Antero Midstream Corp
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 29, 2026
AM$18.98-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001104659-25-103732
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001104659-26-051518
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 70 previous paragraphs and 59 current paragraphs.
28 unchanged; 18 reworded; 13 added; 18 removed; 6 previous and 0 current paragraphs rearranged.
Tables are not compared: 26 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
Acquisition and Divestiture
Current report
HG Acquisition
Current report
On December 5, 2025, we entered into a definitive agreement to acquire 100% of the issued and outstanding equity interests of HG Midstream for cash consideration of $1.1 billion, subject to the terms and conditions thereof. The HG Acquisition included gathering pipelines and integrated water handling assets in the core of the Marcellus Shale in West Virginia. This acquisition closed on February 3, 2026. The Company’s condensed consolidated statement of operations for the three months ended March 31, 2026 included results of operations from the assets and operations acquired in the HG Acquisition from February 3, 2026 through March 31, 2026.
Current report
The HG Acquisition was funded with net proceeds of the 2034 Notes, borrowing under the Credit Facility and restricted cash. See Note 3—Transactions to our condensed consolidated financial statements for additional information. In light of the nature and location of the assets and operations acquired in the HG Acquisition, we and Antero Resources agreed in principle to certain updates to, and intend to modify, our existing commercial arrangements with Antero Resources to provide for on-pad compression with respect to certain wells and to provide certain water services. See Note 6—Revenue to our condensed consolidated financial statements for additional information.
Current report
Utica Shale Divestiture
Current report
On December 5, 2025, we entered into a purchase and sale agreement with the Buyer Parties to sell substantially all of our Utica Shale Property and Equipment in Ohio, for aggregate cash consideration of $400 million, subject to the terms and conditions thereof. The Utica Shale Property and Equipment included 118 miles of gathering pipelines, 0.7 Bcfe/d of compression capacity, 85 miles of water pipelines and 12 water impoundments with storage capacity of approximately 2 million barrels. The Utica Shale Divestiture closed on February 23, 2026. The net proceeds from the Utica Shale Divestiture were used for the repayment of long-term debt. See Note 3—Transactions to our condensed consolidated financial statements for additional information.
Current report
Depreciation expense. Depreciation expense increased by 6%, from $33 million for the three months ended March 31, 2025 to $35 million for the three months ended March 31, 2026 primarily due to incremental depreciation expense of $3 million related to gathering and water pipelines acquired in the HG Acquisition and assets placed in service during the year, partially offset by lower depreciation as a result of the Utica Shale Divestiture between periods.
Current report
*Loss (gain) on long-lived assets.There were no long-lived asset sales during the three months ended March 31, 2025. *During the three months ended March 31, 2026, we recognized a gain on long-lived assets of $3 million related to the Utica Shale Divestiture. See Note 3—Transactions to our condensed consolidated financial statements for additional information.
Current report
*Transaction expense.*During the three months ended March 31, 2026, we incurred $9 million of transaction expense related to the HG Acquisition. There were no transaction expenses during the three months ended March 31, 2025. See Note 3—Transactions to our unaudited condensed consolidated financial statements for additional information.
Current report
Investing activities. Net cash flows used in investing activities was $32 million and $781 million for the three months ended March 31, 2025 and 2026, respectively. The increase in cash flows used in investing activities between periods was primarily due to cash paid for the HG Acquisition of $1.1 billion during the three months ended March 31, 2026, as well as increased capital spending for water handling systems of $10 million, partially offset by proceeds from the Utica Shale Divestiture of $379 million during the three months ended March 31, 2026.
Current report
Business Combinations
Current report
We recognize and measure the assets acquired and liabilities assumed in a business combination based on their estimated fair values at the acquisition date, with any remaining difference recorded as goodwill. For acquisitions, management engages an independent valuation specialist to assist with the determination of fair value of the assets acquired, liabilities assumed, and goodwill, based on recognized valuation methodologies, including but not limited to cost and income approaches as circumstances warrant. If the initial accounting for the business combination is incomplete by the end of the reporting period in which the acquisition occurs, an estimate will be recorded. Subsequent to the acquisition, and not later than one year from the acquisition date, we will record any material adjustments to the initial estimate based on new information obtained that would have existed as of the acquisition date. An adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period of the adjustment.
Current report
The valuation of the assets acquired and liabilities assumed in a business combination requires significant judgment about future events, economic and functional obsolescence, capacity and useful lives, among others, and such fair value approaches may rely on significant inputs that are not observable in the market. These assumptions affect the fair value of assets acquired and liabilities assumed and, if changed, could have a material effect on the Company’s financial position or results of operations. See Note 3—Transactions and Note 14—Fair Value Measurement to our condensed consolidated financial statements for additional information.
Removed paragraphs (18)
Previous report
Senior Notes
Previous report
Issuance of 2033 Notes
Previous report
On September 22, 2025, we issued $650 million of 2033 Notes at par. The 2033 Notes are unsecured and effectively subordinated to the Credit Facility to the extent of the value of the collateral securing the Credit Facility. The 2033 Notes rank pari passu to our other outstanding senior notes and are guaranteed on a full and unconditional and joint and several senior unsecured basis by our wholly owned subsidiaries and certain of our future restricted subsidiaries. The net proceeds from this offering were used to redeem the 2027 Notes. See Note 7—Long-Term Debt to the unaudited condensed consolidated financial statements for more information.
Previous report
Redemption of 2027 Notes
Previous report
During the nine months ended September 30, 2025, we redeemed $650 million aggregate principal amount of our 2027 Notes at par, plus accrued and unpaid interest. The 2027 Notes were retired as of September 23, 2025. See Note 7—Long-Term Debt to the unaudited condensed consolidated financial statements for more information.
Previous report
Depreciation expense. Depreciation expense remained relatively consistent at $33 million and $34 million for the three months ended September 30, 2024 and 2025, respectively.
Previous report
Interest expense. Interest expense decreased by 9%, from $52 million for the three months ended September 30, 2024 to $47 million for the three months ended September 30, 2025 primarily due to lower average daily Credit Facility borrowings and interest rates between periods.
Previous report
Loss on early extinguishment of debt. During the three months ended September 30, 2024, we recognized a loss on early extinguishment of debt of less than $1 million related to the amendment and restatement of our Credit Facility.* *During the three months ended September 30,2025, we recognized a loss on early extinguishment of debt of $1 million related to the write-off of unamortized deferred financing costs and premium attributable to our 2027 Notes that were fully redeemed at par, plus accrued and unpaid interest, during the period. See Note 7—Long-Term Debt to the unaudited condensed consolidated financial statements for additional information.
Previous report
Income tax expense. Income tax expense increased by 20%, from $38 million for the three months ended September 30, 2024 to $46 million for the three months ended September 30, 2025, which reflects effective tax rates of 27.7% and 28.3%, respectively. This income tax expense increase was primarily due to higher income before income taxes between periods. The increase in our effective tax rate between periods was primarily due to the effects of equity-based compensation expense. See Note 2—Summary of Significant Accounting Policies to the unaudited condensed consolidated financial statements for additional information on the effects of the OBBB.
Previous report
Nine Months Ended September 30, 2024 Compared to Nine Months Ended September 30, 2025
Previous report
Revenues. Total revenues increased by 9%, from $819 million for the nine months ended September 30, 2024 to $891 million for the nine months ended September 30, 2025. Total revenues included amortization of customer relationships of $53 million for each of the nine months ended September 30, 2024 and 2025. Gathering and processing revenues increased by 7%, from $664 million for the nine months ended September 30, 2024 to $709 million for the nine months ended September 30, 2025. Water handling revenues increased by 18%, from $155 million for the nine months ended September 30, 2024 to $182 million for the nine months ended September 30, 2025. These fluctuations primarily resulted from the following:
Previous report
Gathering and Processing
Previous report
Water Handling
Previous report
Direct operating expenses. Direct operating expenses increased by 10%, from $162 million for the nine months ended September 30, 2024 to $178 million for the nine months ended September 30, 2025. Gathering and processing direct operating expenses increased by 5% from $77 million for the nine months ended September 30, 2024 to $81 million for the nine months ended September 30, 2025 primarily due to increased gathering and compression volumes, higher costs for the two compressor stations and 48 miles of high pressure gathering lines acquired during the second quarter of 2024 and increased heavy maintenance expense between periods. Water handling direct operating expenses increased by 14%, from $85 million for the nine months ended September 30, 2024 to $97 million for the nine months ended September 30, 2025 primarily due to higher wastewater trucking and disposal costs, increased blending costs and increased fresh water delivery volumes between periods.
Previous report
Depreciation expense. Depreciation expense decreased by 6%, from $107 million for the nine months ended September 30, 2024 to $101 million for the nine months ended September 30, 2025 primarily due to lower depreciation expense of $11 million related to our program to repurpose underutilized compressor units to expand existing or construct new compressor stations between periods, partially offset by depreciation expense of $4 million related to assets placed in service between periods and higher depreciation expense of $1 million for our assets acquired during the second quarter of 2024.
Previous report
Loss on early extinguishment of debt. Loss on early extinguishment of debt of $14 million for the nine months ended September 30, 2024 relates to the premium paid to repurchase or otherwise fully redeem all of our 2026 Notes at a weighted average premium of 101.975% of the principal amount thereof, plus accrued and unpaid interest, as well as the write-off of unamortized deferred financing costs. Loss on early extinguishment of debt of $1 million for the nine months ended September 30, 2025 primarily relates to the write-off of unamortized deferred financing costs and unamortized premium attributable to our 2027 Notes that were fully redeemed at par, plus accrued and unpaid interest. See Note 7—Long-Term Debt to the unaudited condensed consolidated financial statements for more information.
Previous report
See Note 2—Summary of Significant Accounting Policies to the unaudited condensed consolidated financial statements for additional information on the effects of the OBBB.
Previous report
Investing activities. Net cash flows used in investing activities was $203 million and $119 million for the nine months ended September 30, 2024 and 2025, respectively. The decrease in cash flows used in investing activities between periods was primarily due to our acquisition of gathering and compression assets during the second quarter of 2024 of $70 million, before closing adjustments, and lower capital spending related to our gathering systems and facilities of $43 million, partially offset by higher capital spending on our water handling systems of $22 million and additional investment in Stonewall of $6 million between periods.
Reworded paragraphs (18)
Previous wording
We are a growth-oriented midstream energy company formed to own, operate and develop midstream energy assets to primarily service Antero Resources’ production and completion activity. We believe that our strategically located assets and our relationship with Antero Resources have allowed us to become a leading midstream energy company serving the Appalachian Basin and present opportunities to expand our midstream services to other operators in the Appalachian Basin. Our assets consist of gathering pipelines, compressor stations and interests in processing and fractionation plants that collect and process production from Antero Resources’ wells in the Appalachian Basin in West Virginia and Ohio. Our assets also include two independent water handling systems that deliver water from the Ohio River and several regional waterways. These water handling systems consist of permanent buried pipelines, surface pipelines and water storage facilities, as well as pumping stations, blending facilities and impoundments. Portions of these water handling systems are also utilized to transport flowback and produced water. These services are provided by us directly or through third-parties with which we contract.
Current wording
We are a growth-oriented midstream energy company formed to own, operate and develop midstream energy assets. We believe that our strategically located assets and our relationship with Antero Resources have allowed us to become a leading midstream energy company serving the Appalachian Basin and present opportunities to expand our midstream services to other operators in the Appalachian Basin. Our assets consist of gathering pipelines, centralized compressor stations and interests in processing and fractionation plants that collect and process production from the Appalachian Basin in West Virginia and Ohio. Our assets also include an independent water handling system that delivers water from the Ohio River and several regional waterways. These water handling systems consist of permanent buried pipelines, surface pipelines and water storage facilities, as well as pumping stations, blending facilities and impoundments. Portions of these water handling systems are also utilized to transport flowback and produced water. These services are provided by us directly or through third-parties with which we contract.
Previous wording
Through our share repurchase program, during the three and nine months ended September 30, 2025, we repurchased and retired approximately 2 million and 5 million shares of our common stock, respectively, for a total cost of $41 million and $87 million, respectively. As of September 30, 2025, we have approximately $385 million of capacity remaining under our share repurchase program. The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by us at our discretion and will depend on a variety of factors, including the market price of our common stock, general market and economic conditions and applicable legal requirements. The exact number of shares to be repurchased by us is not guaranteed and the program may be suspended, modified or discontinued at any time without prior notice.
Current wording
Through our share repurchase program, during the three months ended March 31, 2026, we repurchased and retired approximately 1 million shares of our common stock for a total cost of $18 million. As of March 31, 2026, we have approximately $318 million of remaining capacity under our share repurchase program. The shares may be repurchased from time to time in open market transactions, through privately negotiated transactions or by other means in accordance with federal securities laws. The timing, as well as the number and value of shares repurchased under the program, will be determined by us at our discretion and will depend on a variety of factors, including the market price of our common stock, general market and economic conditions and applicable legal requirements. The exact number of shares to be repurchased by us is not guaranteed and the program may be suspended, modified or discontinued at any time without prior notice.
Previous wording
Benchmark prices for natural gas and ethane increased significantly, while benchmark prices for C3+ NGL’s and oil decreased during the three and nine months ended September 30, 2025 as compared to the same periods of 2024. While substantially all of our revenues are based on fixed-fee contracts that are not directly impacted by changes in commodity prices, commodity price changes do impact the revenues and cash flows of Antero Resources, and Antero Resources’ drilling and development plan does have a direct impact on our gathering, compression and water handling services, revenues and cash flows. In the current economic environment, we expect that commodity prices for some or all of the commodities produced by Antero Resources could remain volatile. However, due to Antero Resources’ improved liquidity and leverage position as compared to historical levels together with Antero Resources’ increased commodity derivative portfolio, we do not expect to experience significant variability in our throughput volumes resulting from volatile commodity prices.
Current wording
Benchmark prices for natural gas increased significantly, while benchmark prices for oil remained relatively consistent and benchmark prices for C3+ NGLs and ethane decreased during the three months ended March 31, 2026 as compared to the same periods of 2025. While substantially all of our revenues are based on fixed-fee contracts that are not directly impacted by changes in commodity prices, commodity price changes do impact the revenues and cash flows of Antero Resources, and Antero Resources’ drilling and development plan does have a direct impact on our gathering, compression and water handling services, revenues and cash flows. In the current economic environment, we expect that commodity prices for some or all of the commodities produced by Antero Resources could remain volatile. However, due to Antero Resources’ increased scale, liquidity and leverage position as compared to historical levels together with Antero Resources’ increased commodity derivative portfolio, we do not expect to experience significant variability in our throughput volumes resulting from volatile commodity prices.
Previous wording
The economy experienced elevated inflation levels as a result of global supply and demand imbalances, where global demand outpaced supplies beginning in 2021 and continuing through 2024. In order to manage the inflation risk present in the United States’ economy, the Federal Reserve utilized monetary policy in the form of interest rate increases beginning in 2022 in an effort to bring the inflation rate in line with its stated goal of 2% on a long-term basis. Between 2022 and 2023, the Federal Reserve increased the federal funds interest rate by 5.25%. During the second half of 2024, inflation rates began to approach the Federal Reserve’s stated goal of 2%, and the Federal Reserve decreased the federal funds rate by 1.25% in 2024 and 2025. While inflationary pressures in the United States’ economy have begun to subside, it is uncertain what impact recent tariff activity by the United States and foreign governments will have on inflation.
Current wording
The economy experienced elevated inflation levels as a result of global supply and demand imbalances, where global demand outpaced supplies beginning in 2021 and continuing through 2026. During the second half of 2024, inflation rates began to approach the Federal Reserve’s stated goal of 2%, and the Federal Reserve decreased the federal funds rate by 1.75% in 2024 and 2025. Annual inflation rates have remained generally consistent at approximately 3% since 2023.
Previous wording
The economy also continues to be impacted by global events. These events have often caused global supply chain disruptions with additional pressure due to trade sanctions, tariffs, other global trade restrictions and the outbreak of armed conflict, including in the Middle East and Iran, among others. While neither our nor Antero Resources’ supply chain has experienced any significant interruptions due to such events, there can be no assurance that we will not experience interruptions in the future.
Current wording
The economy also continues to be impacted by global events. These events have often caused global supply chain disruptions with additional pressure due to trade sanctions, tariffs, other global trade restrictions and conflicts, including those in the Middle East and Venezuela, among others. While neither our nor Antero Resources’ supply chain has experienced any significant interruptions due to such events, there can be no assurance that we will not experience interruptions in the future.
Previous wording
We have two reportable segments: (i) gathering and processing and (ii) water handling. The gathering and processing segment includes a network of gathering pipelines and compressor stations that collect and process production from Antero Resources’ wells in the Appalachian Basin, as well as equity in earnings from our investments in the Joint Venture and Stonewall. The Joint Venture and Stonewall provide processing and fractionation services and high-pressure gas gathering services, respectively, in the Appalachian Basin. The water handling segment includes (i) two independent systems that deliver water from sources including the Ohio River, local reservoirs and several regional waterways, and (ii) other fluid handling services, which include high rate transfer, wastewater transportation, disposal and blending. See Note 15—Reportable Segments to our unaudited condensed consolidated financial statements for additional information.
Current wording
We have two reportable segments: (i) gathering and processing and (ii) water handling. The gathering and processing segment includes a network of gathering pipelines and centralized compressor stations and on-pad compressors that collect and process production from Antero Resources’ wells in the Appalachian Basin, as well as equity in earnings from our investments in the Joint Venture and Stonewall. The Joint Venture and Stonewall provide processing and fractionation services and high-pressure gas gathering services, respectively, in the Appalachian Basin. The water handling segment includes (i) an independent system that delivers water from sources including the Ohio River, local reservoirs and several regional waterways, and (ii) other fluid handling services, which include high rate transfer, wastewater transportation, disposal and blending. See Note 17—Reportable Segments to our unaudited condensed consolidated financial statements for additional information.
Previous wording
Revenues. Total revenues increased by 9%, from $270 million for the three months ended September 30, 2024 to $295 million for the three months ended September 30, 2025. Total revenues included amortization of customer relationships of $18 million for the three months ended September 30, 2024 and 2025. Gathering and processing revenues increased by 7%, from $226 million for the three months ended September 30, 2024 to $241 million for the three months ended September 30, 2025. Water handling revenues increased by 23%, from $44 million for the three months ended September 30, 2024 to $54 million for the three months ended September 30, 2025. These fluctuations primarily resulted from the following:
Current wording
Revenues. Total revenues increased by 8%, from $291 million for the three months ended March 31, 2025 to $314 million for the three months ended March 31, 2026. Total revenues included amortization of customer relationships of $18 million and $21 million for the three months ended March 31, 2025 and 2026, respectively. Gathering and processing revenues increased by 9%, from $229 million for the three months ended March 31, 2025 to $250 million for the three months ended March 31, 2026. Water handling revenues increased by 3%, from $62 million for the three months ended March 31, 2025 to $64 million for the three months ended March 31, 2026. These fluctuations primarily resulted from the following:
Previous wording
Direct operating expenses. Direct operating expenses increased by 12%, from $52 million for the three months ended September 30, 2024 to $58 million for the three months ended September 30, 2025. Gathering and processing direct operating expenses increased by 19% from $25 million for the three months ended September 30, 2024 to $29 million for the three months ended September 30, 2025 primarily due to increased gathering and compression volumes and increased heavy maintenance expense between periods. Water handling direct operating expenses increased by 6%, from $27 million for the three months ended September 30, 2024 to $29 million for the three months ended September 30, 2025 primarily due to increased fresh water delivery and other fluid handling volumes between periods.
Current wording
Direct operating expenses. Direct operating expenses increased by 24%, from $57 million for the three months ended March 31, 2025 to $71 million for the three months ended March 31, 2026. Gathering and processing direct operating expenses increased by 15% from $26 million for the three months ended March 31, 2025 to $30 million for the three months ended March 31, 2026 primarily due to increased gathering volumes between periods related to the HG Acquisition. Water handling direct operating expenses increased by 33%, from $31 million for the three months ended March 31, 2025 to $41 million for the three months ended March 31, 2026 primarily due to fresh water delivery volumes provided by Antero Resources on acreage it acquired from HG Production, increased wastewater trucking and disposal volumes between periods and increased blending costs between periods.
Previous wording
*General and administrative (excluding equity-based compensation) expenses.*General and administrative expenses (excluding equity-based compensation expense) remained relatively consistent at $11 million and $10 million for the three months ended September 30, 2024 and 2025, respectively.
Current wording
*General and administrative (excluding equity-based compensation) expenses.*General and administrative expenses (excluding equity-based compensation expense) remained relatively consistent at $11 million and $12 million for each of the three months ended March 31, 2025 and 2026, respectively.
Previous wording
*Equity-based compensation expenses.*Equity-based compensation expenses remained relatively consistent at $12 million and $11 million for the three months ended September 30, 2024 and 2025, respectively. See Note 9—Equity-Based Compensation to the unaudited condensed consolidated financial statements for additional information.
Current wording
*Equity-based compensation expenses.*Equity-based compensation expenses remained relatively consistent at $12 million and $11 million for the three months ended March 31, 2025 and 2026, respectively. Our equity-based awards vest over three or four year service periods. See Note 11—Equity-Based Compensation to the unaudited condensed consolidated financial statements for additional information.
Previous wording
Interest expense. Interest expense decreased by 9%, from $157 million for the nine months ended September 30, 2024 to $144 million for the nine months ended September 30, 2025 primarily due to lower interest expense on our Senior Notes due to the repurchase and redemption of the remaining $550 million principal amount of the 2026 Notes during the nine months ended September 30, 2024, and lower interest rates on our Credit Facility during the nine months ended September 30, 2025, partially offset by higher average daily Credit Facility borrowings between periods. See Note 7—Long-Term Debt to our unaudited condensed consolidated financial statements for additional information.
Current wording
Interest expense, net. Interest expense, net increased by 12%, from $48 million for the three months ended March 31, 2025 to $54 million for the three months ended March 31, 2026 primarily due to issuance of the 2033 Notes and 2034 Notes during the second half of 2025, partially offset by the redemption of the 2027 Notes, lower average daily Credit Facility borrowings and higher interest income on cash equivalents and restricted cash between periods. See Note 9—Long-Term Debt to our unaudited condensed consolidated financial statements for additional information.
Previous wording
Income tax expense. Income tax expense increased by 22%, from $103 million for the nine months ended September 30, 2024 to $126 million for the nine months ended September 30, 2025, which reflects effective tax rates of 26.3% and 25.8%, respectively. This income tax increase was primarily due to higher income before income taxes between periods. The decrease in our effective tax rate between periods was primarily due to the effects of equity-based compensation expense.
Current wording
Income tax expense. Income tax expense increased by 4%, from $36 million for the three months ended March 31, 2025 to $38 million for the three months ended March 31, 2026, which reflects effective tax rates of approximately 23% and 24%, respectively. This income tax increase was primarily due to the effects of equity-based compensation expense between periods.
Previous wording
Our Board declared a cash dividend on the shares of our common stock of $0.2250 per share for the quarter ended September 30, 2025. The dividend is payable on November 5, 2025 to stockholders of record as of October 22, 2025. Our Board also declared a cash dividend of $137,500 on the shares of Series A Preferred Stock that is payable on November 14, 2025 in accordance with their terms as discussed in Note 11—Equity and Net Income Per Common Share. As of September 30, 2025, there were dividends in the amount of $68,750 accumulated in arrears on our Series A Preferred Stock.
Current wording
Our Board declared a cash dividend on the shares of our common stock of $0.225 per share for the quarter ended March 31, 2026. The dividend is payable on May 13, 2026 to stockholders of record as of April 29, 2026. Our Board also declared a cash dividend of $137,500 on the shares of Series A Preferred Stock that is payable on May 15, 2026 in accordance with their terms as discussed in Note 13—Equity and Net Income Per Common Share. As of March 31, 2026, there were dividends in the amount of $68,750 accumulated in arrears on our Series A Preferred Stock.
Previous wording
The following table summarizes our cash flows for the nine months ended September 30, 2024 and 2025:
Current wording
The following table summarizes our cash flows for the three months ended March 31, 2025 and 2026:
Previous wording
Operating activities. Net cash provided by operating activities was $611 million and $677 million for the nine months ended September 30, 2024 and 2025, respectively. This increase in cash flows provided by operating activities between periods was primarily due to higher gathering and processing and water handling revenues, partially offset by increased direct operating expenses and changes in working capital.
Current wording
Operating activities. Net cash provided by operating activities was $199 million and $239 million for the three months ended March 31, 2025 and 2026, respectively. This increase in cash flows provided by operating activities between periods was primarily the result of lower cash used for working capital, increased gathering and processing and water handling revenues during the three months ended March 31, 2026, partially offset by increased gathering and processing and water handling direct operating expenses between periods.
Previous wording
Financing activities. Net cash used in financing activities was $408 million and $558 million for the nine months ended September 30, 2024 and 2025, respectively. The increase in cash flows used in financing activities between periods was primarily due to share repurchases of $87 million during the nine months ended September 30, 2025, as well as lower net cash provided by our senior note refinancing of $39 million, higher net repayments on our Credit Facility of $15 million and higher employee tax withholdings for the settlement of equity-based compensation awards of $12 million between periods, partially offset by lower payments of deferred financing costs of $6 million between periods.
Current wording
Financing activities. Net cash used in financing activities was $167 million for the three months ended March 31, 2025 and net cash provided by financing activities was $279 million for the three months ended March 31, 2026, respectively. The increase in cash flows provided by financing activities between periods was primarily due to the increase in net borrowings on our Credit Facility of $449 million and lower share repurchases of $11 million between periods, partially offset by higher payments for employee tax withholding for settlement of equity-based compensation awards of $14 million.
Previous wording
On February 12, 2025, we announced a capital budget with a range of $170 million to $200 million. On July 30, 2025, we announced a revised capital budget for 2025 of $170 million to $190 million. This revised capital budget supports Antero Resources’ maintenance capital program for 2025. Our capital budget may be adjusted as business conditions warrant.
Current wording
On February 11, 2026, we announced our 2026 capital budget with a range of $190 million to $220 million. This capital budget supports Antero Resources’ capital program for 2026. Our capital budget may be adjusted as business conditions warrant. Additionally, we monitor our existing assets and look for opportunities to reuse or otherwise repurpose assets in an effort to optimize our capital efficiency.
Previous wording
See Note 7—Long-Term Debt to the unaudited condensed consolidated financial statements and to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2024 Form 10-K for additional information.
Current wording
See Note 9—Long-Term Debt to the unaudited condensed consolidated financial statements and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our 2025 Form 10-K for additional information.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
The operating results of our reportable segments are as follows:
Previous report — wording carried elsewhere
The operating data for Antero Midstream is as follows:
Previous report — wording carried elsewhere
*General and administrative (excluding equity-based compensation) expenses.*General and administrative expenses (excluding equity-based compensation expense) remained consistent at $32 million for each of the nine months ended September 30, 2024 and 2025, respectively.
Previous report — wording carried elsewhere
*Equity-based compensation expenses.*Equity-based compensation expenses increased by 6%, from $33 million for the nine months ended September 30, 2024 to $35 million for the nine months ended September 30, 2025 primarily due to annual equity-based awards granted during the first quarters of 2024 and 2025. Our equity-based awards vest over three or four year service periods. See Note 9—Equity-Based Compensation to the unaudited condensed consolidated financial statements for additional information.
Previous report — wording carried elsewhere
Equity in earnings of unconsolidated affiliates. Equity in earnings of unconsolidated affiliates increased by 6%, from $83 million for the nine months ended September 30, 2024 to $88 million for the nine months ended September 30, 2025 primarily due to increased processing volumes and higher processing and fractionation fees as a result of annual CPI-based adjustments between periods.
Previous report — wording carried elsewhere
Additionally, we monitor our existing assets and look for opportunities to reuse or otherwise repurpose assets in an effort to optimize our capital efficiency.