AM

It has been about a month since the last earnings report for Antero Midstream Corporation (AM). Shares have added about 4.6% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Antero Midstream due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Antero Midstreamreported second-quarter 2026 earnings of 24 cents per share, which missed the Zacks Consensus Estimate of 27 cents by 11.1%. The bottom line declined 7.7% from 26 cents in the year-ago quarter. Revenues of $327.24 million beat the consensus mark of $322.31 million by 1.5%. The top line increased 7.1% from $305.47 million a year ago. Higher gathering and compression volumes supported the top line, while elevated operating and interest expenses weighed on earnings. Processing and fractionation capacity remained fully utilized. Gathering and compression revenues from Antero Resources rose to $271.51 million from $248.90 million a year ago. The reported figure was above our estimate of $260 million. The increase reflected stronger system activity and a 3% rise in the average realized gathering fee to 37 cents per Mcf. Average daily gathering volumes increased 19% to 4,124 million cubic feet per day (MMcf/d) from the year-ago level of 3,460 MMcf/d, setting a company record. This exceeded our estimate of 3,587 MMcf/d. The high-pressure gathering volumes declined 7% to 2,986 MMcf/d. Compression volumes rose 17% to 4,036 MMcf/d compared with 3,447 MMcf/d a year ago, aided by 747 MMcf/d of well pad compression. The figure was above our estimate of 3,578 MMcf/d. Centralized compression volumes fell 5% to 3,289 MMcf/d. Water handling revenues from Antero Resources increased to $78.54 million from $73.77 million in the prior-year quarter. The reported figure was above our estimate of $75.5 million. The segment benefited from a sharp increase in other water handling activity, which includes cost-plus services. Other water handling volumes surged 131% to 136 thousand barrels per day (MBbl/d). Fresh water delivery volumes declined 16% to 82 MBbl/d. The average realized fresh water delivery fee increased 2% to $4.44 per barrel from the year-ago figure of $4.37 per barrel, reflecting annual CPI-based adjustments. Total operating expenses rose to $145.34 million from $119.03 million a year ago. Direct operating expenses increased to $84.53 million from $63.11 million, with water handling accounting for $47.99 million and gathering and processing contributing $36.53 million. Operating income decreased to $181.91 million from $186.44 million. Net interest expense increased 16% to $55.68 million, driven by financing for the HG Energy acquisition. Equity in earnings of unconsolidated affiliates declined to $28.53 million from $30.02 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 2% year over year to $288.78 million. Adjusted free cash flow before dividends was $186.43 million, while adjusted free cash flow after dividends totaled $79.63 million. Capital expenditures were $46.68 million on an accrual basis. The company invested $33 million in gathering and compression and $14 million in water infrastructure. As of June 30, 2026, total debt was $3.59 billion, including $341.90 million outstanding under the bank credit facility. The company had no cash, cash equivalents or restricted cash at quarter-end. In July, Antero Midstream received about $371 million in damages and interest from Veolia. The proceeds, together with revolver borrowings, are being used to redeem $650 million of senior notes due 2028 at par. Management expects leverage to fall below its 3.0-times target, while liquidity remains above $600 million with no near-term maturities. Antero Midstream repurchased 400,000 shares for about $8 million and has roughly $310 million remaining under its buyback authorization. During the quarter, AM began construction on East Side Express, its first intrastate regional pipeline. The bi-directional project is designed to improve dry gas connectivity to long-haul and regional pipelines and support future demand growth in West Virginia. Management said water integration projects remain on track and that it expects higher gathering and water volumes to drive second-half EBITDA growth within the full-year guidance range. The company connected 26 wells to its gathering system and serviced 21 wells with fresh water delivery. Since the earnings release, investors have witnessed a upward trend in estimates revision. At this time, Antero Midstream has a subpar Growth Score of D, a score with the same score on the momentum front. Following the exact same course, the stock was allocated a score of D on the value side, putting it in the bottom 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Antero Midstream has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Antero Midstream Corporation (AM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Channel and rock chip samples from areas of visible uranium-copper-vanadium mineralization observed at surface returned final assay results for copper (up to 8.54%), uranium (up to 2.27%), silver (up to 708 g/t) and vanadium (up to 1.27%)1. Sampling of strike extensions along the Uryco/Rosa and Black zone trends has identified a potential 4-kilometre-long trend of copper mineralization exposed at surface One over-limit sample result for uranium (>25,000 ppm) is still pending. TORONTO, Aug. 18, 2026 /CNW/ -- Jaguar Uranium Corp. (NYSE-AM: JAGU) ("Jaguar") is pleased to announce final assay results for copper from its initial rock sampling program (announced on July 20, 2026) at the Huemul Uranium-Copper-Vanadium (U-Cu-V) Project, located in Malargüe, Mendoza Province, Argentina across the more than 27,000-hectare district-scale project. The Company is planning a maiden drill campaign at the project which includes a past producing mine. Management Commentary "These results reinforce what drew us to Huemul in the first place. Copper grades as high as 8.54%, paired with strong uranium and vanadium values across multiple target areas, support our view that this historic district has considerable exploration potential. We're moving quickly toward a maiden drill campaign to test these targets at depth," said Steven Gold, President & Chief Executive Officer. A District with Documented Historical Production The Huemul Project is anchored by Argentina's first-ever producing uranium mine, commissioned in 1955 and operated continuously until 1975 by the Comisión Nacional de Energía Atómica (CNEA). Historical records report that approximately 130,000 tonnes of mineralized material, historically described as ore, were processed at the Malargüe plant, with reported average head grades of 0.21% uranium, 2.0% copper and 0.11% vanadium (source: Guillermo Rojas, 1999. Distrito Uranìfero Pampa Amarilla, Mendoza. En Recursos Minerales de la Republica Argentina. Pag.1135-1140). The Company has not independently verified the historical production records or historical head-grade information, and such information should not be interpreted as current exploration results, a mineral resource estimate, a mineral reserve estimate or evidence of current economic viability. The project hosts uranium-copper-vanadium mineralization in a classic sandstone-hosted deposit setting. The broader Malargüe Mining District remains largely untested by modern exploration methods. Based on the presence of a former producing mine, historical exploration data, and the extent of the Company's land package, management believes the project warrants further systematic exploration. Sampling Program Jaguar conducted targeted sampling included outcrop, subcrop, rock chip composite, channel and float samples, across areas of visible surface mineralization. Field observations were generally consistent with the presence of mineralization described in historical reports, particularly around the former Huemul mine, as described previously here. Samples were collected from eight target areas, namely, Huemul Mine, Agua Botada, Uryco, Rosa, Vega Larga, Black Zone, Cerro Mirano and Lucy (Figure 1). Channel samples were collected over intervals ranging from 50 cm to 280 cm. All samples were packaged and sealed at the project site by Jaguar geologist and transported to ALS in Mendoza, Argentina for analysis using sodium peroxide decomposition method ME-MS89L™. ALS Mendoza is a full-service laboratory and is ISO/IEC 17025 accredited sample preparation and geochemical analysis. ALS Mendoza is independent of Jaguar. Jaguar included 6 Blanks and 6 Duplicates as part of the sample submission (200 samples in total) for QA/QC assessment. Blank material performed satisfactorily. Two duplicate samples did not compare well and were subsequently re-analysed. The re-analysis confirmed the original assay values for those samples. The QP considers the QA/QC results satisfactory, and the assay results suitable for disclosure. Since the sampling of visible mineralization is selective by nature, the exploration results disclosed in this news release are potentially biased and do not establish the extent and continuity of grade, tonnage, economic significance, mineral resources or mineral reserves of the Huemul Project. Results Most notably, sampling of strike extensions at the Uryco/Rosa and Black zone trend identified a potential 4-kilometre trend of copper mineralization observed in outcrop, consistent with the scale of the system suggested by historical work. Selected significant results from the surface sampling with U grades greater than 100 ppm or Cu grades greater than 1.0% are presented in Table 2 below. The 100 ppm U and 1.0% Cu reporting thresholds used for Table 2 are exploration reporting thresholds selected by the Company and should not be interpreted as a cut-off grade, economic threshold, or indication of mineral resources or mineral reserves. A full tabulation of the sample coordinates, sample types and assay results is reported in Appendix 1. Table 2 Selected significant results U (greater than 100 ppm) or Cu (greater than 1.0%) Huemul Mine / Agua Botada Trend The Huemul Mine / Agua Botada Trend represents a predominantly uranium-vanadium mineralized zone. Mineralization is hosted in the Diamante Formation sandstones, conglomerates, shales and volcano-clastics striking north south and dipping 20-25° to the west in the north and becoming flat lying to the south. Recent sampling results appear show the dominance of U over Cu in this area (Figure 3). Uryco-Rosa, Black Zone and Vega Larga Trend The Cerro Mirano, Uryco-Rosa, Black Zone and Vega Larga areas are dominated by Cu-U-V±Ag mineralization. Mapping, rock sampling and gamma surveying have delineated the Uryco-Rosa, Black Zone and Vega Larga target areas, with apparent strike lengths of approximately 2,200 m, 1,300 m and 2,300 m, respectively, hosted along conglomerate and sandstone horizons of the Diamante Formation that collectively define a greater than 4 km corridor of mineralized occurrences. The Cerro Mirano mineralized zone is related to the intrusion of andesitic dikes and is approximately 300 m long. Recent sampling results appear to show the dominance of Cu over U in this area (Figure 3). Since the sampling of visible mineralization is selective by nature, the exploration results disclosed in this news release are potentially biased and do not establish the extent and continuity of grade, tonnage, economic significance, mineral resources or mineral reserves of the Huemul Project. Data Verification Over-limit samples for copper (indicated as >25000) were re-analysed by ALS using 4 acid digest and ICP finish (ME-OG62™). One over-limit sample for uranium (indicated as >25000) is being re-analysed using XRF for base metal ores by fusion (ME-XRF15b™) and is still pending. Duplicate re-analysis confirmed the original assay results that were received and indicates a potential sample swap, either during project preparation, or at the laboratory. In the opinion of the QP, these issues are not material at this stage of the project but will need closer attention during further work phases. The QP's review of the sampling, analytical and QA/QC information disclosed in this news release was limited to a review of information provided by the Company and its consultants, including sample locations, sample descriptions, analytical certificates, analytical methods and QA/QC results. The QP has not completed a current site visit to the Huemul Project and has not independently observed or physically verified the sampling procedures, sample locations, sample security or chain-of-custody procedures. The QP has not independently verified the historical production, historical grade or historical exploration information referenced in this news release. The QP's review is subject to the limitations described herein, including the selective nature of the samples, pending over-limit reanalysis for certain uranium. Cautionary Note The Huemul Project is an exploration-stage property. No mineral resource or mineral reserve estimate has been prepared for the Huemul Project under National Instrument 43-101 — Standards of Disclosure for Mineral Projects ("NI 43-101") or Subpart 1300 of Regulation S-K. The surface sampling results disclosed in this news release are exploration results only and should not be interpreted as establishing the presence of mineral resources or mineral reserves. Rock chip and channel samples are selective by nature and may not be representative of mineralization across the property. Historical production, grade and exploration information referenced in this news release is historical in nature and has not been independently verified by the Company or by a qualified person under NI 43-101 or Subpart 1300 of Regulation S-K. The Company is not treating this information as current mineral resources, mineral reserves, or current exploration results. The information is considered relevant because it indicates the presence of uranium-copper-vanadium mineralization on the property, but it should not be relied upon until confirmed by additional exploration work. Qualified Person The scientific and technical information contained in this news release has been reviewed and approved by George van der Walt, Pr.Sci.Nat., an independent Principal Consultant with The MSA Group (Pty) Ltd., who is a qualified person under NI 43-101 and Subpart 1300 of Regulation S-K. Mr. van der Walt has reviewed the sampling, analytical and QA/QC information disclosed in this news release on the basis of information provided by the Company and its consultants and has approved the technical disclosure in the form and context in which it appears. Mr. van der Walt has not completed a current site visit to the Huemul Project and has not independently observed or physically verified the sampling procedures or sample chain of custody. About Jaguar Uranium Jaguar Uranium Corp. is a South America-focused uranium exploration company advancing a portfolio of prospective brownfield projects across Argentina and Colombia. In Argentina, Jaguar is advancing the Laguna Salada Project in Chubut Province and the historic Huemul uranium mine in Mendoza Province. Anchored by a former producing mine, a historic uranium district and exploration projects supported by historical drilling, the Company is focused on advancing and expanding uranium opportunities across the region. The Company's Berlin Project in Caldas Province, Colombia is a district-scale, sedimentary-hosted polymetallic system historically reported to host uranium alongside rare earth elements, vanadium, nickel, phosphate, molybdenum, rhenium and zinc. Jaguar completed a $25 million initial public offering on NYSE American in February 2026 and is led by an experienced team with backgrounds in exploration, permitting, project development and mining finance in South America. www.jaguaruranium.com Forward Looking Statements This news release contains "forward-looking statements" within the meaning of applicable U.S. and Canadian securities laws. Forward-looking statements are statements that are not historical facts and include, without limitation, statements regarding: the timing and results of assay data; the interpretation of exploration results; the potential extent, continuity, and significance of observed mineralization; the identification of prospective target areas; the potential for discovery; planned or future exploration programs; and the Company's expectations regarding the Huemul Project and the broader Malargüe district. Forward-looking statements are based on a number of material assumptions, including, but not limited to: the accuracy of historical data; the reliability of sampling and field observations; the completion of over-limit reanalysis and any duplicate-sample follow-up without material adverse changes to the preliminary interpretation; the continuity of mineralization observed at surface; the receipt of assay results consistent with expectations; the availability of financing and personnel; the availability of equipment, laboratory capacity, property access and required permits; and the Company's ability to execute its exploration plans as currently contemplated. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, among others: the risk that assay results or over-limit reanalysis results do not confirm preliminary observations; risks relating to the interpretation of exploration results; risks that duplicate-sample reanalysis or additional QA/QC review may affect the interpretation of results; the possibility that mineralization is not continuous or of economic grade; risks associated with early-stage exploration properties; the selective nature of rock chip, channel, composite, select and mine-dump samples; reliance on historical data that may be incomplete or inaccurate; commodity price volatility; permitting and regulatory risks; operational and technical risks; and general economic, market and industry conditions. Forward-looking statements speak only as of the date of this news release. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. APPENDIX 1: Full tabulation of final sample assay results View original content to download multimedia:https://www.prnewswire.com/news-releases/jaguar-uranium-reports-final-copper-assay-results-including-up-to-8-54-copper-potential-4-km-trend-identified-from-huemul-uranium-copper-vanadium-project-302854527.html

Image source: The Motley Fool. Thursday, July 30, 2026 at 12:00 p.m. ET Vice President, Investor Relations - Daniel Katzenberg Chief Executive Officer and President - Michael Kennedy Chief Financial Officer - Justin Agnew Chief Financial Officer of Antero Resources - Benny Krueger Need a quote from a Motley Fool analyst? Email [email protected] Operator: Greetings, and welcome to the Antero Midstream Corporation Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Dan Katzenberg, Vice President, Investor Relations. Please go ahead. Daniel Katzenberg: Thank you for joining us for Antero Midstream's Second Quarter Investor Conference Call. We will spend a few minutes going through the financial and operating highlights, and then we will open it up for Q&A. I would also like to direct you to the homepage of our website at anteromidstream.com, where we have provided a separate earnings call presentation that will be reviewed during today's call. Today's call may contain certain non-GAAP financial measures. Please refer to the earnings press release for important disclosures regarding such measures. Joining me on the call today are Michael Kennedy, CEO and President of Antero Midstream; Justin Agnew, CFO of Antero Midstream; and Benny Krueger, CFO of Antero Resources. With that, I will turn the call over to Mike. Michael Kennedy: Thanks, Dan. Good morning, everyone. I'll start my comments on Slide #3. Last year has been an exciting year for growth in Appalachia and more importantly, Antero Midstream. During the second quarter, we gathered over 4.1 Bcf per day of gas, which was almost a 20% increase year-over-year. This growth was driven by the successful integration of the HG Midstream assets. This increased scale, premier footprint and strong balance sheet positions Antero Midstream to capture the abundant opportunities that are beginning to materialize in the region. To this point, we've seen an acceleration of new gas-fired power generation project announcements and supply deals, including a 2-gigawatt combined cycle power plant in Doddridge County, West Virginia, accessed by AM's joint venture pipeline. We expect this trend to continue as final investment decisions and construction start-ups accelerate, providing increased visibility into the Appalachian demand growth story. Looking ahead, we are positioning our infrastructure to support the significant demand growth over the next several years. This starts with beginning construction on our first intrastate regional pipeline called Eastside Express. This large diameter east-west pipeline will enhance the regional connectivity of our dry gas gathering system with several downstream market outlets. We plan to phase in this project over the next several years as new market opportunities arise with the objective of increasing optionality and supporting low-cost dry gas growth. As the industrial builder in the state of West Virginia that gathers half of the gas produced in the state, we view this project as step 1 in positioning Antero Midstream to capture the incremental production needed to fulfill the visible demand growth. In our view, this production growth will have to come from high-quality investment-grade producers with multi-decade inventories like Antero Resources. In addition to this project, the opportunity set ahead of Antero Midstream is larger than ever. In aggregate, we are evaluating several billion dollars of infrastructure opportunities within the region and we'll be selective with projects that are near term, actionable and accretive to our free cash flow and generate attractive rates of return. Before turning the call over to Justin, I wanted to briefly touch on the early results we are seeing on our first return to the dry gas Marcellus in over a decade. As you can see on Slide #4, EURs on our revisit were over 60% higher than offset wells completed the last time we were actively developing the area. This highlights the productivity improvements from enhanced completion designs and validates the decades of underlying resource that underpins the growth outlook at Antero Midstream. With that, I'll turn the call over to Justin. Justin Agnew: Thanks, Mike. I'll start with our second quarter highlights on Slide #5. The second quarter represents the first full quarter of contribution from the recently acquired HG assets, which have been successfully integrated. Adjusted EBITDA for the second quarter was a company record $289 million, which was a 2% increase year-over-year, driven by an increase in gathering volumes. Looking ahead to the third quarter, we expect high single-digit sequential EBITDA growth in Q3, driven by increased volumes, which keeps us on track to achieve our full year EBITDA guidance. Capital invested during the quarter was $47 million, which helped to generate $80 million of free cash flow after dividends. This quarter marks the 12th consecutive quarter of generating free cash flow after dividends, highlighting the consistency and durability of cash flows over the last 3 years. I'll conclude my prepared remarks on Slide #6, which highlights our pro forma balance sheet and maturity schedule. In July, we received over $370 million of damages and interest from Veolia. Pro forma for these proceeds, our leverage was 2.8x as of June 30, below our 3x target and well ahead of schedule. Excess cash on hand and availability -- available capacity under our undrawn credit facility positioned us to call our nearest term 2028 maturity at par. As a result, we have no near-term maturities, and we have converted that debt into lower cost prepayable debt on our credit facility while maintaining significant liquidity. This financial flexibility is critical in today's environment as we position Antero Midstream to execute on the large opportunity that Mike referenced in his remarks. This flexibility and project opportunity set, in addition to our organic growth strategy, position us well to continue delivering shareholder value over the long term and enhance our return of capital to shareholders. With that, operator, we are ready to open up for Q&A. Operator: [Operator Instructions] Our first question today is coming from John Mackay from Goldman Sachs. John Mackay: Let's start on East Side Express. Just wondering if there's a little more you can share with us in terms of CapEx expectations and the contracting side. Is this AR underwriting? Are you looking to get customers on the demand side to underwrite? Maybe just walk us through the spending and the return profile. Michael Kennedy: Yes, it's really AR underwriting, but it's $200 million to $300 million over the next 2 to 3 years. So I think about kind of $100 million each year. I think it has 7 interconnects with long-haul pipelines. Big pipe, 1.5 to 2 Bcf a day. So there will be opportunities, but solely underwritten by Antero Resources and its development plans, but with optionality to get third-party business and connect with all those different pipes. John Mackay: That's helpful. And then maybe just looking broadly, you mentioned the several billion dollars of opportunities. Maybe just walk us through some of the general buckets that could include. Is there anything in there that could kind of dovetail with some of the cost saving initiatives that AR has been talking about? Or should we kind of think about this as pretty separate? Michael Kennedy: Yes. No, I think you've heard about all the different power plant construction, data center construction in West Virginia, that's capturing that from a midstream perspective, building these type of regional pipelines or laterals off of existing pipelines to those type of projects. I referenced it on the AR call, but a decade ago, a good go buy the Stonewall pipeline. We had to farm that out. We didn't have the ability to build that internally, whether from capital or expertise. Now that's not the case. We are the builder in this area of the world. We have 1 million acres dedicated to us from AR. We have all these demand projects and power plants within that acreage or close to it. So we will be building those pipelines and laterals to those type of projects within the state of West Virginia. John Mackay: Appreciate that. And maybe just a clarification. Is there a kind of time frame on that, that you can throw out there? Michael Kennedy: No, this is our first one, the East Side Express. So that's over the next 2 to 3 years of the '28, '29 time frame. We're hopeful to announce more in the near term. Operator: Next question is coming from Jeremy Tonet from JPMorgan. Jeremy Tonet: Just wanted to peel back that several billion of CapEx opportunities that you said there. And it sounds like some of this could be servicing third parties beyond AR here. And just wondering that part of the business, how much opportunity you see to grow as far as servicing other producers or just in general, moving beyond what AR provides? Michael Kennedy: Yes. I'm looking at a project backlog right now there's 15 projects that generally make that up all within the state of West Virginia. So that's what we're looking at. Antero Midstream could be involved solely or more probably probability-wise with AR's gas. So we're way more comfortable with AR as a supplier of that. AR, of course, we know exactly when they drill wells and where the gas goes and very confident in that throughput. So probably most likely associated with AR, but there are 15 projects on this list I'm looking at right now, and AR is probably half of them. Jeremy Tonet: Okay. Got it. And then just pivoting towards water here. Just wondering what opportunities on the water beneficial reuse side you might see there. Given disposal costs much higher in the Northeast versus Texas, does that create more incentive economic benefit to recycling here? Just wondering what that -- any updates there? Michael Kennedy: Yes. For AR, it's terrific to have a closed-loop water system that -- it's in a kind of cost plus 13 versus the kind of the disposal cost that you referenced. That's great for AR. Also great for AM because that closed-loop system is the freshwater distribution where it gets nice returns and both from a freshwater distribution and also from a produced water disposal reuse case. So really a benefit to both parties, also allows AR to complete in that 14, 15, 16 stages range and not have water be a logistics issue. So very beneficial to both. We'll connect the HG system. We're connecting it as we speak. That will be what's responsible, and it could be more than this, but what we've talked about on the high single-digit EBITDA growth for '27, that's just connecting the water systems to get the water down to the HG area. So that will benefit us going forward into '27 with the EBITDA growth on top of what we had this year. Jeremy Tonet: Got it. That's very helpful there. And apologies if I missed the details on the AR call. But with regards to power generation investment, the governor has a 50 by 50 goal. So clearly, a lot of appetite in state to develop new generation there. And just wondering, I guess, Antero's appetite to more fully, I guess, embrace that build-out going further downstream, what have you? Just any thoughts on that side? Michael Kennedy: Yes, we fully embrace that. We're the only investment-grade producer in West Virginia that's focused solely on West Virginia. We are the midstream builder. We've built everything up here over the last decade. So you combine those 2, and we produce about half of the state's gas. So we would be the logical person to benefit or entities to benefit from that initiative governor has. Operator: Next question is coming from Sunil Sibal from Seaport Global. Sunil Sibal: Most of my questions have been hit, but I just had one clarification with regard to the opportunity to contract for the gas to ultimate consumers. So I was curious when you're talking for those contracts, are you contracting with the power producers in the region? Or you're more focused on contracting with the data center entities per se? Michael Kennedy: It's all of the above, both. We're building the East Side Express just knowing Antero's development and where that's going and where the interconnects are and just the opportunity set in front of us. We want to get in front of that and be positioned well. So when these opportunities present themselves, we are positioned to deliver gas to them. Operator: Next question today is coming from Ned Baramov from Wells Fargo. Ned Baramov: Just wanted to go back to the time line for additional infrastructure or intrastate projects you're currently working on. I think you noted you plan to announce potentially other projects soon. We're just wondering if construction of these projects would potentially overlap with that of the East Side Express project? Michael Kennedy: Yes, not in '26, but '27 and beyond, that's probably a good assumption. Ned Baramov: Understood. And then I guess, you mentioned the AR contracts on -- or AR will underwrite the project. I was just wondering if the contracts would be in a take-or-pay type of format? Or will there be volumetric exposure from AM's perspective? Michael Kennedy: It just acreage dedication from AR, but because we know where AR drills and the plants are drilling, there's no need for those MVCs because we know the volumes will be there. Ned Baramov: Understood. And then maybe one more, if I could. It seems that curtailments will be used a little bit more to better align the timing of production at AR with gas prices. Can you talk about the impact to AM's results? And does this imply that volumes going forward will have a little bit more pronounced seasonality? Michael Kennedy: Yes. No, I mean we're talking 50 million a day. I think AM gathered 4.1 Bcf. So that's about 1% for maybe 1 quarter of the year. So maybe you're looking at 0.25%. So that doesn't move the needle for AM. Operator: We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments. Daniel Katzenberg: Thank you, everyone, for joining the second quarter conference call today. If you have any follow-up questions, please reach out. Have a good day. Operator: Thank you. That does conclude today's teleconference. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today. Before you buy stock in Antero Midstream, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Antero Midstream wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Antero Midstream (AM) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Antero Midstream Corporation? Here are five stocks we like better. Record second-quarter results: Adjusted EBITDA reached a company-record $289 million, while gathering volumes rose nearly 20% year over year to more than 4.1 Bcf per day. Antero Midstream also generated $80 million in free cash flow after dividends, marking its 12th consecutive quarter of positive free cash flow. Balance sheet strengthened: The company received more than $370 million from Veolia in damages and interest, reducing pro forma leverage to 2.8 times. Management plans to refinance its nearest-term 2028 debt maturity at par using lower-cost credit-facility borrowings. Expansion plans support future growth: Construction began on the $200 million-$300 million East Side Express pipeline, which is expected to provide 1.5-2.0 Bcf per day of capacity. Antero Midstream is also evaluating a roughly $15-project, multibillion-dollar West Virginia infrastructure backlog tied to potential power-generation and data-center demand. 3 Picks-and-Shovels Stocks Powering the Humanoid Robotics Buildout Antero Midstream (NYSE:AM) reported record adjusted EBITDA in the second quarter of 2026, supported by higher gathering volumes and the first full-quarter contribution from its recently acquired HG Midstream assets. Management also outlined plans to expand its intrastate pipeline network in West Virginia as it seeks to capture anticipated regional demand growth from power generation and data center development. Chief Executive Officer and President Michael Kennedy said the company gathered more than 4.1 billion cubic feet per day of natural gas during the quarter, nearly 20% higher than a year earlier. He attributed the increase to the successful integration of the HG Midstream assets. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now 5 Tech Stocks to Buy on the July Pullback “This increased scale, premier footprint, and strong balance sheet positions Antero Midstream to capture the abundant opportunities that are beginning to materialize in the region,” Kennedy said. Chief Financial Officer Justin Agnew said second-quarter adjusted EBITDA reached a company record of $289 million, up 2% from the prior-year period, driven by increased gathering volumes. The company expects high-single-digit sequential EBITDA growth in the third quarter as volumes rise, keeping it on track to meet its full-year EBITDA guidance. → Microsoft Just Flipped the AI Spending Narrative Overnight Time to Sell? 3 Winners With Fading Technical Momentum Antero Midstream invested $47 million of capital during the quarter and generated $80 million of free cash flow after dividends. Agnew said the quarter marked the company’s 12th consecutive quarter of positive free cash flow after dividends. The company also received more than $370 million in damages and interest from Veolia in July. On a pro forma basis for those proceeds, Antero Midstream’s leverage was 2.8 times as of June 30, below its target of three times. → Carrier Earnings Could Send the Stock to a New All-Time High Agnew said the proceeds, along with cash on hand and unused credit-facility capacity, position the company to call its nearest-term 2028 debt maturity at par. The company would replace that debt with lower-cost, prepayable borrowings under its credit facility, leaving no near-term maturities while retaining significant liquidity, he said. Management highlighted the start of construction on East Side Express, Antero Midstream’s first intrastate regional pipeline. Kennedy described the project as a large-diameter, east-to-west pipeline intended to improve connectivity between the company’s dry-gas gathering system and downstream markets. Kennedy said the project is expected to require $200 million to $300 million of capital investment over the next two to three years, or roughly $100 million annually. The pipeline is expected to have capacity of 1.5 billion to 2 billion cubic feet per day and seven interconnects with long-haul pipelines. Antero Resources will underwrite East Side Express through its acreage dedication and development plans, Kennedy said. The project also could create opportunities to serve third-party volumes and access multiple downstream pipelines. Construction and phased deployment are expected to extend into a 2028-to-2029 timeframe. Kennedy said additional infrastructure projects could overlap with East Side Express beginning in 2027, though not in 2026. Kennedy said Antero Midstream is evaluating several billion dollars of potential infrastructure investments in West Virginia, with a project backlog of about 15 opportunities. The company intends to be selective, focusing on near-term projects that are actionable, accretive to free cash flow and capable of producing attractive returns. He said the opportunities include regional pipelines and laterals serving proposed gas-fired power plants and data centers. Kennedy cited a planned 2-gigawatt combined-cycle power plant in Doddridge County, West Virginia, that would be accessed by Antero Midstream’s joint-venture pipeline. While some projects could involve third parties, Kennedy said Antero Resources is likely to be the supplier for most of the potential developments. About half of the projects on the company’s current list involve Antero Resources, he said. “We have 1 million acres dedicated to us from AR,” Kennedy said. “We have all these demand projects and power plants within that acreage or close to it.” Management also discussed the company’s water infrastructure. Kennedy said Antero Resources benefits from a closed-loop water system that provides freshwater distribution and produced-water disposal and reuse. Antero Midstream is connecting the HG water system, a project that management said is expected to support high-single-digit EBITDA growth in 2027. Kennedy said early results from Antero Resources’ return to the dry-gas Marcellus were encouraging. According to the company’s presentation, estimated ultimate recoveries from the new development area were more than 60% higher than offset wells completed when the area was previously developed more than a decade ago. He said the results reflect productivity gains from enhanced completion designs and support the long-term resource base underlying Antero Midstream’s growth outlook. Addressing potential production curtailments by Antero Resources to better align output with gas prices, Kennedy said the expected impact on Antero Midstream would not be material. He noted that the company gathered 4.1 billion cubic feet per day during the quarter and characterized the potential reduction as too small to “move the needle” for the midstream business. Antero Midstream Corporation is a publicly traded midstream service provider that was established in 2014 as a spin-off from Antero Resources. Headquartered in Denver, Colorado, the company owns, operates and develops midstream infrastructure to support the gathering, compression, processing, transportation and storage of natural gas, natural gas liquids (NGLs) and crude oil. Antero Midstream plays a critical role in connecting upstream production in the Appalachian Basin to end-market pipelines and processing facilities. The company's core operations include a network of gathering pipelines and compression stations that serve the Marcellus and Utica shale formations across West Virginia, Pennsylvania and Ohio. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Antero Midstream Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Antero Midstream Corporation AM reported second-quarter 2026 earnings of 24 cents per share, which missed the Zacks Consensus Estimate of 27 cents by 11.1%. The bottom line declined 7.7% from 26 cents in the year-ago quarter. Revenues of $327.24 million beat the consensus mark of $322.31 million by 1.5%. The top line increased 7.1% from $305.47 million a year ago. Higher gathering and compression volumes supported the top line, while elevated operating and interest expenses weighed on earnings. Processing and fractionation capacity remained fully utilized. Antero Midstream Corporation price-consensus-eps-surprise-chart | Antero Midstream Corporation Quote Gathering and compression revenues from Antero Resources rose to $271.51 million from $248.90 million a year ago. The reported figure was above our estimate of $260 million. The increase reflected stronger system activity and a 3% rise in the average realized gathering fee to 37 cents per Mcf. Average daily gathering volumes increased 19% to 4,124 million cubic feet per day (MMcf/d) from the year-ago level of 3,460 MMcf/d, setting a company record. This exceeded our estimate of 3,587 MMcf/d. The high-pressure gathering volumes declined 7% to 2,986 MMcf/d. Compression volumes rose 17% to 4,036 MMcf/d compared with 3,447 MMcf/d a year ago, aided by 747 MMcf/d of well pad compression. The figure was above our estimate of 3,578 MMcf/d. Centralized compression volumes fell 5% to 3,289 MMcf/d. Water handling revenues from Antero Resources increased to $78.54 million from $73.77 million in the prior-year quarter. The reported figure was above our estimate of $75.5 million. The segment benefited from a sharp increase in other water handling activity, which includes cost-plus services. Other water handling volumes surged 131% to 136 thousand barrels per day (MBbl/d). Fresh water delivery volumes declined 16% to 82 MBbl/d. The average realized fresh water delivery fee increased 2% to $4.44 per barrel from the year-ago figure of $4.37 per barrel, reflecting annual CPI-based adjustments. Total operating expenses rose to $145.34 million from $119.03 million a year ago. Direct operating expenses increased to $84.53 million from $63.11 million, with water handling accounting for $47.99 million and gathering and processing contributing $36.53 million. Operating income decreased to $181.91 million from $186.44 million. Net interest expense increased 16% to $55.68 million, driven by financing for the HG Energy acquisition. Equity in earnings of unconsolidated affiliates declined to $28.53 million from $30.02 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 2% year over year to $288.78 million. Adjusted free cash flow before dividends was $186.43 million, while adjusted free cash flow after dividends totaled $79.63 million. Capital expenditures were $46.68 million on an accrual basis. The company invested $33 million in gathering and compression and $14 million in water infrastructure. As of June 30, 2026, total debt was $3.59 billion, including $341.90 million outstanding under the bank credit facility. The company had no cash, cash equivalents or restricted cash at quarter-end. In July, Antero Midstream received about $371 million in damages and interest from Veolia. The proceeds, together with revolver borrowings, are being used to redeem $650 million of senior notes due 2028 at par. Management expects leverage to fall below its 3.0-times target, while liquidity remains above $600 million with no near-term maturities. Antero Midstream repurchased 400,000 shares for about $8 million and has roughly $310 million remaining under its buyback authorization. During the quarter, AM began construction on East Side Express, its first intrastate regional pipeline. The bi-directional project is designed to improve dry gas connectivity to long-haul and regional pipelines and support future demand growth in West Virginia. Management said water integration projects remain on track and that it expects higher gathering and water volumes to drive second-half EBITDA growth within the full-year guidance range. The company connected 26 wells to its gathering system and serviced 21 wells with fresh water delivery. Antero Midstream currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the energy sector are NOV Inc. NOV, HF Sinclair Corporation DINO and Cactus, Inc. WHD. NOV sports a Zacks Rank #1 (Strong Buy), while DINO and WHD carry a Zacks Rank #2 (Buy) each, at present. You can see the complete list of today’s Zacks Rank #1 stocks here. NOV reported second-quarter 2026 adjusted earnings of 31 cents per share, which beat the Zacks Consensus Estimate of 16 cents per share. As of June 30, 2026, NOV had long-term debt of $1.69 billion, and cash and cash equivalents of $1.16 billion. HF Sinclair reported second-quarter 2026 adjusted earnings of $5.31 per share, which topped the Zacks Consensus Estimate of $4.39 per share. As of June 30, 2026, DINO had total debt of $2.77 billion, and cash and cash equivalents of $2.26 billion. Cactus reported second-quarter 2026 adjusted earnings of 93 cents per share, which surpassed the Zacks Consensus Estimate of 71 cents per share. As of June 30, 2026, WHD had cash and cash equivalents of $365 million. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Antero Midstream Corporation (AM) : Free Stock Analysis Report NOV Inc. (NOV) : Free Stock Analysis Report Cactus, Inc. (WHD) : Free Stock Analysis Report HF Sinclair Corporation (DINO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

For the quarter ended June 2026, Antero Midstream Corporation (AM) reported revenue of $327.24 million, up 7.1% over the same period last year. EPS came in at $0.24, compared to $0.26 in the year-ago quarter. The reported revenue represents a surprise of +1.53% over the Zacks Consensus Estimate of $322.31 million. With the consensus EPS estimate being $0.27, the EPS surprise was -11.11%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Antero Midstream performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Average Daily Volumes - Low Pressure Gathering: 4124 millions of cubic feet per day versus 3861.92 millions of cubic feet per day estimated by three analysts on average. Average Daily Volumes - Fresh Water Delivery: 82 millions of barrels of oil per day versus the three-analyst average estimate of 91.18 millions of barrels of oil per day. Average Daily Volumes - Compression: 3289 millions of cubic feet per day versus the three-analyst average estimate of 3672.09 millions of cubic feet per day. Average Daily Volumes - High Pressure Gathering: 2986 millions of cubic feet per day compared to the 3139.76 millions of cubic feet per day average estimate based on three analysts. Revenues- Water Handling- Antero Resources: $78.54 million versus the three-analyst average estimate of $70.93 million. The reported number represents a year-over-year change of +6.5%. Revenues- Gathering and Processing- Antero Resources: $271.51 million versus the three-analyst average estimate of $267.32 million. The reported number represents a year-over-year change of +9.1%. Revenues- Gathering and Processing: $257.72 million compared to the $252.01 million average estimate based on two analysts. The reported number represents a change of +7.6% year over year. Revenues- Water Handling: $69.52 million versus the two-analyst average estimate of $68.97 million. The reported number represents a year-over-year change of +5.6%. Revenues- Amortization of customer relationships: $-22.8 million versus $-19.6 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +29.1% change. View all Key Company Metrics for Antero Midstream here>>> Shares of Antero Midstream have returned -4.4% over the past month versus the Zacks S&P 500 composite's +1.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Antero Midstream Corporation (AM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

DENVER, July 29, 2026 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its second quarter 2026 financial and operating results. The relevant consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the three months ended June 30, 2026. Highlights: Gathering and compression volumes increased by 19% and 17%, respectively, compared to the prior year quarter Net Income was $114 million, or $0.24 per diluted share, an 8% per share decrease compared to the prior year quarter Adjusted Net Income was $131 million, or $0.27 per diluted share, a 7% per share decrease compared to the prior year quarter (non-GAAP measure) Adjusted EBITDA was $289 million, a 2% increase compared to the prior year quarter (non-GAAP measure) Capital expenditures were $47 million Adjusted Free Cash Flow after dividends was $80 million (non-GAAP measure) Commenced construction on the Company's first intrastate regional pipeline ("East Side Express") Received $371 million in damages and interest from Veolia in July and called $650 million of senior notes due 2028 at par Michael Kennedy, CEO and President of Antero Midstream said, "During the quarter, Antero Midstream gathered over 4.1 Bcf/d of production, which was a 19% increase year-over-year and a new company record. Our water integration projects remain on track, which we expect to drive high-single digit EBITDA growth in 2027." Mr. Kennedy further added, "In addition, during the quarter we commenced initial construction of our first intrastate regional pipeline, the "East Side Express", which will enhance regional connectivity within our operating areas. This pipeline positions Antero Midstream for future dry gas growth in West Virginia with decades of underlying inventory to capture growing regional demand. This east-west bi-directional pipeline represents our first regional pipeline and adds significant optionality for future intrastate pipeline projects that provide an integrated midstream solution connecting low-cost supply to demand centers." Justin Agnew, CFO of Antero Midstream, said "The second quarter marked our twelfth consecutive quarter of generating Free Cash Flow after dividends, highlighting the consistency of operations over the last three years. Looking ahead, we expect an increase in volumes across both the gathering and water businesses to drive EBITDA growth in the back half of the year in line with our full year guidance range." Mr. Agnew further added, "In July, Antero Midstream received approximately $371 million of proceeds from Veolia, which allowed us to reduce absolute debt and be below our 3-times leverage target ahead of expectations. After calling the $650 million of senior notes due 2028 at par, Antero Midstream has over $600 million of liquidity and no near-term maturities. This provides us with significant liquidity and balance sheet capacity to pursue additional growth opportunities and further return of capital to shareholders." For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, and Adjusted Free Cash Flow after dividends please see "Non-GAAP Financial Measures and Definitions." Clearwater Lawsuit Update On June 23, 2026 the Colorado Supreme Court affirmed that Antero Midstream had prevailed on its claims against Veolia relating to the Clearwater Facility. On July 24, 2026 Antero Midstream received approximately $371 million in damages and interest. These proceeds and borrowings under the revolving credit facility are being used to call the $650 million of senior unsecured notes due 2028 at par. Share Repurchases During the second quarter of 2026, Antero Midstream repurchased 0.4 million shares for approximately $8 million. Antero Midstream had approximately $310 million of remaining capacity under its share repurchase program as of June 30, 2026. Strategic and Operating Updates During the quarter, Antero Midstream began its multiyear investment in the East Side Express, the Company's first dry gas regional connectivity expansion project. This project will expand dry gas deliveries to several different long haul and regional pipelines and will enhance optionality to local markets in order to capture growing regional demand around the Company's area of operations. Antero Midstream connected 26 wells to its gathering system and serviced 21 wells with its fresh water delivery system during the quarter. Capital expenditures were $47 million during the second quarter of 2026. The Company invested $33 million in gathering and compression and $14 million in water infrastructure. Second Quarter 2026 Financial Results Gathering and compression volumes increased by 19% and 17%, respectively, compared to the prior year quarter. Fresh water delivery volumes averaged 82 MBbl/d during the quarter, a 16% decrease compared to the second quarter of 2025. Processing volumes from the processing and fractionation joint venture (the "Joint Venture") averaged 1.6 Bcf/d and Joint Venture fractionation volumes averaged 40 MBbl/d, both in line with the prior year quarter. Processing and fractionation capacity were both 100% utilized during the quarter. For the three months ended June 30, 2026, revenues were $327 million, comprised of $272 million from the Gathering and Processing segment and $79 million from the Water Handling segment, net of $23 million of amortization of customer relationships. Water Handling revenues include $45 million from other water handling and high rate water transfer services. Direct operating expenses were $37 million for the Gathering and Processing segment and $48 million for the Water Handling segment for a total of $85 million. Water Handling operating expenses include $40 million from other water handling and high rate water transfer services. General and administrative expenses excluding equity-based compensation were $12 million during the second quarter of 2026. Total operating expenses during the second quarter of 2026 included $11 million of equity-based compensation expense and $37 million of depreciation expense. Net Income was $114 million, or $0.24 per diluted share. Net Income adjusted for amortization of customer relationships, impairment of property and equipment, transaction expense and other, net of tax effects of reconciling items, or Adjusted Net Income, was $131 million. Adjusted Net Income was $0.27 per diluted share, a 7% per share decrease compared to the prior year quarter. The following table reconciles Net Income to Adjusted Net Income (in thousands): Adjusted EBITDA was $289 million, a 2% increase compared to the prior year quarter. Interest expense was $56 million, a 16% increase compared to the prior year quarter driven by financing for the HG Energy acquisition. Capital expenditures were $47 million during the second quarter of 2026. Adjusted Free Cash Flow before dividends was $186 million and Adjusted Free Cash Flow after dividends was $80 million. The following table reconciles Net Income to Adjusted EBITDA and Adjusted Free Cash Flow before and after dividends (in thousands): The following table reconciles net cash provided by operating activities to Adjusted Free Cash Flow before and after dividends (in thousands): Conference Call A conference call is scheduled on Thursday, July 30, 2026 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 +1 201-493-6751 (International) and reference "Antero Midstream." A telephone replay of the call will be available until Thursday, August 6, 2026 at 10:00 am MT at 877-660-6853 (U.S.) or +1 201-612-7415 (International) using the conference ID: 13758948. 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, August 6, 2026 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 adjusted for certain items. Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets. Antero Midstream defines Adjusted EBITDA as Net Income adjusted for certain items. 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 Adjusted 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 and Adjusted Free Cash Flow excludes transaction expense related to acquisitions. Adjusted Free Cash Flow after dividends is defined as Adjusted Free Cash Flow before dividends less accrual-based dividends declared for the quarter. Antero Midstream uses Adjusted 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 Adjusted 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 (used in) 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): Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash, cash equivalents and restricted cash. 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): 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," "goal," or "target" 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, Antero Resources' and Antero Midstream's respective ability to integrate acquired assets and achieve the intended operational, financial and strategic benefits from any such transactions, 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 and dividend program, Antero Midstream's ability to execute its business strategy, impacts of geopolitical events, including the conflicts in Ukraine, Venezuela and in the Middle East, and world health events, 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, the impact of recently enacted legislation, 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 incidental 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, risks associated with the successful integration and future performance of acquired assets and operations, 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 geopolitical events, including the conflicts in Ukraine, Venezuela and the Middle East, and world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets 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, 2025 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. This release is not a notice of redemption of the 2028 notes. The redemption is being made solely pursuant to the Notice of Redemption, dated July 24, 2026, relating to the 2028 notes. View original content to download multimedia:https://www.prnewswire.com/news-releases/antero-midstream-announces-second-quarter-2026-financial-and-operating-results-302838245.html

DENVER, July 15, 2026 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced that the Board of Directors of Antero Midstream declared a cash dividend of $0.225 per share for the second quarter of 2026. The Company also repurchased approximately 0.4 million shares during the second quarter. In addition, Antero Midstream announced plans to issue its second quarter 2026 earnings on Wednesday, July 29, 2026 after the close of trading on the New York Stock Exchange. Second Quarter 2026 Return of Capital The Board of Directors of Antero Midstream declared a cash dividend of $0.225 per share for the second quarter of 2026, or $0.90 per share on an annualized basis. The dividend will be payable on August 12, 2026 to stockholders of record as of July 29, 2026. This represents the 47th consecutive quarterly dividend or distribution paid since Antero Midstream Partners LP's initial public offering in November 2014. In addition, during the second quarter of 2026, Antero Midstream repurchased 0.4 million shares for approximately $8 million. Antero Midstream had $310 million of remaining share repurchase capacity under its $500 million authorized share repurchase program as of June 30, 2026. Second Quarter 2026 Earnings Release Date and Conference Call Antero Midstream plans to issue its second quarter 2026 earnings on Wednesday, July 29, 2026 after the close of trading on the New York Stock Exchange. A conference call is scheduled on Thursday, July 30, 2026 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 +1 201-493-6751 (International) and reference "Antero Midstream." A telephone replay of the call will be available until Thursday, August 6, 2026 at 10:00 am MT at 877-660-6853 (U.S.) or +1 201-612-7415 (International) using the conference ID: 13758948. 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, August 6, 2026 at 10:00 am MT. 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 properties. For more information, contact Daniel Katzenberg, Vice President – Investor Relations, at (303) 357-7219 [email protected]. View original content to download multimedia:https://www.prnewswire.com/news-releases/antero-midstream-announces-second-quarter-2026-return-of-capital-and-earnings-release-date-and-conference-call-302826775.html

A month has gone by since the last earnings report for Occidental Petroleum (OXY). Shares have added about 8.2% in that time frame, outperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Occidental due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Occidental Petroleum Corporation before we dive into how investors and analysts have reacted as of late. Occidental Tops Q1 Earnings Estimates on Strong Production VolumesOccidental Petroleum Corporation reported first-quarter 2026 earnings of $1.06 per share, which outpaced the Zacks Consensus Estimate of 65 cents by 63.1%. The bottom line also rose 21.8% year over year. GAAP earnings in the reported quarter were $3.13 per share compared with the earnings of 77 cents in the year-ago quarter. Total revenues were $5.11 billion, which missed the Zacks Consensus Estimate of $5.5 billion by 7%. The top line also lagged 25.3% year over year due to lower contributions from its Oil & Gas segment. Oil and Gas revenues totaled $4.98 billion in the reported quarter, down 12.5% year over year.Midstream & Marketing revenues of $397 million jumped 129.5% year over year. Total production volume was 1,426 thousand barrels of oil equivalent per day (Mboe/d). The metric surpassed the company’s guided range of 1,385-1,425 Mboe/d.Total sales volume was 1,428 Mboe/d, up 2.7% from the year-ago period. Realized prices of crude oil dropped 1.6% year over year to $69.91 per barrel on a worldwide basis. Realized natural gas liquid prices fell 26.8% year over year to $18.99 per barrel globally. Natural gas prices decreased 58.3% year over year to $1.01 per thousand cubic feet. Occidental advanced debt reduction priorities, repaying $7.1 billion of principal debt through May 5, 2026, reducing principal debt to $13.3 billion and progressing toward the $10 billion milestone.Occidental reported strong first-quarter production due to robust contributions from Permian assets. Gulf of America’s average daily production volumes in the first quarter were 138 Mboe/d, up 14% year over year, which also contributed to the overall strong volumes.Sequential improvement in the Midstream and Marketing segment’s performance was due to higher crude margins related to the timing impact of crude sales, higher gas margins from transportation capacity optimizations and higher sulfur prices at Al Hosn. Total costs and reduction in the first quarter of 2026 were $4.86 billion, up 3.9% from $4.68 billion in the year-ago quarter. Interest and debt expenses increased 39.4% to $432 million from $310 million in the year-ago quarter, a positive impact of the ongoing debt reduction. As of March 31, 2026, Occidental had cash and cash equivalents of $3.81 billion compared with $1.97 billion as of Dec. 31, 2025.Occidental had long-term debt (net of current portion) of $15.25 billion as of March 31, 2026 compared with $20.62 billion as of Dec. 31, 2025. The company retired $15.6 billion in debt in the last 22 months, which lowered annual interest expenses by $830 million.OXY generated $3.25 billion of operating cash flow in the first three months of 2026 compared with $2.77 billion in the same period of 2025. Total capital expenditure was $1.55 billion in the first three months of 2026 compared with $1.68 billion in the year-ago period. For the second quarter of 2026, OXY expects production in the band of 1,390-1,430 Mboe/d. Output from the Permian Resources segment is anticipated at 783-803 Mboe/d. Occidental expects international production volumes for the second quarter of 2026 to be in the range of 205-211 Mboe/d.Exploration expenses are estimated to be $75 million and interest expenses to be $185 million in the second quarter of 2026. For 2026, OXY plans to bring online 460-510 wells in the Permian region and 150-170 wells in the Rockies region.Capital expenditure for 2026 is projected to be in the range of $5.5-$5.9 billion. Since the earnings release, investors have witnessed a upward trend in fresh estimates. The consensus estimate has shifted 45.63% due to these changes. Currently, Occidental has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. Following the exact same course, the stock has a grade of B on the value side, putting it in the top 40% for value investors. Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Occidental has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months. Occidental belongs to the Zacks Oil and Gas - Integrated - United States industry. Another stock from the same industry, Antero Midstream Corporation (AM), has gained 0.5% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026. Antero Midstream reported revenues of $314.21 million in the last reported quarter, representing a year-over-year change of +7.9%. EPS of $0.25 for the same period compares with $0.25 a year ago. For the current quarter, Antero Midstream is expected to post earnings of $0.28 per share, indicating a change of +7.7% from the year-ago quarter. The Zacks Consensus Estimate has changed -2.8% over the last 30 days. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Antero Midstream. Also, the stock has a VGM Score of D. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Occidental Petroleum Corporation (OXY) : Free Stock Analysis Report Antero Midstream Corporation (AM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research