Antero Midstream · Earnings release · 8-K Exhibit 99

Antero Midstream Announces Second Quarter

2026 Financial and Operating Results

Denver,

Colorado, July 29, 2026—Antero Midstream Corporation (NYSE: AM) (“Antero Midstream” or the “Company”)

today announced its second 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 June 30, 2026.

Highlights:

·

Gathering and compression volumes increased by 19% and 17%, respectively, compared to the prior year

quarter

·

Net Income was $114 million, or $0.24 per diluted share, an 8% per share decrease compared to the prior

year quarter

·

Adjusted Net Income was $131 million, or $0.27 per diluted share, a 7% per share decrease compared

to the prior year quarter (non-GAAP measure)

·

Adjusted EBITDA was $289 million, a 2% increase compared to the prior year quarter (non-GAAP measure)

·

Capital expenditures were $47 million

·

Adjusted Free Cash Flow after dividends was $80 million (non-GAAP measure)

·

Commenced construction on the Company’s first intrastate regional pipeline (“East Side

Express”)

·

Received $371 million in damages and interest from Veolia in July and called $650 million of senior

Michael Kennedy, CEO and President of Antero Midstream

said, “During the quarter, Antero Midstream gathered over 4.1 Bcf/d of production, which was a 19% increase year-over-year and a

new company record. Our water integration projects remain on track, which we expect to drive high-single digit EBITDA growth in 2027.”

Mr. Kennedy further added, “In addition,

during the quarter we commenced initial construction of our first intrastate regional pipeline, the “East Side Express”, which

will enhance regional connectivity within our operating areas. This pipeline positions Antero Midstream for future dry gas growth in West

Virginia with decades of underlying inventory to capture growing regional demand. T1This east-west bi-directional pipeline represents our

first regional pipeline and adds significant optionality for future intrastate pipeline projects that provide an integrated midstream

solution connecting low-cost supply to demand centers.”

Justin Agnew, CFO of Antero Midstream, said “T2The

second quarter marked our twelfth consecutive quarter of generating Free Cash Flow after dividends, highlighting the consistency of operations

over the last three years. Looking ahead, we expect an increase in volumes across both the gathering and water businesses to drive EBITDA

growth in the back half of the year in line with our full year guidance range.”

Mr. Agnew further added, “T3In July, Antero

Midstream received approximately $371 million of proceeds from Veolia, which allowed us to reduce absolute debt and be below our 3-times

leverage target ahead of expectations. T4After calling the $650 million of senior notes due 2028 at par, Antero Midstream has over $600

million of liquidity and no near-term maturities. This provides us with significant liquidity and balance sheet capacity to pursue additional

growth opportunities and further return of capital to shareholders.”

For

a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, and Adjusted Free Cash Flowafter dividends please see “Non-GAAP Financial Measures and Definitions.”

Clearwater Lawsuit Update

On June 23, 2026 the Colorado Supreme Court affirmed

that Antero Midstream had prevailed on its claims against Veolia relating to the Clearwater Facility. On July 24, 2026 Antero Midstream

received approximately $371 million in damages and interest. These proceeds and borrowings under the revolving credit facility are being

used to call the $650 million of senior unsecured notes due 2028 at par.

Share Repurchases

During the second quarter of 2026, T5Antero Midstream

repurchased 0.4 million shares for approximately $8 million. Antero Midstream had approximately $310 million of remaining capacity under

its share repurchase program as of June 30, 2026.

Strategic and Operating Updates

During the quarter, Antero Midstream began its

multiyear investment in the East Side Express, the Company’s first dry gas regional connectivity expansion project. This project

will expand dry gas deliveries to several different long haul and regional pipelines and will enhance optionality to local markets in

order to capture growing regional demand around the Company’s area of operations.

Antero

Midstream connected 26 wells to its gathering system and serviced 21 wells with its fresh water delivery system during the quarter.

T6Capital expenditures were $47 million during the second quarter of 2026. The Company invested $33 million in gathering and compression

and $14 million in water infrastructure.

Second Quarter 2026 Financial Results

T7Gathering

and compression volumes increased by 19% and 17%, respectively, compared to the prior year quarter. T8Fresh water delivery volumes

averaged 82 MBbl/d during the quarter, a 16% decrease compared to the second quarter of 2025. Processing volumes from the processing and

fractionation joint venture (the “Joint Venture”) averaged 1.6 Bcf/d and Joint Venture fractionation volumes averaged 40 MBbl/d,

both in line with the prior year quarter. Processing and fractionation capacity were both 100% utilized during the quarter.

For

the three months ended June 30, 2026, revenues were $327 million, comprised of $272 million from the Gathering and Processing segment

and $79 million from the Water Handling segment, net of $23 million of amortization of customer relationships. Water Handling revenues

include $45 million from other water handling and high rate water transfer services.

Direct

operating expenses were $37 million for the Gathering and Processing segment and $48 million for the Water Handling segment for a total

of $85 million. Water Handling operating expenses include $40 million from other water handling and high rate water transfer services.

General and administrative expenses excluding equity-based compensation were $12 million during the second quarter of 2026. Total operating

expenses during the second quarter of 2026 included $11 million of equity-based compensation expense and $37 million of depreciation expense.

Net

Income was $114 million, or $0.24 per diluted share. Net Income adjusted for amortization of customer relationships, impairment

of property and equipment, transaction expense and other, net of tax effects of reconciling items, or Adjusted Net Income, was $131 million.

Adjusted Net Income was $0.27 per diluted share, a 7% per share decrease 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

—

Transaction expense

—

Other(1)

—

Tax effect of reconciling items(2)

)

)

Adjusted Net Income

$

(1)

Other represents loss on settlement of asset retirement obligations.

(2)

The statutory tax rate for each of the three months ended June 30, 2025 and 2026 was approximately 26%.

Adjusted

EBITDA was $289 million, a 2% increase compared to the prior year quarter. Interest expense was $56 million, a 16% increase compared

to the prior year quarter driven by financing for the HG Energy acquisition. Capital expenditures were $47 million during the second quarter

of 2026. Adjusted Free Cash Flow before dividends was $186 million and Adjusted Free Cash Flow after dividends was $80 million.

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

—

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, net represents accretion of asset retirement obligations and loss on settlement

of asset retirement obligations.

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, July

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 +1 201-493-6751 (International) and

reference “Antero Midstream.” A telephone replay of the call will be available until Thursday, August 6, 2026 at 10:00 am

MT at 877-660-6853 (U.S.) or +1 201-612-7415 (International) using the conference ID: 13758948. 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

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,” “goal,” or “target” 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 geopolitical events, including the conflicts in Ukraine, Venezuela and the Middle East, and 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,

This release is not a notice of redemption

of the 2028 notes. The redemption is being made solely pursuant to the Notice of Redemption, dated July 24, 2026, relating to the 2028

notes.

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 June 30, 2026

Series A non-voting perpetual preferred stock; 12 designated and 10 issued and outstanding as of December 31, 2025 and June 30, 2026

—

—

Common stock, $0.01 par value; 2,000,000 authorized; 474,060 and 474,657 issued and outstanding as of December 31, 2025 and June 30, 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 June 30,

Revenue:

Gathering and compression–Antero Resources

$

Water handling–Antero Resources

Water handling–third party

—

Amortization of customer relationships

)

)

Total revenue

Operating expenses:

Direct operating

General and administrative (including $11,407 and $10,828 of equity-based compensation in 2025 and 2026, respectively)

Facility idling

Depreciation

Impairment of property and equipment

—

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 June 30,

Increase

Percentage

or Decrease

Change

Operating Data:

Gathering (MMcf)

%

Compression (MMcf)

%

Centralized compression (MMcf)

)

(5

)%

Well pad compression (MMcf)

—

%

High pressure gathering (MMcf)

)

(7

)%

Fresh water delivery (MBbl) (1)

)

)%

Other water handling (MBbl) (2)

%

Wells serviced by fresh water delivery

%

Gathering (MMcf/d)

%

Compression (MMcf/d)

%

Centralized compression (MMcf/d)

)

(5

)%

Well pad compression (MMcf/d)

—

%

High pressure gathering (MMcf/d)

)

(7

)%

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)

$

2

%

Joint Venture Operating Data:

Processing (MMcf)

)

(2

)%

Fractionation (MBbl)

—

*

Processing (MMcf/d)

)

(1

)%

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 June 30, 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

$

—

Amortization of customer relationships

)

)

—

)

Total revenues

—

Operating expenses:

Direct operating

—

General and administrative (excluding equity-based compensation)

Equity-based compensation

Facility idling

—

—

Depreciation

—

Impairment of property and equipment

—

—

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)

Six Months Ended June 30,

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

6

Other investing activities

—

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

Income taxes paid during the period

—

Increase (decrease) in accrued capital expenditures and accounts payable for property and equipment

)

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