Antero Midstream 3Q: Curtailments Stall Growth, Big Plans for 2027

Antero Midstream (AM), the pipeline and water company that serves Antero Resources, finally got paid. In 3Q26, AM collected about $377 million from Veolia Water Technologies, ending a six-year court fight over the failed Clearwater wastewater plant. AM used the money to cut its debt by more than $400 million and pay off its 2028 notes early. The legal win more than tripled 3Q net income. But AM's day-to-day business barely grew from 2Q, because Antero Resources shut in gas to avoid selling it at bargain-basement prices. AM says 4Q will be a record anyway, and it's lining up "several billion dollars in potential projects," including a brand-new North-South pipeline to Clarington, Ohio (see New Pipeline Alert: Antero Midstream Targets Clarington, Ohio Hub).

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