Antero Midstream Details 2026 Growth, Marcellus Expansion Plans

Antero Midstream is targeting higher EBITDA and cash flow in 2026, backed by Marcellus infrastructure expansion and the integration of newly acquired midstream assets.

(P&GJ) — Antero Midstream is forecasting higher earnings and expanded infrastructure activity in 2026, driven by continued growth in its Marcellus Shale operations and the integration of newly acquired assets.

The company expects adjusted EBITDA between $1.19 billion and $1.24 billion in 2026, representing roughly 8% growth year over year, alongside net income projected between $485 million and $535 million.

The outlook follows the closing of Antero Midstream’s acquisition of HG Midstream in early February, which is expected to contribute to both earnings growth and expanded system capabilities.

Capital spending is forecast at $190 million to $220 million, with the majority directed toward gathering and compression infrastructure across the company’s Appalachian footprint. The investment will support both legacy assets and recently acquired systems, with additional spending targeting dry gas infrastructure to improve downstream deliverability.

The company said the 2026 program will focus on high-return projects, including expansion of its rich gas gathering network and integration of acquired assets, while continuing to build out capacity tied to dry gas production.

Michael Kennedy, CEO said, "Antero Midstream reported another year of gathering and compression, Adjusted EBITDA, and Adjusted Free Cash Flow growth in 2025. This consistent strategy of organic growth, supplemented by attractive bolt-on acquisitions, positions us well for continued capital efficient growth in 2026 and beyond."

Kennedy continued, "The capital budget in 2026 is focused on high rate of return infrastructure projects in the core of the Marcellus Shale. These include the buildout of our rich gas gathering system, integration of recently acquired assets, and new expansion projects to support additional dry gas growth on Antero Midstream dedicated acreage. These projects will provide incremental outlet market opportunities and further unlock development optionality across Antero Midstream's diverse portfolio of rich and dry gas assets."

In addition to infrastructure investment, the company expects adjusted free cash flow after dividends of $330 million to $390 million, reflecting continued operational efficiencies and capital discipline.

Justin Agnew, CFO of Antero Midstream, said, "Antero Midstream's cash flow growth, driven by operational and capital efficiencies, allowed us to reduce net debt and leverage to 2.7x at year-end 2025. Looking ahead to 2026, we expect to maintain a strong balance sheet with leverage near 3-times and a balanced approach of debt reduction and opportunistic share repurchases. This return of capital approach, enhanced by the recently announced transactions, positions us well to deliver additional shareholder value."

Operationally, Antero Midstream reported a 5% year-over-year increase in gathering and compression volumes during the fourth quarter, reflecting steady activity across its system, while continuing to advance water infrastructure and well connections across its acreage.