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). Read More “Antero Midstream 3Q: Curtailments Stall Growth, Big Plans for 2027”
On July 30, French environmental services giant Veolia announced it had been picked by “a major project developer” to operate and maintain a 350-megawatt (MW) microgrid that will power an artificial intelligence data center campus in Ohio. The press release carried a New Albany, Ohio dateline. It’s a genuinely big deal — a behind-the-meter power plant that will supply 100% of a data center campus without leaning on the grid at all. Here’s the dots nobody else has connected. This is the same Veolia that Antero Resources and Antero Midstream spent six years suing over a botched frack wastewater plant in West Virginia. And Veolia announced this shiny new Ohio contract exactly six days after wiring Antero a check for $371 million. You can’t make this stuff up. 
Antero Midstream (AM) recently detailed its 2026 growth strategy, targeting an adjusted EBITDA of $1.19 billion to $1.24 billion, representing an 8% year-over-year increase. This growth is driven by Marcellus Shale infrastructure expansion and the integration of recently acquired HG Midstream assets. The company plans capital expenditures between $190 million and $220 million, primarily for gathering and compression infrastructure across its Appalachian footprint. Key focuses include high-return rich gas gathering projects and dry gas infrastructure development. With strong projected free cash flow, Antero Midstream aims to maintain capital discipline, reduce leverage to approximately 3.0x, and pursue opportunistic share repurchases. 
Antero Midstream, a separate company from Antero Resources (at least on paper, although it is managed by the same people), issued a press release yesterday to announce it had purchased a bolt-on acquisition of gathering and compression assets in the Marcellus Shale for $70 million from Summit Midstream Partners. The assets acquired include two compressor stations and 48 miles of high-pressure gas-gathering pipelines located in West Virginia.
Antero Midstream hired Veolia Water Technologies to build and operate a state-of-the-art frack wastewater recycling facility in Doddridge County, WV, which began operations in 2017 (see 
Yesterday both Antero Midstream (the pipeline subsidiary of Antero Resources), and Crestwood Equity Partners announced a deal to sell Crestwood’s remaining Marcellus assets to Antero for $205 million. The assets include 72 miles of dry gas gathering pipelines and nine compressor stations with approximately 700 MMcf/d of compression capacity located in Doddridge County and Harrison County in West Virginia.
Each year East Daley Capital publishes its Midstream Guidance Outlook which looks at themes and trends affecting the midstream (pipeline) sector in the coming year. The latest version of Daley’s report has just been released and draws some interesting conclusions about the midstream in 2021. Namely, associated gas growth in the Permian and elsewhere will go down and result in rising gas demand from the Marcellus/Utica and Haynesville gas plays. The big winners will be M-U pipeline companies, including Williams, Antero Midstream, and Equitrans (EQT Midstream).
Antero Resources, one of the biggest (and best) Marcellus/Utica pure play drillers, is slicing another $150 million off its previously announced drilling budget, now reset at $1 billion for 2020. The news came via an investor presentation given at the Scotia Howard Weil energy conference on Tuesday.
Antero Resources, one of the biggest drillers in the Marcellus/Utica, is the latest in a string of companies to shed its master limited partnership (MLP) structure. Antero uses an MLP for two different pipeline subsidiaries. The company announced yesterday that one of the subsidiaries will buy out the other, and then convert the merged entity into a corporation. The move simplifies Antero’s midstream operations. Here’s the details.
By our reckoning, Antero Resources’ $275 million wastewater recycling facility in Doddridge County, WV is either already operational, or will be within the next few days (sometime this week). In 2015 Antero hired Veolia Water Technologies Inc. to build a new shale wastewater recycling facility in Doddridge County (see 
In 2015 Antero Resources hired Veolia Water Technologies Inc. (subsidiary of France-based Veolia) to build a new shale wastewater recycling facility in Doddridge County, West Virginia (see 
Antero Resources is back in the market looking to raise more money for their Antero Midstream subsidiary. It was only April that Antero floated an initial public offering (IPO) for Antero Midstream with hopes of raising $930 million (see 
We should have known. Last week MDN brought you the news that former MarkWest chief John Mollenkopf has just joined the board at Antero Midstream (see 