Antero Midstream Announces First Quarter 2025 Financial and Operating Results

, /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its first 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 March 31, 2025. First Quarter 2025 Highlights: Low pressure gathering and processing volumes increased by 1% and 3%, respectively, compared to the prior year quarter Net Income was $121 million, or $0.25 per diluted share, a 19% per share increase compared to the prior year quarter Adjusted Net Income was $134 million, or $0.28 per diluted share, a 17% per share increase compared to the prior year quarter (non-GAAP measure) Adjusted EBITDA was $274 million, a 3% increase compared to the prior year quarter (non-GAAP measure) Capital expenditures were $37 million, a 25% increase compared to the prior year quarter Free Cash Flow after dividends was $79 million, a 7% increase compared to the prior year quarter (non-GAAP measure) Leverage was 2.95x as of March 31, 2025 (non-GAAP measure) Repurchased 1.7 million shares for $29 million Paul Rady, Chairman and CEO said, "Antero Midstream delivered another quarter of gathering volume growth and record processing volumes. In addition, we placed the Torrey's Peak compressor station in service late in the first quarter, which was ahead of initial expectations of a second quarter in-service date. This station was the third station to relocate underutilized compressor units, resulting in over $30 million of estimated capital savings. This additional capacity will support the further gathering volume growth anticipated throughout 2025." Brendan Krueger, CFO of Antero Midstream, said "Antero Midstream's throughput growth, combined with lower debt and interest expense, resulted in double-digit earnings per share growth year-over-year. The first quarter also represented the eleventh consecutive quarter of generating Free Cash Flow after Dividends and the second consecutive quarter with Free Cash Flow after dividends exceeding $75 million. This allowed us to enhance our return of capital to shareholders by reducing absolute debt, paying an attractive dividend, and repurchasing shares. Given our strong balance sheet, we will continue to be flexible in our return of capital program, particularly when we see market opportunities." For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, and Free Cash Flow after dividends please see "Non-GAAP Financial Measures." Share Repurchases During the first quarter of 2025, Antero Midstream repurchased 1.7 million shares for $29 million. Antero Midstream had approximately $443 million of remaining capacity under its $500 million authorized share repurchase program as of March 31, 2025. During the quarter, Antero Midstream also purchased $18 million of shares related to satisfying tax withholding obligations incurred upon the vesting of equity awards. First Quarter 2025 Financial Results Low pressure gathering volumes for the first quarter of 2025 averaged 3,348 MMcf/d, a 1% increase compared to the prior year quarter. Compression volumes for the first quarter of 2025 averaged 3,330 MMcf/d, a 2% increase compared to the first quarter of 2024. High pressure gathering volumes averaged 3,106 MMcf/d, a 5% increase compared to the prior year quarter. Fresh water delivery volumes averaged 105 MBbl/d during the quarter, a 7% decrease compared to the first quarter of 2024. Gross processing volumes from the processing and fractionation joint venture (the "Joint Venture") averaged 1,650 MMcf/d for the first quarter of 2025, a 3% increase compared to the prior year quarter. Joint Venture processing capacity was over 100% utilized during the quarter based on nameplate processing capacity of 1.6 Bcf/d. Gross Joint Venture fractionation volumes averaged 40 MBbl/d, in line with the prior year quarter. Joint Venture fractionation capacity was 100% utilized during the quarter based on nameplate fractionation capacity of 40 MBbl/d. Three Months Ended March 31, Average Daily Volumes: 2024 2025 %Change Low Pressure Gathering (MMcf/d) 3,301 3,348 1 % Compression (MMcf/d) 3,260 3,330 2 % High Pressure Gathering (MMcf/d) 2,966 3,106 5 % Fresh Water Delivery (MBbl/d) 113 105 (7) % Gross Joint Venture Processing (MMcf/d) 1,602 1,650 3 % Gross Joint Venture Fractionation (MBbl/d) 40 40 * * Not meaningful or applicable. For the three months ended March 31, 2025, revenues were $291 million, comprised of $229 million from the Gathering and Processing segment and $62 million from the Water Handling segment, net of $18 million of amortization of customer relationships. Water Handling revenues include $29 million from wastewater handling and high rate water transfer services. Direct operating expenses for the Gathering and Processing and Water Handling segments were $26 million and $31 million, respectively, for a total of $57 million. Water Handling operating expenses include $26 million from wastewater handling and high rate water transfer services. General and administrative expenses excluding equity-based compensation were $11 million during the first quarter of 2025. Total operating expenses during the first quarter of 2025 included $12 million of equity-based compensation expense and $33 million of depreciation expense. Net Income was $121 million, or $0.25 per diluted share, a 19% per share increase compared to the prior year quarter. Net Income adjusted for amortization of customer relationships, impairment of property and equipment, loss on early extinguishment of debt, and gain on asset sale, net of tax effects of reconciling items, or Adjusted Net Income, was $134 million. Adjusted Net Income was $0.28 per diluted share, a 17% per share increase compared to the prior year quarter. The following table reconciles Net Income to Adjusted Net Income (in thousands): Three Months Ended March 31, 2024 2025 Net Income $ 103,926 120,737 Amortization of customer relationships 17,668 17,668 Impairment of property and equipment — 817 Loss on early extinguishment of debt 59 — Other (1) — (5) Tax effect of reconciling items (2) (4,565) (4,773) Adjusted Net Income $ 117,088 134,444 (1) Other represents gain on asset sale. (2) The statutory tax rate for each of the three months ended March 31, 2024 and 2025 was approximately 25.8%. Adjusted EBITDA was $274 million, a 3% increase compared to the prior year quarter. Interest expense was $48 million, a 9% decrease compared to the prior year quarter, driven primarily by lower outstanding average total debt. Capital expenditures were $37 million, a 25% increase compared to the first quarter of 2024, and current income taxes were $2 million. Free Cash Flow before dividends was $187 million, a 3% increase compared to the prior year quarter. Free Cash Flow after dividends was $79 million, a 7% increase compared to the prior year quarter. The following table reconciles Net Income to Adjusted EBITDA and Free Cash Flow before and after dividends (in thousands): Three Months Ended March 31, 2024 2025 Net Income $ 103,926 120,737 Interest expense, net 53,308 48,410 Income tax expense 36,488 36,096 Depreciation expense 37,095 32,748 Amortization of customer relationships 17,668 17,668 Impairment of property and equipment — 817 Equity-based compensation 9,327 12,402 Equity in earnings of unconsolidated affiliates (27,530) (28,020) Distributions from unconsolidated affiliates 34,960 33,375 Loss on early extinguishment of debt 59 — Other operating expense, net (1) 44 44 Adjusted EBITDA $ 265,345 274,277 Interest expense, net (53,308) (48,410) Capital expenditures (accrual-based) (29,772) (37,288) Current income tax expense — (1,680) Free Cash Flow before dividends $ 182,265 186,899 Dividends declared (accrual-based) (108,279) (107,836) Free Cash Flow after dividends $ 73,986 79,063 (1) Other operating expense, net represents accretion of asset retirement obligations and gain on asset sale. The following table reconciles net cash provided by operating activities to Free Cash Flow before and after dividends (in thousands): Three Months Ended March 31, 2024 2025 Net cash provided by operating activities $ 210,561 198,942 Amortization of deferred financing costs (1,655) (1,307) Settlement of asset retirement obligations 164 210 Changes in working capital 2,967 26,342 Capital expenditures (accrual-based) (29,772) (37,288) Free Cash Flow before dividends $ 182,265 186,899 Dividends declared (accrual-based) (108,279) (107,836) Free Cash Flow after dividends $ 73,986 79,063 First Quarter 2025 Operating Update During the first quarter of 2025, Antero Midstream placed on line the Torrey's Peak compressor station. The compressor station has an initial compression capacity of 160 MMcf/d. The company also connected 26 wells to its gathering system and serviced 28 wells with its fresh water delivery system. The 28 wells serviced include 8 wells that commenced completion operations late during the quarter and will continue to be serviced by Antero Midstream's water system in the second quarter of 2025. Capital Investments Capital expenditures were $37 million during the first quarter of 2025. The Company invested $23 million in gathering and compression, $12 million in water infrastructure and $2 million in the Stonewall Joint Venture. Conference Call A conference call is scheduled on Thursday, May 1, 2025 at 10:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference "Antero Midstream." A telephone replay of the call will be available until Thursday, May 8, 2025 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13750398. To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com. The webcast will be archived for replay until Thursday, May 8, 2025 at 10:00 am MT. Presentation An updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteromidstream.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release. Non-GAAP Financial Measures and Definitions Antero Midstream uses certain non-GAAP financial measures. Antero Midstream defines Adjusted Net Income as Net Income plus amortization of customer relationships, impairment of property and equipment, loss on early extinguishment of debt, and (gain) loss on asset sale, net of tax effect of reconciling items. Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets. Antero Midstream defines Adjusted EBITDA as Net Income plus net interest expense, income tax expense, depreciation expense, amortization of customer relationships, (gain) loss on asset sale, accretion of asset retirement obligations, impairment of property and equipment, loss on early extinguishment of debt, and equity-based compensation expense, excluding equity in earnings of unconsolidated affiliates, plus distributions from unconsolidated affiliates. Antero Midstream uses Adjusted EBITDA to assess: the financial performance of Antero Midstream's assets, without regard to financing methods, capital structure or historical cost basis; its operating performance and return on capital as compared to other publicly traded companies in the midstream energy sector, without regard to financing or capital structure; and the viability of acquisitions and other capital expenditure projects. Antero Midstream defines Free Cash Flow before dividends as Adjusted EBITDA less net interest expense, accrual-based capital expenditures, and current income tax expense. Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates. Capital expenditures exclude acquisitions. Free Cash Flow after dividends is defined as Free Cash Flow before dividends less accrual-based dividends declared for the quarter. Antero Midstream uses Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period. Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow before and after dividends are non-GAAP financial measures. The GAAP measure most directly comparable to these measures is Net Income. Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities. The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by operating activities. You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP. Antero Midstream's definitions of such measures may not be comparable to similarly titled measures of other companies. The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands): Three Months Ended March 31, 2024 2025 Capital expenditures (as reported on a cash basis) $ 35,073 32,276 Change in accrued capital costs (5,301) 5,012 Capital expenditures (accrual basis) $ 29,772 37,288 Antero Midstream defines net debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash and cash equivalents ("Net Debt"). Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream's financial leverage. Antero Midstream defines Leverage as Net Debt divided by Adjusted EBITDA for the last twelve months. The GAAP measure most directly comparable to Net Debt is total debt, excluding unamortized debt premiums and debt issuance costs. The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands): March 31, 2025 Bank credit facility $ 477,400 5.75% senior notes due 2027 650,000 5.75% senior notes due 2028 650,000 5.375% senior notes due 2029 750,000 6.625% senior notes due 2032 600,000 Consolidated total debt $ 3,127,400 Less: Cash and cash equivalents — Consolidated net debt $ 3,127,400 The following table reconciles Net Income to Adjusted EBITDA for the last twelve months ended March 31, 2025 (in thousands): Twelve Months Ended March 31, 2025 Net Income $ 417,703 Interest expense, net 202,129 Income tax expense 147,337 Depreciation expense 135,653 Amortization of customer relationships 70,672 Impairment of property and equipment 1,149 Equity-based compensation 47,407 Equity in earnings of unconsolidated affiliates (111,063) Distributions from unconsolidated affiliates 134,075 Loss on early extinguishment of debt 14,032 Other operating expense, net (1) 912 Adjusted EBITDA $ 1,060,006 (1) Other operating expense, net represents accretion of asset retirement obligation and loss on asset sale. Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation's (NYSE: AR) ("Antero Resources") properties. This release includes "forward-looking statements." Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream's control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, Antero Resources' expected production and development plan, natural gas, NGLs and oil prices, Antero Midstream's ability to realize the anticipated benefits of its investments in unconsolidated affiliates, Antero Midstream's ability to execute its share repurchase program, Antero Midstream's ability to execute its business plan and return capital to its stockholders, impacts of geopolitical and world health events, information regarding Antero Midstream's return of capital policy, information regarding long-term financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources' expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources' drilling partner, the impact on demand for Antero Midstream's services as a result of incremental production by Antero Resources, and expectations regarding the amount and timing of litigation awards are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. All forward-looking statements speak only as of the date of this release. Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements. Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to our business, most of which are difficult to predict and many of which are beyond Antero Midstream's control. These risks include, but are not limited to, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources' drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources' future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, and the other risks described under the heading "Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2024. ANTERO MIDSTREAM CORPORATION Condensed Consolidated Balance Sheets (In thousands, except per share amounts) (Unaudited) December 31, March 31, 2024 2025 Assets Current assets: Accounts receivable–Antero Resources $ 115,180 124,005 Accounts receivable–third party 832 877 Other current assets 2,052 2,770 Total current assets 118,064 127,652 Long-term assets: Property and equipment, net 3,881,621 3,884,394 Investments in unconsolidated affiliates 603,956 600,349 Customer relationships 1,144,759 1,127,091 Other assets, net 13,348 12,632 Total assets $ 5,761,748 5,752,118 Liabilities and Stockholders' Equity Current liabilities: Accounts payable–Antero Resources $ 4,114 5,743 Accounts payable–third party 12,308 15,071 Accrued liabilities 83,555 66,906 Other current liabilities 635 2,477 Total current liabilities 100,612 90,197 Long-term liabilities: Long-term debt 3,116,958 3,110,975 Deferred income tax liability, net 413,608 448,024 Other 15,399 14,383 Total liabilities 3,646,577 3,663,579 Stockholders' equity: Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2024 and March 31, 2025 Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2024 and March 31, 2025 — — Common stock, $0.01 par value; 2,000,000 authorized; 479,422 and 479,263 issued and outstanding as of December 31, 2024 and March 31, 2025, respectively 4,794 4,793 Additional paid-in capital 2,019,830 1,984,372 Retained earnings 90,547 99,374 Total stockholders' equity 2,115,171 2,088,539 Total liabilities and stockholders' equity $ 5,761,748 5,752,118 ANTERO MIDSTREAM CORPORATION Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In thousands, except per share amounts) Three Months Ended March 31, 2024 2025 Revenue: Gathering and compression–Antero Resources $ 227,593 238,017 Water handling–Antero Resources 68,455 70,275 Water handling–third party 671 505 Amortization of customer relationships (17,668) (17,668) Total revenue 279,051 291,129 Operating expenses: Direct operating 53,918 56,830 General and administrative (including $9,327 and $12,402 of equity-based compensation in 2024 and 2025, respectively) 21,221 23,024 Facility idling 522 443 Depreciation 37,095 32,748 Impairment of property and equipment — 817 Other operating expense, net 44 44 Total operating expenses 112,800 113,906 Operating income 166,251 177,223 Other income (expense): Interest expense, net (53,308) (48,410) Equity in earnings of unconsolidated affiliates 27,530 28,020 Loss on early extinguishment of debt (59) — Total other expense (25,837) (20,390) Income before income taxes 140,414 156,833 Income tax expense (36,488) (36,096) Net income and comprehensive income $ 103,926 120,737 Net income per common share–basic $ 0.22 0.25 Net income per common share–diluted $ 0.21 0.25 Weighted average common shares outstanding: Basic 479,897 479,064 Diluted 484,303 484,378 ANTERO MIDSTREAM CORPORATION Selected Operating Data (Unaudited) Amount of Three Months Ended March 31, Increase Percentage 2024 2025 or Decrease Change Operating Data: Gathering—low pressure (MMcf) 300,429 301,298 869 * Compression (MMcf) 296,663 299,718 3,055 1 % Gathering—high pressure (MMcf) 269,922 279,579 9,657 4 % Fresh water delivery (MBbl) 10,274 9,415 (859) (8) % Other fluid handling (MBbl) 5,061 5,179 118 2 % Wells serviced by fresh water delivery 17 28 11 65 % Gathering—low pressure (MMcf/d) 3,301 3,348 47 1 % Compression (MMcf/d) 3,260 3,330 70 2 % Gathering—high pressure (MMcf/d) 2,966 3,106 140 5 % Fresh water delivery (MBbl/d) 113 105 (8) (7) % Other fluid handling (MBbl/d) 56 58 2 4 % Average Realized Fees(1): Average gathering—low pressure fee ($/Mcf) $ 0.36 0.36 — * Average compression fee ($/Mcf) $ 0.21 0.22 0.01 5 % Average gathering—high pressure fee ($/Mcf) $ 0.22 0.23 0.01 5 % Average fresh water delivery fee ($/Bbl) $ 4.30 4.38 0.08 2 % Joint Venture Operating Data: Processing—Joint Venture (MMcf) 145,758 148,523 2,765 2 % Fractionation—Joint Venture (MBbl) 3,640 3,600 (40) (1) % Processing—Joint Venture (MMcf/d) 1,602 1,650 48 3 % Fractionation—Joint Venture (MBbl/d) 40 40 — * _______________________________ * Not meaningful or applicable. (1) The average realized fees for the three months ended March 31, 2025 include annual CPI-based adjustments of approximately 1.6%. ANTERO MIDSTREAM CORPORATION Condensed Consolidated Results of Segment Operations (Unaudited) (In thousands) Three Months Ended March 31, 2025 Gathering and Water Consolidated Processing Handling Unallocated Total Revenues: Revenue–Antero Resources $ 238,017 70,275 — 308,292 Revenue–third-party — 505 — 505 Amortization of customer relationships (9,271) (8,397) — (17,668) Total revenues 228,746 62,383 — 291,129 Operating expenses: Direct operating 26,193 30,637 — 56,830 General and administrative (excluding equity-based compensation) 5,238 4,197 1,187 10,622 Equity-based compensation 7,883 4,245 274 12,402 Facility idling — 443 — 443 Depreciation 19,031 13,717 — 32,748 Impairment of property and equipment — 817 — 817 Other operating expense, net — 44 — 44 Total operating expenses 58,345 54,100 1,461 113,906 Operating income 170,401 8,283 (1,461) 177,223 Other income (expense): Interest expense, net — — (48,410) (48,410) Equity in earnings of unconsolidated affiliates 28,020 — — 28,020 Total other income (expense) 28,020 — (48,410) (20,390) Income before income taxes 198,421 8,283 (49,871) 156,833 Income tax expense — — (36,096) (36,096) Net income and comprehensive income $ 198,421 8,283 (85,967) 120,737 ANTERO MIDSTREAM CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) Three Months Ended March 31, 2024 2025 Cash flows provided by (used in) operating activities: Net income $ 103,926 120,737 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 37,095 32,748 Impairment of property and equipment — 817 Deferred income tax expense 36,488 34,416 Equity-based compensation 9,327 12,402 Equity in earnings of unconsolidated affiliates (27,530) (28,020) Distributions from unconsolidated affiliates 34,960 33,375 Amortization of customer relationships 17,668 17,668 Amortization of deferred financing costs 1,655 1,307 Settlement of asset retirement obligations (164) (210) Loss on early extinguishment of debt 59 — Other operating activities 44 44 Changes in assets and liabilities: Accounts receivable–Antero Resources (16,156) (8,825) Accounts receivable–third party 103 35 Other current assets (189) (695) Accounts payable–Antero Resources 716 1,629 Accounts payable–third party 2,346 1,056 Income taxes payable — 1,783 Accrued liabilities 10,213 (21,325) Net cash provided by operating activities 210,561 198,942 Cash flows provided by (used in) investing activities: Additions to gathering systems, facilities and other (27,723) (22,081) Additions to water handling systems (7,350) (8,447) Additional investments in unconsolidated affiliate — (1,748) Acquisition of gathering systems and facilities (2,048) — Other investing activities (2) 5 Net cash used in investing activities (37,123) (32,271) Cash flows provided by (used in) financing activities: Dividends to common stockholders (107,918) (112,615) Dividends to preferred stockholders (138) (138) Repurchases of common stock — (28,569) Issuance of Senior Notes 600,000 — Redemption of Senior Notes (2,147) — Payments of deferred financing costs (7,082) — Borrowings on Credit Facility 245,100 304,300 Repayments on Credit Facility (875,200) (311,200) Employee tax withholding for settlement of equity-based compensation awards (31) (18,449) Net cash used in financing activities (147,416) (166,671) Net increase in cash and cash equivalents 26,022 — Cash and cash equivalents, beginning of period 66 — Cash and cash equivalents, end of period $ 26,088 — Supplemental disclosure of cash flow information: Cash paid during the period for interest 42,067 65,272 Increase (decrease) in accrued capital expenditures and accounts payable for property and equipment (5,301) 5,012 SOURCE Antero Midstream Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Antero Midstream Announces First Quarter 2025 Financial and Operating Results

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