Antero Midstream Corp Q2 2025 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: John Mackay - Goldman Sachs Group Inc - Analyst : Hey guys, thank you for the time. I appreciate it. I wanted to start on some of your comments you made on the AR call. You continued to talk about in base and demand opportunities, also kind of saying that you'd want it to be kind of NMAX pricing and to be disciplined on growth into these. But maybe can you spend a second talking about where AM could fit into this? Are there opportunities for AM specifically beyond just, moving those gathering those incremental AR volumes? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 31, 2025 / 4:00PM, AM.N - Q2 2025 Antero Midstream Corp Earnings Call

Question: John Mackay - Goldman Sachs Group Inc - Analyst : And that's fair. Maybe just on capital allocation. I think the first kind of two quarters of the year, or sorry, I guess, you've talked about the buyback being kind of potentially 50% of what's called access free cash flow. It's kind of trending below that first two quarter of the year. It does look like it stepped up in July, but maybe just can you spend a second on how you think about allocating to the buyback versus the balance sheet, and is that 50% number still kind of the right ballpark?

Question: John Mackay - Goldman Sachs Group Inc - Analyst : Alright, that's clear. Thank you. Appreciate the time.

Question: Jeremy Tonet - JPMorgan Chase & Co - Analyst : Hi, good morning. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 31, 2025 / 4:00PM, AM.N - Q2 2025 Antero Midstream Corp Earnings Call

Question: Jeremy Tonet - JPMorgan Chase & Co - Analyst : Just wanted to dig in maybe a little bit more if you could with regards to in-base and demand opportunities, and there's been some announcements recently at the Pennsylvania Energy and Innovation Summit. I think there's also been, some announcements out of Meta with the new Albany facility and was just wondering, related to these recent developments, I guess, do you see opportunities emerging specific to AM here over time?

Question: Jeremy Tonet - JPMorgan Chase & Co - Analyst : Got it. Understood. Maybe just pivoting here to the Clearwater facility lawsuit. I don't know if there's any color you could shed on timeline at this point from a legal proceeding standing.

Question: Jeremy Tonet - JPMorgan Chase & Co - Analyst : Got it. Makes sense. I'll leave it there. Thank you.

Question: Ned Baramov - Wells Fargo Securities LLC - Analyst : Hi, thanks for taking the questions. Processing volumes picked up well above capacity in the second quarter, and given AR's development plan assumes a higher mix of liquids, rich wells going into the fourth quarter, I would imagine utilization will increase even further from here. Could you maybe talk about the threshold above name plate that would potentially trigger a decision to add another processing plant at the JV. It seems that running 5% to 10% above name plate is not really a trigger, but just curious at what utilization levels you would have to make that decision.

Question: Ned Baramov - Wells Fargo Securities LLC - Analyst : Understood. And then quick question on cash taxes. The earnings press release indicated an expected reversal of cash taxes paid year-to-date in the second half of the year. Could you maybe talk about your cash tax expectations longer term? When do you think AM will be a full cash taxpayer?

Question: Ned Baramov - Wells Fargo Securities LLC - Analyst : Understood. Thank you.

Question: Wade Suki - Capital One Securities Inc - Analyst : Good morning, everyone. Thank you for taking my questions. I'm just wondering if you might be able to speak to sort of inorganic opportunities what you're seeing in the asset market out there, any color you could get would be great. Thank you.

Question: Wade Suki - Capital One Securities Inc - Analyst : Okay. Great. Thank you so much appreciate it.