
• Reported GAAP EPS of $0.25 • Reported revenue of $314.21M up 7.93% YoY • Antero Midstream announced its 2026 capital budget, ranging from $190 million to $220 million, is set to support Antero Resources' capital program, though it may be adjusted as business conditions warrant.
Bullish
Antero Midstream achieved an 8% total revenue increase to $314 million, driven by HG Acquisition contributions and new well connections, while equity in unconsolidated affiliates' earnings grew 7%.
Bearish
Antero Midstream faces significant customer concentration risk with Antero Resources, experienced a 20% decrease in fresh water delivery volumes, and saw net interest expense increase 12% due to new debt.