Antero Midstream reported third quarter 2026 results that missed analyst expectations on both revenue and earnings, despite significant gains in throughput volumes. The company successfully reached its leverage target of 2.8x, aided by $377 million in litigation proceeds from the Clearwater case, which also prompted a significant upward revision to full-year free cash flow guidance. Management remains focused on water system integration and infrastructure expansions, such as the East Side Express, to sustain growth into 2027.
Key Highlights
- Gathering and compression volumes increased 19% and 17% year-over-year, respectively, driven by robust activity on serviced pads.
- Adjusted EBITDA grew 3% year-over-year to $291 million, supported by annual CPI-based fee adjustments of approximately 1.5%.
- The company utilized litigation proceeds to reduce absolute debt by over $400 million and repurchased 1.3 million shares for $27 million during the quarter.