Antero Midstream Corporation

Greetings. Welcome to ANTARO Midstream Fourth Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should 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 Dan Kastenberg, Director of Finance. Thank you. You may begin.

Thank you for joining us for Antero Midstream's fourth 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 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 measures. Please refer to our earnings press release for important disclosures regarding such measures. Joining me on the call today are Michael Kennedy, CEO and President of Antero Midstream, Justin Agnew, CFO of Antero Midstream, and Brendan Kruger, CFO of Antero Resources. With that, I'll turn the call over to Mike.

Thanks, Dan. Good morning, everyone. We recently closed the acquisition of HG Midstream for $1.1 billion. This bulk on asset in the core of the Marcell shell adds over 400 highly economic undeveloped locations dedicated to Antero Midstream that immediately compete for development capital and infrastructure projects in 2026. This asset is a strategic fit in AM's portfolio and will follow our just-in-time capital investment strategy that generates consistent and repeatable free cash flow. Looking back at 2025, we generated EBITDA growth of 7% year-over-year, which marked our 11th consecutive year of growth since our IPO in 2014. Free cash flow after dividends increased by 30%, driven by capital-efficient organic growth and throughput from AR. In 2026, this EBITDA and free cash flow growth continues, as we expect 8% year-over-year EBITDA growth and 11% year-over-year free cash flow growth. Looking ahead further to 2027, we expect another year of high single-digit EBITDA growth as we realize the full benefits of the acquisition and synergies, including the integration of the water system and AR running a three-rig due completion crew development program on our dedicated acreage. Justin will go into the details in his remarks, but the integrated water system, combined with our investment in dry gas assets, provides high visibility into growth at AM. Importantly, we can achieve this growth with very modest capital budgets which allows us to further expand our free cash flow after dividends in 2027. With that, I'll turn the call over to Justin.