Fourth Quarter 2025 Earnings Presentation February 12, 2026 Antero Midstream (NYSE: AM) Legal Disclaimer Forward-Looking Statements: This presentation includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under AM's control. All statements, except for statements of historical fact, made in this presentation regarding activities, events or developments AM expects, believes or anticipates will or may occur in the future ...

Core Viewpoint - Analysts project that Energy Transfer LP (ET) will report quarterly earnings of $0.34 per share, reflecting a year-over-year increase of 17.2%, with revenues expected to reach $26.02 billion, a 33.2% increase from the same quarter last year [1]. Earnings Estimates - Over the past 30 days, the consensus EPS estimate for the quarter has been revised upward by 4.8%, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions to the stock, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Key Metrics Forecast - Analysts expect 'Midstream - Gathered volumes' to be 21,570 billion British thermal units per day, up from 20,690 billion British thermal units per day year-over-year [5]. - The forecast for 'Midstream - NGLs produced' is 1,160.76 thousand barrels of oil per day, compared to 1,134.00 thousand barrels of oil per day in the same quarter last year [5]. - 'Midstream - Equity NGLs' is projected to reach 64.91 thousand barrels of oil per day, an increase from 59.00 thousand barrels of oil per day year-over-year [6]. - 'NGL and Refined Products Transportation and Services - NGL and refined products terminal volumes' are expected to be 1,674.22 thousand barrels of oil per day, up from 1,465.00 thousand barrels of oil per day year-over-year [6]. - 'NGL and Refined Products Transportation and Services - NGL fractionation volumes' are forecasted at 1,139.30 thousand barrels of oil per day, slightly down from 1,141.00 thousand barrels of oil per day in the same quarter last year [7]. - The estimate for 'NGL and Refined Products Transportation and Services - Refined products transportation volumes' stands at 593.50 thousand barrels of oil per day, compared to 570.00 thousand barrels of oil per day year-over-year [8]. - 'NGL and Refined Products Transportation and Services - NGL transportation volumes' are expected to be 2,361.50 thousand barrels of oil per day, up from 2,262.00 thousand barrels of oil per day in the same quarter last year [9]. Adjusted EBITDA Projections - 'Adjusted EBITDA- Intrastate transportation and storage' is projected to reach $271.38 million, compared to $263.00 million in the same quarter last year [10]. - 'Adjusted EBITDA- Interstate transportation and storage' is expected to be $502.98 million, up from $493.00 million year-over-year [10]. - 'Adjusted EBITDA- Crude oil transportation and services' is forecasted at $746.73 million, down from $760.00 million in the same quarter last year [11]. - 'Adjusted EBITDA- NGL and refined products transportation and services' is estimated to reach $1.10 billion, compared to $1.11 billion year-over-year [12]. - The estimated 'Adjusted EBITDA- Midstream' is $810.34 million, up from $705.00 million in the same quarter last year [12]. Stock Performance - Over the past month, Energy Transfer LP shares have returned +4.1%, while the Zacks S&P 500 composite has changed by -0.3% [12].

Core Viewpoint - Western Midstream (WES) is expected to report quarterly earnings of $0.91 per share, reflecting a 7.1% increase year-over-year, with revenues projected at $1.11 billion, a 20% increase compared to the previous year [1]. Earnings Estimates - Analysts have revised the consensus EPS estimate for the quarter down by 3.7% over the last 30 days, indicating a collective reevaluation of initial estimates [1][2]. Key Metrics Forecast - Analysts predict various throughput metrics for Western Midstream's natural gas and crude oil assets, which are essential for understanding the company's operational performance: - 'Throughput for natural-gas assets per day - Delaware Basin' is projected to reach a certain figure, compared to last year's estimate [6]. - 'Throughput for produced-water assets per day - Delaware Basin' is estimated at 2,379.05 thousand barrels of oil, up from 1,216.00 thousand barrels of oil last year [6]. - 'Throughput for crude-oil and NGLs assets per day - Delaware Basin' is expected to be 253.92 thousand barrels of oil, slightly down from 260.00 thousand barrels of oil reported last year [7]. - 'Throughput for crude-oil and NGLs assets per day - DJ Basin' is forecasted at 104.18 thousand barrels of oil, up from 102.00 thousand barrels of oil last year [8]. - 'Throughput for crude-oil and NGLs assets per day - Other' is expected to reach 40.24 thousand barrels of oil, compared to 34.00 thousand barrels of oil last year [9]. Stock Performance - Over the past month, Western Midstream shares have gained 0.5%, contrasting with the Zacks S&P 500 composite's decline of 0.3%, indicating a performance that aligns with the overall market [10].

Core Insights - Antero Midstream Corporation reported $297 million in revenue for Q4 2025, marking a year-over-year increase of 3.3% and a surprise of +1.06% over the Zacks Consensus Estimate of $293.9 million [1] - The company's EPS for the same period was $0.11, down from $0.23 a year ago, resulting in an EPS surprise of -53.78% compared to the consensus estimate of $0.24 [1] Financial Performance - Average Daily Volumes for Low Pressure Gathering were 3,435 million cubic feet per day, exceeding the analyst estimate of 3,398.51 million cubic feet per day [4] - Average Daily Volumes for High Pressure Gathering were 3,193 million cubic feet per day, surpassing the estimate of 3,146.83 million cubic feet per day [4] - Average Daily Volumes for Compression reached 3,424 million cubic feet per day, above the estimate of 3,345.64 million cubic feet per day [4] - Average Daily Volumes for Fresh Water Delivery were 93 million barrels of oil per day, below the estimate of 98.28 million barrels of oil per day [4] - Average Daily Volumes for Other Fluid Handling were 58 million barrels of oil per day, exceeding the estimate of 53.34 million barrels of oil per day [4] Revenue Breakdown - Revenues from Water Handling for Antero Resources were $63.22 million, slightly below the average estimate of $64.68 million, representing a year-over-year decline of -9.8% [4] - Revenues from Gathering and Processing for Antero Resources were $250.54 million, exceeding the average estimate of $246.11 million, with a year-over-year increase of +6.8% [4] - Revenues from Gathering and Processing were reported at $241.27 million, above the average estimate of $234.9 million, reflecting a year-over-year increase of +7.1% [4] - Revenues from Water Handling were $64.13 million, surpassing the average estimate of $58.53 million, indicating a year-over-year increase of +3.2% [4] - Amortization of customer relationships reported at -$17.67 million, slightly better than the average estimate of -$18.11 million, with no year-over-year change [4] Stock Performance - Antero Midstream shares have returned +12.4% over the past month, contrasting with the Zacks S&P 500 composite's -0.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Viewpoint - Antero Midstream Corporation reported its fourth quarter 2025 results, highlighting growth in adjusted EBITDA and free cash flow, alongside guidance for 2026 that anticipates further increases in net income and adjusted free cash flow [1][2]. Financial Performance - Fourth quarter 2025 adjusted EBITDA was $285 million, a 4% increase year-over-year [1][2]. - Adjusted net income for the fourth quarter was $133 million, or $0.28 per diluted share, representing an 8% increase per share compared to the prior year [1][2]. - Net income for the fourth quarter was $52 million, or $0.11 per diluted share, a 52% decrease per share compared to the prior year [1][2]. - Capital expenditures in Q4 2025 were $45 million, with adjusted free cash flow after dividends at $86 million [1][2]. 2026 Guidance - The company forecasts adjusted free cash flow after dividends of $330 to $390 million for 2026, an 11% increase at the midpoint compared to 2025 [1][2]. - Expected adjusted EBITDA for 2026 is projected to be between $1.19 billion and $1.24 billion, an 8% increase at the midpoint compared to 2025 [1][2]. - Net income guidance for 2026 is set at $485 to $535 million, a 23% increase at the midpoint compared to 2025 [1][2]. Operational Updates - In Q4 2025, Antero Midstream connected 18 wells to its gathering system and serviced 19 wells with its fresh water delivery system [1][2]. - The company invested $21 million in gathering and compression and $24 million in water infrastructure during the fourth quarter [1][2]. - Fresh water delivery volumes averaged 93 MBbl/d in Q4 2025, an 18% decrease compared to Q4 2024 [2]. Share Repurchase Program - Antero Midstream repurchased 2.7 million shares for $48 million in Q4 2025, with approximately $336 million remaining under its share repurchase program as of December 31, 2025 [1][2]. - A total of 9.4 million shares were purchased under the share repurchase program in 2025 at a weighted average price of $17.28 per share [1][2]. Strategic Focus - The 2026 capital budget is focused on high return infrastructure projects in the Marcellus Shale, including the buildout of a rich gas gathering system and integration of recently acquired assets [1][2]. - The company aims to maintain a strong balance sheet with leverage near 3 times and a balanced approach to debt reduction and opportunistic share repurchases [1][2].

Core Insights - The energy sector has emerged as the best-performing sector in the S&P 500 for 2026, with the Energy Select Sector Index (IXE) gaining 19.8% year-to-date compared to the overall index's 1.5% return [1] - A significant increase in oil prices, driven by geopolitical tensions and supply concerns, has contributed to this performance, with WTI crude prices rising from $57 per barrel at the end of 2025 to above $65 per barrel [1] - Midstream ETFs, such as the Alerian MLP ETF (AMLP) and Alerian Energy Infrastructure ETF (ENFR), are outperforming the S&P 500, with year-to-date gains of 10.8% and 11.7% respectively [1] Energy Sector Performance - The energy sector's strong performance is attributed to a surprising and sustained strength in oil prices, which defied earlier bearish sentiments [1] - Analysts had previously forecasted Q1 oil prices at $57 per barrel, but current spot prices are consistently in the $60s, indicating a more robust commodity price environment than expected [1] - Rising tensions with Iran and concerns regarding the Strait of Hormuz have further supported the increase in oil prices [1] Midstream Sector Insights - Midstream companies benefit from fee-based business models that provide stable cash flows, resulting in less exposure to volatile oil and gas prices [1] - The Alerian MLP Infrastructure Index (AMZI) and Alerian Midstream Energy Select Index (AMEI) yield 7.4% and 5.1% respectively, highlighting the attractive income potential of midstream investments [1] - The midstream sector is positioned to offer compelling income opportunities alongside reduced volatility in energy exposure [1]

Core Insights - Targa Resources Corp. (NYSE:TRGP) is recognized as one of the best performing stocks in the S&P 500 over the past five years [1] Analyst Updates - Targa Resources Corp. shares are trading near consensus valuation levels, with a consensus price target of $213.00 indicating a 3.60% upside as of February 6, 2026. Over 90% of analysts covering the company remain bullish, suggesting incremental revisions rather than broad re-ratings [2] - Morgan Stanley raised its price target for Targa Resources Corp. to $266 from $264 on January 28, 2026, while maintaining an 'Overweight' rating, citing a strong start to the earnings season and the energy sector's contribution to S&P 500 performance despite stable commodity prices [3] - Scotiabank increased its target for Targa Resources Corp. from $199 to $224 on January 16, 2026, while keeping its 'Outperform' rating, attributing the increase to favorable conditions from LNG exports and rising power demand, which are expected to create more opportunities and an upward bias in long-term estimates [4] Company Overview - Targa Resources Corp. is a midstream energy company that provides natural gas gathering, processing, transportation, and NGL logistics services to support U.S. production, power demand, and LNG export growth [5]

Core Viewpoint - Enterprise Products Partners L.P. (EPD) is a leading midstream operator that generates stable, fee-based cash flows through long-term contracts for transporting crude oil, natural gas, NGLs, refined products, and petrochemicals across its extensive asset base [1] Group 1: Financial Performance and Returns - EPD has returned approximately $62 billion to equity investors since its IPO through distributions and unit buybacks [2][9] - EPD's shares have gained 6.9% over the past year, outperforming the industry composite stocks, which declined by 3.4% [6] - EPD trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 11.15X, slightly below the industry average of 11.19X [7] Group 2: Capital Projects and Future Growth - EPD has a backlog of major capital projects totaling $4.8 billion currently under construction, with several projects expected to enter service by 2026 [3][9] - The company plans to allocate growth capital spending of $2.5-$2.9 billion for 2026 and $2-$2.5 billion for 2027, along with maintenance capital of about $580 million in 2026 [3][9] Group 3: Industry Comparisons - Other midstream players like Kinder Morgan Inc. (KMI) and MPLX LP (MPLX) are also focused on returning capital to shareholders, with KMI exceeding $2.6 billion in dividend payments in 2025 and MPLX returning $4.4 billion to unitholders [4][5]

Core Viewpoint - The January non-farm payrolls report revealed 130,000 new jobs and a drop in unemployment to 4.3%, leading to a reduction in expected Federal Reserve rate cuts for the year, making ultra-high-yield dividend stocks more attractive for income-focused investors [1][2]. Group 1: Economic Indicators - The non-farm payrolls report for January showed a surprising addition of 130,000 jobs, significantly exceeding Wall Street's expectations of 70,000-80,000 [1]. - Unemployment decreased to 4.3%, indicating a robust job market [1]. Group 2: Federal Reserve Rate Cuts - Predictions for 2.5 rate cuts this year were reduced to 2 following the jobs report, with potential for no cuts until summer if the upcoming consumer price index is below expectations [1]. - The expectation of prolonged higher interest rates diminishes the likelihood of rate cuts, making high-yield dividend stocks more appealing [1]. Group 3: Investment Opportunities - Ultra-high-yield stocks, offering dividends between 7% and 10%, are highlighted as attractive options for investors seeking passive income in a high-rate environment [1]. - Ares Capital Corporation, yielding 9.94%, specializes in financing solutions for middle-market companies and has received a Buy rating from 12 analysts [1][2]. - Energy Transfer, with a 7.16% distribution yield, operates a vast network of energy assets across the U.S. and has an Overweight rating from JPMorgan with a $21 target price [2]. - Healthpeak Properties, a REIT focused on healthcare real estate, offers a 7.24% dividend and has an Outperform rating with a $20 target price [2]. - Plains All American Pipeline, yielding 7.68%, operates midstream energy infrastructure and is poised for a breakout, with a Buy rating and a $25 target price from UBS [2]. - Starwood Property Trust, with a 10.60% dividend yield, operates in various segments including commercial and residential lending, and has an Outperform rating with a $21 target [2].

Core Insights - The article emphasizes the attractiveness of ultra-high-yield dividend stocks, particularly in a market where interest rates are expected to remain high for an extended period, making dividend income more appealing compared to growth stocks [2][4][6]. Group 1: Market Environment - Expectations of rate cuts have diminished, leading to a shift in investor focus from growth stocks to dividend-paying stocks as a strategy to generate income [2][6]. - The income gap between high-dividend stocks and Treasury yields is highlighted, with a 9% dividend stock providing a 4% premium over a 5% Treasury yield, making it more attractive for income-focused investors [3][4]. Group 2: Investment Opportunities - A selection of ultra-high-yield dividend stocks yielding between 7% and 10% has been identified, all rated Buy by top Wall Street firms [1]. - Ares Capital Corporation offers a 9.94% dividend yield and specializes in financing solutions for middle-market companies, making it a strong candidate for income-focused investors [9][12]. - Energy Transfer, with a 7.16% distribution yield, is noted for its diversified midstream energy assets across the U.S., appealing to those seeking energy exposure [13][15]. - Healthpeak Properties, a REIT focused on healthcare real estate, provides a solid 7.24% dividend, making it attractive for income generation [16][19]. - Plains All American Pipeline offers a dependable 7.68% dividend yield and operates midstream energy infrastructure, positioning it well for potential growth [21][24]. - Starwood Property Trust boasts a 10.60% dividend yield and operates in various segments, including commercial and residential lending, making it a notable investment option [25][28].