Antero Midstream is an Appalachian midstream company that gathers, compresses, and transports natural gas and NGLs from wellhead to pipeline, and delivers fresh water to well sites for hydraulic fracturing. Almost all of its revenue comes from a single customer, Antero Resources, which has dedicated substantially all of its ~537,000 net acres in West Virginia, Ohio, and Pennsylvania to Antero Midstream under long-term contracts running through 2035–2038. Antero Midstream operates two segments: Gathering and Processing (pipeline and compression infrastructure, plus a minority JV interest in gas processing and NGL fractionation with MarkWest) and Water Handling (fresh water delivery and produced water management). Antero Midstream charges fixed fees per unit of volume — per Mcf for gathering and compression, per barrel for water — with no direct commodity price exposure. Fees escalate annually with CPI. The primary earnings driver is throughput volume, which is a direct function of Antero Resources' drilling and completion activity. New gathering and compression infrastructure is protected by either minimum volume commitments or a cost-of-service fee structure guaranteeing a fixed return on investment. Growth depends almost entirely on Antero Resources' development pace, supplemented by bolt-on acquisitions of Appalachian midstream assets. In February 2026, Antero Midstream closed on the $1.1B acquisition of HG Midstream's gathering and water assets in West Virginia, expanding its footprint alongside Antero Resources' concurrent upstream acquisition.