Core Insights - Antero Midstream Corporation (AM) reported Q2 2025 earnings per share of 26 cents, exceeding the Zacks Consensus Estimate of 24 cents, and up from 18 cents in the same quarter last year [1][11] - Total quarterly revenues reached $305 million, surpassing the Zacks Consensus Estimate of $292 million, and increased from $270 million year-over-year [1][11] Operational Performance - Average daily compression volumes were 3,447 million cubic feet (MMcf/d), up from 3,246 MMcf/d a year ago, and above the estimate of 3,341 MMcf/d; compression fees increased to 22 cents per Mcf, a nearly 5% rise from 21 cents [3] - High-pressure gathering volumes totaled 3,221 MMcf/d, an 8% increase from 2,994 MMcf/d year-over-year, also exceeding the estimate of 2,943 MMcf/d; average high-pressure gathering fees rose to 23 cents per Mcf from 22 cents [4] - Low-pressure gathering volumes averaged 3,460 MMcf/d, up from 3,258 MMcf/d a year ago, but below the estimate of 3,481 MMcf/d; average low-pressure gathering fees remained flat at 36 cents per Mcf [5] - Freshwater delivery volumes were 98 MBbls/d, a 21% increase from 81 MBbls/d in the prior-year quarter; average freshwater distribution fees rose to $4.37 per barrel from $4.31 [6] Operating Expenses - Direct operating expenses increased to $63.1 million from $56.4 million year-over-year; total operating expenses rose to $119 million from $117 million in the same period of 2024 [7] Balance Sheet - As of June 30, 2025, the company reported no cash and cash equivalents, with long-term debt amounting to $3,024 million [8] Outlook - Antero Midstream projects adjusted net income for the year to be in the range of $510-$550 million, with capital expenditures expected between $170-$190 million [9]