Management forecasts 2026 adjusted EBITDA of $1.2 billion, up 8%, and free cash flow after dividends of $360 million, up 11%, supported by a capital budget of $190–$220 million. The board maintained the quarterly dividend at $0.90 per share, highlighting confidence in cash flow generation. The company completed a $1.1 billion acquisition of HG Mid, adding more than 400 undeveloped locations in the Marcellus Shale. The transaction, partially funded by Utica Shale asset sales, expands fee-based, take-or-pay contracts with an investment-grade customer, enhancing cash flow predictability. Antero Midstream reported adjusted EBITDA of $285 million for Q4, marking a 4% year-over-year increase, while free cash flow after dividends surged to $325 million, a record 30% gain. Higher gathering and compression volumes supported the results despite elevated operating expenses.