Antero Midstream · Earnings release · 8-K Exhibit 99

Antero Midstream Announces First Quarter 2026

Financial and Operating Results

Midstream Corporation (NYSE: AM) (“Antero Midstream” or the “Company”) today announced its first quarter 2026

financial and operating results. The relevant consolidated financial statements are included in Antero Midstream’s Quarterly Report

on Form 10-Q for the three months ended March 31, 2026.

First Quarter 2026 Highlights:

·

Gathering volumes increased by 14% compared

to the prior year quarter

·

Net Income was $118 million, or $0.25 per

diluted share, in line with the prior year quarter

·

Adjusted Net Income was $138 million, or $0.29

per diluted share, a 4% per share increase compared to the prior year quarter (non-GAAP measure)

·

Adjusted EBITDA was $288 million, a 5% increase

compared to the prior year quarter (non-GAAP measure)

·

Capital expenditures were $42 million

·

Adjusted Free Cash Flow after dividends was

$85 million, an 8% increase compared to the prior year quarter (non-GAAP measure)

·

Repurchased 1.0 million shares for $18 million

Michael Kennedy, CEO and President said, “T1Antero

Midstream delivered another quarter of volume and EBITDA growth while closing the Company’s largest acquisition to-date. T2Our ability

to close the HG acquisition and integrate operations while avoiding any outages during Winter Storm Fern, is a testament to the hard work

and dedication of our team.”

Mr. Kennedy continued, “In addition

to the integration efforts that remain on schedule, T3we continue to invest capital to improve the connectivity and market outlets on our

gathering systems. These capital projects supported our first dry gas Marcellus Shale pad in over a decade, as well as our first pad on

the acquired assets, that were connected during the second quarter. These pads deliver volumetric growth and position Antero Midstream

to help supply the rising demand for U.S. Energy.”

Justin Agnew, CFO of Antero Midstream, said “T4Antero

Midstream’s strong balance sheet and consistent Free Cash Flow generation, combined with the sale of our Ohio Utica Shale assets,

allowed us to finance the HG Energy acquisition while maintaining leverage in the low 3-times range. Looking ahead we expect our just-in-time

organic strategy, bolstered by the highly accretive HG Energy acquisition, to continue delivering high-single digit EBITDA growth in the

future.”

For a discussion of the non-GAAP financial measures, including Adjusted

EBITDA, Adjusted Net Income, Leverage, and Adjusted Free Cash Flow after dividends please see “Non-GAAP Financial Measures.”

Share Repurchases

During the first quarter of 2026, Antero Midstream

repurchased 1.0 million shares for $18 million. T5Antero Midstream had approximately $318 million of remaining capacity under its share

repurchase program as of March 31, 2026.

Strategic and Operating Updates

Antero Midstream completed its two previously

announced strategic transactions during the first quarter. The Company closed on the HG Energy acquisition in early February and

closed on the divestiture of its Ohio Utica Shale assets in late February. Operating and financial results include contributions based

on the closing dates of each transaction.

Upon closing of the acquisition, Antero Midstream

immediately commenced asset integration operations and cost-effective water blending solutions. This included initial facilities and connectivity

work that successfully supported the first pad turn-in-line on the acquired assets in the second quarter. In addition, T6the Company initiated

the construction of a pipeline to connect its water system with the acquired water system, which supports additional fresh water delivery

volumes and growth in 2027 and beyond.

During the first quarter of 2026, Antero Midstream

connected 20 wells to its gathering system and serviced 26 wells with its fresh water delivery system. Capital expenditures were $42 million

during the first quarter of 2026. The Company invested $26 million in gathering and compression, $15 million in water infrastructure,

and $1 million in the Stonewall Joint Venture.

First Quarter 2026 Financial Results

Gathering volumes increased by 14% compared to

the prior year quarter. Fresh water delivery volumes averaged 83 MBbl/d during the quarter, a 21% decrease compared to the first quarter

of 2025. Processing volumes from the processing and fractionation joint venture (the “Joint Venture”) increased by 4% compared

to the prior year quarter. Joint Venture fractionation volumes averaged 40 MBbl/d, in line with the prior year quarter. Processing and

fractionation capacity were both 100% utilized during the quarter.

Three Months Ended

Average Daily Volumes:

% Change

Gathering (MMcf/d)

%

Centralized Compression (MMcf/d)

1

%

High Pressure Gathering (MMcf/d)

1

%

Fresh Water Delivery (MBbl/d)

)%

Joint Venture Processing (MMcf/d)

4

%

Joint Venture Fractionation (MBbl/d)

—

For the three months ended March 31, 2026,

revenues were $314 million, comprised of $250 million from the Gathering and Processing segment and $64 million from the Water Handling

segment, net of $21 million of amortization of customer relationships. Water Handling revenues include $40 million from other water handling

and high rate water transfer services.

Direct operating expenses were $30 million for

the Gathering and Processing segment and $41 million for the Water Handling segment for a total of $71 million. Water Handling operating

expenses include $35 million from other water handling and high rate water transfer services. General and administrative expenses excluding

equity-based compensation were $12 million during the first quarter of 2026. Total operating expenses during the first quarter of 2026

included $11 million of equity-based compensation expense and $35 million of depreciation expense. Transaction expense was $9 million

related to the HG Midstream acquisition.

Net Income was $118 million, or $0.25 per diluted

share, in line with the prior year quarter. Net Income adjusted for amortization of customer relationships, impairment of property and

equipment, gain on long-lived assets, transaction expense and other, net of tax effects of reconciling items, or Adjusted Net Income,

was $138 million. Adjusted Net Income was $0.29 per diluted share, a 4% per share increase compared to the prior year quarter.

The following table reconciles Net Income to Adjusted

Net Income (in thousands):

Three Months Ended

Net Income

$

Amortization of customer relationships

Impairment of property and equipment

—

Gain on long-lived assets

—

)

Transaction expense

—

Other(1)

(5

)

)

Tax effect of reconciling items(2)

)

)

Adjusted Net Income

$

(1)

Other represents gain on asset sale.

(2)

The statutory tax rate for each of the three months ended March 31, 2025 and 2026 was approximately 26%.

Adjusted EBITDA was $288 million, a 5% increase

compared to the prior year quarter. Interest expense was $54 million, a 12% increase compared to the prior year quarter driven by financing

for the HG Energy acquisition. Capital expenditures were $42 million during the first quarter of 2026. Adjusted Free Cash Flow before

dividends was $192 million and Adjusted Free Cash Flow after dividends was $85 million, an 8% increase compared to the prior year quarter.

The following table reconciles Net Income to Adjusted EBITDA and Adjusted

Free Cash Flow before and after dividends (in thousands):

Three Months Ended

Net Income

$

Interest expense, net

Income tax expense

Depreciation expense

Amortization of customer relationships

Equity-based compensation

Equity in earnings of unconsolidated affiliates

)

)

Distributions from unconsolidated affiliates

Impairment of property and equipment

—

Gain on long-lived assets

—

)

Transaction expense

—

Other operating expense, net(1)

Adjusted EBITDA

$

Interest expense, net

)

)

Capital expenditures (accrual-based)

)

)

Current income tax expense

)

—

Adjusted Free Cash Flow before dividends

$

Dividends declared (accrual-based)

)

)

Adjusted Free Cash Flow after dividends

$

(1)

Other operating expense represents accretion of asset retirement obligations and gain on asset sale.

The following table reconciles net cash provided by operating activities

to Adjusted Free Cash Flow before and after dividends (in thousands):

Three Months Ended

Net cash provided by operating activities

$

Amortization of deferred financing costs

)

)

Settlement of asset retirement obligations

Transaction expense

—

Changes in working capital

)

Capital expenditures (accrual-based)

)

)

Adjusted Free Cash Flow before dividends

$

Dividends declared (accrual-based)

)

)

Adjusted Free Cash Flow after dividends

$

Conference Call

A conference call is scheduled on Thursday, April 30,

2026 at 10:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow

the discussion of the results. To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference

“Antero Midstream.” A telephone replay of the call will be available until Thursday, May 7, 2026 at 10:00 am MT at 877-660-6853

(U.S.) or 201-612-7415 (International) using the conference ID: 13758947. To access the live webcast and view the related earnings conference

call presentation, visit Antero Midstream's website at www.anteromidstream.com. The webcast will be archived for replay until Thursday,

Presentation

An updated presentation will be posted to the

Company's website before the conference call. The presentation can be found at www.anteromidstream.com on the homepage. Information on

the Company's website does not constitute a portion of, and is not incorporated by reference into, this press release.

Non-GAAP Financial Measures and Definitions

Antero Midstream uses certain non-GAAP financial

measures. Antero Midstream defines Adjusted Net Income as Net Income adjusted for certain items. Antero Midstream uses Adjusted Net Income

to assess the operating performance of its assets. Antero Midstream defines Adjusted EBITDA as Net Income adjusted for certain items.

Antero Midstream uses Adjusted EBITDA to assess:

·

the financial performance of Antero Midstream’s

assets, without regard to financing methods, capital structure or historical cost basis;

·

its operating performance and return on capital

as compared to other publicly traded companies in the midstream energy sector, without regard to financing or capital structure; and

·

the viability of acquisitions and other capital

expenditure projects.

Antero Midstream defines Adjusted Free Cash Flow

before dividends as Adjusted EBITDA less net interest expense, accrual-based capital expenditures, and current income tax expense. Capital

expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated

affiliates. Capital expenditures exclude acquisitions and Adjusted Free Cash Flow excludes transaction expense related to acquisitions.

Adjusted Free Cash Flow after dividends is defined as Adjusted Free Cash Flow before dividends less accrual-based dividends declared for

the quarter. Antero Midstream uses Adjusted Free Cash Flow before and after dividends as a performance metric to compare the cash generating

performance of Antero Midstream from period to period.

Adjusted EBITDA, Adjusted Net Income, and Adjusted

Free Cash Flow before and after dividends are non-GAAP financial measures. The GAAP measure most directly comparable to these measures

is Net Income. Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows

provided by (used in) operating activities. The presentations of such measures are not made in accordance with GAAP and have important

limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by (used

in) operating activities. You should not consider any or all such measures in isolation or as a substitute for analyses of results as

reported under GAAP. Antero Midstream’s definitions of such measures may not be comparable to similarly titled measures of other

companies.

The following table reconciles cash paid for capital expenditures and

accrued capital expenditures during the period (in thousands):

Three Months Ended

Capital expenditures (as reported on a cash basis)

$

Change in accrued capital costs

Capital expenditures (accrual basis)

$

Antero Midstream defines Net Debt as consolidated

total debt, excluding unamortized debt premiums and debt issuance costs, less cash, cash equivalents and restricted cash. Antero Midstream

views Net Debt as an important indicator in evaluating Antero Midstream’s financial leverage. Antero Midstream defines Leverage

as Net Debt divided by Adjusted EBITDA for the last twelve months. The GAAP measure most directly comparable to Net Debt is total debt,

excluding unamortized debt premiums and debt issuance costs.

The following table reconciles consolidated total

debt to Net Debt as used in this release (in thousands):

Bank credit facility

$

Consolidated total debt

$

Less: Cash, cash equivalents and restricted cash

—

Consolidated net debt

$

Antero Midstream Corporation is a Delaware

corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian

Basin, as well as integrated water assets that primarily service Antero Resources Corporation’s (NYSE: AR) (“Antero Resources”)

properties.

This release includes "forward-looking

statements.” Words such as “may,” “assume,” “forecast,” “position,” “predict,”

“strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,”

“believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions

are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking

statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream’s control. All statements,

except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects,

believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position,

estimated revenues and losses, Antero Resources’ and Antero Midstream’s respective ability to integrate acquired assets and

achieve the intended operational, financial and strategic benefits from any such transactions, projected costs, prospects, plans and objectives

of management, Antero Resources’ expected production and development plan, natural gas, NGLs and oil prices, Antero Midstream’s

ability to realize the anticipated benefits of its investments in unconsolidated affiliates, Antero Midstream’s ability to execute

its share repurchase and dividend program, Antero Midstream’s ability to execute its business strategy, impacts of geopolitical

events, including the conflicts in Ukraine, Venezuela and in the Middle East, and world health events, information regarding long-term

financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources’ expected future

growth and its ability to meet its drilling and development plan and the participation level of Antero Resources’ drilling partner,

the impact on demand for Antero Midstream’s services as a result of incremental production by Antero Resources, the impact of recently

enacted legislation, and expectations regarding the amount and timing of litigation awards are forward-looking statements within the meaning

of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements

are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events.

All forward-looking statements speak only as of the date of this release. Although Antero Midstream believes that the plans, intentions

and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions

or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast

in such statements. Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly

update or revise any forward-looking statements.

Antero Midstream cautions you that these forward-looking

statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many

of which are beyond Antero Midstream’s control. These risks include, but are not limited to, risks associated with the successful

integration and future performance of acquired assets and operations, commodity price volatility, inflation, supply chain or other disruptions,

environmental risks, Antero Resources’ drilling and completion and other operating risks, regulatory changes or changes in law,

the uncertainty inherent in projecting Antero Resources’ future rates of production, cash flows and access to capital, the timing

of development expenditures, impacts of world health events, cybersecurity risks, the state of markets for, and availability of, verified

quality carbon offsets and the other risks described under the heading "Risk Factors" in Antero Midstream's Annual Report on

Form 10-K for the year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the quarter ended March 31,

For more information, contact Daniel Katzenberg,

Vice President – Investor Relations, at (303) 357-7219 or dkatzenberg@anteroresources.com.

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Balance Sheets

(In thousands, except per

share amounts)

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

—

Restricted cash

—

Accounts receivable–Antero Resources

Accounts receivable–third party

Income tax receivable

Current assets held for sale

—

Other current assets

Total current assets

Long-term assets:

Property and equipment, net

Investments in unconsolidated affiliates

Customer relationships

Operating leases right-of-use assets

—

Assets held for sale

—

Other assets, net

Total assets

$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable–Antero Resources

$

Accounts payable–third party

Accrued liabilities

Short-term lease liabilities

—

Current liabilities held for sale

—

Other current liabilities

Total current liabilities

Long-term liabilities:

Long-term debt

Deferred income tax liability, net

Long-term lease liabilities

—

Liabilities held for sale

—

Other

Total liabilities

Stockholders' equity:

Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2025 and March 31, 2026

Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2025 and March 31, 2026

—

—

Common stock, $0.01 par value; 2,000,000 authorized; 474,060 and 475,028 issued and outstanding as of December 31, 2025 and March 31, 2026, respectively

Additional paid-in capital

Retained earnings

Total stockholders' equity

Total liabilities and stockholders' equity

$

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Operations

and Comprehensive Income (Unaudited)

(In thousands, except per share amounts)

Three Months Ended March 31,

Revenue:

Gathering and compression–Antero Resources

$

Gathering and compression–third party

—

Water handling–Antero Resources

Water handling–third party

Amortization of customer relationships

)

)

Total revenue

Operating expenses:

Direct operating

General and administrative (including $12,402 and $10,579 of equity-based compensation in 2025 and 2026, respectively)

Facility idling

Depreciation

Impairment of property and equipment

—

Gain on long-lived assets

—

)

Other operating expense, net

Total operating expenses

Operating income

Other income (expense):

Interest expense, net

)

)

Equity in earnings of unconsolidated affiliates

Transaction expense

—

)

Total other expense

)

)

Income before income taxes

Income tax expense

)

)

Net income and comprehensive income

$

Net income per common share–basic

$

Net income per common share–diluted

$

Weighted average common shares outstanding:

Basic

Diluted

ANTERO MIDSTREAM CORPORATION

Selected Operating Data (Unaudited)

Amount of

Three Months Ended March 31,

Increase

Percentage

or Decrease

Change

Operating Data:

Gathering (MMcf)

%

Centralized compression (MMcf)

1

%

High pressure gathering (MMcf)

1

%

Fresh water delivery (MBbl)(1)

)

)%

Other water handling (MBbl)(2)

%

Wells serviced by fresh water delivery

(2

)

(7

)%

Gathering (MMcf/d)

%

Centralized compression (MMcf/d)

1

%

High pressure gathering (MMcf/d)

1

%

Fresh water delivery (MBbl/d)(1)

)

)%

Other water handling (MBbl/d)(2)

%

Average Realized Fees(3):

Gathering ($/Mcf)

$

3

%

Centralized compression ($/Mcf)

$

—

*

High pressure gathering ($/Mcf)

$

—

*

Fresh water delivery ($/Bbl)(1)

$

1

%

Joint Venture Operating Data:

Processing (MMcf)

4

%

Fractionation (MBbl)

—

*

Processing (MMcf/d)

4

%

Fractionation (MBbl/d)

—

*

*Not meaningful or applicable.

(1)

Fresh water delivery includes fresh water charged at a fixed fee under our water services agreement with Antero Resources.

(2)

Other water handling includes fresh water charged at cost plus 3% for services provided to Antero Resources on its acreage acquired

from HG Production and our other fluid handling services charged at cost plus 3% or cost of service.

(3)

The average realized fees for the three months ended March 31, 2026 include annual CPI-based adjustments of approximately 1.5%.

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Results of Segment Operations

(Unaudited)

(In thousands)

Gathering and

Water

Consolidated

(in thousands)

Processing

Handling

Unallocated (1)

Total

Revenues:

Revenue–Antero Resources

$

—

Revenue–third-party

—

Amortization of customer relationships

)

)

—

)

Total revenues

—

Operating expenses:

Direct operating

—

General and administrative (excluding equity-based compensation)

Equity-based compensation

Facility idling

—

—

Depreciation

—

Loss on long-lived assets

)

—

)

Other operating expense, net

—

—

Total operating expenses

Operating income (loss)

)

)

Other income (expense):

Interest expense, net

—

—

)

)

Equity in earnings of unconsolidated affiliates

—

—

Transaction expense

—

—

)

)

Total other income (expense)

—

)

)

Income (loss) before income taxes

)

)

Income tax expense

—

—

)

)

Net income (loss) and comprehensive income (loss)

$

)

)

(1)

Corporate expenses that are not directly attributable to either the gathering and processing or water handling segments.

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Three Months Ended March 31,

Cash flows provided by (used in) operating activities:

Net income

$

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

Impairment of property and equipment

—

Deferred income tax expense

Equity-based compensation

Equity in earnings of unconsolidated affiliates

)

)

Distributions from unconsolidated affiliates

Amortization of customer relationships

Amortization of deferred financing costs

Settlement of asset retirement obligations

)

)

Gain on long-lived assets

—

)

Other operating activities

Changes in assets and liabilities:

Accounts receivable–Antero Resources

)

)

Accounts receivable–third party

)

Other current assets

)

)

Accounts payable–Antero Resources

Accounts payable–third party

Income taxes payable

—

Accrued liabilities

)

Net cash provided by operating activities

Cash flows provided by (used in) investing activities:

Additions to gathering systems, facilities and other

)

)

Additions to water handling systems

)

)

Additional investments in unconsolidated affiliate

)

)

Acquisition of HG Midstream

—

)

Proceeds from asset sales

5

Net cash used in investing activities

)

)

Cash flows provided by (used in) financing activities:

Dividends to common stockholders

)

)

Dividends to preferred stockholders

)

)

Repurchases of common stock

)

)

Borrowings on Credit Facility

Repayments on Credit Facility

)

)

Payments of deferred financing costs

—

)

Employee tax withholding for settlement of equity-based compensation awards

)

)

Payments on capital lease obligations

—

)

Net cash provided by (used in) financing activities

)

Net decrease in cash, cash equivalents and restricted cash

—

)

Cash, cash equivalents and restricted cash, beginning of period

—

Cash, cash equivalents and restricted cash, end of period

$

—

—

Supplemental disclosure of cash flow information:

Cash paid during the period for interest

Increase in accrued capital expenditures and accounts payable for property and equipment

Increase in accounts receivable–Antero Resources and accounts receivable–third party for the acquisition of HG Midstream

—

Right-of-use assets obtained in exchange for new operating lease obligations