Antero Midstream Corp: Thoughts Into 2Q26: Slight Step Up in Gathering Volumes on HG Ramp; Water Lands Flatish QoQ

Research evidence excerpt

Antero Midstream Corp: Thoughts Into 2Q26: Slight Step Up in Gathering Volumes on HG Ramp; Water Lands Flatish QoQ

J P M O R G A N North America Equity Research

09 July 2026

Antero Midstream Corp Underweight

AM, AM US

Thoughts Into 2Q26: Slight Step Up in Gathering Price (09 Jul 26):$22.58

Volumes on HG Ramp; Water Lands Flattish QoQ ▲Price Target (Dec-27):$24.00 Prior (Dec-26):$22.00

After speaking with the company and marking to updated AR estimates from our

E&P team, we model a $297mm 2Q26 adj EBITDA result, in line with the Street Head of North America Power,

Utilities, Midstream, LNG, andmedian. Gathering & Compression lands at $238mm, reflecting a slight step up in

Nuclear

volumes from the HG integration. We forecast a $34mm Water Handling &

Treatment contribution, factoring in sequentially flat volumes hovering at Jeremy Tonet, CFA AC

~85,000bpd, as AR prepares to bring on a second completion crew in 2H26. On the (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

topic of a Sherwood BTM solution, AM remains in discussions with several

Vrathan Reddy

potential partners with power expertise. Proceeds from the Veolia lawsuit land at

(1-212) 622-4692

$375mm (finally) and remain a nearer-term source of opportunistic shareholder vrathan.reddy@jpmchase.com

returns. Full year results continue to track toward the midpoint of the 2026 Eli Jossen, CFA

guidance range, with a clear step up in 2H26. On growing in-basin demand, our (1-212) 622-4113

conversation highlighted continued momentum where AR is in discussions sizing eli.jossen@jpmchase.com

5bcfd+ of potential deals. On the call, we look for further color on in-basin growth Francina Kolluri

opportunities and capital allocation priorities through the balance of the year. (1-212) 270-5796

francina.kolluri@jpmchase.com

J.P.