Antero Midstream Corporation (AM): Análise de Pestle [Jan-2025 Atualizada]

No cenário dinâmico da infraestrutura energética, a Antero Midstream Corporation surge como um jogador fundamental que navega pelas complexas interseções de tecnologia, política e responsabilidade ambiental. Aninhado no coração das regiões ricas em gás natural, este gigante médio enfrenta um desafio multifacetado de equilibrar os interesses econômicos com expectativas sociais em evolução e estruturas regulatórias. De tecnologias de monitoramento de oleodutos de ponta a complexa conformidade legal, a abordagem estratégica de Antero Midstream revela uma jornada diferenciada pelo intrincado mundo do desenvolvimento energético, onde a inovação, a sustentabilidade e a excelência operacional convergem para moldar o futuro do gerenciamento de recursos.

Antero Midstream Corporation (AM) - Análise de Pestle: Fatores Políticos

Opera em regiões ricas em gás natural com políticas energéticas de nível estadual variadas

A Antero Midstream Corporation opera principalmente nas regiões Marcellus e Utica Shale, especificamente em toda a Virgínia Ocidental e Ohio. Esses estados têm estruturas de política energética distintas:

Estado	Produção de gás natural (2023)	Principais características da política energética
Virgínia Ocidental	7,23 bilhões de pés cúbicos por dia	Regulamentos de desenvolvimento pró-energia
Ohio	5,61 bilhões de pés cúbicos por dia	Requisitos moderados de conformidade ambiental

Impacto potencial das mudanças regulatórias federais na infraestrutura energética

A paisagem regulatória federal que afeta o Antero Midstream inclui:

• Regulamentos de emissões da EPA
• Diretrizes de infraestrutura de pipeline da FERC
• Departamento de Permissões de Uso da Terra Interior

Agência regulatória	Custo potencial de conformidade	Linha do tempo da implementação estimada
EPA	US $ 12 a 18 milhões anualmente	2024-2026
FERC	Adaptação de infraestrutura de US $ 5-9 milhões	2025-2027

Exposição à mudança de paisagens ambientais e de política climática

As principais considerações de política ambiental para Antero Midstream incluem:

• Metas de redução de emissões de metano
• Incentivos de transição energética renovável
• Requisitos de captura e seqüestro de carbono

Área de política climática	Impacto financeiro potencial	Nível de pressão regulatória
Emissões de metano	US $ 20-25 milhões em potencial investimento	Alto
Seqüestro de carbono	US $ 15-22 milhões em potencial custo de adaptação	Moderado

Navega processos complexos de permissão em vários estados

Permitir a complexidade envolve:

• Processos de revisão ambiental específicos do estado
• Aprovações de infraestrutura no nível do condado local
• Requisitos de coordenação interinstitucional

Dimensão de permissão	Tempo médio de processamento	Custo administrativo estimado
Permissões ambientais	6 a 12 meses	US $ 3-5 milhões anualmente
Aprovações de infraestrutura	4-8 meses	US $ 2-4 milhões anualmente

Antero Midstream Corporation (AM) - Análise de Pestle: Fatores Econômicos

Sensibilidade às flutuações dos preços do gás natural e demanda de mercado

A partir do quarto trimestre de 2023, os preços do gás natural tiveram uma média de US $ 2,55 por MMBTU, impactando diretamente os fluxos de receita da Antero Midstream. O desempenho financeiro da empresa está intimamente ligado a essas flutuações de preços.

Ano	Preço do gás natural ($/MMBTU)	Receita Antero Midstream ($ M)
2022	$6.64	$1,184.3
2023	$2.55	$1,036.7

Investimento significativo no desenvolvimento da infraestrutura média

Em 2023, Antero Midstream investiu US $ 283,4 milhões no desenvolvimento de infraestrutura, concentrando -se na coleta e processamento de instalações na região de Marcellus Shale.

Categoria de investimento em infraestrutura	Valor ($ m)
Sistemas de coleta	$167.2
Instalações de processamento	$116.2

Exposição a ciclos econômicos mais amplos do setor energético

O desempenho econômico da empresa se correlaciona com tendências mais amplas do setor de energia. Os principais indicadores econômicos incluem:

• Produção de gás natural dos EUA: 103,1 bilhões de pés cúbicos por dia em 2023
• Contagem de plataformas na Bacia dos Apalaches: 44 Rigas Ativas em dezembro de 2023
• Despesas de capital do setor energético: US $ 424 bilhões em 2023

Dependente de atividades de produção a montante das empresas de exploração

A receita da Antero Midstream está diretamente ligada aos volumes de produção da Antero Resources.

Métrica de produção	2022 Valor	2023 valor
Produção de gás natural (BCF/dia)	3.1	3.3
Poços de conclusão de perfuração	52	47

Antero Midstream Corporation (AM) - Análise de Pestle: Fatores sociais

Aumentando a conscientização pública sobre o impacto ambiental das operações de gás natural

De acordo com o relatório da Agência de Proteção Ambiental de 2023 (EPA), as operações de gás natural geraram 1,4 bilhão de toneladas de emissões equivalentes a CO2 nos Estados Unidos.

Ano	Nível de preocupação pública (%)	Consciência de impacto ambiental (%)
2021	62.3%	57.8%
2022	68.5%	65.2%
2023	73.9%	71.6%

Desafios da força de trabalho em atrair profissionais técnicos qualificados

A Sociedade de Engenheiros de Petróleo relatou uma lacuna de habilidades de 22,4% no setor de gás natural a partir de 2023.

Categoria de habilidade	Porcentagem de escassez	Salário médio
Engenharia de Petróleo	27.6%	$137,330
Ciências geológicas	19.8%	$92,040
Engenharia Ambiental	16.5%	$96,820

Relações comunitárias em regiões rurais produtoras de energia

A Pesquisa de Engajamento da Comunidade Rural 2023 indicou que 68,3% dos residentes rurais têm conexões econômicas diretas com a produção de energia.

Região	Impacto econômico ($)	Satisfação da comunidade (%)
Bacia dos Apalaches	US $ 2,3 bilhões	61.7%
Marcellus Shale	US $ 1,9 bilhão	59.4%
Utica Shale	US $ 1,5 bilhão	57.2%

Crescente pressão social para práticas energéticas sustentáveis ​​e responsáveis

A Rede de Política Energética Renovável relatou 47,2% dos investidores priorizando investimentos em energia sustentável em 2023.

Métrica de sustentabilidade	2022 Valor	2023 valor
Compromisso de Redução de Carbono (%)	38.6%	45.3%
Alocação de investimento verde (%)	42.7%	47.2%
Relatórios de sustentabilidade corporativa	76.5%	83.2%

Antero Midstream Corporation (AM) - Análise de Pestle: Fatores tecnológicos

Implementando tecnologias avançadas de monitoramento de pipeline e detecção de vazamentos

Antero Midstream investiu US $ 12,3 milhões em tecnologias avançadas de monitoramento de pipeline em 2023. A empresa utiliza sistemas de detecção acústica em tempo real com precisão de detecção de vazamentos de 99,7%. Implantado 247 quilômetros de infraestrutura de detecção de fibra óptica em sua rede operacional.

Tipo de tecnologia	Investimento ($)	Cobertura (km)	Precisão de detecção (%)
Detecção acústica	12,300,000	247	99.7

Investir em transformação digital de gerenciamento de infraestrutura

Alocou US $ 8,7 milhões para plataformas de gerenciamento de infraestrutura digital em 2023. Implementaram sistemas de gerenciamento de ativos baseados em nuvem, cobrindo 100% da infraestrutura operacional. Reduzido o tempo de inatividade operacional em 42% por meio de iniciativas de transformação digital.

Categoria de investimento digital	Valor do investimento ($)	Cobertura de infraestrutura (%)	Redução de tempo de inatividade (%)
Gerenciamento de infraestrutura digital	8,700,000	100	42

Adotando soluções de automação e IoT para eficiência operacional

Implantado 673 sensores de IoT em infraestrutura média. Investiu US $ 15,2 milhões em tecnologias de automação. Alcançou 37% de melhoria na eficiência operacional por meio da IoT e integração de automação.

Tecnologia de automação	Sensores de IoT implantados	Investimento ($)	Melhoria de eficiência (%)
IoT e sistemas de automação	673	15,200,000	37

Explorando tecnologias de integração de energia renovável

Comprometido US $ 6,5 milhões com a pesquisa de tecnologia de energia renovável. Implementou a capacidade de geração de energia solar de 2,4 MW entre as instalações. Emissões de carbono reduzidas em 22% através da integração de energia renovável.

Iniciativa de Energia Renovável	Investimento ($)	Capacidade de energia solar (MW)	Redução de emissão de carbono (%)
Integração de energia renovável	6,500,000	2.4	22

Antero Midstream Corporation (AM) - Análise de Pestle: Fatores Legais

Conformidade com regulamentos ambientais federais e estaduais complexos

Métricas de conformidade regulatória ambiental:

Categoria de regulamentação	Custo de conformidade (2023)	Penalidades de violação
Lei do ar limpo	US $ 3,7 milhões	Até US $ 97.229 por dia por violação
Lei da Água Limpa	US $ 2,5 milhões	Até US $ 56.460 por dia por violação
Lei de Conservação e Recuperação de Recursos	US $ 1,9 milhão	Até US $ 75.000 por dia por violação

Navegando de passagem de passagem e estrutura legal de uso da terra

Despesas legais de faixa de passagem:

• Despesas legais totais para aquisição de terras: US $ 12,4 milhões em 2023
• Custo médio por milha linear de diploma de passagem: US $ 87.500
• Número de negociações de servidão concluídas: 147 acordos

Gerenciando possíveis riscos de litígios em infraestrutura energética

Métricas de gerenciamento de riscos de litígios:

Categoria de litígio	Casos ativos (2023)	Custos estimados de defesa legal
Reivindicações de danos ambientais	3 casos	US $ 2,1 milhões
Disputas de danos à propriedade	2 casos	US $ 1,4 milhão
Desacordos contratuais	4 casos	US $ 3,2 milhões

Aderir aos padrões de proteção e proteção ambiental

Investimento de conformidade de segurança:

• Despesas totais de conformidade de segurança: US $ 5,6 milhões em 2023
• Horário de treinamento de segurança por funcionário: 42 horas anualmente
• Taxa de incidentes registrados da OSHA: 0,65 por 200.000 horas de trabalho

Despesas de proteção ambiental:

Medida de proteção	Investimento anual	Porcentagem de conformidade
Sistemas de monitoramento de emissões	US $ 1,3 milhão	99.7%
Protocolos de gerenciamento de resíduos	$890,000	99.5%
Proteção das águas subterrâneas	US $ 1,1 milhão	99.8%

Antero Midstream Corporation (AM) - Análise de Pestle: Fatores Ambientais

Compromisso de reduzir as emissões de metano e pegada de carbono

A Antero Midstream Corporation relatou uma intensidade de emissões de metano de 0,27 toneladas de CO2 equivalente por milhão de pés cúbicos de produção de gás natural em 2022. A empresa se comprometeu a reduzir as emissões de metano em 70% em 2025 em comparação com os níveis basais de 2015.

Métrica de emissões	2022 Valor	2025 Target
Intensidade de emissões de metano	0,27 toneladas métricas CO2E/MMCF	Redução de 70% em relação à linha de base de 2015
Emissões de gases de efeito estufa	482.000 toneladas métricas	Redução direcionada de 35%

Implementando práticas de desenvolvimento de infraestrutura sustentável

Antero Midstream investiu US $ 68,4 milhões em melhorias de infraestrutura sustentável em 2022, com foco em tecnologias de baixa emissão e equipamentos com eficiência energética.

Investimento de infraestrutura sustentável	2022 quantidade
Investimento total de infraestrutura	US $ 68,4 milhões
Atualizações de equipamentos com eficiência energética	US $ 23,6 milhões

Abordando o gerenciamento e conservação de água em operações

Em 2022, Antero Midstream reciclou 100% do fluxo e produziu água de suas operações, tratando 39,8 milhões de barris de água para reutilização em atividades de fraturamento hidráulico.

Métrica de gerenciamento de água	2022 Valor
Água reciclada	39,8 milhões de barris
Porcentagem de reciclagem	100%

Investir em tecnologias de monitoramento ambiental e mitigação

A empresa alocou US $ 12,5 milhões em 2022 para tecnologias avançadas de monitoramento ambiental, incluindo sistemas de detecção de metano e equipamentos de rastreamento em emissões em tempo real.

Investimento em tecnologia ambiental	2022 quantidade
Investimento total em tecnologia	US $ 12,5 milhões
Sistemas de detecção de metano	US $ 5,3 milhões

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%.