Antero Midstream Agrees To Acquire HG Midstream From HG Energy II For $1.1B In Cash

Antero Midstream Corporation (NYSE:AM) ("Antero Midstream" or the "Company") today announced that it has entered into a definitive agreement to acquire HG II Energy Midstream Holdings, LLC ("HG Midstream") from HG Energy II, LLC ("HG Energy") for $1.1 billion in cash, subject to customary closing adjustments. The transaction is expected to close in the second quarter of 2026 and is subject to customary regulatory approvals. In addition, the Company announced that it has entered into a definitive agreement to divest its Ohio Utica Shale assets for $400 million in cash, subject to customary closing adjustments. This transaction is expected to close in the first quarter of 2026. The transactions were unanimously approved by the Company's Board of Directors.

Strategic Announcements Highlights and Rationale:

• Strategic bolt-on acquisition contiguous to Antero Midstream's assets in the core of the Marcellus Shale serving investment grade customer, Antero Resources
• Estimated to be immediately accretive to Free Cash Flow after dividends by over 15% (non-GAAP)
• Expected to add approximately 900 MMcf/d of throughput in 2026 and over 400 undeveloped Marcellus locations dedicated to AM
• Acquisition transaction multiple of approximately 7.5x next three years average annual EBITDA (non-GAAP)
• Identified over $100 million of discounted future capital avoidance synergies, resulting in an adjusted transaction multiple of 7.0x
• Divested Utica Shale assets at a transaction multiple over 11x next three years average annual EBITDA (non-GAAP)