Exhibit 99.1

 

 

Antero Midstream Announces First Quarter 2026 Financial and Operating Results

 

Denver, Colorado, April 29, 2026—Antero Midstream Corporation (NYSE: AM) (“Antero Midstream” or the “Company”) today announced its first 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 March 31, 2026.

 

First Quarter 2026 Highlights:

 

·Gathering volumes increased by 14% compared to the prior year quarter
·Net Income was $118 million, or $0.25 per diluted share, in line with the prior year quarter
·Adjusted Net Income was $138 million, or $0.29 per diluted share, a 4% per share increase compared to the prior year quarter (non-GAAP measure)
·Adjusted EBITDA was $288 million, a 5% increase compared to the prior year quarter (non-GAAP measure)
·Capital expenditures were $42 million
·Adjusted Free Cash Flow after dividends was $85 million, an 8% increase compared to the prior year quarter (non-GAAP measure)
·Repurchased 1.0 million shares for $18 million

 

Michael Kennedy, CEO and President said, “Antero Midstream delivered another quarter of volume and EBITDA growth while closing the Company’s largest acquisition to-date. Our ability to close the HG acquisition and integrate operations while avoiding any outages during Winter Storm Fern, is a testament to the hard work and dedication of our team.”

 

Mr. Kennedy continued, “In addition to the integration efforts that remain on schedule, we continue to invest capital to improve the connectivity and market outlets on our gathering systems. These capital projects supported our first dry gas Marcellus Shale pad in over a decade, as well as our first pad on the acquired assets, that were connected during the second quarter. These pads deliver volumetric growth and position Antero Midstream to help supply the rising demand for U.S. Energy.”

 

Justin Agnew, CFO of Antero Midstream, said “Antero Midstream’s strong balance sheet and consistent Free Cash Flow generation, combined with the sale of our Ohio Utica Shale assets, allowed us to finance the HG Energy acquisition while maintaining leverage in the low 3-times range. Looking ahead we expect our just-in-time organic strategy, bolstered by the highly accretive HG Energy acquisition, to continue delivering high-single digit EBITDA growth in the future.”

 

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.”

 

 

 

Share Repurchases

 

During the first quarter of 2026, Antero Midstream repurchased 1.0 million shares for $18 million. Antero Midstream had approximately $318 million of remaining capacity under its share repurchase program as of March 31, 2026.

 

Strategic and Operating Updates

 

Antero Midstream completed its two previously announced strategic transactions during the first quarter. The Company closed on the HG Energy acquisition in early February and closed on the divestiture of its Ohio Utica Shale assets in late February. Operating and financial results include contributions based on the closing dates of each transaction.

 

Upon closing of the acquisition, Antero Midstream immediately commenced asset integration operations and cost-effective water blending solutions. This included initial facilities and connectivity work that successfully supported the first pad turn-in-line on the acquired assets in the second quarter. In addition, the Company initiated the construction of a pipeline to connect its water system with the acquired water system, which supports additional fresh water delivery volumes and growth in 2027 and beyond.

 

During the first quarter of 2026, Antero Midstream connected 20 wells to its gathering system and serviced 26 wells with its fresh water delivery system. Capital expenditures were $42 million during the first quarter of 2026. The Company invested $26 million in gathering and compression, $15 million in water infrastructure, and $1 million in the Stonewall Joint Venture.

 

First Quarter 2026 Financial Results

 

Gathering volumes increased by 14% compared to the prior year quarter. Fresh water delivery volumes averaged 83 MBbl/d during the quarter, a 21% decrease compared to the first quarter of 2025. Processing volumes from the processing and fractionation joint venture (the “Joint Venture”) increased by 4% compared to the prior year quarter. Joint Venture fractionation volumes averaged 40 MBbl/d, in line with the prior year quarter. Processing and fractionation capacity were both 100% utilized during the quarter.

 

  

Three Months Ended

March 31,

     
Average Daily Volumes:  2025   2026   % Change 
Gathering (MMcf/d)    3,348    3,805    14%
Centralized Compression (MMcf/d)    3,330    3,370    1%
High Pressure Gathering (MMcf/d)    3,106    3,133    1%
Fresh Water Delivery (MBbl/d)    105    83    (21)%
Joint Venture Processing (MMcf/d)    1,650    1,708    4%
Joint Venture Fractionation (MBbl/d)    40    40     

 

For the three months ended March 31, 2026, revenues were $314 million, comprised of $250 million from the Gathering and Processing segment and $64 million from the Water Handling segment, net of $21 million of amortization of customer relationships. Water Handling revenues include $40 million from other water handling and high rate water transfer services.

 

Direct operating expenses were $30 million for the Gathering and Processing segment and $41 million for the Water Handling segment for a total of $71 million. Water Handling operating expenses include $35 million from other water handling and high rate water transfer services. General and administrative expenses excluding equity-based compensation were $12 million during the first quarter of 2026. Total operating expenses during the first quarter of 2026 included $11 million of equity-based compensation expense and $35 million of depreciation expense. Transaction expense was $9 million related to the HG Midstream acquisition.

 

Net Income was $118 million, or $0.25 per diluted share, in line with the prior year quarter. Net Income adjusted for amortization of customer relationships, impairment of property and equipment, gain on long-lived assets, transaction expense and other, net of tax effects of reconciling items, or Adjusted Net Income, was $138 million. Adjusted Net Income was $0.29 per diluted share, a 4% per share increase compared to the prior year quarter.

 

 

 

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

 

  

Three Months Ended

March 31,

 
   2025   2026 
Net Income   $120,737    118,266 
Amortization of customer relationships    17,668    21,210 
Impairment of property and equipment    817     
Gain on long-lived assets        (2,658)
Transaction expense        8,689 
Other(1)    (5)   (13)
Tax effect of reconciling items(2)    (4,773)   (7,047)
Adjusted Net Income   $134,444    138,447 

 

(1)Other represents gain on asset sale.
(2)The statutory tax rate for each of the three months ended March 31, 2025 and 2026 was approximately 26%.

 

Adjusted EBITDA was $288 million, a 5% increase compared to the prior year quarter. Interest expense was $54 million, a 12% increase compared to the prior year quarter driven by financing for the HG Energy acquisition. Capital expenditures were $42 million during the first quarter of 2026. Adjusted Free Cash Flow before dividends was $192 million and Adjusted Free Cash Flow after dividends was $85 million, an 8% increase compared to the prior year quarter.

 

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

 

  

Three Months Ended

March 31,

 
   2025   2026 
Net Income   $120,737    118,266 
Interest expense, net    48,410    54,029 
Income tax expense    36,096    37,639 
Depreciation expense    32,748    34,635 
Amortization of customer relationships    17,668    21,210 
Equity-based compensation    12,402    10,579 
Equity in earnings of unconsolidated affiliates    (28,020)   (30,012)
Distributions from unconsolidated affiliates    33,375    35,720 
Impairment of property and equipment    817     
Gain on long-lived assets        (2,658)
Transaction expense        8,689 
Other operating expense, net(1)    44    34 
Adjusted EBITDA   $274,277    288,131 
Interest expense, net    (48,410)   (54,029)
Capital expenditures (accrual-based)    (37,288)   (41,952)
Current income tax expense    (1,680)    
Adjusted Free Cash Flow before dividends   $186,899    192,150 
Dividends declared (accrual-based)    (107,836)   (106,871)
Adjusted Free Cash Flow after dividends   $79,063    85,279 

 

(1)Other operating expense represents accretion of asset retirement obligations and gain on asset sale.

 

 

 

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

 

  

Three Months Ended

March 31,

 
   2025   2026 
Net cash provided by operating activities   $198,942    238,624 
Amortization of deferred financing costs    (1,307)   (1,512)
Settlement of asset retirement obligations    210    34 
Transaction expense        8,689 
Changes in working capital    26,342    (11,733)
Capital expenditures (accrual-based)    (37,288)   (41,952)
Adjusted Free Cash Flow before dividends   $186,899    192,150 
Dividends declared (accrual-based)    (107,836)   (106,871)
Adjusted Free Cash Flow after dividends   $79,063    85,279 

 

Conference Call

 

A conference call is scheduled on Thursday, April 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 201-493-6751 (International) and reference “Antero Midstream.” A telephone replay of the call will be available until Thursday, May 7, 2026 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13758947. To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com. The webcast will be archived for replay until Thursday, May 7, 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):

 

  

Three Months Ended

March 31,

 
   2025   2026 
Capital expenditures (as reported on a cash basis)   $32,276    38,806 
Change in accrued capital costs    5,012    3,146 
Capital expenditures (accrual basis)   $37,288    41,952 

 

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):

 

   March 31, 2026 
Bank credit facility   $442,400 
5.75% senior notes due 2028    650,000 
5.375% senior notes due 2029    750,000 
6.625% senior notes due 2032    600,000 
5.75% senior notes due 2033    650,000 
5.75% senior notes due 2034    600,000 
Consolidated total debt   $3,692,400 
Less: Cash, cash equivalents and restricted cash     
Consolidated net debt   $3,692,400 

 

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, 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 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 March 31, 2026.

 

For more information, contact Daniel Katzenberg, Vice President – Investor Relations, at (303) 357-7219 or dkatzenberg@anteroresources.com.

 

 

 

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

 

       (Unaudited) 
   December 31,   March 31, 
   2025   2026 
Assets
Current assets:          
Cash and cash equivalents  $180,435     
Restricted cash   82,500     
Accounts receivable–Antero Resources   106,771    147,086 
Accounts receivable–third party   993    3,156 
Income tax receivable   1,896    1,896 
Current assets held for sale   4,600     
Other current assets   2,669    2,804 
Total current assets   379,864    154,942 
Long-term assets:          
Property and equipment, net   3,454,572    3,931,657 
Investments in unconsolidated affiliates   585,778    580,970 
Customer relationships   1,074,087    1,682,303 
Operating leases right-of-use assets       46,156 
Assets held for sale   379,036     
Other assets, net   10,779    9,836 
Total assets  $5,884,116    6,405,864 
           
Liabilities and Stockholders' Equity
Current liabilities:          
Accounts payable–Antero Resources  $5,366    9,003 
Accounts payable–third party   10,368    15,862 
Accrued liabilities   91,527    117,576 
Short-term lease liabilities       13,176 
Current liabilities held for sale   2,297     
Other current liabilities   1,924    1,633 
Total current liabilities   111,482    157,250 
Long-term liabilities:          
Long-term debt   3,222,530    3,665,937 
Deferred income tax liability, net   562,996    600,634 
Long-term lease liabilities       33,415 
Liabilities held for sale   3,021     
Other   12,046    12,179 
Total liabilities   3,912,075    4,469,415 
Stockholders' equity:          
Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2025 and March 31, 2026          
Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2025 and March 31, 2026        
Common stock, $0.01 par value; 2,000,000 authorized; 474,060 and 475,028 issued and outstanding as of December 31, 2025 and March 31, 2026, respectively   4,741    4,750 
Additional paid-in capital   1,952,524    1,827,496 
Retained earnings   14,776    104,203 
Total stockholders' equity   1,972,041    1,936,449 
Total liabilities and stockholders' equity  $5,884,116    6,405,864 

 

 

 

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)

(In thousands, except per share amounts)

 

   Three Months Ended March 31, 
   2025   2026 
Revenue:        
Gathering and compression–Antero Resources  $238,017    261,999 
Gathering and compression–third party       295 
Water handling–Antero Resources   70,275    72,816 
Water handling–third party   505    311 
Amortization of customer relationships   (17,668)   (21,210)
Total revenue   291,129    314,211 
Operating expenses:          
Direct operating   56,830    70,697 
General and administrative (including $12,402 and $10,579 of equity-based compensation in 2025 and 2026, respectively)   23,024    22,347 
Facility idling   443    545 
Depreciation   32,748    34,635 
Impairment of property and equipment   817     
Gain on long-lived assets       (2,658)
Other operating expense, net   44    34 
Total operating expenses   113,906    125,600 
Operating income   177,223    188,611 
Other income (expense):          
Interest expense, net   (48,410)   (54,029)
Equity in earnings of unconsolidated affiliates   28,020    30,012 
Transaction expense       (8,689)
Total other expense   (20,390)   (32,706)
Income before income taxes   156,833    155,905 
Income tax expense   (36,096)   (37,639)
Net income and comprehensive income  $120,737    118,266 
           
Net income per common share–basic  $0.25    0.25 
Net income per common share–diluted  $0.25    0.25 
           
Weighted average common shares outstanding:          
Basic   479,064    473,866 
Diluted   484,378    477,963 

 

 

 

ANTERO MIDSTREAM CORPORATION

Selected Operating Data (Unaudited)

 

           Amount of     
   Three Months Ended March 31,   Increase   Percentage 
   2025   2026   or Decrease   Change 
Operating Data:                    
Gathering (MMcf)   301,298    342,446    41,148    14%
Centralized compression (MMcf)   299,718    303,328    3,610    1%
High pressure gathering (MMcf)   279,579    281,950    2,371    1%
Fresh water delivery (MBbl)(1)   9,415    7,506    (1,909)   (20)%
Other water handling (MBbl)(2)   5,179    8,359    3,180    61%
Wells serviced by fresh water delivery   28    26    (2)   (7)%
Gathering (MMcf/d)   3,348    3,805    457    14%
Centralized compression (MMcf/d)   3,330    3,370    40    1%
High pressure gathering (MMcf/d)   3,106    3,133    27    1%
Fresh water delivery (MBbl/d)(1)   105    83    (22)   (21)%
Other water handling (MBbl/d)(2)   58    93    35    60%
Average Realized Fees(3):                    
Gathering ($/Mcf)  $0.36    0.37    0.01    3%
Centralized compression ($/Mcf)  $0.22    0.22        * 
High pressure gathering ($/Mcf)  $0.23    0.23        * 
Fresh water delivery ($/Bbl)(1)  $4.38    4.44    0.06    1%
Joint Venture Operating Data:                    
Processing (MMcf)   148,523    153,722    5,199    4%
Fractionation (MBbl)   3,600    3,600        * 
Processing (MMcf/d)   1,650    1,708    58    4%
Fractionation (MBbl/d)   40    40        * 

 

 

*Not meaningful or applicable.

(1)Fresh water delivery includes fresh water charged at a fixed fee under our water services agreement with Antero Resources.
(2)Other water handling includes fresh water charged at cost plus 3% for services provided to Antero Resources on its acreage acquired from HG Production and our other fluid handling services charged at cost plus 3% or cost of service.
(3)The average realized fees for the three months ended March 31, 2026 include annual CPI-based adjustments of approximately 1.5%.

 

 

 

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Results of Segment Operations (Unaudited)

(In thousands)

 

   Three Months Ended March 31, 2026 
   Gathering and   Water       Consolidated 
(in thousands)  Processing   Handling   Unallocated (1)   Total 
Revenues:                
Revenue–Antero Resources  $261,999    72,816        334,815 
Revenue–third-party   295    311        606 
Amortization of customer relationships   (12,384)   (8,826)       (21,210)
Total revenues   249,910    64,301        314,211 
Operating expenses:                    
Direct operating   30,030    40,667        70,697 
General and administrative (excluding equity-based compensation)   7,226    3,281    1,261    11,768 
Equity-based compensation   7,596    2,669    314    10,579 
Facility idling       545        545 
Depreciation   17,844    16,791        34,635 
Loss on long-lived assets   (3,229)   571        (2,658)
Other operating expense, net       34        34 
Total operating expenses   59,467    64,558    1,575    125,600 
Operating income (loss)   190,443    (257)   (1,575)   188,611 
Other income (expense):                    
Interest expense, net           (54,029)   (54,029)
Equity in earnings of unconsolidated affiliates   30,012            30,012 
Transaction expense           (8,689)   (8,689)
Total other income (expense)   30,012        (62,718)   (32,706)
Income (loss) before income taxes   220,455    (257)   (64,293)   155,905 
Income tax expense           (37,639)   (37,639)
Net income (loss) and comprehensive income (loss)  $220,455    (257)   (101,932)   118,266 

 

(1)Corporate expenses that are not directly attributable to either the gathering and processing or water handling segments.

 

 

 

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

 

   Three Months Ended March 31, 
   2025   2026 
Cash flows provided by (used in) operating activities:          
Net income  $120,737    118,266 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation   32,748    34,635 
Impairment of property and equipment   817     
Deferred income tax expense   34,416    37,639 
Equity-based compensation   12,402    10,579 
Equity in earnings of unconsolidated affiliates   (28,020)   (30,012)
Distributions from unconsolidated affiliates   33,375    35,720 
Amortization of customer relationships   17,668    21,210 
Amortization of deferred financing costs   1,307    1,512 
Settlement of asset retirement obligations   (210)   (34)
Gain on long-lived assets       (2,658)
Other operating activities   44    34 
Changes in assets and liabilities:          
Accounts receivable–Antero Resources   (8,825)   (8,450)
Accounts receivable–third party   35    (246)
Other current assets   (695)   (99)
Accounts payable–Antero Resources   1,629    982 
Accounts payable–third party   1,056    6,350 
Income taxes payable   1,783     
Accrued liabilities   (21,325)   13,196 
Net cash provided by operating activities   198,942    238,624 
Cash flows provided by (used in) investing activities:          
Additions to gathering systems, facilities and other   (22,081)   (19,437)
Additions to water handling systems   (8,447)   (18,469)
Additional investments in unconsolidated affiliate   (1,748)   (900)
Acquisition of HG Midstream       (1,120,593)
Proceeds from asset sales   5    378,628 
Net cash used in investing activities   (32,271)   (780,771)
Cash flows provided by (used in) financing activities:          
Dividends to common stockholders   (112,615)   (111,096)
Dividends to preferred stockholders   (138)   (138)
Repurchases of common stock   (28,569)   (18,013)
Borrowings on Credit Facility   304,300    1,076,900 
Repayments on Credit Facility   (311,200)   (634,500)
Payments of deferred financing costs       (1,319)
Employee tax withholding for settlement of equity-based compensation awards   (18,449)   (32,536)
Payments on capital lease obligations       (86)
Net cash provided by (used in) financing activities   (166,671)   279,212 
Net decrease in cash, cash equivalents and restricted cash       (262,935)
Cash, cash equivalents and restricted cash, beginning of period       262,935 
Cash, cash equivalents and restricted cash, end of period  $     
           
Supplemental disclosure of cash flow information:          
Cash paid during the period for interest   65,272    44,525 
Increase in accrued capital expenditures and accounts payable for property and equipment   5,012    3,146 
Increase in accounts receivable–Antero Resources and accounts receivable–third party for the acquisition of HG Midstream       11,830 
Right-of-use assets obtained in exchange for new operating lease obligations   351    47,473