Risk Sleuth
AM · 10-K filed 11 Feb 2026 · year to 31 Dec 2025

Antero Midstream

28 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Antero Resources Corporation

earns from · substantially all of our revenuenamed as a risk
We currently derive substantially all of our revenue from Antero Resources.Business (Item 1)

Suppliers

Third-party interconnecting pipelines

depends onnamed as a risk
If any such increase in costs occurs or if any of these pipelines or other midstream facilities become unable to receive or transport natural gas, our operating margin and cash flows could be adversely affected.Risk factors (Item 1A)

Also named by DTM, TRGP, WES

Partners and platforms

MarkWest

depends on · 50% interestnamed as a risk
While we and MarkWest each own a 50% interest in the Joint Venture, MarkWest is the primary operator of the Joint Venture, and we depend on MarkWest for the day-to-day operations of the Joint Venture.Risk factors (Item 1A)

MarkWest fractionators (Ohio)

depends on · one-third interestnamed as a risk
Because a significant portion of Antero Resources’ production is processed by the Joint Venture, any significant interruption at these facilities would also adversely affect our other midstream operations.Risk factors (Item 1A)

Other companies

Credit Facility

$5 millionnamed as a risk
A 1.0% increase in the Credit Facility interest rate would have resulted in an estimated $5 million increase in interest expense for the year ended December 31, 2025.Market risk (Item 7A)

Also named by AR, AROC, BSM, CGBD, CLS, CVLG, CWST, MYRG and 5 more

HG Energy II Midstream Holdings, LLC (HG Midstream)

$1.1 billionnamed as a risk
On December 5, 2025, we entered into a definitive agreement to acquire 100% of the issued and outstanding equity interests of HG Energy II Midstream Holdings, LLC (“HG Midstream”) from HG Energy II LLC (“HG Energy”) for cash consideration of $1.1 billion, subject to the terms and conditions thereof.Business (Item 1)

Summit Midstream Partners, LP

$70 million
On May 1, 2024, we acquired certain Marcellus Shale gas gathering and compression assets from Summit Midstream Partners, LP (NYSE: SMLP) (“Summit”) for $70 million in cash, before closing adjustments, with an effective date of April 1, 2024.Business (Item 1)

Places

Utica Shale

$400 millionnamed as a risk
On December 5, 2025, we entered into a definitive agreement with two third-party buyers (collectively, the “Buyer Parties”) to sell substantially all of our Utica Shale midstream assets located in Ohio (the “Utica Shale Property and Equipment”), for aggregate cash consideration of $400 million, subject to the terms and conditions thereof.Business (Item 1)

Also named by CNX, UGI

Appalachian Basin

concentrated innamed as a risk
We rely primarily on revenues generated from our gathering and compression and water handling systems, which are all located in the Appalachian Basin.Risk factors (Item 1A)

Also named by AR, CNX, EQT, NFG

Ohio

operates in
Our significant investment in West Virginia and Ohio infrastructure makes us well positioned to expand our operations in a capital efficient manner.Business (Item 1)

Also named by AR, BBSI, CINF, DRVN, ELV, FE, INTC, KEY and 6 more

Marcellus Shale

operates in
The HG Acquisition includes gathering pipelines and integrated water handling assets in the core of the Marcellus Shale in West Virginia.Business (Item 1)

Also named by CHRD, CNX, EQT, EXE, MPLX, RRC, UGI, WMB and 1 more

West Virginia

operates in
Our significant investment in West Virginia and Ohio infrastructure makes us well positioned to expand our operations in a capital efficient manner.Business (Item 1)

Also named by AR, EQT, FE, NRP, NUE, UBSI, UGI

Ohio River

depends on
Our water handling assets include two independent systems that deliver water from sources, including the Ohio River, local reservoirs and several regional waterways.Business (Item 1)

Also named by AR, ARLP

Hazards

Drought

named as a risk
Furthermore, the availability of water supply for our operations may be limited due to, among other things, prolonged drought or state and local governmental authorities restricting the use of water for hydraulic fracturing.Risk factors (Item 1A)

Also named by AESI, AWK, BF/B, BMI, CEG, EOG, ES, FPI and 8 more

Commodities and inputs

Natural gas liquids (NGLs)

exposed to its price · 38% of equivalent proved reservesnamed as a risk
Because Antero Resources’ production and reserves predominantly consist of natural gas and NGLs (61% and 38% of equivalent proved reserves, respectively), changes in natural gas and NGLs prices have a significantly greater impact on Antero Resources’ financial results than oil prices.Risk factors (Item 1A)

Also named by APA, AR, CHRD, CNX, CRGY, DOW, DVN, EOG and 17 more

Henry Hub natural gas

exposed to its price · high of $4.42 per MMBtu to a low of $2.84 per MMBtunamed as a risk
The first of month prices for NYMEX Henry Hub natural gas ranged from a high of $4.42 per MMBtu to a low of $2.84 per MMBtu in 2025, and the calendar month average prices for NYMEX West Texas Intermediate crude oil ranged from a high of $75.10 per barrel to a low of $57.87 per barrel during the same period.Risk factors (Item 1A)

Also named by AR, ATI, BSM, BTU, CNX, CRGY, DVN, EPD and 13 more

Steel

exposed to its pricenamed as a risk
If third-party providers of steel products essential to our capital improvements and additions are unable to obtain raw materials, including steel, at historical prices, they may raise the price we pay for such products.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AME, AMRC, AOS, APD, APG and 104 more

Fresh water

depends onnamed as a risk
We derive a significant portion of our revenues from providing fresh water to Antero Resources.Risk factors (Item 1A)

Regulators

Federal Energy Regulatory Commission (FERC)

subject to · $1,584,648 per violation per daynamed as a risk
Such FERC-regulation could decrease revenue, increase operating costs, and, depending upon the facility in question, could adversely affect our results of operations and cash flows.Business (Item 1)

Also named by AA, AEE, AEP, AMRC, AR, ARES, ATO, BKH and 62 more

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject to · $272,926 and $2,729,245named as a risk
These new and any future regulations adopted by PHMSA have imposed and may impose more stringent requirements applicable to integrity management programs and other pipeline safety aspects of our operations, which could cause us to incur increased capital and operating costs and operational delays.Business (Item 1)

Also named by ATO, BKH, CHRD, CNX, CP, CRC, CRGY, CSX and 29 more

U.S. Army Corps of Engineers

subject tonamed as a risk
Separately, we rely on the Corps’ CWA Section 404 Nationwide Permit (“NWP”) 12.Business (Item 1)

Also named by AMRC, CHRD, DMLP, ET, KEX

Laws and programs

U.S. tariffs

exposed to its pricenamed as a risk
Recent action and the possibility of future action on trade by U.S. and foreign governments has increased the costs of certain equipment and materials used in the construction of our assets and has created uncertainty in global markets, which may adversely affect our income from operations and cash flows.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Hydraulic fracturing regulation

subject tonamed as a risk
For example, both West Virginia and Ohio have adopted requirements governing well pad construction, as well as requiring oil and natural gas operators to disclose chemical ingredients used to hydraulically fracture wells and to conduct pre-drilling baseline water quality sampling of certain water wells near a proposed horizontal well.Risk factors (Item 1A)

Also named by AESI, AGX, COP, CVX, DTM, EPD, EXE, HESM and 7 more

Inflation Reduction Act methane emissions charge

subject tonamed as a risk
Compliance with the methane emissions charge and other air pollution control and permitting requirements could impose additional costs on our operations and reduce demand for oil and natural gas.Risk factors (Item 1A)

Also named by AR, CRC, DMLP, DVN

Natural Gas Act of 1938

subject tonamed as a risk
Section 1(b) of the Natural Gas Act of 1938 (“NGA”), exempts natural gas gathering facilities from regulation by the FERC, under the NGA.Business (Item 1)

Also named by EQT, L

Northern long-eared bat (Endangered Species Act)

subject tonamed as a risk
For example, in April 2015, the USFWS listed the northern long-eared bat, whose habitat includes the areas in which we operate, as a threatened species under the ESA; however, following a 2020 court order to reconsider this decision the USFWS redesignated this species as endangered in November 2022, which became effective March 1, 2023.Business (Item 1)

Also named by AR

Clean Water Act Section 404 Nationwide Permit 12

subject tonamed as a risk
While the full extent and impact of these actions is unclear at this time, any disruption in our ability to obtain coverage under NWP 12 or other general permits may result in increased costs and project delays if we are forced to seek individual permits from the Corps.Business (Item 1)

EPA OOOOb and OOOOc methane rules

subject tonamed as a risk
In December 2023, the EPA finalized more stringent methane rules for new, modified, and reconstructed facilities, known as OOOOb, as well as standards for existing sources for the first time ever, known as OOOOc.Business (Item 1)