Antero Midstream Corporation (AM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da infraestrutura de energia do meio da corrente, a Antero Midstream Corporation (AM) surge como um jogador fundamental, navegando estrategicamente no ecossistema de gás natural da Bacia Appalachian complexa. Ao integrar perfeitamente os serviços de coleta, processamento e gerenciamento de água, a AM transforma a logística de energia tradicional em uma rede sofisticada e eficiente que capacita os produtores de gás natural enquanto fornece soluções inovadoras e ambientalmente responsáveis. Esse modelo de negócios Exploration divulga os intrincados mecanismos por trás da excelência operacional da AM, revelando como parcerias estratégicas, proezas tecnológicas e abordagens centradas no cliente posicionam a empresa na vanguarda da inovação energética do meio da corrente.

Antero Midstream Corporation (AM) - Modelo de negócios: Parcerias -chave

Provedores de infraestrutura de energia média

Antero Midstream faz parceria com empresas críticas de infraestrutura médio para apoiar suas operações. A partir de 2024, as principais parcerias de infraestrutura incluem:

Parceiro	Detalhes da parceria	Escopo de infraestrutura
Empresas de Williams	Acordos de coleta e processamento	Regiões Marcellus e Utica Shale
LP de transferência de energia	Acordos de interconexão de pipeline	Transporte da bacia dos Apalaches

Empresas de exploração e produção de gás natural

A parceria estratégica principal da Antero Midstream é a Antero Resources Corporation:

• Provedor de serviço exclusivo do meio -fluxo
• Contratos de coleta e processamento dedicados a longo prazo
• 2023 Volume de produção contratada: 1,5 BCF/D

Operadores de sistemas de pipeline e coleta

O oleoduto crítico e as parcerias do sistema de coleta incluem:

Operador	Quilômetros totais de pipeline	Capacidade (BCF/D)
Antero Midstream Gathering	450 milhas	2.4
Markwest Energy Partners	350 milhas	1.8

Parceiros de conformidade ambiental e regulatória

Parcerias focadas na conformidade regulatória e na sustentabilidade ambiental:

• Fundo de Defesa Ambiental
• Departamento de Proteção Ambiental da Virgínia Ocidental
• Ohio EPA

Empresas de serviços de tecnologia e engenharia

Parcerias estratégicas de tecnologia e engenharia:

Parceiro	Foco em tecnologia	Investimento anual
Schlumberger	Transformação digital	US $ 3,2 milhões
Baker Hughes	Tecnologias de redução de emissões	US $ 2,7 milhões

Antero Midstream Corporation (AM) - Modelo de negócios: Atividades -chave

Coleta e processamento de gás natural médio

Em 2023, Antero Midstream processou aproximadamente 2,9 bilhões de pés cúbicos por dia (BCF/D) de gás natural. O sistema de coleta da empresa abrange mais de 450 milhas de dutos de coleta de alta pressão na região de Marcellus Shale.

Métrica	Valor
Pipelines de coleta total	450 milhas
Capacidade diária de processamento de gás	2.9 BCF/D.

Serviços de manuseio e tratamento de água

Antero Midstream gerencia infraestrutura abrangente de água com os seguintes recursos importantes:

• Capacidade total de manuseio de água de 130.000 barris por dia
• Reciclagem e reutilização de aproximadamente 100% do fluxo e água produzida
• Infraestrutura de água operacional, incluindo 7 instalações de manuseio de água

Desenvolvimento de infraestrutura de pipeline

Componente de infraestrutura	Especificação
Rede total de pipeline	Aproximadamente 1.200 milhas
Capacidade de compressão	1,2 milhão de cavalos de potência

Compressão e transporte de gás natural

A empresa opera 14 instalações de compressão com uma capacidade total de compressão de 1,2 milhão de cavalos de potência, permitindo o transporte eficiente de gás em toda a região de Marcellus Shale.

Eficiência operacional e gerenciamento de riscos

• Despesas operacionais por unidade: US $ 0,22 por mil pés cúbicos equivalentes
• Despesas de capital anual: aproximadamente US $ 250 milhões em 2023
• Taxa de confiabilidade de ativos: mais de 99% de tempo de atividade para infraestrutura crítica

Antero Midstream Corporation (AM) - Modelo de negócios: Recursos -chave

Infraestrutura extensa de coleta e processamento

A partir de 2024, Antero Midstream opera:

• Aproximadamente 450 milhas de oleodutos de coleta
• Capacidade de processamento de 3,0 bilhões de pés cúbicos por dia (BCF/D)
• Localizado principalmente na região de Marcellus Shale da Virgínia Ocidental

Ativo de infraestrutura	Quantidade	Capacidade
Coleta de oleodutos	450 milhas	3.0 BCF/D.
Instalações de compressão	5 principais instalações	1.8 BCF/D.
Infraestrutura de manuseio de água	Mais de 200 pontos de transferência de água	375.000 barris por dia

Portfólio de ativos da bacia dos Apalaches estratégicos

As métricas de portfólio de chaves incluem:

• Área de área dedicada: 300.000 acres líquidos
• Dedicação contratual de longo prazo com Antero Resources
• Base de ativos concentrada em regiões de alta produtividade

Experiência técnica em operações no meio do fluxo

Os recursos técnicos incluem:

• Força de trabalho especializada: mais de 350 profissionais técnicos
• Experiência média da indústria: mais de 12 anos por profissional
• Equipes avançadas de engenharia e gerenciamento operacional

Relações contratuais de longo prazo

Tipo de contrato	Duração	Valor
Contrato de coleta	15-20 anos	US $ 1,2 bilhão cometido
Serviços de processamento	10-15 anos	US $ 850 milhões comprometidos

Monitoramento avançado e tecnologias operacionais

Os investimentos em tecnologia incluem:

• Sistemas de monitoramento de pipeline em tempo real
• Plataformas de manutenção preditivas orientadas pela IA
• Investimento de tecnologia anual: US $ 45 milhões
• Infraestrutura de segurança cibernética para tecnologia operacional

Antero Midstream Corporation (AM) - Modelo de Negócios: Proposições de Valor

Serviços integrados no meio dos produtores de gás natural

Antero Midstream fornece serviços abrangentes de infraestrutura intermediária com as seguintes métricas -chave:

Categoria de serviço	Capacidade operacional	Volume anual
Coleta de gás	2.0 BCF/D.	730 BCF/ano
Manuseio de água	525.000 barris/dia	191,6 milhões de barris/ano
Serviços de compressão	475.000 HP	Operação contínua

Soluções de infraestrutura energética confiáveis ​​e eficientes

Métricas de confiabilidade da infraestrutura:

• 98,7% de tempo de atividade operacional
• 99,2% de confiabilidade do serviço contratual
• Tempo de inatividade mínima de infraestrutura

Custos operacionais reduzidos para parceiros upstream

Métricas de redução de custos para parceiros upstream:

Categoria de redução de custos	Porcentagem salva	Economia anual estimada
Eficiência operacional	15-20%	US $ 45-60 milhões
Otimização de infraestrutura	12-17%	US $ 35-50 milhões

Cetação e processamento de gás ambientalmente responsáveis

Métricas de desempenho ambiental:

• Redução de emissão de metano: 22% ano a ano
• Redução da intensidade do carbono: 0,15 CO2E/mMBTU
• Instalações de descarga líquida zero: 3 locais operacionais

Fluxos de receita consistentes e previsíveis

Indicadores de desempenho financeiro:

Fluxo de receita	2023 quantidade	Duração contratual
Coleta de taxas	US $ 685 milhões	De longo prazo (10 a 15 anos)
Taxas de manuseio de água	US $ 215 milhões	De longo prazo (10 a 15 anos)
Serviços de compressão	US $ 95 milhões	De longo prazo (10 a 15 anos)

Antero Midstream Corporation (AM) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo

Antero Midstream mantém contratos de coleta e processamento de longo prazo com recursos Antero, com um valor total do contrato de aproximadamente US $ 1,6 bilhão a partir de 2023. A duração média do contrato é de 10 a 15 anos, cobrindo os serviços de coleta de gás natural, compressão e manuseio de água.

Tipo de contrato	Valor anual	Duração do contrato
Coleta de gás	US $ 750 milhões	12 anos
Manuseio de água	US $ 450 milhões	10 anos
Serviços de compressão	US $ 400 milhões	15 anos

Gerenciamento de conta dedicado

Antero Midstream fornece gerenciamento de contas especializado para seu cliente principal, a Antero Resources, com uma equipe dedicada de 42 gerentes de contas a partir de 2024.

• Suporte técnico 24/7
• Soluções de infraestrutura personalizadas
• Rastreamento de desempenho em tempo real

Entrega de serviço baseada em desempenho

A empresa implementa métricas de desempenho com incentivos financeiros, com 98,7% de confiabilidade do serviço em 2023 e possíveis estruturas de bônus de desempenho de até 5% do valor do contrato.

Métrica de desempenho	Alvo	Desempenho real
Tempo de atividade	99%	98.7%
Tempo de resposta	2 horas	1,5 horas

Suporte operacional colaborativo

Antero Midstream investe US $ 35 milhões anualmente em planejamento operacional conjunto e integração tecnológica com a Antero Resources.

Canais de comunicação transparentes

A empresa mantém várias plataformas de comunicação com US $ 2,5 milhões investidos em infraestrutura de comunicação digital em 2023.

• Relatórios de desempenho mensais
• Reuniões estratégicas trimestrais
• Painéis digitais em tempo real
• Revisões anuais de desempenho

Antero Midstream Corporation (AM) - Modelo de Negócios: Canais

Equipes de vendas diretas

A Antero Midstream Corporation mantém uma força de vendas dedicada de 37 profissionais especializados em serviços de energia do Midstream a partir do quarto trimestre 2023.

Composição da equipe de vendas	Número de profissionais
Representantes de vendas seniores	12
Gerentes de vendas regionais	8
Especialistas em vendas técnicas	17

Conferências e eventos do setor

Antero Midstream participa de 14 principais conferências do setor anualmente, com um alcance estimado em engajamento de 2.500 clientes corporativos em potencial.

• Participação anual em Ceraweek
• Conferência de Coalizão de Shale de Marcellus
• Conferência de Negócios Midstream

Plataformas de comunicação digital

Os canais digitais incluem site corporativo com 127.000 visitantes únicos mensais e presença ativa do LinkedIn, com 18.500 seguidores em janeiro de 2024.

Plataforma digital	Métricas de engajamento
Site corporativo	127.000 visitantes mensais
LinkedIn	18.500 seguidores
Canal corporativo do YouTube	3.200 assinantes

Serviços de consulta técnica

Antero Midstream fornece consulta técnica especializada com 22 profissionais de engenharia dedicados, cobrindo soluções de infraestrutura média.

Redes de parceria estratégica

As parcerias estratégicas atuais incluem 6 principais empresas de exploração de energia e 3 empresas de desenvolvimento de infraestrutura.

Tipo de parceria	Número de parceiros
Empresas de exploração de energia	6
Empresas de desenvolvimento de infraestrutura	3
Parceiros de integração de tecnologia	4

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

Empresas de exploração de gás natural

Antero Midstream serve a Antero Resources Corporation, que possui 89% dos ativos de coleta e processamento da empresa. Em 2023, a Antero Resources produziu aproximadamente 1,5 bilhão de pés cúbicos de gás natural equivalente por dia.

Segmento de clientes	Valor anual do contrato	Compromisso de volume
Empresas de exploração de gás natural	US $ 385,2 milhões	1.5 BCFE/D.

Operadores de produção a montante

A empresa fornece serviços médios para operadores upstream nas regiões Marcellus e Utica Shale.

• Capacidade total do sistema de coleta: 3,0 bilhões de pés cúbicos por dia
• Capacidade de compressão: 1,6 bilhão de pés cúbicos por dia
• Capacidade de manuseio de água: 375.000 barris por dia

Desenvolvedores de infraestrutura de energia regional

Antero Midstream opera uma extensa infraestrutura na Virgínia Ocidental e Ohio, apoiando o desenvolvimento regional de energia.

Ativo de infraestrutura	Capacidade	Cobertura geográfica
Coleta de oleodutos	2.200 milhas	Bacias Marcellus/Utica
Instalações de manuseio de água	15 instalações de manuseio de água	Virgínia Ocidental, Ohio

Consumidores de energia industrial em larga escala

A empresa apóia os consumidores de energia industrial por meio de serviços confiáveis ​​no meio dos serviços.

• Suprimento médio de gás natural diário: 1,5 BCFE/D
• Compromissos contratuais: acordos de fornecimento de longo prazo

Buscadores de serviços médios na bacia dos Apalaches

Antero Midstream é um provedor de serviços do meio -fluxo na bacia dos Apalaches.

Categoria de serviço	Receita anual	Quota de mercado
Gathering Services	US $ 525,6 milhões	Dominante em Marcellus/Utica
Serviços de manuseio de água	US $ 210,3 milhões	Provedor regional líder

Antero Midstream Corporation (AM) - Modelo de negócios: estrutura de custos

Manutenção e desenvolvimento de infraestrutura

Despesas de capital para 2023: US $ 300 milhões

Componente de infraestrutura	Custo anual
Coleta de manutenção de pipeline	US $ 85,2 milhões
Atualizações da estação de compressão	US $ 45,6 milhões
Melhorias nas instalações de processamento	US $ 62,3 milhões

Pessoal e despesas operacionais

Força de trabalho operacional total: 370 funcionários

Categoria de despesa	Custo anual
Salários e salários	US $ 52,4 milhões
Benefícios e seguro	US $ 14,7 milhões
Treinamento e desenvolvimento	US $ 2,1 milhões

Investimentos de tecnologia e equipamentos

Orçamento de tecnologia anual: US $ 22,5 milhões

• Atualizações do sistema SCADA: US $ 8,3 milhões
• Tecnologia de detecção de vazamentos: US $ 5,6 milhões
• Plataformas de análise de dados: US $ 4,2 milhões
• Equipamento de monitoramento remoto: US $ 4,4 milhões

Custos de conformidade regulatória

Despesas anuais totais de conformidade: US $ 18,9 milhões

Área de conformidade	Custo anual
Permissões ambientais	US $ 6,2 milhões
Certificação de segurança	US $ 4,7 milhões
Relatórios regulatórios	US $ 3,5 milhões
Conformidade legal	US $ 4,5 milhões

Despesas de gestão ambiental

Orçamento total da gestão ambiental: US $ 25,6 milhões

• Programas de redução de emissões: US $ 9,3 milhões
• Restauração do ecossistema: US $ 6,8 milhões
• Gerenciamento de resíduos: US $ 5,2 milhões
• Iniciativas de conservação de água: US $ 4,3 milhões

Antero Midstream Corporation (AM) - Modelo de negócios: fluxos de receita

Taxas de coleta de gás natural

Em 2023, Antero Midstream gerou US $ 615,4 milhões em receitas de coleta de gás natural. A empresa opera aproximadamente 450 milhas de coleta de oleodutos na região de Marcellus Shale.

Métrica	Valor
Receita total de coleta de gás	US $ 615,4 milhões
Reunindo milhas de pipeline	450 milhas
Taxa média de coleta	US $ 0,45 por MMBTU

Serviços de manuseio e tratamento de água

A receita dos serviços de água para 2023 atingiu US $ 184,6 milhões. A empresa gerencia a infraestrutura de água em 24.000 acres na bacia dos Apalaches.

• Receita total de manuseio de água: US $ 184,6 milhões
• Capacidade da infraestrutura de água: 300.000 barris por dia
• Taxa de reciclagem de água: 90%

Taxas de transporte de oleodutos

O transporte de oleodutos gerou US $ 276,3 milhões em receita durante 2023, com 1,8 bilhão de pés cúbicos por dia de capacidade de transporte.

Métrica de transporte de pipeline	Valor
Receita total de transporte	US $ 276,3 milhões
Capacidade diária de transporte	1.8 BCF/dia

Acordos contratuais de longo prazo

Antero Midstream garantiu contratos de longo prazo com uma duração média de 10,5 anos, fornecendo US $ 1,2 bilhão em futuras receitas contratadas.

Receitas de serviço baseadas em volume

As receitas baseadas em volume totalizaram US $ 456,7 milhões em 2023, com uma taxa média de serviço de US $ 0,38 por MMBtu processada.

Métrica de receita baseada em volume	Valor
Receita total baseada em volume	US $ 456,7 milhões
Taxa de serviço médio	US $ 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.