Antero Midstream Corporation (AM): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'infrastructure énergétique médiane, Antero Midstream Corporation (AM) émerge comme un acteur pivot, naviguant stratégiquement dans l'écosystème du gaz naturel du bassin des Appalaches complexes. En intégrant de manière transparente les services de collecte, de traitement et de gestion de l'eau de pointe, AM transforme la logistique énergétique traditionnelle en un réseau sophistiqué et efficace qui autonomise les producteurs de gaz naturel tout en fournissant des solutions innovantes et responsables de l'environnement. Cette exploration de toile de modèle commercial dévoile les mécanismes complexes de l'excellence opérationnelle de l'AM, révélant comment les partenariats stratégiques, les prouesses technologiques et les approches centrées sur le client positionnent l'entreprise à l'avant-garde de l'innovation énergétique médiane.

Antero Midstream Corporation (AM) - Modèle d'entreprise: partenariats clés

Fournisseurs d'infrastructures énergétiques moyennes

Antero Midstream s'associe à des sociétés d'infrastructures médianes critiques pour soutenir ses opérations. En 2024, les principaux partenariats d'infrastructure comprennent:

Partenaire	Détails du partenariat	Portée des infrastructures
Compagnies de Williams	Contrats de rassemblement et de traitement	Régions de schiste Marcellus et Utica
LP de transfert d'énergie	Accords d'interconnexion des pipelines	Transport du bassin des Appalaches

Sociétés d'exploration et de production du gaz naturel

Le principal partenariat stratégique d'Antero Midstream est avec Antero Resources Corporation:

• Fournisseur de services intermédiaires exclusifs
• Contrats de rassemblement et de traitement dédiés à long terme
• 2023 Volume de production sous contrat: 1,5 BCF / J

Opérateurs de systèmes de pipeline et de rassemblement

Les partenariats critiques sur les pipelines et les systèmes de rassemblement comprennent:

Opérateur	Total des kilomètres de pipeline	Capacité (BCF / D)
Gathering antero midstream	450 miles	2.4
MarkWest Energy Partners	350 miles	1.8

Partenaires de conformité environnementale et réglementaire

Partenariats axés sur la conformité réglementaire et la durabilité environnementale:

• Fonds de défense environnementale
• Département de protection de l'environnement de Virginie-Occidentale
• Ohio EPA

Entreprises de services de technologie et d'ingénierie

Partenariats de technologie stratégique et d'ingénierie:

Partenaire	Focus technologique	Investissement annuel
Schlumberger	Transformation numérique	3,2 millions de dollars
Baker Hughes	Technologies de réduction des émissions	2,7 millions de dollars

Antero Midstream Corporation (AM) - Modèle d'entreprise: activités clés

Rassemble et traitement du gaz naturel au milieu

En 2023, Antero Midstream a traité environ 2,9 milliards de pieds cubes par jour (BCF / J) de gaz naturel. Le système de rassemblement de l'entreprise s'étend sur plus de 450 miles de pipelines de rassemblement à haute pression dans la région du schiste de Marcellus.

Métrique	Valeur
Pipelines de rassemblement total	450 miles
Capacité quotidienne de traitement du gaz	2,9 BCF / J

Services de manipulation et de traitement de l'eau

Antero Midstream gère les infrastructures d'eau complètes avec les capacités clés suivantes:

• Capacité totale de manipulation de l'eau de 130 000 barils par jour
• Recyclage et réutilisation d'environ 100% du reflux et de l'eau produite
• Infrastructures d'eau opérationnelles comprenant 7 installations de manutention d'eau

Développement d'infrastructures de pipeline

Composant d'infrastructure	Spécification
Réseau de pipeline total	Environ 1 200 miles
Capacité de compression	1,2 million de chevaux

Compression et transport du gaz naturel

L'entreprise exploite 14 installations de compression Avec une capacité de compression totale de 1,2 million de chevaux, permettant un transport de gaz efficace à travers la région du schiste de Marcellus.

Efficacité opérationnelle et gestion des risques

• Dépenses de fonctionnement par unité: 0,22 $ pour mille pieds cubes équivalent
• Dépenses en capital annuelles: environ 250 millions de dollars en 2023
• Taux de fiabilité des actifs: plus de 99% de disponibilité pour les infrastructures critiques

Antero Midstream Corporation (AM) - Modèle d'entreprise: Ressources clés

Infrastructure de rassemblement et de traitement approfondie

En 2024, ANTERO MIDSTREAM fonctionne:

• Environ 450 miles de pipelines de rassemblement
• Capacité de traitement de 3,0 milliards de pieds cubes par jour (BCF / J)
• Situé principalement dans la région de schiste de Marcellus en Virginie-Occidentale

Actif d'infrastructure	Quantité	Capacité
Rassembler des pipelines	450 miles	3,0 BCF / J
Installations de compression	5 installations majeures	1,8 BCF / J
Infrastructure de manutention de l'eau	Plus de 200 points de transfert d'eau	375 000 barils par jour

Portfolio stratégique des actifs du bassin des Appalaches

Les mesures de portefeuille clés comprennent:

• Superbe dédiée: 300 000 acres nets
• Dédicace contractuel à long terme avec les ressources antéro
• Base d'actifs concentrés dans les régions de haute productivité

Expertise technique dans les opérations intermédiaires

Les capacités techniques comprennent:

• Travail spécialisé: 350+ professionnels techniques
• Expérience moyenne de l'industrie: plus de 12 ans par professionnel
• Équipes de génie avancé et de gestion opérationnelle

Relations contractuelles à long terme

Type de contrat	Durée	Valeur
Contrat de rassemblement	15-20 ans	1,2 milliard de dollars engagés
Services de traitement	10-15 ans	850 millions de dollars engagés

Surveillance avancée et technologies opérationnelles

Les investissements technologiques comprennent:

• Systèmes de surveillance des pipelines en temps réel
• Plates-formes de maintenance prédictive axées
• Investissement technologique annuel: 45 millions de dollars
• Infrastructure de cybersécurité pour la technologie opérationnelle

Antero Midstream Corporation (AM) - Modèle d'entreprise: propositions de valeur

Services intermédiaires intégrés pour les producteurs de gaz naturel

Antero Midstream fournit des services d'infrastructure médiane complets avec les mesures clés suivantes:

Catégorie de service	Capacité opérationnelle	Volume annuel
Rassemblement de gaz	2.0 BCF / J	730 BCF / an
Manipulation de l'eau	525 000 barils / jour	191,6 millions de barils / an
Services de compression	475 000 HP	Opération continue

Solutions d'infrastructure énergétique fiables et efficaces

Métriques de fiabilité des infrastructures:

• 98,7% de disponibilité opérationnelle
• Fiabilité du service contractuel à 99,2%
• Temps d'arrêt minimal des infrastructures

Réduction des coûts opérationnels pour les partenaires en amont

Mesures de réduction des coûts pour les partenaires en amont:

Catégorie de réduction des coûts	Pourcentage économisé	Économies annuelles estimées
Efficacité opérationnelle	15-20%	45 à 60 millions de dollars
Optimisation des infrastructures	12-17%	35 à 50 millions de dollars

Rassemble et traitement des gaz responsables de l'environnement

Métriques de performance environnementale:

• Réduction des émissions de méthane: 22% d'une année à l'autre
• Réduction de l'intensité du carbone: 0,15 CO2E / MMBTU
• Installations de décharge liquide zéro: 3 sites opérationnels

Sources de revenus cohérentes et prévisibles

Indicateurs de performance financière:

Flux de revenus	2023 Montant	Durée contractuelle
Frais de rassemblement	685 millions de dollars	À long terme (10-15 ans)
Frais de manutention de l'eau	215 millions de dollars	À long terme (10-15 ans)
Services de compression	95 millions de dollars	À long terme (10-15 ans)

Antero Midstream Corporation (AM) - Modèle d'entreprise: relations clients

Accords contractuels à long terme

Antero Midstream entretient des contrats de rassemblement et de traitement à long terme avec les ressources antéro, avec une valeur totale du contrat d'environ 1,6 milliard de dollars en 2023. La durée moyenne du contrat est de 10 à 15 ans, couvrant les services de collecte de gaz naturel, de compression et de traitement de l'eau.

Type de contrat	Valeur annuelle	Durée du contrat
Rassemblement de gaz	750 millions de dollars	12 ans
Manipulation de l'eau	450 millions de dollars	10 ans
Services de compression	400 millions de dollars	15 ans

Gestion de compte dédiée

Antero Midstream fournit une gestion des comptes spécialisée pour son client principal, ANTERO RESSOURCES, avec une équipe dédiée de 42 gestionnaires de compte à partir de 2024.

• Assistance technique 24/7
• Solutions d'infrastructure personnalisées
• Suivi des performances en temps réel

Prestation de services basés sur les performances

La société met en œuvre des mesures de performance avec des incitations financières, avec une fiabilité de service de 98,7% en 2023 et des structures de bonus de performance potentielles jusqu'à 5% de la valeur du contrat.

Métrique de performance	Cible	Performance réelle
Durée de la baisse	99%	98.7%
Temps de réponse	2 heures	1,5 heures

Support opérationnel collaboratif

Antero Midstream investit 35 millions de dollars par an dans la planification opérationnelle conjointe et l'intégration technologique avec les ressources antéro.

Canaux de communication transparents

La société maintient plusieurs plateformes de communication avec 2,5 millions de dollars investis dans l'infrastructure de communication numérique en 2023.

• Rapports de performance mensuels
• Réunions stratégiques trimestrielles
• Tableaux de bord numériques en temps réel
• Revues de performance annuelles

Antero Midstream Corporation (AM) - Modèle d'entreprise: canaux

Équipes de vente directes

Antero Midstream Corporation maintient une force de vente dédiée de 37 professionnels spécialisés dans les services énergétiques du milieu du 4e 2023.

Composition de l'équipe de vente	Nombre de professionnels
Représentants des ventes supérieurs	12
Chefs de vente régionaux	8
Spécialistes des ventes techniques	17

Conférences et événements de l'industrie

Antero Midstream participe à 14 grandes conférences de l'industrie par an, avec une portée d'engagement estimée à 2 500 clients potentiels d'entreprise.

• Participation annuelle à Ceraweek
• Conférence de la coalition Marcellus Shale
• Conférence commerciale en milieu

Plateformes de communication numérique

Les canaux numériques comprennent un site Web d'entreprise avec 127 000 visiteurs uniques mensuels et une présence active LinkedIn avec 18 500 abonnés en janvier 2024.

Plate-forme numérique	Métriques d'engagement
Site Web de l'entreprise	127 000 visiteurs mensuels
Liendin	18 500 abonnés
Chaîne YouTube d'entreprise	3 200 abonnés

Services de consultation technique

Antero Midstream offre une consultation technique spécialisée avec 22 professionnels de l'ingénierie dévoués couvrant les solutions d'infrastructure Midstream.

Réseaux de partenariat stratégiques

Les partenariats stratégiques actuels comprennent 6 grandes sociétés d'exploration énergétique et 3 sociétés de développement des infrastructures.

Type de partenariat	Nombre de partenaires
Sociétés d'exploration d'énergie	6
Entreprises de développement des infrastructures	3
Partenaires d'intégration technologique	4

Antero Midstream Corporation (AM) - Modèle d'entreprise: segments de clientèle

Sociétés d'exploration du gaz naturel

Antero Midstream dessert Antero Resources Corporation, qui détient 89% des actifs de rassemblement et de traitement de l'entreprise. En 2023, les ressources antéro ont produit environ 1,5 milliard de pieds cubes d'équivalent de gaz naturel par jour.

Segment de clientèle	Valeur du contrat annuel	Engagement de volume
Sociétés d'exploration du gaz naturel	385,2 millions de dollars	1,5 BCFE / J

Opérateurs de production en amont

La société fournit des services intermédiaires aux opérateurs en amont des régions de schiste Marcellus et Utica.

• Capacité totale du système de rassemblement: 3,0 milliards de pieds cubes par jour
• Capacité de compression: 1,6 milliard de pieds cubes par jour
• Capacité de manipulation de l'eau: 375 000 barils par jour

Développeurs d'infrastructures énergétiques régionales

Antero Midstream exploite de vastes infrastructures en Virginie-Occidentale et en Ohio, soutenant le développement régional de l'énergie.

Actif d'infrastructure	Capacité	Couverture géographique
Rassembler des pipelines	2 200 miles	Bassins Marcellus / Utica
Installations de manutention de l'eau	15 installations de manutention de l'eau	Virginie-Occidentale, Ohio

Consommateurs d'énergie industrielle à grande échelle

La Société soutient les consommateurs d'énergie industrielle grâce à des services mi-montagnes fiables.

• Alimentation quotidienne de gaz naturel moyen: 1,5 BCFE / J
• Engagements contractuels: accords d'approvisionnement à long terme

Sous-amateurs de services dans le bassin des Appalaches

ANTERO Midstream est un fournisseur de services médian clé dans le bassin des Appalaches.

Catégorie de service	Revenus annuels	Part de marché
Rassemblement des services	525,6 millions de dollars	Dominant à Marcellus / Utica
Services de manutention de l'eau	210,3 millions de dollars	Fournisseur régional de premier plan

Antero Midstream Corporation (AM) - Modèle d'entreprise: Structure des coûts

Maintenance et développement des infrastructures

Dépenses en capital pour 2023: 300 millions de dollars

Composant d'infrastructure	Coût annuel
Rassembler l'entretien des pipelines	85,2 millions de dollars
Mises à niveau de la station de compression	45,6 millions de dollars
Améliorations des installations de traitement	62,3 millions de dollars

Personnel et dépenses opérationnelles

Travail opérationnel total: 370 employés

Catégorie de dépenses	Coût annuel
Salaires et salaires	52,4 millions de dollars
Avantages et assurance	14,7 millions de dollars
Formation et développement	2,1 millions de dollars

Investissements technologiques et équipements

Budget technologique annuel: 22,5 millions de dollars

• Mises à niveau du système SCADA: 8,3 millions de dollars
• Technologie de détection des fuites: 5,6 millions de dollars
• Plateformes d'analyse de données: 4,2 millions de dollars
• Équipement de surveillance à distance: 4,4 millions de dollars

Coûts de conformité réglementaire

Total des dépenses annuelles de conformité: 18,9 millions de dollars

Zone de conformité	Coût annuel
Permis environnementaux	6,2 millions de dollars
Certification de sécurité	4,7 millions de dollars
Représentation réglementaire	3,5 millions de dollars
Conformité légale	4,5 millions de dollars

Dépenses de gestion de l'environnement

Budget total de gestion de l'environnement: 25,6 millions de dollars

• Programmes de réduction des émissions: 9,3 millions de dollars
• Restauration de l'écosystème: 6,8 millions de dollars
• Gestion des déchets: 5,2 millions de dollars
• Initiatives de conservation de l'eau: 4,3 millions de dollars

Antero Midstream Corporation (AM) - Modèle d'entreprise: Strots de revenus

Frais de rassemblement du gaz naturel

En 2023, Antero Midstream a généré 615,4 millions de dollars de revenus de collecte de gaz naturel. La société exploite environ 450 miles de pipelines de rassemblement dans la région du schiste de Marcellus.

Métrique	Valeur
Revenu total de collecte de gaz	615,4 millions de dollars
Rassembler des kilomètres	450 miles
Taux de rassemblement moyen	0,45 $ par MMBTU

Services de manipulation et de traitement de l'eau

Les revenus des services de l'eau pour 2023 ont atteint 184,6 millions de dollars. La société gère les infrastructures d'eau sur 24 000 acres dans le bassin des Appalaches.

• Revenu total de traitement de l'eau: 184,6 millions de dollars
• Capacité des infrastructures d'eau: 300 000 barils par jour
• Taux de recyclage de l'eau: 90%

Frais de transport de pipeline

Le transport de pipeline a généré 276,3 millions de dollars de revenus en 2023, avec 1,8 milliard de pieds cubes par jour de capacité de transport.

Métrique de transport de pipeline	Valeur
Revenus de transport total	276,3 millions de dollars
Capacité de transport quotidienne	1,8 BCF / jour

Accords contractuels à long terme

Antero Midstream a obtenu des contrats à long terme avec une durée moyenne de 10,5 ans, fournissant 1,2 milliard de dollars de revenus futurs contractés.

Revenus de service basés sur le volume

Les revenus basés sur le volume ont totalisé 456,7 millions de dollars en 2023, avec un taux de service moyen de 0,38 $ par MMBTU traité.

Métrique de revenus basée sur le volume	Valeur
Revenus totaux basés sur le volume	456,7 millions de dollars
Taux de service moyen	0,38 $ par 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.