Antero Midstream Announces Second Quarter 2025 Financial and Operating Results and Increased Guidance

Antero Midstream Corporation (NYSE: AM)(“Antero Midstream” or the “Company”) today announced its second quarter 2025 financial and operating results. The relevant unaudited condensed consolidated financial statements are included inAntero Midstream's Quarterly Report on Form 10-Q for the three months ended June 30, 2025.

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Second Quarter 2025 Highlights:

— Low pressure gathering and processing volumes increased by 6% compared to the prior year quarter

— Net Income was $125 million, or $0.26 per diluted share, a 44% per share increase compared to the prior year quarter

— Adjusted Net Income was $138 million, or $0.29 per diluted share, a 26% per share increase compared to the prior year quarter (non-GAAP measure)

— Adjusted EBITDA was $284 million, an 11% increase compared to the prior year quarter (non-GAAP measure)

— Capital expenditures were $45 million, a 13% decrease compared to the prior year quarter

— Free Cash Flow after dividends was $82 million, an 89% increase compared to the prior year quarter (non-GAAP measure)

— Leverage was 2.8x as of June 30, 2025 (non-GAAP measure)

2025 Guidance Updates:

— Increasing net income, Adjusted Net Income and Adjusted EBITDA guidance by $10 million (non-GAAP measure)

— Decreasing interest expense, current income tax expense, and capital expenditures each by $5 million

— Increasing Free Cash Flow before and after dividends by $25 million (non-GAAP measure)

Paul Rady, Chairman and CEO said, “During the quarter Antero Midstream gathered 3.5 Bcf/d of production, which was a 6% increase year-over-year and a new company record. This growth coincides with the significant demand growth seen along the U.S. Gulf Coast LNG facilities over the last year. Looking ahead, we continue to see significant demand growth from Gulf Coast LNG facilities as well as natural gas fired power demand from data center growth in Appalachia. As the critical first link to delivering gas to LNG and power demand, Antero Midstream is well positioned for future growth opportunities.”

Brendan Krueger, CFO of Antero Midstream, said “The record gathering and processing volumes in the second quarter led to an 11% year-over-year increase in EBITDA, while capital expenditures declined by 13%. This capital efficiency drove an 89% increase in Free Cash Flow compared to the second quarter of 2024.”

Mr. Krueger continued, “Antero Midstream's consistent Free Cash Flow generation has enabled the Company to reduce debt by approximately $170 million over the past year, including nearly $100 million year-to-date. This debt reduction, combined with double-digit year-over-year EBITDA growth resulted in leverage declining to 2.8x as of June 30, 2025. In addition to the debt reduction, Antero Midstream has purchased approximately $83 million of shares year-to-date through July 30, 2025.”

For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Free Cash Flow before and after dividends and Leverageplease see “Non-GAAP Financial Measures and Definitions.”

Share Repurchase Program

During the second quarter of 2025, Antero Midstream repurchased 1.0 million shares for $17 million.Antero Midstream had approximately $426 million of remaining capacity under its $500 million authorized share repurchase program as of June 30, 2025. During the quarter, Antero Midstream also purchased $9 million of shares related to satisfying tax withholding obligations incurred upon the vesting of equity awards. Year-to-date through June 30, 2025, total shares purchased under the share repurchase program and for tax withholding obligations have totaled 4.4 million shares at a weighted average price of $16.62 per share. In addition, July month-to-date the Company has repurchased 0.6 million shares for $11 million.

2025 Guidance Update

Antero Midstream is increasing its Net Income, Adjusted Net Income, and Adjusted EBITDA guidance. The company is decreasing its interest expense, capital expenditures, and current income tax guidance. These changes result in a $25 million increase in Free Cash Flow before and after dividends.

The following is a summary of Antero Midstream's updated 2025 guidance ($ in millions, except per share amounts):

Twelve Months Ended Change vs. December 31, 2025 Prior Guidance Low High (At midpoint)Net Income $455 $495 $10Adjusted Net Income 510 550 10Adjusted EBITDA 1,090 1,130 10Capital Expenditures 170 190 (5)Interest Expense 190 200 (5)Current Income Tax Expense – – (5)Free Cash Flow Before Dividends 715 755 25Dividend Per Share $0.90 -Free Cash Flow After Dividends 275 325 25

2024 ESG Report

Antero Midstream published its 2024 ESG Report. This year's report highlights the Company's emissions reduction progress, increased water recycling rate, and continued commitment to safety across our operations. The report can be found atwww.anteromidstream.com/esg.

Second Quarter 2025 Financial Results

Low pressure gathering volumes for the second quarter of 2025 averaged 3,460MMcf/d, a 6% increase compared to the prior year quarter. Compression volumes for the second quarter of 2025 averaged 3,447 MMcf/d, a 6% increase compared to the second quarter of 2024. High pressure gathering volumes averaged 3,221MMcf/d, an 8% increase compared to the prior year quarter. Fresh water delivery volumes averaged 98 MBbl/d during the quarter, a 21% increase compared to the second quarter of 2024.

Gross processing volumes from the processing and fractionation joint venture (the “Joint Venture”) averaged 1,687MMcf/d for the second quarter of 2025, a 6% increase compared to the prior year quarter. Joint Venture processing capacity was over 100% utilized during the quarter based on nameplate processing capacity of 1.6 Bcf/d. Gross Joint Venture fractionation volumes averaged 40 MBbl/d, in line with the prior year quarter. Joint Venture fractionation capacity was 100% utilized during the quarter based on nameplate fractionation capacity of 40MBbl/d.

Three Months Ended June 30,Average Daily Volumes: 2024 2025 % ChangeLow Pressure Gathering (MMcf/d) 3,258 3,460 6%Compression (MMcf/d) 3,246 3,447 6%High Pressure Gathering (MMcf/d) 2,994 3,221 8%Fresh Water Delivery (MBbl/d) 81 98 21%Gross Joint Venture Processing (MMcf/d) 1,588 1,687 6%Gross Joint Venture Fractionation (MBbl/d) 40 40 ** Not meaningful or applicable.

For the three months ended June 30, 2025, revenues were $305 million, comprised of $239 million from the Gathering and Processing segment and $66 million from the Water Handling segment, net of $18 million of amortization of customer relationships. Water Handling revenues include $35 million from wastewater handling and high rate water transfer services.

Direct operating expenses for the Gathering and Processing and Water Handling segments were $26 million and $37 million, respectively, for a total of $63 million. Water Handling operating expenses include $32 million from wastewater handling and high rate water transfer services. General and administrative expenses excluding equity-based compensation were $11 million during the second quarter of 2025. Total operating expenses during the second quarter of 2025 included $11 million of equity-based compensation expense and $33 million of depreciation expense.

Net Income was $125 million, or $0.26 per diluted share, a 44% per share increase compared to the prior year quarter. Net Income adjusted for amortization of customer relationships, loss on early extinguishment of debt, and loss on asset sale, net of tax effects of reconciling items, or Adjusted Net Income, was $138 million. Adjusted Net Income was $0.29 per diluted share, a 26% per share increase compared to the prior year quarter.

The following table reconciles Net Income to Adjusted Net Income (in thousands):

Three Months Ended June 30, 2024 2025Net Income $ 86,037 124,513Amortization of customer relationships 17,668 17,668Loss on early extinguishment of debt 13,691 -Loss on asset sale 1,379 -Tax effect of reconciling items (1) (8,430) (4,564)Adjusted Net Income $ 110,345 137,617(1) The statutory tax rate for each of the three months ended June 30, 2024 and 2025 was approximately 25.8%.

Adjusted EBITDA was $284 million, an 11% increase compared to the prior year quarter. Interest expense was $48 million, an 8% decrease compared to the prior year quarter, driven primarily by lower outstanding average total debt. Capital expenditures were $45 million, a 13% decrease compared to the second quarter of 2024. Current income tax expense was $2 million. Looking forward, the Company expects a reversal of substantially all of the cash paid for income taxes during the first half of the year. Free Cash Flow before dividends was $190 million, a 25% increase compared to the prior year quarter. Free Cash Flow after dividends was $82 million, an 89% increase compared to the prior year quarter.

The following table reconciles Net Income to Adjusted EBITDA and Free Cash Flow before and after dividends (in thousands):

Three Months Ended June 30, 2024 2025Net Income $ 86,037 124,513 Interest expense, net 52,186 47,962 Income tax expense 28,436 43,985 Depreciation expense 37,576 33,364 Amortization of customer relationships 17,668 17,668 Equity-based compensation 11,599 11,407 Equity in earnings of unconsolidated affiliates (27,597) (30,016) Distributions from unconsolidated affiliates 33,970 35,355 Loss on early extinguishment of debt 13,691 - Other operating expense (1) 1,426 50Adjusted EBITDA $ 254,992 284,288 Interest expense, net (52,186) (47,962) Capital expenditures (accrual-based) (51,276) (44,847)Current income tax expense – (1,908)Free Cash Flow before dividends $ 151,530 189,571Dividends declared (accrual-based) (108,284) (107,678)Free Cash Flow after dividends $ 43,246 81,893(1) Other operating expense represents accretion of asset retirement obligations and loss on asset sale.

The following table reconciles net cash provided by operating activities to Free Cash Flow before and after dividends (in thousands):

Three Months Ended June 30, 2024 2025Net cash provided by operating activities $ 215,806 265,183Amortization of deferred financing costs (1,495) (1,314)Settlement of asset retirement obligations 250 48Changes in working capital (11,755) (29,499)Capital expenditures (accrual-based) (51,276) (44,847)Free Cash Flow before dividends $ 151,530 189,571Dividends declared (accrual-based) (108,284) (107,678)Free Cash Flow after dividends $ 43,246 81,893

Second Quarter 2025 Operating Update

During the second quarter of 2025, Antero Midstream connected 18wells to its gathering system and serviced 11wells with its fresh water delivery system.

Capital Investments

Capital expenditures were $45 million during the second quarter of 2025. The Company invested $22 million in gathering and compression, $20 million in water infrastructure and $3 million in the Stonewall Joint Venture.

Conference Call

A conference call is scheduled on Thursday, July 31, 2025 at 10:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference “Antero Midstream.” A telephone replay of the call will be available until Thursday, August 7, 2025 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13750399. To access the live webcast and view the related earnings conference call presentation, visitAntero Midstream's website at www.anteromidstream.com. The webcast will be archived for replay until Thursday, August 7, 2025 at 10:00 am MT.

Presentation

An updated presentation will be posted to the Company's website before the conference call. The presentation can be found atwww.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 Free Cash Flow before dividends as Adjusted EBITDA less net interest expense, accrual-based capital expenditures, and current income tax expense. Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates. Capital expenditures exclude acquisitions. Free Cash Flow after dividends is defined as Free Cash Flow before dividends less accrual-based dividends declared for the quarter.Antero Midstream uses Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period.

Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow before and after dividends are non-GAAP financial measures. The GAAP measure most directly comparable to these measures is Net Income. Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities. The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by operating activities. You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP.Antero Midstream's definitions of such measures may not be comparable to similarly titled measures of other companies.

The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):

Three Months Ended June 30, 2024 2025Capital expenditures (as reported on a cash basis) $ 43,399 40,064Change in accrued capital costs 7,877 4,783Capital expenditures (accrual basis) $ 51,276 44,847

Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash and cash equivalents.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, excludingunamortized debt premiums and debt issuance costs.

The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands):

June 30, 2024 2025Bank credit facility $ 555,700 389,3005.75% senior notes due 2027 650,000 650,0005.75% senior notes due 2028 650,000 650,0005.375% senior notes due 2029 750,000 750,0006.625% senior notes due 2032 600,000 600,000Consolidated total debt 3,205,700 3,039,300Less: Cash and cash equivalents – -Consolidated net debt $ 3,205,700 3,039,300

The following table reconciles Net Income to Adjusted EBITDA for the last twelve months ended June 30, 2025 (in thousands):

Twelve Months Ended June 30, 2025Net Income $ 456,179Interest expense, net 197,905Income tax expense 162,886Depreciation expense 131,441Amortization of customer relationships 70,672Impairment of property and equipment 1,149Equity-based compensation 47,215Equity in earnings of unconsolidated affiliates (113,482)Distributions from unconsolidated affiliates 135,460Loss on early extinguishment of debt 341Other operating income, net (1) (464)Adjusted EBITDA $ 1,089,302(1) Other operating income, net represents accretion of asset retirement obligation and gain on asset sale.

Antero Midstream has not included a reconciliation of Adjusted Net Income, Adjusted EBITDA and Free Cash Flow before and after dividends to the nearest GAAP financial measures for 2025 because it cannot do so without unreasonable effort and any attempt to do so would be inherently imprecise. Antero Midstream is able to forecast the following reconciling items between such measures and Net Income (in millions):

Twelve Months Ended December 31, 2025 Low HighDepreciation expense $130 $140Equity based compensation expense 40 45Amortization of customer relationships 70 75Distributions from unconsolidated affiliates 135 145

Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation's (NYSE: AR) (“Antero Resources”) properties.

This release includes “forward-looking statements.” Words such as “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream's control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position,estimated revenues and losses, projected costs, prospects, plans and objectives of management, Antero Resources' expected production and development plan,natural gas, NGLs and oil prices, Antero Midstream's ability to realize the anticipated benefits of its investments in unconsolidated affiliates, Antero Midstream's ability to execute its share repurchase and dividend program, Antero Midstream's ability to execute its business strategy, impacts of geopolitical events, including the conflicts in Ukraine 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, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources' drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources' future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, 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, 2024.

ANTERO MIDSTREAM CORPORATIONCondensed ConsolidatedBalanceSheets(In thousands, except per share amounts) (Unaudited) December31, June30, 2024 2025AssetsCurrent assets:Accounts receivable-Antero Resources $ 115,180 111,623Accounts receivable-third party 832 774Other current assets 2,052 2,080Total current assets 118,064 114,477Long-term assets:Property and equipment, net 3,881,621 3,892,547Investments in unconsolidated affiliates 603,956 598,340Customer relationships 1,144,759 1,109,423Other assets, net 13,348 12,215Total assets $ 5,761,748 5,727,002Liabilities and Stockholders' EquityCurrent liabilities:Accounts payable-Antero Resources $ 4,114 4,330Accounts payable-third party 12,308 14,798Accrued liabilities 83,555 90,303Other current liabilities 635 1,737Total current liabilities 100,612 111,168Long-term liabilities:Long-term debt 3,116,958 3,023,800Deferred income tax liability, net 413,608 490,101Other 15,399 14,544Total liabilities 3,646,577 3,639,613Stockholders' equity:Preferred stock, $0.01 par value: 100,000 authorized as of December31, 2024 and June30,2025Series A non-voting perpetual preferred stock; 12 designated and 10 issued and – -outstanding as of December31, 2024 and June30, 2025Common stock, $0.01 par value; 2,000,000 authorized; 479,422 and 479,011 issued and 4,794 4,790outstanding as of December31, 2024 and June30, 2025, respectivelyAdditional paid-in capital 2,019,830 1,970,769Retained earnings 90,547 111,830Total stockholders' equity 2,115,171 2,087,389Total liabilities and stockholders' equity $ 5,761,748 5,727,002ANTERO MIDSTREAM CORPORATIONCondensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)(In thousands, except per share amounts) Three Months Ended June30, 2024 2025Revenue:Gathering and compression-Antero Resources $ 228,993 248,901Water handling-Antero Resources 58,056 73,773Water handling-third party 414 466Amortization of customer relationships (17,668) (17,668)Total revenue 269,795 305,472Operating expenses:Direct operating 56,409 63,114General and administrative (including $11,599 and $11,407 of equity-based compensation 21,219 22,125in 2024 and 2025, respectively)Facility idling 412 375Depreciation 37,576 33,364Other operating expense, net 1,426 50Total operating expenses 117,042 119,028Operating income 152,753 186,444Other income (expense):Interest expense, net (52,186) (47,962)Equity in earnings of unconsolidated affiliates 27,597 30,016Loss on early extinguishment of debt (13,691) -Total other expense (38,280) (17,946)Income before income taxes 114,473 168,498Income tax expense (28,436) (43,985)Net income and comprehensive income $ 86,037 124,513Net income per common share-basic $ 0.18 0.26Net income per common share-diluted $ 0.18 0.26Weighted average common shares outstanding:Basic 481,103 479,083Diluted 484,778 482,451ANTERO MIDSTREAM CORPORATIONSelected Operating Data (Unaudited) Amount of Three Months Ended June30, Increase Percentage 2024 2025 or Decrease ChangeOperating Data:Gathering-low pressure (MMcf) 296,489 314,826 18,337 6 %Compression (MMcf) 295,400 313,706 18,306 6 %Gathering-high pressure (MMcf) 272,447 293,146 20,699 8 %Fresh water delivery (MBbl) 7,362 8,941 1,579 21 %Other fluid handling (MBbl) 5,144 5,330 186 4 %Wells serviced by fresh water delivery 19 11 (8) (42) %Gathering-low pressure (MMcf/d) 3,258 3,460 202 6 %Compression (MMcf/d) 3,246 3,447 201 6 %Gathering-high pressure (MMcf/d) 2,994 3,221 227 8 %Fresh water delivery (MBbl/d) 81 98 17 21 %Other fluid handling (MBbl/d) 57 59 2 4 %Average Realized Fees(1):Average gathering-low pressure fee ($/Mcf) $ 0.36 0.36 – *Average compression fee ($/Mcf) $ 0.21 0.22 0.01 5 %Average gathering-high pressure fee ($/Mcf) $ 0.22 0.23 0.01 5 %Average fresh water delivery fee ($/Bbl) $ 4.31 4.37 0.06 1 %Joint Venture Operating Data:Processing-Joint Venture (MMcf) 144,520 153,560 9,040 6 %Fractionation-Joint Venture (MBbl) 3,640 3,640 – *Processing-Joint Venture (MMcf/d) 1,588 1,687 99 6 %Fractionation-Joint Venture (MBbl/d) 40 40 – ** Not meaningful or applicable.(1) The average realized fees for the three months ended June 30, 2025 include annual CPI-based adjustments of approximately 1.6%.ANTERO MIDSTREAM CORPORATIONCondensed Consolidated Results of Segment Operations (Unaudited)(In thousands) Three Months Ended June30, 2025 Gatheringand Water Consolidated Processing Handling Unallocated TotalRevenues:Revenue-Antero Resources $ 248,901 73,773 – 322,674Revenue-third-party – 466 – 466Amortization of customer relationships (9,272) (8,396) – (17,668)Total revenues 239,629 65,843 – 305,472Operating expenses:Direct operating 25,662 37,452 – 63,114General and administrative (excluding equity-based 5,132 3,996 1,590 10,718compensation)Equity-based compensation 7,229 3,893 285 11,407Facility idling – 375 – 375Depreciation 19,336 14,028 – 33,364Other operating expense, net – 50 – 50Total operating expenses 57,359 59,794 1,875 119,028Operating income 182,270 6,049 (1,875) 186,444Other income (expense):Interest expense, net – – (47,962) (47,962)Equity in earnings of unconsolidated affiliates 30,016 – – 30,016Total other income (expense) 30,016 – (47,962) (17,946)Income before income taxes 212,286 6,049 (49,837) 168,498Income tax expense – – (43,985) (43,985)Net income and comprehensive income $ 212,286 6,049 (93,822) 124,513ANTERO MIDSTREAM CORPORATIONCondensed Consolidated Statements of Cash Flows (Unaudited)(In thousands) Six Months Ended June30, 2024 2025Cash flows provided by (used in) operating activities:Net income $ 189,963 245,250Adjustments to reconcile net income to net cash provided by operating activities:Depreciation 74,671 66,112Impairment of property and equipment – 817Deferred income tax expense 64,924 76,493Equity-based compensation 20,926 23,809Equity in earnings of unconsolidated affiliates (55,127) (58,036)Distributions from unconsolidated affiliates 68,930 68,730Amortization of customer relationships 35,336 35,336Amortization of deferred financing costs 3,150 2,621Settlement of asset retirement obligations (414) (258)Loss on early extinguishment of debt 13,750 -Other operating activities 1,470 94Changes in assets and liabilities:Accounts receivable-Antero Resources (12,641) 3,557Accounts receivable-third party 755 304Other current assets 452 (195)Accounts payable-Antero Resources (353) 166Accounts payable-third party 3,387 1,750Income taxes payable – 989Accrued liabilities 17,188 (3,414)Net cash provided by operating activities 426,367 464,125Cash flows provided by (used in) investing activities:Additions to gathering systems, facilities and other (62,330) (43,094)Additions to water handling systems (16,142) (24,168)Additional investments in unconsolidated affiliate – (5,078)Acquisition of gathering systems and facilities (70,634) -Other investing activities 684 6Net cash used in investing activities (148,422) (72,334)Cash flows provided by (used in) financing activities:Dividends to common stockholders (220,736) (224,134)Dividends to preferred stockholders (275) (275)Repurchases of common stock – (45,340)Issuance of Senior Notes 600,000 -Redemption of Senior Notes (560,862) -Payments of deferred financing costs (7,274) -Borrowings on Credit Facility 1,006,400 567,500Repayments on Credit Facility (1,080,800) (662,500)Employee tax withholding for settlement of equity-based compensation awards (14,464) (27,042)Net cash used in financing activities (278,011) (391,791)Net decrease in cash and cash equivalents (66) -Cash and cash equivalents, beginning of period 66 -Cash and cash equivalents, end of period $ – -Supplemental disclosure of cash flow information:Cash paid during the period for interest 88,672 93,416Cash paid during the period for income taxes – 2,600Increase in accrued capital expenditures and accounts payable for property and equipment 2,576 9,795

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