Antero Midstream Corporation (AM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética de la corriente media, Antero Midstream Corporation (AM) emerge como un jugador fundamental, navegando estratégicamente el complejo ecosistema de gas natural de la cuenca de los Apalaches. Al integrar a la perfección la recolección de vanguardia, el procesamiento y los servicios de gestión del agua, AM transforma la logística de energía tradicional en una red sofisticada y eficiente que capacita a los productores de gas natural al tiempo que ofrece soluciones innovadoras y ambientalmente responsables. Esta exploración de lienzo de negocios presenta los intrincados mecanismos detrás de la excelencia operativa de AM, revelando cómo las asociaciones estratégicas, la destreza tecnológica y los enfoques centrados en el cliente posicionan a la compañía a la vanguardia de la innovación energética media.

Antero Midstream Corporation (AM) - Modelo de negocios: asociaciones clave

Proveedores de infraestructura energética de la corriente intermedia

Antero Midstream se asocia con compañías críticas de infraestructura Midstream para apoyar sus operaciones. A partir de 2024, las asociaciones clave de infraestructura incluyen:

Pareja	Detalles de la asociación	Alcance de infraestructura
Compañías de Williams	Acuerdos de recopilación y procesamiento	Regiones de esquisto de Marcellus y Utica
Transferencia de energía LP	Acuerdos de interconexión de tuberías	Transporte de la cuenca de los Apalaches

Compañías de exploración y producción de gas natural

La asociación estratégica principal de Antero Midstream es con Antero Resources Corporation:

• Proveedor exclusivo de servicios de Midstream
• Contratos de procesamiento y recopilación dedicados a largo plazo
• 2023 Volumen de producción contratado: 1.5 bcf/d

Operadores del sistema de tuberías y recolección

Las asociaciones críticas del sistema de tuberías y de recopilación incluyen:

Operador	Total de millas de tubería	Capacidad (BCF/D)
Recolección de la corriente intermedia de antero	450 millas	2.4
Markwest Energy Partners	350 millas	1.8

Socios de cumplimiento ambiental y regulatorio

Asociaciones centradas en el cumplimiento regulatorio y la sostenibilidad ambiental:

• Fondo de Defensa Ambiental
• Departamento de Protección del Medio Ambiente de Virginia Occidental
• Ohio EPA

Empresas de servicios de tecnología e ingeniería

Tecnología estratégica e asociaciones de ingeniería:

Pareja	Enfoque tecnológico	Inversión anual
Schlumberger	Transformación digital	$ 3.2 millones
Baker Hughes	Tecnologías de reducción de emisiones	$ 2.7 millones

Antero Midstream Corporation (AM) - Modelo de negocio: actividades clave

Recolección y procesamiento de gas natural de la corriente media

En 2023, Antero Midstream procesó aproximadamente 2.900 millones de pies cúbicos por día (BCF/D) de gas natural. El sistema de reunión de la compañía abarca más de 450 millas de tuberías de recolección de alta presión en la región de esquisto de Marcellus.

Métrico	Valor
Tuberías de recolección total	450 millas
Capacidad de procesamiento de gases diarios	2.9 BCF/D

Servicios de manejo y tratamiento de agua

Antero Midstream administra infraestructura de agua integral con las siguientes capacidades clave:

• Capacidad total de manejo de agua de 130,000 barriles por día
• Reciclaje y reutilización de aproximadamente el 100% de flujo de flujo y produjo agua
• Infraestructura de agua operativa que incluye 7 instalaciones de manejo de agua

Desarrollo de infraestructura de tuberías

Componente de infraestructura	Especificación
Red total de tuberías	Aproximadamente 1,200 millas
Capacidad de compresión	1.2 millones de caballos de fuerza

Compresión y transporte de gas natural

La compañía opera 14 instalaciones de compresión Con una capacidad de compresión total de 1.2 millones de caballos de fuerza, lo que permite un transporte eficiente de gas a través de la región de esquisto de Marcellus.

Eficiencia operativa y gestión de riesgos

• Gasto operativo por unidad: $ 0.22 por mil pies cúbicos equivalente
• Gasto de capital anual: aproximadamente $ 250 millones en 2023
• Tasa de confiabilidad de los activos: más del 99% de tiempo de actividad para la infraestructura crítica

Antero Midstream Corporation (AM) - Modelo de negocio: recursos clave

Infraestructura extensa de recopilación y procesamiento

A partir de 2024, Antero Midstream opera:

• Aproximadamente 450 millas de tuberías de recolección
• Capacidad de procesamiento de 3.0 mil millones de pies cúbicos por día (BCF/D)
• Ubicado principalmente en la región de esquisto de Marcellus de West Virginia

Activo de infraestructura	Cantidad	Capacidad
Recolectando tuberías	450 millas	3.0 BCF/D
Instalaciones de compresión	5 instalaciones principales	1.8 BCF/D
Infraestructura de manejo de agua	Más de 200 puntos de transferencia de agua	375,000 barriles por día

Cartera estratégica de activos de la cuenca de los Apalaches

Las métricas de cartera clave incluyen:

• Superficie dedicada: 300,000 acres netos
• Dedicación contractual a largo plazo con recursos de antero
• Base de activos concentrados en regiones de alta productividad

Experiencia técnica en operaciones intermedias

Las capacidades técnicas incluyen:

• Fuerza laboral especializada: más de 350 profesionales técnicos
• Experiencia de la industria promedio: más de 12 años por profesional
• Equipos avanzados de ingeniería y gestión operativa

Relaciones contractuales a largo plazo

Tipo de contrato	Duración	Valor
Acuerdo de recopilación	15-20 años	$ 1.2 mil millones cometidos
Servicios de procesamiento	10-15 años	$ 850 millones cometidos

Monitoreo avanzado y tecnologías operativas

Las inversiones tecnológicas incluyen:

• Sistemas de monitoreo de tuberías en tiempo real
• Plataformas de mantenimiento predictivo impulsadas por IA
• Inversión tecnológica anual: $ 45 millones
• Infraestructura de ciberseguridad para tecnología operativa

Antero Midstream Corporation (AM) - Modelo de negocio: propuestas de valor

Servicios integrados de Midstream para productores de gas natural

Antero Midstream ofrece servicios integrales de infraestructura Midstream con las siguientes métricas clave:

Categoría de servicio	Capacidad operativa	Volumen anual
Recolección de gas	2.0 BCF/D	730 BCF/año
Manejo de agua	525,000 barriles/día	191.6 millones de barriles/año
Servicios de compresión	475,000 hp	Operación continua

Soluciones de infraestructura energética confiable y eficiente

Métricas de confiabilidad de infraestructura:

• 98.7% de tiempo de actividad operativo
• 99.2% Fiabilidad al servicio contractual
• Tiempo de inactividad de infraestructura mínima

Reducción de los costos operativos para los socios ascendentes

Métricas de reducción de costos para socios ascendentes:

Categoría de reducción de costos	Porcentaje guardado	Ahorros anuales estimados
Eficiencia operativa	15-20%	$ 45-60 millones
Optimización de infraestructura	12-17%	$ 35-50 millones

Recopilación y procesamiento de gases ambientalmente responsables

Métricas de desempeño ambiental:

• Reducción de emisiones de metano: 22% año tras año
• Reducción de la intensidad del carbono: 0.15 CO2E/MMBTU
• Instalaciones de descarga de líquido cero: 3 sitios operativos

Flujos de ingresos consistentes y predecibles

Indicadores de desempeño financiero:

Flujo de ingresos	Cantidad de 2023	Duración contractual
Tarifas de recolección	$ 685 millones	A largo plazo (10-15 años)
Tasas de manejo de agua	$ 215 millones	A largo plazo (10-15 años)
Servicios de compresión	$ 95 millones	A largo plazo (10-15 años)

Antero Midstream Corporation (AM) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo

Antero Midstream mantiene contratos de recopilación y procesamiento a largo plazo con recursos de Anero, con un valor de contrato total de aproximadamente $ 1.6 mil millones a partir de 2023. La duración promedio del contrato es de 10-15 años, que cubre servicios de recolección de gas natural, compresión y manejo de agua.

Tipo de contrato	Valor anual	Duración del contrato
Recolección de gas	$ 750 millones	12 años
Manejo de agua	$ 450 millones	10 años
Servicios de compresión	$ 400 millones	15 años

Gestión de cuentas dedicada

Antero Midstream ofrece una administración especializada de cuentas para su cliente principal, Antero Resources, con un equipo dedicado de 42 gerentes de cuentas a partir de 2024.

• Soporte técnico 24/7
• Soluciones de infraestructura personalizadas
• Seguimiento de rendimiento en tiempo real

Entrega de servicios basados ​​en el rendimiento

La Compañía implementa métricas de rendimiento con incentivos financieros, con una confiabilidad del servicio del 98.7% en 2023 y posibles estructuras de bonificación de rendimiento hasta el 5% del valor del contrato.

Métrico de rendimiento	Objetivo	Rendimiento real
Tiempo de actividad	99%	98.7%
Tiempo de respuesta	2 horas	1.5 horas

Soporte operativo colaborativo

Antero Midstream invierte $ 35 millones anuales en planificación operativa conjunta e integración tecnológica con recursos de antero.

Canales de comunicación transparentes

La compañía mantiene múltiples plataformas de comunicación con $ 2.5 millones invertidos en infraestructura de comunicación digital en 2023.

• Informes mensuales de rendimiento
• Reuniones estratégicas trimestrales
• Paneles digitales en tiempo real
• Revisiones anuales de desempeño

Antero Midstream Corporation (AM) - Modelo de negocios: canales

Equipos de ventas directos

Antero Midstream Corporation mantiene una fuerza de ventas dedicada de 37 profesionales especializados en servicios de energía de Midstream a partir del cuarto trimestre de 2023.

Composición del equipo de ventas	Número de profesionales
Representantes de ventas senior	12
Gerentes de ventas regionales	8
Especialistas en ventas técnicas	17

Conferencias y eventos de la industria

Antero Midstream participa en 14 principales conferencias de la industria anualmente, con un alcance de compromiso estimado de 2.500 clientes empresariales potenciales.

• Participación anual en Ceraweek
• Conferencia de Coalición de Shale Marcellus Shale
• Conferencia comercial de Midstream

Plataformas de comunicación digital

Los canales digitales incluyen un sitio web corporativo con 127,000 visitantes únicos mensuales y presencia activa de LinkedIn con 18,500 seguidores a partir de enero de 2024.

Plataforma digital	Métricas de compromiso
Sitio web corporativo	127,000 visitantes mensuales
LinkedIn	18,500 seguidores
Canal corporativo de YouTube	3,200 suscriptores

Servicios de consulta técnica

Antero Midstream ofrece una consulta técnica especializada con 22 profesionales de ingeniería dedicados que cubren soluciones de infraestructura Midstream.

Redes de asociación estratégica

Las asociaciones estratégicas actuales incluyen 6 principales compañías de exploración de energía y 3 empresas de desarrollo de infraestructura.

Tipo de asociación	Número de socios
Empresas de exploración energética	6
Empresas de desarrollo de infraestructura	3
Socios de integración de tecnología	4

Antero Midstream Corporation (AM) - Modelo de negocio: segmentos de clientes

Empresas de exploración de gas natural

Antero Midstream sirve a Antero Resources Corporation, que posee el 89% de los activos de recopilación y procesamiento de la compañía. En 2023, los recursos de Anero produjeron aproximadamente 1,5 mil millones de pies cúbicos de gas natural equivalente por día.

Segmento de clientes	Valor anual del contrato	Compromiso de volumen
Empresas de exploración de gas natural	$ 385.2 millones	1.5 BCFE/D

Operadores de producción aguas arriba

La compañía ofrece servicios Midstream a operadores aguas arriba en las regiones de Marcellus y Utica Shale.

• Capacidad total del sistema de reunión: 3.0 mil millones de pies cúbicos por día
• Capacidad de compresión: 1.600 millones de pies cúbicos por día
• Capacidad de manejo de agua: 375,000 barriles por día

Desarrolladores de infraestructura energética regional

Antero Midstream opera una extensiva infraestructura en West Virginia y Ohio, apoyando el desarrollo de la energía regional.

Activo de infraestructura	Capacidad	Cobertura geográfica
Recolectando tuberías	2.200 millas	Cuencas de Marcellus/Utica
Instalaciones de manejo de agua	15 instalaciones de manejo de agua	Virginia Occidental, Ohio

Consumidores de energía industrial a gran escala

La compañía apoya a los consumidores de energía industrial a través de servicios confiables de Midstream.

• Suministro promedio de gas natural diario: 1.5 BCFE/D
• Compromisos contractuales: acuerdos de suministro a largo plazo

Buscadores de servicio Midstream en la cuenca de los Apalaches

Antero Midstream es un proveedor clave de servicios Midstream en la cuenca de los Apalaches.

Categoría de servicio	Ingresos anuales	Cuota de mercado
Servicios de recopilación	$ 525.6 millones	Dominante en Marcellus/Utica
Servicios de manejo de agua	$ 210.3 millones	Proveedor regional líder

Antero Midstream Corporation (AM) - Modelo de negocio: Estructura de costos

Mantenimiento y desarrollo de infraestructura

Gastos de capital para 2023: $ 300 millones

Componente de infraestructura	Costo anual
Recopilación de mantenimiento de la tubería	$ 85.2 millones
Actualizaciones de la estación de compresión	$ 45.6 millones
Mejoras de la instalación de procesamiento	$ 62.3 millones

Personal y gastos operativos

Fuerza laboral operativa total: 370 empleados

Categoría de gastos	Costo anual
Salarios y salarios	$ 52.4 millones
Beneficios y seguro	$ 14.7 millones
Capacitación y desarrollo	$ 2.1 millones

Inversiones de tecnología y equipos

Presupuesto de tecnología anual: $ 22.5 millones

• Actualizaciones del sistema SCADA: $ 8.3 millones
• Tecnología de detección de fugas: $ 5.6 millones
• Plataformas de análisis de datos: $ 4.2 millones
• Equipo de monitoreo remoto: $ 4.4 millones

Costos de cumplimiento regulatorio

Gastos totales de cumplimiento anual: $ 18.9 millones

Área de cumplimiento	Costo anual
Permisos ambientales	$ 6.2 millones
Certificación de seguridad	$ 4.7 millones
Informes regulatorios	$ 3.5 millones
Cumplimiento legal	$ 4.5 millones

Gastos de gestión ambiental

Presupuesto total de gestión ambiental: $ 25.6 millones

• Programas de reducción de emisiones: $ 9.3 millones
• Restauración del ecosistema: $ 6.8 millones
• Gestión de residuos: $ 5.2 millones
• Iniciativas de conservación del agua: $ 4.3 millones

Antero Midstream Corporation (AM) - Modelo de negocios: flujos de ingresos

Tarifas de recolección de gas natural

En 2023, Antero Midstream generó $ 615.4 millones en ingresos de recolección de gas natural. La compañía opera aproximadamente 450 millas de tuberías de recolección en la región de esquisto de Marcellus.

Métrico	Valor
Ingresos totales de recolección de gas	$ 615.4 millones
Recolectando millas de tubería	450 millas
Tasa de reunión promedio	$ 0.45 por mmbtu

Servicios de manejo y tratamiento de agua

Los ingresos por servicios de agua para 2023 alcanzaron $ 184.6 millones. La compañía administra la infraestructura de agua en 24,000 acres en la cuenca de los Apalaches.

• Ingresos totales de manejo de agua: $ 184.6 millones
• Capacidad de infraestructura de agua: 300,000 barriles por día
• Tasa de reciclaje de agua: 90%

Cargos de transporte de tuberías

El transporte de tuberías generó $ 276.3 millones en ingresos durante 2023, con 1.800 millones de pies cúbicos por día de capacidad de transporte.

Métrica de transporte de tuberías	Valor
Ingresos totales de transporte	$ 276.3 millones
Capacidad de transporte diario	1.8 bcf/día

Acuerdos contractuales a largo plazo

Antero Midstream ha asegurado contratos a largo plazo con una duración promedio de 10.5 años, proporcionando $ 1.2 mil millones en ingresos futuros contratados.

Ingresos de servicios basados ​​en volumen

Los ingresos basados ​​en el volumen totalizaron $ 456.7 millones en 2023, con una tasa de servicio promedio de $ 0.38 por MMBTU procesada.

Métrica de ingresos basada en volumen	Valor
Ingresos totales basados ​​en el volumen	$ 456.7 millones
Tasa de servicio promedio	$ 0.38 por mmbtu

Antero Midstream Corporation (AM) - Canvas Business Model: Value Propositions

You're looking at the core promises Antero Midstream Corporation (AM) makes to its customers and the market as of late 2025. These aren't abstract goals; they're backed by contracts and operational performance right now.

The first value is delivering highly reliable, integrated midstream and water services directly to the producer, Antero Resources. This integration is deep; for instance, in 2024, 100% of the water used in Antero Resources completions was transported by Antero Midstream pipeline. The system's efficiency is clear from Q3 2025 results, where fresh water delivery volumes jumped 30% year-over-year while servicing only one completion crew that set records for operational pace. This points to a world-class, consistent water system.

For Antero Resources, the value proposition translates directly into predictable operating costs through long-term, fixed-fee structures. These agreements secure cash flows and minimum volume commitments extending all the way through 2038. Management confidence in this stability is evident, as 2025 Adjusted EBITDA growth is explicitly driven by throughput increases and inflation adjustments to fixed fees.

Capital efficiency is strongly supported by their water management strategy. Antero Midstream has constructed what they call the largest water pipeline system in Appalachia. This focus on reuse minimizes external costs; in 2024, 89% of wastewater received by Antero Midstream was recycled. The commitment to this infrastructure continued into Q3 2025, with $26 million invested in water infrastructure during that quarter alone, primarily to complete the integrated water system across the liquids-rich midstream corridor.

Finally, Antero Midstream offers access to premium markets, particularly as the energy landscape shifts. They are actively exploring opportunities in the dry gas segment in West Virginia, which is currently in the proof-of-concept phase. This is significant because Antero Resources accounts for about 40% of the natural gas production in that state, positioning Antero Midstream to potentially serve future power infrastructure needs, such as those driven by data center demand.

Here's a quick look at some key operational metrics from the third quarter of 2025, showing the scale of the services underpinning these value propositions:

Metric	Q3 2025 Value	Year-over-Year Change
Low Pressure Gathering Volume	3,432 MMcf/d	5% increase
Compression Volume	3,421 MMcf/d	5% increase
Fresh Water Delivery Volume	92 MBbl/d	30% increase
Water Handling Segment Revenue	$54 million	N/A
Capital Expenditures	$51 million	9% decrease

The company's Q3 2025 Adjusted EBITDA hit $281 million, showing that these operational strengths are translating into financial results, with Free Cash Flow after dividends nearly doubling to $78 million compared to the prior year quarter. That's a 94% increase in cash generation after paying the dividend.

Antero Midstream Corporation (AM) - Canvas Business Model: Customer Relationships

You're looking at the core of Antero Midstream Corporation's stability, which rests almost entirely on its relationship with its anchor customer, Antero Resources (AR).

Dedicated, long-term contractual relationship with Antero Resources

The customer relationship is defined by deep integration and long-term commitment from Antero Resources. Antero Midstream Corporation has dedicated substantially all of its current and future acreage in West Virginia, Ohio, and Pennsylvania to Antero Midstream for gathering and compression services. This dedication is secured by multiple agreements with initial terms stretching decades into the future.

Here's a look at the key contract end dates that provide visibility for Antero Midstream Corporation's revenue base:

Agreement Type	Contract Expiration Year	Minimum Volume Commitment
2019 Gathering and Compression	2038	N/A (See below)
Marcellus Gathering and Compression	2031	85% of high-pressure gathering
Mountaineer Gathering and Compression	2026	N/A
Utica Compression	2030 (one dedication)	70% of compression

Antero Resources continues to feed this dedicated infrastructure; year-to-date through September 30, 2025, Antero Resources added 79 locations that are dedicated to Antero Midstream Corporation.

High-touch, embedded service model tied to AR's drilling schedule

The service model is inherently embedded, meaning Antero Midstream Corporation's operations scale directly with Antero Resources' development plan. This is evident in the throughput growth seen in the third quarter of 2025 compared to the prior year quarter:

• Low pressure gathering volumes averaged 3,432 MMcf/d, a 5% increase.
• Compression volumes averaged 3,421 MMcf/d, a 5% increase.
• High pressure gathering volumes averaged 3,170 MMcf/d, a 4% increase.
• Fresh water delivery volumes averaged 92 MBbl/d, a 30% increase.

The integration is so close that some of Antero Resources' operational personnel are seconded to Antero Midstream Corporation under a secondment agreement. This level of linkage ensures Antero Midstream Corporation's assets are utilized as Antero Resources brings new wells online, such as connecting 16 wells to the gathering system during the third quarter of 2025.

Fixed-fee and cost-of-service agreements for revenue stability

Antero Midstream Corporation structures its agreements to avoid direct commodity price exposure, relying on fee-based revenue streams. The gathering and compression, and water services agreements with Antero Resources provide for fixed-fee and cost of service fee structures. This structure allows for predictable cash flows, which management uses to support shareholder returns, including maintaining the dividend at $0.225 per share as of October 2025.

The stability is quantified by minimum future cash flow commitments:

• Minimum future cash flows from gathering and compression agreements are projected at $315 million for 2026, stepping down to $121 million by 2029.
• The water service agreement has minimum future revenues under cost of service fees of $34 million to be recognized between 2025 through 2032.

Furthermore, the 2025 Adjusted EBITDA guidance of $1.08 billion to $1.12 billion is explicitly driven by low-single digit throughput growth and inflation adjustments to Antero Midstream Corporation's fixed fees.

Antero Midstream Corporation (AM) - Canvas Business Model: Channels

The physical infrastructure Antero Midstream Corporation (AM) uses to deliver its services-the Channels-is extensive, covering gas gathering, compression, processing, and water management across the Appalachian Basin. These assets are the tangible means by which Antero Midstream connects its customers' production to market outlets.

The natural gas gathering network comprises both low-pressure and high-pressure assets. As of the third quarter of 2025, Antero Midstream operated a total of 708 Miles of low- and high-pressure gathering pipelines. Throughput volumes show consistent utilization; low pressure gathering volumes averaged 3,432 MMcf/d in Q3 2025, a 5% increase year-over-year. High pressure gathering volumes were reported at an average of 3,170 MMcf/d for the same period, marking a 4% year-over-year increase.

Compression is integral to moving the gathered gas. Antero Midstream's total compression capacity stands at 4.6 Bcf/d. Compression volumes in Q3 2025 averaged 3,421 MMcf/d, matching the 5% year-over-year growth seen in low-pressure gathering. The network was recently enhanced; the Torrey's Peak compressor station was placed in service in Q1 2025, adding an initial capacity of 160 MMcf/d.

The centralized processing and fractionation capabilities, largely executed through a joint venture, represent a key channel for NGL separation. The processing joint venture has a nameplate processing capacity of 1,600 MMcf/d as of Q3 2025. Utilization is strong, with Q3 2025 gross processing volumes averaging 1,714 MMcf/d, meaning capacity was utilized at over 100% based on nameplate. The fractionation side of the JV has a nameplate capacity of 40 MBbl/d, which was 100% utilized in Q3 2025, with gross volumes averaging 40 MBbl/d. Antero Midstream's 2025 guidance projected combined distributions from this processing and fractionation joint venture to be between $135 million to $145 million.

The integrated fresh water and wastewater pipeline network provides a dedicated service channel for completion activities. The company budgeted $85 million for water infrastructure capital expenditures in 2025, primarily for expanding the integrated water system across the Marcellus Shale corridor. For Q3 2025, Antero Midstream invested $26 million in water infrastructure capital. Fresh water delivery volumes averaged 92 MBbl/d in Q3 2025, despite servicing only 17 wells that quarter. For the full year 2025, Antero Midstream expected to service between 70 to 75 wells with its fresh water delivery system.

The company also utilizes joint venture assets for processing and fractionation, as detailed above, but also includes the Stonewall Joint Venture. Capital contributions budgeted for the Stonewall Joint Venture in 2025 ranged from $10 million to $15 million. In Q3 2025, Antero Midstream invested $1 million into this venture.

Here's a quick look at the key operational metrics for these channels in Q3 2025:

Channel Component	Metric	Value (Q3 2025)
Gathering Pipelines	Total Miles	708
Low-Pressure Gathering	Average Volume	3,432 MMcf/d
High-Pressure Gathering	Average Volume	3,170 MMcf/d
Compression System	Total Capacity	4.6 Bcf/d
Compression	Average Volume	3,421 MMcf/d
JV Processing	Average Throughput	1,714 MMcf/d
JV Processing	Utilization vs. Nameplate	Over 100%
JV Fractionation	Average Volume	40 MBbl/d
Water Network	Fresh Water Delivery Volume	92 MBbl/d

Antero Midstream Corporation (AM) - Canvas Business Model: Customer Segments

You're looking at the core of Antero Midstream Corporation's business, and honestly, it's a very concentrated relationship. The customer segments are clear, but the weighting is heavily skewed toward one entity. This structure gives Antero Midstream Corporation stability through long-term contracts but also ties its near-term fortunes closely to its upstream sibling.

Antero Resources Corporation: The primary, defintely anchor customer.

Antero Resources Corporation is the bedrock. The infrastructure Antero Midstream Corporation owns-gathering pipelines, compressor stations, and water assets-was largely built to service Antero Resources' production in the Marcellus and Utica Shales. This relationship is solidified by long-term contracts that provide a revenue floor. We see contract terms running through 2026, 2030, and even out to 2038. These agreements include crucial minimum volume commitments, such as 85% of high-pressure gathering volumes and 70% for another key service, which essentially guarantees a baseline cash flow stream for Antero Midstream Corporation. For context on the revenue split, looking at the first quarter of 2025, the Gathering and Processing segment, which is overwhelmingly driven by Antero Resources' throughput, brought in $229 million out of total revenues of $291 million.

Here's a quick look at the segment revenue contribution from the first quarter of 2025:

Segment	Revenue (USD Millions) Q1 2025	Percentage of Total Revenue (approx.)
Gathering & Processing	$228.7	78.6%
Water Handling	$62.4	21.4%

The Water Handling segment, while smaller, also has deep ties, with Antero Midstream Corporation expecting to service 70 to 75 wells with its fresh water delivery system in 2025. Still, the stability of the overall business is anchored by those long-haul contracts with Antero Resources.

Third-party natural gas and NGL producers in the Appalachian Basin.

While Antero Resources is the anchor, Antero Midstream Corporation is actively growing its third-party business, often by acquiring production that is already connected to its system or by securing new dedications. For example, Antero Resources recently completed acquisitions totaling 75 to 100 MMcfe/d of production that was already being gathered by Antero Midstream Corporation. Furthermore, Antero Resources noted it added 79 locations year-to-date through its leasing program that are now dedicated to Antero Midstream Corporation, giving the midstream company the right of dedication on future development. This shows a clear, albeit secondary, strategy to onboard non-affiliate volumes onto the existing asset base, which helps dilute the single-customer concentration risk.

End-market consumers (indirectly) like power generators and LNG facilities.

You don't bill a power plant directly, but Antero Midstream Corporation's success is directly linked to where Antero Resources sells its gas and NGLs. Antero Resources has positioned itself to capitalize on premium markets, which means Antero Midstream Corporation's assets are critical infrastructure for these premium outlets. As of early 2025 projections, about 75% of Antero Resources' estimated gas sales were delivered to the LNG fairway, tied directly to Nymex Henry Hub pricing. This exposure to global LNG demand strengthens the long-term need for Antero Midstream Corporation's gathering and compression capacity out of the basin. The company is forecasting Adjusted EBITDA of $1.08 billion to $1.12 billion for the full year 2025, growth that relies on these end-market pulls.

Finance: draft Q4 2025 throughput analysis by next Tuesday.

Antero Midstream Corporation (AM) - Canvas Business Model: Cost Structure

The cost structure for Antero Midstream Corporation (AM) is heavily weighted toward capital deployment and the maintenance of its extensive infrastructure base, characteristic of the midstream sector.

The high fixed costs stem directly from the capital-intensive nature of building and maintaining gathering, compression, and water systems. Antero Midstream's forecast for capital expenditures (CapEx) for the full fiscal year 2025 is set between $170 million to $200 million. To give you a snapshot of spending pace, capital expenditures for the third quarter of 2025 alone totaled $51 million, bringing the year-to-date investment to approximately $133 million at the midpoint of the guidance range.

A significant portion of the cost base involves non-cash charges related to the existing asset base, which you see reflected in the quarterly results. For instance, in the third quarter of 2025, non-cash charges included $17.7 million for amortization of customer relationships and $34.5 million for depreciation. These figures represent ongoing costs associated with the long-term assets.

Debt servicing is another major component. Antero Midstream maintains leverage, which was reported at 2.7x as of September 30, 2025. While the exact interest expense isn't provided here, the leverage ratio is a key indicator of the magnitude of debt-related financing costs that factor into the overall cost structure. The company did execute a refinancing of its nearest maturity notes due in 2027 to 2033 at a 5.75% coupon, which impacts future interest costs.

Capital contributions to joint ventures are a planned outlay. For 2025, Antero Midstream budgeted capital contributions to the Stonewall Joint Venture in the range of $10 million to $15 million. In the third quarter of 2025 specifically, the investment in the Stonewall Joint Venture was $1 million.

Here is a summary of the key financial figures relevant to the cost structure as of late 2025:

Cost Component Category	Specific Metric/Period	Amount/Value
Full-Year 2025 CapEx Guidance	Total Capital Budget	$170 million to $200 million
Q3 2025 Capital Expenditures	Total Capex for the Quarter	$51 million
Year-to-Date 2025 Capital Investment	Through Q3 2025	$133 million
Debt Leverage Ratio	As of September 30, 2025	2.7x
2025 Capital Contribution Budget	Stonewall Joint Venture	$10 million to $15 million
Q3 2025 Non-Cash Cost	Depreciation	$34.5 million
Q3 2025 Non-Cash Cost	Amortization of Customer Relationships	$17.7 million

The infrastructure spending is strategically allocated across different asset classes, which directly drives the fixed and variable operating costs you need to track. The Q3 2025 capital breakdown shows where the money went:

• Gathering and compression investment: $24 million in Q3 2025.
• Water infrastructure investment: $26 million in Q3 2025.
• Stonewall Joint Venture contribution: $1 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Antero Midstream Corporation (AM) - Canvas Business Model: Revenue Streams

You're looking at the engine room of Antero Midstream Corporation (AM)'s cash generation, which is heavily weighted toward long-term, contracted revenue. Honestly, this is what gives investors the confidence to look past short-term market noise.

The core of Antero Midstream Corporation (AM)'s revenue model rests on providing essential infrastructure services under contract. The primary revenue driver is the fixed-fee gathering and compression services. This is capacity-based revenue, meaning the fees are largely insulated from the day-to-day commodity price swings of natural gas and NGLs (natural gas liquids). Growth here comes from inflation adjustments built into those fixed fees and increased throughput volumes from Antero Resources, the primary customer.

The water segment also operates on a fee basis, using a fixed-fee and cost-of-service structure for water handling and delivery. This segment showed significant operational leverage in 2025; for instance, fresh water delivery volumes jumped by 30% year-over-year in the third quarter of 2025, even while servicing only one completion crew, which speaks to efficiency gains [cite: 6, 10 from previous search].

Here's a quick look at how the core fee-based businesses performed in Q3 2025, which feeds into the overall annual picture:

• Low-pressure gathering and compression volumes were up 5% year-over-year in Q3 2025 [cite: 6, 10 from previous search].
• Fresh water delivery volumes saw a 30% increase year-over-year in Q3 2025 [cite: 6, 10 from previous search].
• The average compression fee was 22 cents per Mcf, showing an almost 5% increase year-over-year [cite: 2 from second search].
• High-pressure gathering fees remained flat year-over-year at 23 cents per Mcf [cite: 2 from second search].

Beyond the direct service fees, Antero Midstream Corporation (AM) captures value through its equity stakes in joint ventures, primarily the processing and fractionation JV with MPLX, LP. This provides a steady, contracted income stream that management forecasts for the full year.

The 2025 guidance for distributions from joint ventures is set between \$135 million to \$145 million [cite: 1, 2 from first search].

When you aggregate all these sources-the fixed-fee gathering/compression, the water services, and the joint venture distributions-the scale of the revenue base becomes clear. For the twelve months ending September 30, 2025, Antero Midstream Corporation (AM) reported total revenue of \$1.179 billion [cite: 2 from last search]. This TTM revenue figure represents a 9.27% increase year-over-year [cite: 2 from last search].

To put the overall financial performance in context for 2025, the company's Adjusted EBITDA guidance was set between \$1.08 billion to \$1.12 billion, reflecting that low-single-digit throughput growth and inflation adjustments to those fixed fees [cite: 1 from first search].

You can see the breakdown of the revenue drivers and key financial metrics below:

Revenue Component / Metric	Latest Available Figure	Period / Context
Total Revenue (TTM)	\$1.179 billion	Twelve Months Ended September 30, 2025 [cite: 2 from last search]
Quarterly Revenue	\$294.8 million	Q3 2025 [cite: 1 from second search]
Adjusted EBITDA Guidance	\$1.08 billion to \$1.12 billion	Full Year 2025 Guidance [cite: 1 from first search]
JV Distributions Guidance	\$135 million to \$145 million	Full Year 2025 Guidance [cite: 1, 2 from first search]
Gathering & Compression Volume Growth	5% increase	Year-over-Year, Q3 2025 [cite: 6, 10 from first search]
Water Delivery Volume Growth	30% increase	Year-over-Year, Q3 2025 [cite: 6, 10 from first search]

Still, remember that the majority of this revenue is underpinned by contracts, which is the stability you want to see. Finance: draft 13-week cash view by Friday.