Antero Midstream Partners
Antero Midstream Corporation (NYSE: AM) operates an integrated midstream network of 708 miles of gathering pipelines, 4.6 Bcf/d of compression, the Sherwood and Smithburg processing joint venture with MPLX, and 350+ miles of water pipelines in the Appalachian Basin, serving primarily Antero Resources under long-term take-or-pay contracts.
- Company typePublic
- Founded2012
- HeadquartersDenver, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Antero Midstream Partners does
Antero Midstream Corporation (NYSE: AM) operates as an integrated midstream infrastructure provider in the Appalachian Basin, delivering gathering, compression, processing, fractionation, and water-handling services primarily to Antero Resources Corporation under long-term, fee-based take-or-pay contracts. The asset base includes 708 miles of low- and high-pressure gathering pipelines with 4.6 Bcf/d of compression capacity, a 50/50 joint venture with MPLX at the Sherwood and Smithburg processing complex in Doddridge County, WV (the largest natural gas processing complex in North America at 1.6 Bcf/d), and an integrated water system spanning 350+ miles of fresh water pipelines, 5.5 million barrels of storage, and 100K Bbl/d of wastewater recycling capacity.
The company generates revenue through three streams: subscription-style gathering and compression fees billed on contracted volumes (with average rates of roughly $0.36/Mcf low-pressure gathering, $0.23/Mcf high-pressure gathering, and $0.22/Mcf compression), usage-based fresh water delivery and wastewater handling (approximately $4.37/Bbl), and 50/50 processing and fractionation economics via the MPLX joint venture. Contract terms include CPI-based annual fee escalators, providing recurring revenue stability. Volume exposure is concentrated in Antero Resources, the second-largest U.S. NGL producer and Antero Midstream's primary anchor customer.
In February 2026, Antero Midstream completed its largest acquisition to date — the $1.1 billion purchase of HG Energy II Midstream Holdings, adding approximately 900 MMcf/d of throughput and over 400 undeveloped Marcellus locations — while simultaneously divesting its Ohio Utica Shale midstream assets for $400 million to Infinity Natural Resources and Northern Oil and Gas. The company has delivered 11 consecutive years of EBITDA growth since its November 2014 IPO, paid 46 consecutive quarterly dividends, and reported Q1 2026 Adjusted EBITDA of $288 million with full-year 2026 guidance of $1.19–$1.24 billion. Headquartered in Denver, CO, the company employs 501–1,000 people and maintains corporate restructuring history including its 2019 conversion from MLP to C-corporation structure.
Antero Midstream Partners firmographics
Firmographics- Name
- Antero Midstream Partners
- Legal name
- Antero Midstream Corporation
- Website
- https://anteromidstream.com
- Company type
- Public
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Antero Midstream Corporation (NYSE: AM) operates an integrated midstream network of 708 miles of gathering pipelines, 4.6 Bcf/d of compression, the Sherwood and Smithburg processing joint venture with MPLX, and 350+ miles of water pipelines in the Appalachian Basin, serving primarily Antero Resources under long-term take-or-pay contracts.
- Ownership category
- akta.pro rank
Antero Midstream Partners industry classification
Industry- Product category
- Natural Gas Midstream Services
- NAICS
- Pipeline Transportation of Natural Gas (486210), Pipeline Transportation of Natural Gas (48621)
- SIC
- Natural Gas Transmission (4922), Oil & Gas Field Services, Nec (1389)
- akta.pro primary industry
- Oil & Gas Midstream & Pipeline O&M (Pipelines, Compressor Stations) (EUAEAGAF)
- akta.pro secondary industries
- Pipeline Operations, Integrity & Control (SCADA, Pigging, Leak Detection) (EUALADAK), Gas Processing Plant Residue Gas & NGL Takeaway (Midstream Interface) (EUAAACAK)
Keywords
Where Antero Midstream Partners is headquartered
LocationHeadquarters
- HQ city
- Denver
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Antero Midstream Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D, Marketing or Sales
Revenue model
- Gathering and Compression Services: Fee-based revenue from low and high pressure gathering and compression services provided to Antero Resources under long-term take-or-pay contracts
- Water Handling Services: Fresh water delivery, wastewater handling, and high rate water transfer services for well completion activities
- Processing and Fractionation (Joint Venture): 50/50 joint venture processing and fractionation with MLPX at the Sherwood and Smithburg complex
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Take-or-pay contractual structure with investment-grade customers |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Antero Midstream Partners product offering
Product offeringCore offering
Antero Midstream owns and operates an integrated system of low- and high-pressure gathering pipelines, compressor stations, and processing and fractionation plants in the Appalachian Basin, plus independent fresh water and wastewater handling systems supporting upstream completions. Its assets include 708 miles of pipeline, 4.6 Bcf/d of compression capacity, and the Sherwood and Smithburg complex (1.6 Bcf/d JV processing capacity with MPLX) — the largest natural gas processing complex in North America. Services are delivered under long-term fee-based take-or-pay contracts, primarily to Antero Resources Corporation.
Product overview
Antero Midstream operates as an integrated midstream provider in the Appalachian Basin, offering two core product lines: Gathering and Processing (gathering pipelines, compressor stations, and processing/fractionation assets) and Water Handling (fresh water delivery and wastewater recycling). The company maintains a 50/50 joint venture processing complex with MPLX in West Virginia, which is the largest natural gas processing complex in North America. Assets primarily serve Antero Resources Corporation. The company operates 708 miles of gathering pipeline with 4.6 Bcf/d compression capacity and 350+ miles of water pipelines with 5.5 MM barrels of water storage capacity.
Differentiator
Problem solved
Functional benefit
Products and services
- Gathering and Processing Low- and high-pressure gathering pipelines and compressor stations delivering natural gas to processing facilities, with 708 miles of pipeline, 4.6 Bcf/d compression capacity, and 1.6 Bcf/d joint venture processing and fractionation capacity. Services are provided to upstream E&P operators in the Appalachian Basin under long-term fee-based take-or-pay contracts.
- Water Handling Fresh water pipeline and storage facilities plus wastewater recycling and reuse services supporting hydraulic fracturing operations, with 350+ miles of pipelines, 5.5 MM barrels of water storage capacity, and 100K Bbl/d of wastewater recycling and reuse capacity. Provided to upstream E&P operators in the Appalachian Basin.
- Sherwood and Smithburg Processing Complex (50/50 JV with MPLX) A 50/50 joint venture with MPLX located in Doddridge County, West Virginia, operating as the largest natural gas processing complex in North America with 1.6 Bcf/d of processing and fractionation capacity. Provides processing and fractionation services for natural gas and NGLs produced in the Appalachian Basin.
Quantifiable outcome
- 46 consecutive quarterly dividends paid since November 2014 IPO
- +3 more outcomes
Companies that use Antero Midstream Partners
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles1 record
Antero Midstream Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Antero Midstream Partners partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered major and core.
- Infinity Natural Resources (INR)majorInfinity Natural Resources completed a $1.2 billion acquisition of a 60% undivided interest in upstream and midstream assets in the Ohio Utica Shale from Antero Resources and Antero Midstream in February 2026. The transaction was supported by a $350 million strategic equity investment from Quantum Capital Group and Carnelian Energy Capital Management. The acquisition adds approximately 71,000 net horizontal acres with 110+ undeveloped drilling locations.
- Northern Oil and Gas (NOG)majorNorthern Oil and Gas closed a $464.5 million acquisition of a 40% stake in Ohio Utica Shale upstream and midstream assets from Antero Resources and Antero Midstream in February 2026. NOG simultaneously expanded its reserves-based revolving credit facility, increasing the borrowing base to approximately $2.0 billion.
- HG Energy II Midstream HoldingsmajorAntero Midstream completed the acquisition of HG Energy II Midstream Holdings for approximately $1.1 billion in February 2026. The acquisition adds approximately 900 MMcf/d of throughput and over 400 undeveloped locations in the Marcellus Shale, expanding Antero Midstream's asset base in its core operating region.
- MLPX (Joint Venture Partner)coreAntero Midstream formed a 50/50 processing and fractionation joint venture with MLPX in 2017 with $800 million of new project inventory. The joint venture operates the Sherwood and Smithburg processing complex in Doddridge County, WV - the largest natural gas processing complex in North America with 1.6 Bcf/d processing capacity.
Scale indicators24 records
Recent moves8 records
Expansion highlights5 records
Antero Midstream Partners competitors and assessment
Company assessmentBroad incumbents
- Kinder Morgan: Kinder Morgan is one of the largest energy infrastructure companies in North America, operating approximately 83,000 miles of pipelines and 165 terminals across natural gas, CO2, products, and terminals segments. As a broad midstream incumbent, it competes in gas gathering, processing, and transportation markets relevant to Antero Midstream's business.
- Energy Transfer: Energy Transfer is one of the largest and most diversified midstream energy companies in the U.S., operating gathering, processing, transportation, and storage assets across multiple basins including Appalachia. While much larger and more diversified than Antero Midstream, it operates overlapping Marcellus/Utica gathering and processing assets.
- Enbridge: Enbridge is a major North American energy infrastructure company with large-scale natural gas transmission, distribution, and storage assets (acquired through its purchase of Dominion Energy's gas business and Spectra Energy). Its U.S. natural gas pipeline network provides takeaway capacity from Appalachian production comparable to Antero Midstream's gathering function.
- Western Midstream Partners: Western Midstream Partners is a midstream operator primarily focused on natural gas, NGL, and crude oil gathering, processing, and transportation in the Permian, Delaware, and DJ basins. As a publicly traded MLP with a similar fee-based business model to Antero Midstream, it is a comparable midstream operator, though concentrated in different basins.
Direct peers
- Williams Companies: Williams Companies operates the Transco interstate natural gas pipeline system, which directly connects Appalachian production to major demand markets and LNG export corridors along the Gulf Coast. Its gathering and processing segment in the Marcellus/Utica makes it a directly comparable peer to Antero Midstream in the same basin.
- DT Midstream: DT Midstream is a pure-play natural gas midstream operator headquartered in Detroit with gathering, processing, and transportation assets in the Appalachian Basin (including the Marcellus and Utica) as well as the Haynesville. It competes directly with Antero Midstream for gas and NGL volumes from Marcellus and Utica producers, with a similar scale and fee-based business model.
- MPLX: MPLX is a master limited partnership sponsored by Marathon Petroleum that owns and operates midstream infrastructure including natural gas processing, NGL fractionation, and gathering. It is Antero Midstream's 50/50 joint venture partner in the Sherwood and Smithburg Processing Complex, the largest natural gas processing complex in North America, making it the most directly comparable peer in scale and asset class.
- Targa Resources: Targa Resources is a leading midstream operator focused on natural gas and NGL gathering, processing, and transportation, with a large-scale Permian and Gulf Coast footprint. Its downstream NGL fractionation and export logistics business is highly comparable to Antero Midstream's processing and fractionation operations serving global export markets.
- EQT Corporation: EQT Corporation is the largest natural gas producer in the United States, and following its 2024 acquisition of Equitrans Midstream, it owns an integrated gathering, processing, and transmission network in Appalachia. Although primarily an E&P, EQT's midstream segment is now the closest direct competitor to Antero Midstream's integrated Appalachian service model.
- DCP Midstream: DCP Midstream is one of the largest natural gas NGL producers and natural gas processing and gathering operators in the U.S., with a national footprint including significant Permian and Mid-Continent assets. Its gas processing and NGL takeaway business directly overlaps with Antero Midstream's processing and fractionation operations via the Sherwood/Smithburg complex.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Antero Midstream Partners social profiles
Digital presenceAntero Midstream Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
Antero Midstream Partners leadership team
Management profileNumber of profiles
Profiles9 records
Antero Midstream Partners subsidiaries and ownership
Company hierarchySubsidiaries1 record
Antero Midstream Partners funding detail
Funding detailFunding overview
Funding rounds3 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Antero Midstream Partners M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Antero Midstream Partners
What does Antero Midstream Partners do?
Antero Midstream owns and operates an integrated system of low- and high-pressure gathering pipelines, compressor stations, and processing and fractionation plants in the Appalachian Basin, plus independent fresh water and wastewater handling systems supporting upstream completions. Its assets include 708 miles of pipeline, 4.6 Bcf/d of compression capacity, and the Sherwood and Smithburg complex (1.6 Bcf/d JV processing capacity with MPLX) — the largest natural gas processing complex in North America. Services are delivered under long-term fee-based take-or-pay contracts, primarily to Antero Resources Corporation.
Is Antero Midstream Partners a public or private company?
Antero Midstream Partners is a public company. It is classified as public and is currently operating.
When was Antero Midstream Partners founded?
Antero Midstream Partners was founded in 2012. It employs 501 to 1,000 people.
Where is Antero Midstream Partners based?
Antero Midstream Partners is headquartered in Denver, United States, in the North America region.
How does Antero Midstream Partners make money?
Three revenue lines are on record. Gathering and Compression Services are the primary driver. The others are water Handling Services and processing and Fractionation (Joint Venture).
Who are Antero Midstream Partners's main competitors?
Broad incumbents on record are Kinder Morgan, Energy Transfer, Enbridge and Western Midstream Partners. Direct peers are Williams Companies, DT Midstream, MPLX, Targa Resources, EQT Corporation and DCP Midstream.
Does Antero Midstream Partners have an API?
No public API is recorded for Antero Midstream Partners.
What industry is Antero Midstream Partners in?
Antero Midstream Partners's product category is Natural Gas Midstream Services. Its primary akta.pro industry code is EUAEAGAF, Oil & Gas Midstream & Pipeline O&M (Pipelines, Compressor Stations), with a secondary code of EUALADAK, Pipeline Operations, Integrity & Control (SCADA, Pigging, Leak Detection). Its NAICS code is 486210 and its SIC code is 4922.