Key Highlights:

  • Q3 2026 EBITDA Guidance came in at high single-digit sequential growth expected, driven by anticipated volume increases.
  • Gathering Volumes totaled 4.1 billion cubic feet per day, nearly a 20% increase year over year driven by the integration.
  • Adjusted EBITDA stood at USD 289 million, a record for the company and a 2% increase year over year reflecting.
  • Free Cash Flow After Dividends was reported at USD 80 million, representing the 12th consecutive quarter of generating positive post-dividend.

Antero Midstream Corporation (NYSE:AM) is scheduled to report third quarter results on Wednesday, Oct. 28, after the market close. Consensus estimates call for adjusted earnings per share of USD 0.30 on revenue of USD 340.62 million, against a market capitalization of USD 9.87 billion.

Figures for the most recently reported quarter were limited in the available source materials.

Capital Expenditures and Other Business Trends

Capital Expenditures came in at USD 47 million during the second quarter, focused on infrastructure to support future dry gas growth. Leverage Ratio totaled 2.8x as of June 30, pro forma for legal proceeds, which is below the company's 3x target. Legal Settlement Proceeds stood at over USD 370 million in damages and interest received in July from Veolia, facilitating accelerated debt reduction. Eastside Express Pipeline CapEx was reported at USD 200 million to USD 300 million projected over the next two to three years, equivalent to approximately USD 100 million per year.

Eastside Express Pipeline Capacity and Capital Position

Eastside Express Pipeline Capacity came in at 1.5 billion to 2 billion cubic feet per day for the new east-west regional connectivity project. Estimated Ultimate Recovery (EUR) Performance totaled over 60% higher in the dry gas Marcellus revisit compared to offset wells completed over a decade ago. Infrastructure Opportunity Backlog stood at 15 projects currently under evaluation, totaling several billion dollars of potential investment in West Virginia. Project Underwriting was reported at 100% underwritten by Antero Resources for the Eastside Express project, based on its multi-decade inventory and development plans. Debt Retirement came in at 2028 senior notes called at par using cash on hand and the credit facility, resulting in lower interest costs.

Regional Market Connectivity and Additional Detail

Regional Market Connectivity came in at seven interconnects planned for the Eastside Express pipeline with various long-haul pipelines to increase market optionality. 2027 EBITDA Growth Outlook totaled high single-digit growth projected, partially attributed to connecting water systems to the HG Midstream area. Curtailment Impact stood at approximately 0.3% impact on total annual gathering volumes expected from voluntary production curtailments of 50 million cubic feet per day. Dry Gas Marcellus Development was reported at first return to the dry gas Marcellus Shale area for development in over a decade, utilizing enhanced completion designs. Acreage Dedication came in at 1 million acres dedicated to the company from Antero Resources, providing a secure supply for long-term midstream growth.

Figures to Follow in the Release

Investors can watch third quarter results against the figures management has already put on record, including the following: Q3 2026 EBITDA Guidance came in at high single-digit sequential growth expected, driven by anticipated volume increases.