Antero Midstream Sees 4% Rise in Q4 EBITDA to $285M, Closes $1.1B HG Mid Deal
Antero Midstream reported Q4 adjusted EBITDA of $285M, up 4% year-over-year, and 2025 free cash flow after dividends of $325M, a 30% increase. It closed a $1.1B HG Mid deal adding 400+ undeveloped Marcellus locations and forecasts 2026 EBITDA exceeding $1.2B, $360M free cash flow and maintains a $0.90 dividend.
1. Q4 Financial Results
In Q4 2025, Antero Midstream posted adjusted EBITDA of $285 million, a 4% year-over-year increase, driven by operational efficiencies. The company delivered record full-year free cash flow after dividends of $325 million, marking a 30% gain from the prior year.
2. HG Mid Acquisition
Antero Midstream closed its $1.1 billion acquisition of HG Mid assets, adding over 400 undeveloped Marcellus Shale locations. This strategic move broadens the firm’s infrastructure network and enhances fee-based cash flow potential from long-life natural gas assets.
3. 2026 Outlook
Management forecasts 2026 adjusted EBITDA to exceed $1.2 billion, representing 8% growth, and free cash flow after dividends of about $360 million, an 11% increase. The guidance reflects confidence in sustained midstream demand and disciplined operational execution.
4. Capital Allocation and Dividend
The company plans $190–220 million in 2026 capital expenditures, focusing on asset optimization and targeted growth projects. The board approved maintaining the quarterly dividend at $0.90 per share, balancing shareholder returns with reinvestment in the business.