Antero Midstream’s Dry Gas Gamble: Will This Bold Bet Pay Off Big?

Antero Midstream reported its third-quarter 2025 results with a mix of strategic positioning and financial performance outcomes. The company’s ongoing expansion within the Marcellus Shale has been a focal point, leveraging increased organic leasing and infrastructure development as Antero Resources (AR) acquired assets worth approximately $260 million in this core area. These acquisitions have not only expanded Antero Midstream’s (AM) footprint but also resulted in 10 additional undeveloped locations dedicated to its services, bringing the year-to-date total to approximately 80 locations. This expansion is a significant strategic initiative aiming to capitalize on changing natural gas demand dynamics. Financially, Antero Midstream reported a year-over-year increase in gathering and compression volumes by 5%, maintaining strong operations with uptime availability exceeding 99%. This operational efficiency contributed to a 10% rise in adjusted EBITDA, totaling $281 million.