Group 1 - The article discusses the analysis of oil and gas companies, specifically focusing on Antero Midstream, highlighting the search for undervalued companies in the sector [1] - It mentions the historical context of Antero Midstream's dividend of $0.90 per share and the management's promise for improvement, which the market was skeptical about at the time [2] - The cyclical nature of the oil and gas industry is emphasized, indicating that it requires patience and experience to navigate successfully [2] Group 2 - The article is part of a service that provides in-depth analysis on companies, including balance sheets, competitive positions, and development prospects, which is available first to members [1] - The author has a beneficial long position in Antero Midstream shares, indicating a personal investment interest in the company [3]

Financial Data and Key Metrics Changes - In the second quarter, the company generated $284 million of EBITDA, an 11% year-over-year increase driven by higher gathering and processing volumes, which set new company records [6] - Free cash flow after dividends reached $82 million, representing a nearly 90% increase compared to the previous year [7] - The company reduced its leverage to 2.8 times as of June 30 [7] Business Line Data and Key Metrics Changes - The company invested $45 million in gathering, compression, water, and joint venture projects during the second quarter, bringing year-to-date capital investment to $82 million, which is 45% of the updated 2025 capital budget [4] - The compression reuse program has realized over $50 million in savings, with future savings estimates increased from $60 million to over $85 million [5] Market Data and Key Metrics Changes - The company is uniquely positioned to connect low-cost production to LNG facilities along the Gulf Coast, while also maintaining optionality to connect to local markets [10] - The company expects project announcements in Appalachia to accelerate due to regulatory support, particularly in West Virginia [10] Company Strategy and Development Direction - The company continues to execute its organic growth plan, focusing on predictable earnings and capital efficiency, which allows for attractive dividends, debt reduction, and share repurchases [11] - The company is exploring opportunities to build infrastructure to meet growing demand in the Northeast, particularly in West Virginia [25] Management's Comments on Operating Environment and Future Outlook - Management does not expect to be a material cash taxpayer through at least 2028, benefiting from recent tax legislation [9][32] - The company is actively looking for opportunities in the asset market, particularly bolt-on acquisitions around its current asset base [37] Other Important Information - The company has made significant progress on its capital projects and is focusing on low-pressure gathering and water connections to set up the 2026 development plan [4] Q&A Session Summary Question: Opportunities for AM in basin demand - Management indicated that AM could build infrastructure to meet growing demand, leveraging its large footprint in West Virginia and Ohio [14] Question: Capital allocation strategy - Management stated that the 50% allocation to buybacks is a long-term target, with flexibility based on market conditions [16][18] Question: In-basin demand opportunities related to recent announcements - Management noted that West Virginia's microgrid bill could create significant opportunities for AM, particularly in data center supply [24] Question: Clearwater facility lawsuit update - Management stated there is no new information regarding the lawsuit, which is pending a decision from the Colorado Supreme Court [27] Question: Processing capacity and potential new plant - Management indicated that there is still room to run processing plants above nameplate capacity, with no immediate need for additional processing capacity [30] Question: Long-term cash tax expectations - Management reiterated that they do not expect to be a full cash taxpayer for at least five years, benefiting from recent tax legislation [32] Question: Inorganic opportunities in the asset market - Management confirmed they are continuously looking for bolt-on acquisition opportunities but have no immediate plans to announce [37]

Financial Performance - Antero Midstream reported an 11% year-over-year increase in Adjusted EBITDA for the second quarter of 2025[13] - Free Cash Flow (FCF) after Dividends increased by 89% year-over-year in 2Q25[13] - The company's leverage ratio is 28x Net Debt/Adjusted EBITDA[13] - 2025 Free Cash Flow after dividends is expected to increase by 9% to $300 million[16] Operational Achievements - Antero Midstream achieved a company record of 35 Bcf/d in LP gathering volumes during 2Q25[14] - Gathering and processing volumes increased by 6% year-over-year[14] - The company achieved 100% utilization rate on processing and fractionation capacity[14] Capital Management - The 2025 capital budget is guided at $170-$190 million[8] - Compressor re-use savings are now estimated at $85 million from 2026-2030, up from the prior estimate of $60 million[10] - Torrey's Peak Compressor Station has a capacity of 160 MMcf/d and compressor reuse savings of approximately $30 million[12] Market Outlook - PJM projects approximately 30GW of peak demand growth through 2030, with total power generation increasing at a 56% CAGR[19]

Core Insights - Antero Midstream Corporation reported a revenue of $305.47 million for the quarter ended June 2025, marking a year-over-year increase of 13.2% and an EPS of $0.26 compared to $0.18 a year ago, exceeding the Zacks Consensus Estimate of $291.85 million by 4.67% [1] - The company demonstrated an EPS surprise of 8.33%, with the consensus EPS estimate being $0.24 [1] Financial Performance - Average Daily Volumes for Low Pressure Gathering were 3460 million cubic feet per day, surpassing the estimated 3410.81 million cubic feet per day [4] - Average Daily Volumes for Fresh Water Delivery reached 98 million barrels of oil per day, exceeding the estimated 94.95 million barrels of oil per day [4] - Average Daily Volumes for High Pressure Gathering were 3221 million cubic feet per day, compared to the estimated 3068.88 million cubic feet per day [4] - Average Daily Volumes for Compression stood at 3447 million cubic feet per day, above the estimated 3316.06 million cubic feet per day [4] Revenue Breakdown - Revenues from Gathering and Processing for Antero Resources were $248.9 million, exceeding the estimated $241.11 million, representing an 8.7% year-over-year change [4] - Revenues from Water Handling for Antero Resources were $73.77 million, compared to the average estimate of $64.46 million, reflecting a year-over-year increase of 27.1% [4] - Revenues from Water Handling were reported at $65.84 million, surpassing the average estimate of $53.63 million, indicating a 12.6% year-over-year change [4] - Revenues from Gathering and Processing were $239.63 million, compared to the average estimate of $233.03 million [4] Stock Performance - Antero Midstream shares have returned -6.6% over the past month, while the Zacks S&P 500 composite has changed by +3.4% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]

[Q2 2025 Financial and Operating Results](index=1&type=section&id=Antero%20Midstream%20Announces%20Second%20Quarter%202025%20Financial%20and%20Operating%20Results%20and%20Increased%20Guidance) Antero Midstream's Q2 2025 results show strong operational growth, increased profitability, and significant free cash flow, leading to raised full-year guidance and continued shareholder returns [Q2 2025 Highlights and Management Commentary](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Antero Midstream reported a record-breaking second quarter with gathering volumes reaching **3.5 Bcf/d**, an **11%** year-over-year increase in Adjusted EBITDA, and a **13%** decrease in capital expenditures, leading to an **89%** surge in Free Cash Flow after dividends, and debt reduction to **2.8x** leverage - Management attributes the record gathering volumes to significant demand growth from U.S. Gulf Coast LNG facilities and anticipates future growth from data center power demand in Appalachia[3](index=3&type=chunk) - The company achieved significant capital efficiency, with a **13%** YoY decrease in capital expenditures and an **11%** YoY increase in EBITDA, resulting in an **89%** increase in Free Cash Flow[3](index=3&type=chunk) - Strong free cash flow enabled debt reduction of nearly **$100 million** year-to-date, lowering leverage to **2.8x**, with **$83 million** in shares repurchased year-to-date through July 30, 2025[3](index=3&type=chunk) Q2 2025 Key Financial and Operating Metrics | Metric | Q2 2025 Result | YoY Change | | :--- | :--- | :--- | | Net Income per Share | $0.26 | +44% | | Adjusted Net Income per Share | $0.29 | +26% | | Adjusted EBITDA | $284 million | +11% | | Capital Expenditures | $45 million | -13% | | Free Cash Flow after dividends | $82 million | +89% | | Low pressure gathering volumes | 3,460 MMcf/d | +6% | [Updated 2025 Full-Year Guidance](index=2&type=section&id=2025%20Guidance%20Update) The company has raised its full-year 2025 guidance, increasing projections for Net Income, Adjusted Net Income, and Adjusted EBITDA by **$10 million** each at the midpoint, while lowering guidance for interest expense, capital expenditures, and current income tax expense by **$5 million** each, resulting in a **$25 million** increase to Free Cash Flow guidance Updated 2025 Full-Year Guidance Metrics | Metric ($ in millions) | Low | High | Change vs. Prior (Midpoint) | | :--- | :--- | :--- | :--- | | Net Income | $455 | $495 | +$10 | | Adjusted Net Income | $510 | $550 | +$10 | | Adjusted EBITDA | $1,090 | $1,130 | +$10 | | Capital Expenditures | $170 | $190 | -$5 | | Interest Expense | $190 | $200 | -$5 | | Free Cash Flow Before Dividends | $715 | $755 | +$25 | | Free Cash Flow After Dividends | $275 | $325 | +$25 | - The annual dividend per share guidance remains unchanged at **$0.90**[7](index=7&type=chunk) [Shareholder Returns](index=2&type=section&id=Shareholder%20Returns) Antero Midstream continued its capital return program by repurchasing **1.0 million** shares for **$17 million** during the second quarter of 2025, with approximately **$426 million** remaining under the authorized **$500 million** share repurchase program as of June 30, 2025 - In Q2 2025, the company repurchased **1.0 million** shares for **$17 million**[5](index=5&type=chunk) - Year-to-date through July 30, 2025, total shares purchased, including for tax withholding, amounted to **5.0 million** shares for a total of **$94 million**[5](index=5&type=chunk) - There is approximately **$426 million** of remaining capacity under the share repurchase program as of June 30, 2025[5](index=5&type=chunk) [Detailed Financial and Operating Results](index=3&type=section&id=Second%20Quarter%202025%20Financial%20Results) In Q2 2025, Antero Midstream saw broad operational volume growth across its segments, with low pressure gathering up **6%** and fresh water delivery up **21%** YoY, driving total revenues to **$305 million**, Net Income to **$125 million**, and Adjusted EBITDA up **11%** to **$284 million**, with capital expenditures at **$45 million** [Operating Performance](index=3&type=section&id=Operating%20Performance) The company achieved significant year-over-year growth in operating volumes for Q2 2025, with low pressure gathering, compression, and high pressure gathering volumes increasing by **6%**, **6%**, and **8%** respectively, and fresh water delivery volumes seeing the largest increase at **21%** Average Daily Volumes | Average Daily Volumes | Q2 2024 | Q2 2025 | % Change | | :--- | :--- | :--- | :--- | | Low Pressure Gathering (MMcf/d) | 3,258 | 3,460 | 6% | | Compression (MMcf/d) | 3,246 | 3,447 | 6% | | High Pressure Gathering (MMcf/d) | 2,994 | 3,221 | 8% | | Fresh Water Delivery (MBbl/d) | 81 | 98 | 21% | | Gross Joint Venture Processing (MMcf/d) | 1,588 | 1,687 | 6% | - During Q2 2025, Antero Midstream connected **18** new wells to its gathering system and serviced **11** wells with its fresh water delivery system[19](index=19&type=chunk) [Financial Performance](index=3&type=section&id=Financial%20Performance) For Q2 2025, total revenues reached **$305 million**, up from **$270 million** in Q2 2024, with Net income rising to **$125 million** (**$0.26/share**) from **$86 million** (**$0.18/share**), Adjusted EBITDA growing **11%** to **$284 million**, and Free Cash Flow after dividends surging **89%** to **$82 million** - Q2 2025 revenues were **$305 million**, comprised of **$239 million** from Gathering and Processing and **$66 million** from Water Handling[12](index=12&type=chunk) Key Financial Metrics | Metric (in thousands) | Q2 2024 | Q2 2025 | % Change | | :--- | :--- | :--- | :--- | | Net Income | $86,037 | $124,513 | +45% | | Adjusted Net Income | $110,345 | $137,617 | +25% | | Adjusted EBITDA | $254,992 | $284,288 | +11% | | Free Cash Flow after dividends | $43,246 | $81,893 | +89% | - Interest expense decreased by **8%** YoY to **$48 million**, driven by lower average total debt[16](index=16&type=chunk) [Capital Investments](index=5&type=section&id=Capital%20Investments) Capital expenditures totaled **$45 million** in the second quarter of 2025, allocated with **$22 million** towards gathering and compression, **$20 million** for water infrastructure, and **$3 million** directed to the Stonewall Joint Venture - Total capital expenditures were **$45 million** in Q2 2025, broken down as follows: - Gathering and compression: **$22 million** - Water infrastructure: **$20 million** - Stonewall Joint Venture: **$3 million**[20](index=20&type=chunk) [Non-GAAP Measures and Reconciliations](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Definitions) This section provides definitions for non-GAAP measures such as Adjusted Net Income, Adjusted EBITDA, and Free Cash Flow, which management uses to assess operating performance, along with detailed tables reconciling these non-GAAP measures to their most directly comparable GAAP counterparts - The company uses non-GAAP measures like Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow to assess operating performance, compare against peers, and evaluate the viability of capital projects[23](index=23&type=chunk)[24](index=24&type=chunk)[26](index=26&type=chunk) Reconciliation of Net Income to Adjusted Net Income | Reconciliation of Net Income to Adjusted Net Income (in thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | | :--- | :--- | :--- | | Net Income | $86,037 | $124,513 | | Amortization of customer relationships | $17,668 | $17,668 | | Loss on early extinguishment of debt | $13,691 | — | | Tax effect of reconciling items | ($8,430) | ($4,564) | | **Adjusted Net Income** | **$110,345** | **$137,617** | Reconciliation of Consolidated Total Debt to Net Debt | Reconciliation of Consolidated Total Debt to Net Debt (in thousands) | June 30, 2024 | June 30, 2025 | | :--- | :--- | :--- | | Consolidated total debt | $3,205,700 | $3,039,300 | | Less: Cash and cash equivalents | — | — | | **Consolidated net debt** | **$3,205,700** | **$3,039,300** | [Condensed Consolidated Financial Statements](index=8&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The unaudited financial statements detail the company's financial position and performance, showing total assets of **$5.73 billion** and total liabilities of **$3.64 billion** as of June 30, 2025, with Q2 2025 revenue of **$305 million** and net income of **$125 million**, and net cash from operating activities of **$464 million** for the first six months of 2025 [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Antero Midstream's balance sheet shows total assets of **$5.73 billion**, a slight decrease from **$5.76 billion** at year-end 2024, with total liabilities at **$3.64 billion**, long-term debt reduced to **$3.02 billion** from **$3.12 billion**, and total stockholders' equity at **$2.09 billion** Balance Sheet Summary | Balance Sheet Item (in thousands) | Dec 31, 2024 | June 30, 2025 | | :--- | :--- | :--- | | Total current assets | $118,064 | $114,477 | | Property and equipment, net | $3,881,621 | $3,892,547 | | **Total assets** | **$5,761,748** | **$5,727,002** | | Total current liabilities | $100,612 | $111,168 | | Long-term debt | $3,116,958 | $3,023,800 | | **Total liabilities** | **$3,646,577** | **$3,639,613** | | **Total stockholders' equity** | **$2,115,171** | **$2,087,389** | [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) For the three months ended June 30, 2025, total revenue increased to **$305.5 million** from **$269.8 million** in the prior-year period, operating income grew to **$186.4 million** from **$152.8 million**, and net income rose significantly to **$124.5 million**, or **$0.26** per diluted share, compared to **$86.0 million**, or **$0.18** per diluted share, in Q2 2024 Income Statement Summary | Income Statement (in thousands) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2025 | | :--- | :--- | :--- | | Total revenue | $269,795 | $305,472 | | Total operating expenses | $117,042 | $119,028 | | Operating income | $152,753 | $186,444 | | Income before income taxes | $114,473 | $168,498 | | **Net income** | **$86,037** | **$124,513** | | **Net income per share–diluted** | **$0.18** | **$0.26** | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash provided by operating activities was **$464.1 million**, an increase from **$426.4 million** in the same period of 2024, while net cash used in investing activities decreased to **$72.3 million** from **$148.4 million**, and net cash used in financing activities was **$391.8 million**, primarily for dividends and debt repayment Cash Flow Summary | Cash Flow (in thousands) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | Net cash provided by operating activities | $426,367 | $464,125 | | Net cash used in investing activities | ($148,422) | ($72,334) | | Net cash used in financing activities | ($278,011) | ($391,791) | | Cash and cash equivalents, end of period | $— | $— |

[PART I—FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents Antero Midstream's unaudited condensed consolidated financial statements, including balance sheets, income statements, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$5.73 billion** as of June 30, 2025, with stable liabilities and a slight decrease in equity Condensed Consolidated Balance Sheet Highlights (Unaudited) | (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $114,477 | $118,064 | | **Property and equipment, net** | $3,892,547 | $3,881,621 | | **Total assets** | **$5,727,002** | **$5,761,748** | | **Total current liabilities** | $111,168 | $100,612 | | **Long-term debt** | $3,023,800 | $3,116,958 | | **Total liabilities** | **$3,639,613** | **$3,646,577** | | **Total stockholders' equity** | **$2,087,389** | **$2,115,171** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Net income significantly increased to **$124.5 million** in Q2 2025 and **$245.3 million** year-to-date, driving diluted EPS growth Q2 Performance Comparison (Unaudited) | (In thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total revenue** | $305,472 | $269,795 | | **Operating income** | $186,444 | $152,753 | | **Net income** | **$124,513** | **$86,037** | | **Net income per share–diluted** | **$0.26** | **$0.18** | Year-to-Date Performance Comparison (Unaudited) | (In thousands, except per share) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total revenue** | $596,601 | $548,846 | | **Operating income** | $363,667 | $319,004 | | **Net income** | **$245,250** | **$189,963** | | **Net income per share–diluted** | **$0.51** | **$0.39** | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$464.1 million**, while cash used in investing decreased and financing increased due to repurchases Cash Flow Summary (Unaudited) | (In thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $464,125 | $426,367 | | **Net cash used in investing activities** | ($72,334) | ($148,422) | | **Net cash used in financing activities** | ($391,791) | ($278,011) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies, revenue recognition, debt, segment performance, and the Veolia legal contingency - Substantially all revenues are earned from Antero Resources under long-term agreements for gathering, compression, and water handling services, with gathering and compression revenues treated as operating leases[38](index=38&type=chunk)[41](index=41&type=chunk) - On May 1, 2024, the Company acquired Marcellus gas gathering and compression assets from Summit for **$70 million** in cash[60](index=60&type=chunk) - During Q1 and Q2 2024, the company fully redeemed its 7.875% senior notes due 2026, recognizing a loss on early debt extinguishment of **$14 million**[72](index=72&type=chunk) - In a lawsuit against Veolia Water Technologies, a court awarded Antero Treatment **$242 million** in damages plus interest and fees, finding Veolia breached its contract and committed fraud, with the judgment amended to **$280 million** including pre-judgment interest, and Veolia's appeal is pending[105](index=105&type=chunk)[106](index=106&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses performance, revenue growth from throughput and CPI adjustments, market conditions, capital expenditures, and liquidity, including share repurchases - During the first six months of 2025, the company repurchased approximately **3 million shares** for **$45 million**, with **$426 million** remaining under its share repurchase program[121](index=121&type=chunk) - The company's revised 2025 capital budget is set at **$170 million to $190 million** to support Antero Resources' maintenance capital program[169](index=169&type=chunk) Year-over-Year Revenue and Net Income Comparison | (In millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $597 | $549 | +9% | | **Net Income** | $245 | $190 | +29% | [Results of Operations](index=42&type=section&id=Results%20of%20Operations) Details operating results for Q2 and six-month periods, showing revenue growth driven by increased throughput volumes and CPI-based fee adjustments Q2 2025 vs Q2 2024 Throughput Volume Changes | Operating Data | Q2 2025 (Avg Daily) | Q2 2024 (Avg Daily) | % Change | | :--- | :--- | :--- | :--- | | Low pressure gathering (MMcf/d) | 3,460 | 3,258 | +6% | | High pressure gathering (MMcf/d) | 3,221 | 2,994 | +8% | | Fresh water delivery (MBbl/d) | 98 | 81 | +21% | - Q2 2025 revenue growth was driven by increased throughput from **72 additional wells** connected since June 30, 2024, and annual CPI-based rate adjustments of approximately **1.6%**[133](index=133&type=chunk)[134](index=134&type=chunk) - For the six months ended June 30, 2025, direct operating expenses increased **9%** to **$120 million**, primarily due to a **17%** increase in water handling costs related to higher wastewater trucking, disposal, and blending activities[153](index=153&type=chunk) [Capital Resources and Liquidity](index=53&type=section&id=Capital%20Resources%20and%20Liquidity) Liquidity is driven by operating cash flow and credit facility, with increased operating cash flow and significant cash used for financing activities including share repurchases Six-Month Cash Flow Comparison (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Operating Activities** | $464,125 | $426,367 | | **Investing Activities** | ($72,334) | ($148,422) | | **Financing Activities** | ($391,791) | ($278,011) | - The Board declared a cash dividend of **$0.2250 per common share** for Q2 2025, payable on August 6, 2025[163](index=163&type=chunk) Capital Expenditures (in thousands) | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Gathering systems and facilities | $45,913 | $65,914 | | Water handling systems | $31,144 | $15,134 | | **Total Capital Expenditures** | **$82,135** | **$81,048** | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Outlines market risks including minimal direct commodity price exposure, interest rate risk from floating-rate debt, and significant credit risk from customer concentration - The company has minimal direct commodity price exposure due to fixed-fee and cost-of-service fee structures in its contracts[174](index=174&type=chunk) - As of June 30, 2025, the company had **$389 million** of floating-rate debt outstanding, where a hypothetical **1.0%** increase in interest rates would have increased interest expense by an estimated **$3 million** for the first six months of 2025[175](index=175&type=chunk) - The company is highly dependent on Antero Resources as its primary customer, creating significant credit and counterparty risk[176](index=176&type=chunk) [Item 4. Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of June 30, 2025[178](index=178&type=chunk) - There were no changes in internal control over financial reporting during Q2 2025 that materially affected, or are reasonably likely to materially affect, internal controls[179](index=179&type=chunk) [PART II—OTHER INFORMATION](index=58&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=58&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings typical for its business, with details provided in Note 14 - The company is involved in various legal proceedings typical for its business[182](index=182&type=chunk) - For detailed information on contingencies, the report directs readers to Note 14 of the unaudited condensed consolidated financial statements[184](index=184&type=chunk) [Item 1A. Risk Factors](index=58&type=section&id=Item%201A.%20Risk%20Factors) Confirms no material changes to the risk factors previously disclosed in the company's 2024 Annual Report on Form 10-K - There have been no material changes to the risk factors described in the 2024 Form 10-K[185](index=185&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=58&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details Q2 2025 share repurchase activities, with approximately 993,000 shares repurchased under the $500 million program Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased as Part of Plan | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 794,407 | $16.70 | | May 2025 | 195,666 | $17.70 | | June 2025 | 2,800 | $18.05 | | **Total Q2** | **992,873** | **$16.84 (weighted avg)** | - The Board authorized a **$500 million** share repurchase program in February 2024, with approximately **$426 million** remaining available for repurchases as of June 30, 2025[186](index=186&type=chunk)[187](index=187&type=chunk) [Item 5. Other Information](index=58&type=section&id=Item%205.%20Other%20Information) No other information is required to be disclosed in this item for the reporting period - None[188](index=188&type=chunk) [Item 6. Exhibits](index=59&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including CEO and CFO certifications and iXBRL financial statements - The filing includes CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[190](index=190&type=chunk)

DENVER, July 30, 2025 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its second quarter 2025 financial and operating results. The relevant unaudited condensed consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the three months ended June 30, 2025. Second Quarter 2025 Highlights: 2025 Guidance Updates: Paul Rady, Chairman and CEO said, "During the quarter Antero Midstream gathered 3.5 Bcf/d of p ...

Core Insights - The oil and energy industry is facing significant challenges in Q2 2025, with declining crude oil prices and strained profit margins, despite some resilience from increased natural gas demand [1][4] - The contrasting trends in crude oil and natural gas prices are influencing operational outcomes and investor sentiment [1] Price Trends - Crude oil prices have significantly declined, with West Texas Intermediate averaging $64.63 per barrel, a 20.9% decrease from $81.71 the previous year, driven by trade tensions and concerns over global economic slowdown [2] - In contrast, natural gas prices have risen sharply, with the Henry Hub spot price averaging $3.19 per million British thermal units (MMBtu), a 50% increase from $2.09 per MMBtu in Q2 2024, due to strong demand and tight inventories [3] Earnings Outlook - The energy sector is projected to experience a 24.7% year-over-year decline in profits, worsening from an 11.1% contraction in the previous quarter, indicating ongoing profitability challenges [4][8] - The S&P 500 energy companies are lagging behind the broader market, which expects 6.9% earnings growth, with energy sector revenues estimated to decline by 8.7% [5] Structural Challenges - Profit margins are shrinking due to weak pricing power and rising operational expenses, suggesting that companies may need to adapt their business models to navigate these structural challenges [6] - Other sectors, such as consumer discretionary and technology, are showing strong resilience, with projected earnings growth of 107.9% and 13% respectively [6] Company Performance - Individual company performance will be critical, with factors such as product mix and cost management strategies likely to differentiate successful firms from those struggling [9] - Antero Midstream is highlighted as having the best odds for an earnings beat with a +2.94% Earnings Surprise Prediction (ESP) and a Zacks Rank of 2 [8][15]

Core Points - An agreement has been reached between the European Union and the United States regarding customs duties, specifically exempting the aerospace industry from these duties [2] - Éric Trappier, Chairman and CEO of Dassault Aviation, expressed that this exemption is beneficial for manufacturers in the aerospace sector on both sides of the Atlantic [2] Company Overview - Dassault Aviation has delivered over 10,000 military and civil aircraft, including 2,700 Falcons, in more than 90 countries over the last century [2] - The company is recognized for its expertise in the design, production, sale, and support of various aircraft types, including the Rafale fighter, Falcon business jets, military drones, and space systems [2] - In 2024, Dassault Aviation reported revenues of €6.2 billion and employs 14,600 people [2]

Core Insights - Dassault Aviation has made its 2025 first half-year Financial Report available to the public and filed it with the French Financial Markets Authority [2] - The company has a long-standing reputation in the aerospace industry, having delivered over 10,000 military and civil aircraft globally [3] Financial Information - The 2025 first half-year Financial Report can be accessed on Dassault Aviation's official website under the specified sections [2] - In 2024, Dassault Aviation reported revenues of €6.2 billion [3] Company Overview - Dassault Aviation has delivered more than 2,700 Falcons and operates in over 90 countries, showcasing its global presence [3] - The company employs nearly 14,600 individuals, indicating a significant workforce dedicated to its operations [3]