Antero Midstream Corporation

Greetings. Welcome to the Intero Midstream 2Q 2025 earnings call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. If any of which require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Justin Agnew, Vice President of Finance. Thank you. You may begin.

Good morning, and thank you for joining us for Antero Midstream's second quarter investor conference call. We'll spend a few minutes going through the financial and operating highlights, and then we'll open it up for Q&A. I would also like to direct you to the homepage of our website at www.anteromidstream.com, where we have provided a separate earnings call presentation that will be reviewed during today's call. Today's call may also contain certain non-GAAP financial members. please refer to our earnings press release for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures. Joining me on the call today are Paul Rady, Chairman, CEO, and President of Antero Resources and Antero Midstream, Brendan Krueger, CFO of Antero Midstream, and Michael Kennedy, CFO of Antero Resources and Director of Antero Midstream. With that, I'll turn the call over to Paul.

Thanks, Justin. Good morning, everyone. In my comments, I will discuss the progress on our 2025 capital projects and an update on our capital reuse savings. Brendan will then provide a recap of our second quarter results and increased 2025 guidance. Let me start on slide number three, titled 2025 Capital Projects on Track. As depicted on this page, during the second quarter, we invest $45 million in gathering, compression, water, and the Stonewall Joint Venture Projects. This brings our year-to-date capital investment to $82 million, or 45% of our updated 2025 capital budget, at the midpoint of guidance. These projects included the completion of Torrey's Peak compressor stations and significant progress on the water system expansion to the southern portion of the Marcellus. The capital invested in the back half of the year will be weighted toward the third quarter as we take advantage of better weather conditions for construction. Importantly, the remaining capital will be focused on low-pressure gathering and water connects. that set up the 2026 development plan. Before turning the call over to Brendan, I also want to provide an update on our compression reuse program on slide number four, titled Exceeding Expectations on Reuse Savings. To date, we have realized over $50 million of savings through our reuse program, including $30 million at the Tories Peak Compressor Station After successful proof of concept on three compressor stations, we're now increasing the future reuse savings estimates. As you can see on the left side of the page, our five-year savings estimate from 2026 through 2030 has increased from $60 million to over $85 million. This brings the cumulative savings already achieved plus the forecasted savings to over $135 million. To put it in perspective, these savings approximate the cost of building two brand new 160 million cubic feet per day compressor stations. With that, let me turn it over to Brendan.