Antero Midstream Reports $641.5 Million Revenue for First Half of 2026, Driven by HG Acquisition

Antero Midstream Corporation reported a total revenue of $641.5 million for the six months ended June 30, 2026, marking an 8% increase from $596.6 million in the same period of the previous year. The revenue growth was driven by a rise in gathering and processing revenues, which increased from $469 million to $507 million, and water handling revenues, which rose from $128 million to $134 million. The company attributed these fluctuations to increased throughput volumes from the HG Acquisition, which added significant assets in the Marcellus Shale region, and the connection of 80 new wells to its system.

In terms of profitability, Antero Midstream's net income for the first half of 2026 was $231.8 million, down from $245.3 million in the prior year. The decrease in net income was influenced by higher operating expenses, which rose by 29% to $270.9 million, primarily due to increased costs associated with the HG Acquisition and higher direct operating expenses in both gathering and water handling segments. The company also incurred $9 million in transaction expenses related to the acquisition during this period.

Operationally, Antero Midstream saw significant changes in its asset base following the HG Acquisition, which closed on February 3, 2026. This acquisition included gathering pipelines and integrated water handling assets, enhancing the company's capacity in the Appalachian Basin. Additionally, the company completed the divestiture of its Utica Shale assets for $400 million, which closed on February 23, 2026. These strategic moves are expected to strengthen Antero Midstream's market position and operational efficiency.

As of June 30, 2026, Antero Midstream reported total assets of $6.36 billion, up from $5.88 billion at the end of 2025. The company’s long-term debt also increased to $3.57 billion, reflecting the financing of the HG Acquisition. The company maintained a strong liquidity position, with net cash provided by operating activities amounting to $492.9 million for the first half of 2026, compared to $464.1 million in the prior year.

Looking ahead, Antero Midstream expects to continue benefiting from its strategic acquisitions and operational efficiencies. The company has set a capital budget for 2026 in the range of $190 million to $220 million, aimed at supporting Antero Resources' capital program. Despite potential volatility in commodity prices, Antero Midstream's fixed-fee contracts are designed to mitigate direct exposure to market fluctuations, providing a stable revenue stream moving forward.