Antero Midstream Q1 Adjusted EBITDA $288M, 14% Volume Growth, $18M Buyback
Antero Midstream delivered Q1 2026 adjusted EBITDA of $288 million (up 5%) and Adjusted Free Cash Flow after dividends of $85 million (up 8%), with gathering volumes up 14%. The company closed its largest acquisition-to-date of HG Energy, repurchased 1 million shares for $18 million and maintained leverage near 3x.
1. Q1 2026 Financial and Operational Highlights
Antero Midstream reported adjusted EBITDA of $288 million, a 5% increase year-over-year, and adjusted net income of $138 million, or $0.29 per diluted share, up 4%. Gathering volumes rose 14% to 3.805 Bcf/d, while Adjusted Free Cash Flow after dividends reached $85 million, up 8%, on $42 million of capital expenditures.
2. HG Energy Acquisition and Asset Divestiture
The company closed the HG Energy acquisition in early February and divested its Ohio Utica Shale assets in late February, immediately integrating operations without service interruptions. Integration efforts included connecting the first pad on acquired assets, initiating a linking pipeline for fresh water delivery and supporting 20 new well connections.
3. Share Repurchase and Leverage Position
During Q1 the company repurchased 1.0 million shares for $18 million and has $318 million remaining under its program. Maintaining leverage in the low 3-times range, management expects its organic growth strategy, bolstered by the accretive HG Energy deal, to support high-single-digit EBITDA growth going forward.