Antero Midstream (AM) Investor presentation summary

Company overview and market positioning

• Operates as a pure-play, integrated Marcellus midstream company with a $14 billion enterprise value as of April 2026.

• Core operations include gathering, compression, natural gas processing, NGL fractionation, and water handling in West Virginia.

• Achieved 100% fixed fee revenues and a 14% CAGR in adjusted EBITDA from 2015 to 2026E.

• Listed on NYSE and included in the S&P MidCap 400 index.

Growth drivers and market demand

• Anticipates 30% demand growth for natural gas through 2030, driven by LNG exports, Mexico exports, and Northeast data center and power growth.

• Positioned to benefit from regional power generation and data center expansion, with recent infrastructure announcements in West Virginia.

Asset base and operational scale

• Over 20 years of dedicated drilling inventory, extended by 5+ years through the HG Energy acquisition.

• Joint venture in the largest natural gas processing complex in North America.

• Balanced development across rich gas, blended, and dry gas acreage, with recent compressor additions enhancing capacity.