,456) | ($23,232) | | Distributions from unconsolidated affiliates | $34,105 | $31,130 | | Other adjustments | $96 | ($54) | | **Adjusted EBITDA** | **$241,781** | **$209,030** | [Quantitative and Qualitative Disclosures about Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks include interest rate risk from its credit facility, credit risk concentrated with Antero Resources, and indirect commodity price exposure - The company is exposed to interest rate risk on its Credit Facility, which had **$751 million** of borrowings at March 31, 2023. A **1.0%** increase in the interest rate would have increased Q1 2023 interest expense by an estimated **$2 million**[170](index=170&type=chunk) - Significant credit risk exists due to dependence on Antero Resources as the primary customer. Any adverse event affecting Antero Resources could materially impact the company's revenues and operating results[171](index=171&type=chunk)[172](index=172&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes in internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[173](index=173&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[174](index=174&type=chunk) PART II—OTHER INFORMATION [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) This section details the Veolia lawsuit, where a court ruled in favor of Antero Treatment for breach of contract and fraud, awarding significant damages, with an amended judgment pending appeal - On January 3, 2023, a court found that Antero Treatment had prevailed on its claims against Veolia for breach of contract and fraud, awarding **$242 million** in damages plus interest, costs, and attorneys' fees[180](index=180&type=chunk) - On April 10, 2023, the court identified an error and reduced the damages award by **$27 million**. An amended judgment has not yet been entered and will be subject to appeal once entered[180](index=180&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 - There have been no material changes to the risks described in the 2022 Form 10-K[181](index=181&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares under its $300 million program in Q1 2023 but acquired shares for tax withholding, with $149.8 million remaining available - No shares were repurchased under the company's **$300 million** share repurchase program during the three months ended March 31, 2023[184](index=184&type=chunk) - The company acquired **105,109 shares** to satisfy tax withholding obligations from employees upon the vesting of equity awards[184](index=184&type=chunk) - As of March 31, 2023, approximately **$149.8 million** remained available for repurchases under the program, which extends through June 30, 2023[184](index=184&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report on Form 10-Q, including corporate governance documents, certifications, and financial data

Antero Midstream Corporation (NYSE:AM) Q4 2022 Results Conference Call February 16, 2023 12:00 PM ET Company Participants Justin Agnew - Finance Director Paul Rady - Chairman, CEO Brendan Krueger - CFO Conference Call Participants Jeremy Tonet - JP Morgan John Mackay - Goldman Sachs Operator Hello, and welcome to the Antero Midstream Fourth Quarter 2022 Earnings Conference Call and Webcast. [Operator Instructions]. As a reminder, this conference is being recorded. It's now my pleasure to turn the call ove ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-38075 ANTERO MIDSTREAM CORPORATION (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 6 ...

Antero Midstream Corporation (NYSE:AM) Q3 2022 Results Conference Call October 27, 2022 12:00 PM ET Company Participants Daniel Katzenberg - Finance Director Paul Rady - Chairman and Chief Executive Officer Brendan Krueger - Chief Financial Officer of Antero Midstream Michael Kennedy - Chief Financial Officer of Antero Resources Conference Call Participants Marc Solecitto - Barclays Capita John Mackay - Goldman Sachs Jeremy Tonet - JP Morgan Michael Cusimano - Pickering Energy Partners Michael Bradley - Tud ...

Financial Data and Key Metrics Changes - Antero Midstream's low pressure gathering volumes were 3 Bcf per day, a 3% increase year-over-year, while compression volumes were 2.8 Bcf per day, reflecting a 1% increase year-over-year [12] - Free cash flow before dividends exceeded $100 million, with free cash flow after dividends breakeven [14] - The company expects to generate increasingly positive free cash flow after dividends in the latter half of the year, driven by declining capital expenditures [15] Business Line Data and Key Metrics Changes - Freshwater delivery volumes averaged 110,000 barrels per day with 15 wells serviced, with year-to-date serviced wells totaling 36 compared to a guidance of 75 to 80 wells [13] - The Castle Peak compressor station has an initial capacity of 160 million cubic feet per day, with plans to expand to 240 million cubic feet per day in 2023 [7] Market Data and Key Metrics Changes - Antero Midstream is well positioned in the liquids-rich midstream corridor, which is expected to see throughput growth due to strong well performance [10] - The company has maintained high utilization rates averaging 85% over the last five years, allowing for capital optimization through the relocation and reuse of legacy assets [8] Company Strategy and Development Direction - The company is focused on expanding its footprint into the liquids-rich midstream corridor while optimizing its capital program [11] - Antero Midstream aims to achieve a leverage target of 3x by 2024, at which point it will evaluate further return of capital strategies [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth plan, citing improved well performance and a multi-decade drilling inventory [16] - The company believes it has one of the most derisked business profiles in the midstream industry, with unmatched visibility into attractive volume and cash flow growth [16] Other Important Information - Antero Resources, the primary customer, has paid down over $2 billion of debt in the last two years and is nearing investment-grade ratings [17] - The company expects to see a significant increase in free cash flow in the near to medium term, positioning it as an attractive investment opportunity in the midstream space [17] Q&A Session Summary Question: Impact of improving well performance on Antero Midstream - Management indicated that improved well performance could lead to lower capital intensity and better returns on assets [18][19] Question: Potential decrease in gathering CapEx due to well results - Management stated it is too early to quantify potential decreases in gathering CapEx but will provide updates in 2023 [21][22] Question: Compression side opportunities - Management noted that there are opportunities for additional capacity reuse, with a potential of 50 million cubic feet over a five to seven-year period [24] Question: Cash allocation between Antero Resources and Antero Midstream - Management discussed the valuation disconnect between the two entities and indicated that Antero Resources is focused on buying back its shares [27] Question: Water side of the business and quarterly cadence - Management provided guidance on servicing wells, expecting a distribution of 55% in the third quarter and 45% in the fourth quarter [30] Question: High-pressure volumes and compression capacity - Management clarified that the recent drop in high-pressure volumes was related to specific pads and does not indicate a long-term trend [32]

Antero Midstream Corp (NYSE:AM) Q1 2022 Earnings Conference Call April 28, 2022 12:00 PM ET Company Participants Justin Agnew - Finance Director Paul Rady - President, Chairman & CEO Brendan Krueger - CFO, VP, Finance & Treasurer Conference Call Participants John Mackay - Goldman Sachs Group Michael Cusimano - Pickering Energy Partners Insights Operator Greetings, and welcome to Antero Midstream's Q1 2022 Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. I ...