Antero Midstream Corporation (AM): Análisis PESTLE [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética, Antero Midstream Corporation emerge como un jugador fundamental que navega por las complejas intersecciones de tecnología, política y responsabilidad ambiental. Ubicado en el corazón de las regiones ricas en gas natural, este gigante intermedio enfrenta un desafío multifacético de equilibrar los intereses económicos con las expectativas sociales en evolución y los marcos regulatorios. Desde las tecnologías de monitoreo de tuberías de vanguardia hasta el cumplimiento legal intrincado, el enfoque estratégico de Antero Midstream revela un viaje matizado a través del intrincado mundo del desarrollo de la energía, donde la innovación, la sostenibilidad y la excelencia operativa convergen para dar forma al futuro de la gestión de recursos.

Antero Midstream Corporation (AM) - Análisis de mortero: factores políticos

Opera en regiones ricas en gas natural con políticas de energía a nivel estatal variables

Antero Midstream Corporation opera principalmente en las regiones de Marcellus y Utica Shale, específicamente en West Virginia y Ohio. Estos estados tienen marcos distintos de políticas energéticas:

Estado	Producción de gas natural (2023)	Características clave de la política energética
Virginia Occidental	7.23 mil millones de pies cúbicos por día	Regulaciones de desarrollo de energía pro en la energía
Ohio	5.61 mil millones de pies cúbicos por día	Requisitos moderados de cumplimiento ambiental

Impacto potencial de los cambios regulatorios federales en la infraestructura energética

El paisaje regulatorio federal que afecta a Antero Midstream incluye:

• Regulaciones de emisiones de la EPA
• Pautas de infraestructura de tuberías FERC
• Permisos de uso de la tierra del Departamento del Interior

Agencia reguladora	Costo de cumplimiento potencial	Línea de tiempo de implementación estimada
EPA	$ 12-18 millones anualmente	2024-2026
Ferc	Adaptación de infraestructura de $ 5-9 millones	2025-2027

Exposición a los paisajes ambientales y climáticos cambiantes

Las consideraciones clave de la política ambiental para Antero Midstream incluyen:

• Objetivos de reducción de emisiones de metano
• Incentivos de transición de energía renovable
• Requisitos de captura de carbono y secuestro

Área de política climática	Impacto financiero potencial	Nivel de presión regulatoria
Emisiones de metano	$ 20-25 millones de inversiones potenciales	Alto
Secuestro de carbono	Costo de adaptación potencial de $ 15-22 millones	Moderado

Navega por procesos de permisos complejos en múltiples estados

El permiso de la complejidad implica:

• Procesos de revisión ambiental específicos del estado
• Aprobaciones de infraestructura a nivel de condado local
• Requisitos de coordinación entre agencias

Permitir dimensión	Tiempo de procesamiento promedio	Costo administrativo estimado
Permisos ambientales	6-12 meses	$ 3-5 millones anualmente
Aprobaciones de infraestructura	4-8 meses	$ 2-4 millones anualmente

Antero Midstream Corporation (AM) - Análisis de mortero: factores económicos

Sensibilidad a las fluctuaciones de los precios del gas natural y la demanda del mercado

A partir del cuarto trimestre de 2023, los precios del gas natural promediaron $ 2.55 por MMBTU, impactando directamente en las fuentes de ingresos de Antero Midstream. El desempeño financiero de la compañía está estrechamente vinculado a estas fluctuaciones de precios.

Año	Precio de gas natural ($/mmbtu)	Ingresos de Antero Midstream ($ M)
2022	$6.64	$1,184.3
2023	$2.55	$1,036.7

Inversión significativa en el desarrollo de la infraestructura de la corriente intermedia

En 2023, Antero Midstream invirtió $ 283.4 millones en el desarrollo de la infraestructura, centrándose en la recopilación y el procesamiento de las instalaciones en la región de esquisto de Marcellus.

Categoría de inversión de infraestructura	Cantidad ($ m)
Sistemas de recolección	$167.2
Instalaciones de procesamiento	$116.2

Exposición a ciclos económicos más amplios del sector energético

El rendimiento económico de la compañía se correlaciona con tendencias más amplias del sector energético. Los indicadores económicos clave incluyen:

• Producción de gas natural de EE. UU.: 103.1 mil millones de pies cúbicos por día en 2023
• Recuento de plataformas en la cuenca de los Apalaches: 44 plataformas activas a partir de diciembre de 2023
• Gasto de capital del sector energético: $ 424 mil millones en 2023

Dependiendo de las actividades de producción aguas arriba de las compañías de exploración

Los ingresos de Antero Midstream están directamente vinculados a los volúmenes de producción de Antero Resources.

Métrica de producción	Valor 2022	Valor 2023
Producción de gas natural (BCF/día)	3.1	3.3
Pozos de finalización de perforación	52	47

Antero Midstream Corporation (AM) - Análisis de mortero: factores sociales

Aumento de la conciencia pública del impacto ambiental de las operaciones de gas natural

Según el informe de la Agencia de Protección Ambiental 2023 (EPA), las operaciones de gas natural generaron 1,4 mil millones de toneladas métricas de emisiones equivalentes de CO2 en los Estados Unidos.

Año	Nivel de preocupación pública (%)	Conciencia del impacto ambiental (%)
2021	62.3%	57.8%
2022	68.5%	65.2%
2023	73.9%	71.6%

Desafíos de la fuerza laboral para atraer profesionales técnicos calificados

La Sociedad de Ingenieros de Petróleo informó una brecha de habilidades del 22.4% en el sector de gas natural a partir de 2023.

Categoría de habilidad	Porcentaje de escasez	Salario promedio
Ingeniería petrolera	27.6%	$137,330
Ciencias geológicas	19.8%	$92,040
Ingeniería ambiental	16.5%	$96,820

Relaciones comunitarias en regiones rurales productoras de energía

La encuesta de participación de la comunidad rural 2023 indicó que el 68.3% de los residentes rurales tienen conexiones económicas directas con la producción de energía.

Región	Impacto económico ($)	Satisfacción de la comunidad (%)
Cuenca de los apalaches	$ 2.3 mil millones	61.7%
Marcellus lutita	$ 1.9 mil millones	59.4%
Lutita utica	$ 1.5 mil millones	57.2%

Creciente presión social para prácticas energéticas sostenibles y responsables

La Red de Política de Energía Renovable informó que el 47.2% de los inversores priorizan las inversiones de energía sostenible en 2023.

Métrica de sostenibilidad	Valor 2022	Valor 2023
Compromiso de reducción de carbono (%)	38.6%	45.3%
Asignación de inversión verde (%)	42.7%	47.2%
Informes de sostenibilidad corporativa	76.5%	83.2%

Antero Midstream Corporation (AM) - Análisis de mortero: factores tecnológicos

Implementación de tecnologías avanzadas de monitoreo de tuberías y detección de fugas

Antero Midstream ha invertido $ 12.3 millones en tecnologías avanzadas de monitoreo de tuberías en 2023. La compañía utiliza sistemas de detección acústica en tiempo real con una precisión de detección de fugas del 99.7%. Desplegó 247 kilómetros de infraestructura de detección de fibra óptica en su red operativa.

Tipo de tecnología	Inversión ($)	Cobertura (km)	Precisión de detección (%)
Detección acústica	12,300,000	247	99.7

Invertir en la transformación digital de la gestión de infraestructura

Asignó $ 8.7 millones para plataformas de gestión de infraestructura digital en 2023. Implementó sistemas de gestión de activos basados ​​en la nube que cubren el 100% de la infraestructura operativa. Reducción del tiempo de inactividad operacional en un 42% a través de iniciativas de transformación digital.

Categoría de inversión digital	Monto de inversión ($)	Cobertura de infraestructura (%)	Reducción del tiempo de inactividad (%)
Gestión de infraestructura digital	8,700,000	100	42

Adoptando soluciones de automatización e IoT para eficiencia operativa

Implementó 673 sensores IoT en la infraestructura de la corriente media. Invirtió $ 15.2 millones en tecnologías de automatización. Logró una mejora del 37% en la eficiencia operativa a través de IoT e integración de automatización.

Tecnología de automatización	Sensores IoT desplegados	Inversión ($)	Mejora de la eficiencia (%)
Sistemas de IoT y automatización	673	15,200,000	37

Explorando tecnologías de integración de energía renovable

Comprometió $ 6.5 millones a la investigación de tecnología de energía renovable. Implementó la capacidad de generación de energía solar de 2.4 MW en las instalaciones. Reducidas emisiones de carbono en un 22% a través de la integración de energía renovable.

Iniciativa de energía renovable	Inversión ($)	Capacidad de energía solar (MW)	Reducción de emisiones de carbono (%)
Integración de energía renovable	6,500,000	2.4	22

Antero Midstream Corporation (AM) - Análisis de mortero: factores legales

Cumplimiento de las complejas regulaciones ambientales federales y estatales

Métricas de cumplimiento regulatorio ambiental:

Categoría de regulación	Costo de cumplimiento (2023)	Sanciones de violación
Acto de aire limpio	$ 3.7 millones	Hasta $ 97,229 por día por violación
Acto de agua limpia	$ 2.5 millones	Hasta $ 56,460 por día por violación
Ley de conservación y recuperación de recursos	$ 1.9 millones	Hasta $ 75,000 por día por violación

Navegar por el derecho de paso y los marcos legales del uso de la tierra

Gastos legales de derecho de paso:

• Gastos legales totales para la adquisición de tierras: $ 12.4 millones en 2023
• Costo promedio por milla lineal de la tubería derecho de paso: $ 87,500
• Número de negociaciones de servidumbre completadas: 147 acuerdos

Gestión de posibles riesgos de litigios en infraestructura energética

Métricas de gestión de riesgos de litigio:

Categoría de litigio	Casos activos (2023)	Costos estimados de defensa legal
Reclamaciones de daños ambientales	3 casos	$ 2.1 millones
Disputas de daños a la propiedad	2 casos	$ 1.4 millones
Desacuerdos contractuales	4 casos	$ 3.2 millones

Adherirse a los estándares de seguridad y protección del medio ambiente

Inversión de cumplimiento de seguridad:

• Gasto total de cumplimiento de seguridad: $ 5.6 millones en 2023
• Horas de capacitación de seguridad por empleado: 42 horas anuales
• Tasa de incidente registrable de OSHA: 0.65 por 200,000 horas de trabajo

Gastos de protección del medio ambiente:

Medida de protección	Inversión anual	Porcentaje de cumplimiento
Sistemas de monitoreo de emisiones	$ 1.3 millones	99.7%
Protocolos de gestión de residuos	$890,000	99.5%
Protección contra el agua subterránea	$ 1.1 millones	99.8%

Antero Midstream Corporation (AM) - Análisis de mortero: factores ambientales

Compromiso para reducir las emisiones de metano y la huella de carbono

Antero Midstream Corporation informó una intensidad de emisiones de metano de 0.27 toneladas métricas de CO2 equivalente por millón de pies cúbicos de producción de gas natural en 2022. La compañía se ha comprometido a reducir las emisiones de metano en un 70% para 2025 en comparación con los niveles basales de 2015.

Métrica de emisiones	Valor 2022	Objetivo 2025
Intensidad de emisiones de metano	0.27 toneladas métricas CO2E/MMCF	Reducción del 70% de la línea de base 2015
Emisiones de gases de efecto invernadero	482,000 toneladas métricas CO2E	Reducción dirigida del 35%

Implementación de prácticas de desarrollo de infraestructura sostenible

Antero Midstream ha invertido $ 68.4 millones en mejoras de infraestructura sostenible en 2022, centrándose en tecnologías de baja emisión y equipos de eficiencia energética.

Inversión de infraestructura sostenible	Cantidad de 2022
Inversión total de infraestructura	$ 68.4 millones
Actualizaciones de equipos de eficiencia energética	$ 23.6 millones

Abordar la gestión del agua y la conservación en las operaciones

En 2022, Antero Midstream recicló el 100% del flujo de flujo y produjo agua de sus operaciones, tratando 39.8 millones de barriles de agua para reutilizar en actividades de fracturación hidráulica.

Métrica de gestión del agua	Valor 2022
Agua reciclada	39.8 millones de barriles
Porcentaje de reciclaje	100%

Invertir en tecnologías de monitoreo ambiental y mitigación

La compañía asignó $ 12.5 millones en 2022 para tecnologías avanzadas de monitoreo ambiental, incluidos sistemas de detección de metano y equipos de seguimiento de emisiones en tiempo real.

Inversión en tecnología ambiental	Cantidad de 2022
Inversión tecnológica total	$ 12.5 millones
Sistemas de detección de metano	$ 5.3 millones

Antero Midstream Corporation (AM) - PESTLE Analysis: Social factors

Sociological

The social license to operate for Antero Midstream Corporation remains heavily dependent on its performance in the Appalachian Basin, specifically in West Virginia and Ohio, where public scrutiny on pipeline safety and environmental impact is defintely high. This isn't just about compliance; it's about community trust. Given the company's extensive infrastructure, which includes the largest water pipeline system in the region, any incident can quickly escalate into a major social and political liability.

To mitigate this risk, Antero Midstream prioritizes safety and community investment. For instance, the company's use of a closed-loop water system to transport freshwater by pipeline eliminates millions of truck traffic miles, directly reducing community disruption and road safety hazards. That's a clear, tangible benefit to the local population.

Safety Record and Workforce Focus

Antero Midstream maintains an industry-leading safety record, which is a critical social factor for both employees and the surrounding communities. A strong safety culture translates directly into reduced operational risk and greater community confidence.

The company has reported zero employee lost time incidents for over 10 years. This exceptional streak demonstrates the effectiveness of their safety management system (SMS) and behavior-based safety program, Take 5, which asks employees and contractors to pause and confirm job risks are mitigated before starting work.

Workforce safety is measured rigorously. The combined workforce Total Recordable Incident Rate (TRIR) has seen a significant reduction of 66% since 2020. This metric is crucial because it includes both employees and contractors, who represent a large portion of the operational workforce in the Appalachian Basin.

Here is a quick look at the core safety performance metrics:

• Employee Lost Time Incidents: Zero for over 10 years.
• Total Recordable Incident Rate (TRIR) Reduction: 66% reduction since 2020.
• Executive Accountability: 15% of executive annual incentive compensation is tied to ESG performance, including safety.

Community Investment and Relations

Community relations are actively supported through philanthropic efforts, primarily via the Antero Foundation, a joint project with Antero Resources. This direct investment helps build goodwill and addresses local needs in the areas of operation.

In 2024, the combined Antero Resources and Antero Midstream direct donations through the Foundation and corporate giving totaled over $2.5 million. This figure represents a significant increase from the 2023 total of $1.3 million, showing a clear commitment to scaling community support.

The Foundation focuses on four key pillars: Education, Environmental Causes, Community Development, and Health and Human Services. For example, in 2023, the combined entities committed to donate $4.0 million to West Virginia University's Benjamin M. Statler College of Engineering and Mineral Resources.

Here's the quick math on recent community investment:

Metric	2024 Value	2023 Value
Combined Direct Donations (Antero Resources & AM)	Over $2.5 million	$1.3 million
Property and Severance Taxes Paid (2023)	N/A	$170.9 million
Total Property and Severance Taxes Paid (Last 5 Years)	N/A	$918.5 million

What this estimate hides is the non-monetary impact, such as employee volunteerism and the substantial tax revenue-nearly a billion dollars over five years-that supports local government services and infrastructure in the Appalachian region.

Clear Action: Next Step

Investor Relations: Highlight the 10+ year zero employee lost time incident streak and the year-over-year increase in community donations (over $2.5 million in 2024) in the next quarterly presentation to demonstrate social risk mitigation.

Antero Midstream Corporation (AM) - PESTLE Analysis: Technological factors

2025 Capital Investment in Integrated Water Infrastructure

You need to see where Antero Midstream Corporation (AM) is putting its capital to work, and the focus is clearly on technological integration for efficiency. The 2025 capital budget, which is forecasted to be between $170 million and $200 million, includes a major allocation for water infrastructure. Specifically, the company has budgeted approximately $85 million for water infrastructure alone, matching the investment in gathering and compression infrastructure.

This isn't just maintenance; it's a strategic expansion into the southern Marcellus liquids-rich midstream corridor. Here's the quick math: the water infrastructure spend represents a significant portion of the total organic capital, showing a clear technological priority for water management. This investment in wastewater blending and pipeline infrastructure is the key to managing drilling costs for Antero Resources.

Completion of the Integrated Water System

The biggest technological win in 2025 is the completion of the integrated water system, which connects the entire liquids-rich Marcellus corridor. This isn't just a convenience; it's a structural change that improves capital efficiency by allowing for future development across the entire area without building new, redundant infrastructure.

The system is designed to service a high volume of activity. For 2025, Antero Midstream expects to service between 70 to 75 wells with its fresh water delivery system, with an average lateral length of approximately 13,200 feet. The system's design, which includes wastewater blending and direct pipeline delivery, dramatically reduces the need for truck traffic, cutting costs and environmental impact.

2025 Capital Budget Component (Midpoint)	Approximate Amount	Strategic Goal
Water Infrastructure	$85 million	Expand integrated system, improve capital efficiency in liquids-rich Marcellus.
Gathering and Compression	$85 million	Low pressure gathering connections and compression capacity for throughput growth.
Total Capital Budget Range	$170 million - $200 million	Support development plan, focus on high-return, low-cost projects.

Leveraging Underutilized Dry Gas Midstream Capacity

The company is a trend-aware realist, so it's smart to see them leveraging existing, underutilized dry gas midstream capacity for new development. Antero Midstream acquired this capacity in prior years, and now they're putting it to use.

The plan includes developing the first Marcellus dry gas pad on Antero Midstream dedicated acreage in over a decade. This move provides significant dry gas optionality and allows for a rapid speed to market since the infrastructure is already in place. It's a low-cost, high-flexibility approach to expanding the asset base.

Capital Efficiency and Compressor Reuse Savings

Capital efficiency is defintely a core focus, and the technological reuse program proves it. The Torrey's Peak compressor station, placed in service in the first quarter of 2025, is a prime example.

By repurposing underutilized compressor units from other areas, the company realized approximately $30 million in capital savings at that single station. The Torrey's Peak station added an initial compression capacity of 160 MMcf/d using this cost-saving technique.

This strategy of asset reuse is a measurable competitive advantage:

• Total realized savings from the reuse program exceeded $50 million by Q2 2025.
• The 5-year future reuse savings estimate was raised from $60 million to over $85 million.
• The total cumulative savings achieved and forecasted is now over $135 million.

This is how you grow production capacity while keeping the capital budget tight. The technology isn't just about new builds, but smart reuse.

Next Step: Finance: Model the long-term impact of the $135 million+ in cumulative capital reuse savings on the 2026-2028 CapEx projections by the end of the month.

Antero Midstream Corporation (AM) - PESTLE Analysis: Legal factors

You're looking for a clear map of the legal landscape for Antero Midstream Corporation (AM), especially how regulatory wins and ongoing litigation risks translate into real financial impact for the 2025 fiscal year. The legal environment is a double-edged sword right now: a major regulatory win for your primary customer is a huge tailwind, but the persistent risk from landowner disputes and ever-tightening environmental rules is a constant drain on capital and focus.

A September 2025 D.C. Circuit court victory vacated a Federal Energy Regulatory Commission (FERC) order that had forced Antero Resources to pay two to three times the fuel rate of other shippers.

This is a critical legal victory, even though the case, Antero Resources Corporation v. FERC, was technically won by your anchor customer, Antero Resources. The D.C. Circuit Court of Appeals ruled on September 30, 2025, that the Federal Energy Regulatory Commission (FERC) order approving a two-tiered fuel rate was arbitrary and capricious. The FERC-approved tariff required Antero Resources to pay the highest marginal fuel rate on the Tennessee Gas Pipeline, which, as a practical matter, resulted in Antero Resources paying two to three times the fuel rate of other shippers on the same pipeline segment. This is a massive cost-causation win.

Here's the quick math: reducing that disproportionately high fuel cost for your largest customer directly supports their cash flow and, consequently, secures the long-term throughput volumes that drive Antero Midstream's fixed-fee revenue. That's a defintely material benefit to the entire corporate structure.

Ongoing risk of litigation regarding landowner royalties and property access, a common issue in the Appalachian shale region.

The Appalachian Basin, where Antero Midstream operates, is a hotbed for royalty litigation. This isn't a one-off issue; it's a structural cost of doing business in shale. A recent example is the April 2025 affirmation by the Sixth Circuit in The Grissoms, LLC v. Antero Resources Corporation, a class action over the wrongful deduction of post-production costs from landowner royalties. The parties stipulated that the damages for the breach in that case amounted to $10 million.

This kind of litigation risk requires constant management and legal spend, plus it introduces uncertainty into the financial models. You have to factor in the potential for multi-million dollar judgments when calculating the true cost of production for Antero Resources, which in turn impacts their development plans and your future midstream volumes.

• Litigation Risk Snapshot (2025):
  • Royalty Dispute Damages: $10 million stipulated in a single class action affirmed in April 2025.
  • Property Access: Ongoing disputes over pipeline right-of-way and surface use in Ohio and West Virginia.
  • Contractual Liability: Risk of tort claims expanding liability beyond contract terms, as seen in the Q2 2025 Veolia case, which, while a win for AM, highlights the complexity of project-related legal risk.

Compliance with increasingly stringent environmental regulations, including potential liabilities for past operations, is a constant cost.

The cost of environmental and regulatory compliance isn't just about fines; it's baked into your capital budget. For the 2025 fiscal year, Antero Midstream's total capital expenditure guidance is in the range of $170 million to $200 million. A significant portion of this is directly tied to managing environmental and regulatory mandates, particularly around water and emissions.

The investment in your integrated water system is a perfect example of CapEx (Capital Expenditure) as a compliance measure. At the midpoint of the 2025 guidance, the company budgeted $85 million for water infrastructure. This spending is designed to reduce your environmental footprint, like eliminating millions of truck traffic miles, which cuts down on road wear and air emissions. Still, the regulatory risk is immediate and punitive.

Here is a look at the regulatory exposure:

Regulatory Risk Factor	Governing Body	Potential Penalty/Cost (2025)
Maximum Civil Penalty (per day)	FERC	Up to $1,584,648 for each violation
Environmental Compliance CapEx	EPA/State Regulators	$85 million budgeted for water infrastructure in 2025
GHG Reduction Targets	Internal/External Stakeholders	Costs associated with achieving 100% reduction in pipeline maintenance emissions (2025 goal)

The company successfully refinanced its 2027 notes, extending maturity to 2033 at a 5.75% coupon, securing long-term financial flexibility.

In a smart liability management move, Antero Midstream priced an upsized offering of senior unsecured notes on September 8, 2025, effectively pushing out a major debt wall. The company issued $650 million in new senior notes due in 2033. The coupon rate remained the same at 5.75%, which is a great outcome for extending the maturity profile by six years in a volatile rate environment.

This transaction is a legal and financial win because it removes the near-term refinancing pressure of the 2027 Notes and improves the overall debt maturity schedule. Reducing that financial uncertainty is a clear signal of long-term stability to the market, and it frees up cash flow for other strategic uses, like the share repurchase program, which had approximately $385 million of remaining capacity as of September 30, 2025.

Antero Midstream Corporation (AM) - PESTLE Analysis: Environmental factors

Aggressive 2025 environmental goal: achieve a 100% reduction in pipeline maintenance emissions.

Antero Midstream Corporation has set an ambitious, near-term goal to achieve a 100% reduction in methane emissions from pipeline maintenance (often called pigging) by the end of 2025. This target is not an abstraction; it specifically aims to eliminate 114 metric tons of methane based on the company's 2019 baseline emissions. This is a direct, measurable commitment that significantly de-risks the company's exposure to future methane regulations, which are defintely tightening across the US. They are achieving this by using specialized equipment that captures the gas before maintenance, instead of venting it.

Low methane leak loss rate of 0.033%, which is one of the lowest in the midstream sector.

The company maintains an industry-leading methane leak loss rate of just 0.033%, a figure that is among the lowest in the entire midstream sector. This performance is well ahead of the voluntary industry target set by the ONE Future initiative, which aims for a 1.0% methane leak loss rate by 2025 for the entire natural gas value chain. This operational excellence reduces regulatory risk and positions Antero Midstream as a preferred partner for environmentally-conscious upstream producers and downstream buyers.

High rate of wastewater recycling, with 89% of received wastewater being reused in 2024.

Antero Midstream operates one of the largest integrated water systems in the Appalachian Basin, which is a major environmental differentiator. In 2024, the company recycled approximately 89% of the wastewater it received from Antero Resources, its primary customer. This high rate of reuse minimizes the need for fresh water withdrawal, which is a critical concern for local communities and regulators in the region. Plus, their water delivery system eliminated about 14.4 million miles of truck traffic in 2024, avoiding an estimated 13,600 metric tons of CO2e emissions by not hauling water on public roads.

This focus on water stewardship is supported by a significant portion of the 2025 capital budget, which is a clear signal of long-term commitment.

• 2025 Capital Budget for Water Infrastructure: $85 million
• Total 2025 Capital Budget (Forecast): $170 million to $200 million

Commitment to align with TCFD and SASB disclosure standards by the end of 2025.

The company has committed to aligning its public reporting with the Task Force on Climate-related Financial Disclosures (TCFD) and the Sustainability Accounting Standards Board (SASB) disclosure standards by the end of 2025. This move is crucial for institutional investors who increasingly use these frameworks to evaluate climate-related risks (physical and transition) and opportunities. It translates complex environmental performance into a standardized, decision-useful financial format.

Here is a summary of Antero Midstream's key environmental and financial metrics for the 2025 fiscal year:

Metric	Value / Target (FY 2025)	Context / Baseline
Pipeline Maintenance Emissions Reduction Goal	100%	Eliminate 114 metric tons of methane (2019 baseline)
Methane Leak Loss Rate (2024 Data)	0.033%	One of the lowest rates in the midstream sector
Wastewater Recycling Rate (2024 Data)	89%	Percentage of received wastewater reused
Forecasted Adjusted EBITDA	$1.08 to $1.12 billion	Represents a 5% increase from 2024 at the midpoint
Forecasted Free Cash Flow After Dividends	$250 million to $300 million	Represents a 10% increase from 2024 at the midpoint
Total Capital Budget (Forecast)	$170 million to $200 million	Midpoint of $185 million

Here's the quick math: the strong 2025 financial performance, with forecasted Adjusted EBITDA up to $1.12 billion and strategic debt reduction, mean the company can afford the $170 million to $200 million capital budget, which is mostly focused on efficiency and environmental compliance, defintely a smart move.

Next Step: Portfolio Managers should model the impact of the recent FERC rate decision on long-term operating costs-where a September 2025 court ruling vacated a prior order that forced Antero Resources to pay disproportionately high fuel rates-and re-evaluate the intrinsic value per share, which a recent DCF analysis suggested was undervalued by 63.2%.