Antero Midstream Corporation (NYSE:AM) Q1 2021 Results Conference Call April 29, 2021 12:00 PM ET Company Participants Brendan Krueger - VP, Finance Paul Rady - Chairman and CEO Glen Warren - President and CFO, Antero Resources and President, Antero Midstream Michael Kennedy - CFO, Antero Midstream Conference Call Participants Brian Reynolds - UBS James Kirby - JP Morgan John Mackay - Goldman Sachs Kyle May - Capital One Securities Timm Schneider - Citi Sunil Sibal - Seaport Global Securities Operator Greet ...

Antero Midstream Corporation (NYSE:AM) Q4 2020 Earnings Conference Call February 18, 2021 12:00 PM ET Company Participants Michael Kennedy - SVP, Finance & CFO Paul Rady - Chairman & CEO Glen Warren - President Conference Call Participants Shneur Gershuni - UBS James Kirby - JPMorgan John MacKay - Goldman Sachs Chris Tillett - Barclays Ned Baramov - Wells Fargo Operator Greetings and welcome to the Antero Midstream Fourth Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen- ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2020 was $229 million, a 5% increase compared to the prior year quarter [19] - Distributable cash flow for Q3 2020 was $189 million, resulting in a DCF coverage ratio of 1.3 times [19] - Capital expenditures during Q3 2020 were $37 million, a 77% decrease compared to Q3 2019 [19] - Free cash flow before return of capital reached a record $158 million in Q3 2020, compared to $23 million in the prior year quarter [19] - Total debt remained flat at $3.1 billion with a leverage ratio of 3.7 times [19] Business Line Data and Key Metrics Changes - Low pressure gathering volumes were 3.1 BCF per day in Q3 2020, representing a 13% increase from the prior year [17] - Compression volumes averaged 2.8 BCF per day, a 16% increase compared to the prior year [17] - Joint venture gross processing volumes averaged 1.5 BCF per day, a 43% increase compared to the prior year [17] - Freshwater delivery volumes averaged 111,000 barrels per day, a 21% decrease from the prior year due to lower completion activity [18] Market Data and Key Metrics Changes - U.S. NGL supply forecasts have declined by 1.1 million barrels per day since the beginning of 2020 [11] - The strength of NGL markets relative to WTI and Brent has remained elevated due to resilient petrochemical and residential commercial markets [13] - Northeast LPG supply differentials to Mont Belvieu are expected to strengthen due to the Mariner East project [16] Company Strategy and Development Direction - The company is focused on organic growth while remaining open to potential acquisition opportunities in the midstream sector [39] - Antero Midstream has transitioned to a full C-Corp structure, enhancing shareholder rights and improving corporate governance [10] - The company aims to maintain its peer-leading ESG position while striving to improve metrics through 2025 environmental targets [10] Management's Comments on Operating Environment and Future Outlook - Management believes natural gas will be key to the energy transition in the coming decades, complementing renewable energy growth [10] - The company expects leverage to remain flat, with EBITDA trending lower but staying in the mid to mid-3s level [27] - Management anticipates a constructive global market dynamic for NGL prices in the near to mid-term timeframe [15] Other Important Information - Antero Midstream has executed $751 million of asset sales, achieving the bottom end of its $750 million to $1 billion asset sale target [7] - The company has reduced capital investments by over $100 million compared to the original budget, a 34% decrease [20] Q&A Session Summary Question: What is the expectation for 2021 based on revised guidance for 2020? - Management indicated that while the fourth quarter might provide a good annualized run rate for 2021, there are expense items in 2020 that will not repeat in 2021, suggesting EBITDA should be higher than the fourth quarter run rate [24] Question: What is the outlook for the debt profile and leverage next year? - Management clarified that leverage increased slightly in Q3 due to interest expenses but expects it to remain flat going forward, with EBITDA potentially trending lower [27] Question: What is the impact of potential delays in the MVP project on the AM business? - Management noted that AR has firm transport in place, which would mitigate any impact on throughput, potentially lowering marketing expenses and improving AR's financial profile [29] Question: What are the expectations for NGL volumes processed with the JV? - Management stated that the increase in NGL volumes processed is attributed to production growth focused on heavy liquids in the Marcellus [37] Question: How does the company view consolidation in the midstream sector? - Management remains focused on organic growth but is open to evaluating opportunities in the midstream sector, particularly downstream opportunities [39]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------- ...

Antero Midstream Corporation (NYSE:AM) Q2 2020 Earnings Conference Call July 30, 2020 12:00 PM ET Company Participants Michael Kennedy - CFO Paul Rady - Chairman and CEO Dave Cannelongo - VP of Liquids Marketing and Transportation Conference Call Participants Jeremy Tonet - JPMorgan Holly Stewart - Scotia Howard Weil Ned Baramov - Wells Fargo Sunil Sibal - Seaport Global Securities Operator Greetings and welcome to the Antero Midstream Second Quarter 2020 Earnings Conference Call. At this time, all particip ...