AM FINANCIAL STATEMENTS

Antero Midstream Partners LP — balance sheet, income statement and cash flow trends

AMAntero Midstream Partners LP

🇺🇸 USA · NYSE · Energy · Oil & Gas Midstream

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.3 B $+8.1%

Gross Profit829.5 M $+8.9%

Operating Income740.1 M $+10.4%

EBITDA969.7 M $-0.4%

Net Income410.7 M $-1.7%

Peer Comparison· Oil & Gas Midstream

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
AM	8.1%	64.5%	75.4%	31.9%
ALA	1.1%	23.9%	13.1%	4.0%
KEY	-10.7%	15.8%	14.5%	2.7%
PPL	-6.4%	38.2%	49.0%	22.2%
GEI	-4.8%	4.1%	4.7%	1.4%
TPZ	0.7%	55.8%	109.8%	45.8%
Industry median	9.4%	40.8%	44.7%	17.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
AM	8.1%	64.5%	75.4%	31.9%
DTM	22.2%	58.1%	83.1%	36.3%
VNOM	92.3%	46.7%	27.2%	-9.3%
GLNG	81.7%	52.4%	67.8%	30.1%
INSW	14.5%	55.1%	112.0%	55.4%
STNG	-2.8%	51.8%	72.0%	48.4%
Industry median	9.4%	40.8%	44.7%	17.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity1.9 B $30%
Current Liabilities157.3 M $2%
Long-term Liabilities4.3 B $67%

Key Figures

YoY change

Total Assets6.4 B $+11.4%

Total Liabilities4.5 B $+22.0%

Total Equity1.9 B $-7.3%

Cash & ST Investments——

Total Debt3.7 B $+19.3%

Net Debt3.7 B $+19.3%

Peer Comparison· Oil & Gas Midstream

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
AM	0.99	191.7%	—	30.2%
ALA	0.88	116.0%	6.17	33.4%
KEY	1.60	249.1%	1.89	19.1%
PPL	0.83	82.3%	3.69	46.7%
GEI	1.17	281.9%	5.29	19.4%
TPZ	2.93	35.9%	1.49	68.3%
Industry median	1.26	102.3%	3.34	33.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
AM	0.99	191.7%	—	30.2%
DTM	1.26	70.9%	3.04	46.8%
VNOM	6.17	31.3%	3.35	42.4%
GLNG	2.57	142.7%	5.36	35.7%
INSW	7.34	27.8%	0.21	76.4%
STNG	13.98	17.0%	-0.54	83.7%
Industry median	1.26	102.3%	3.34	33.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow972.1 M $+16.8%

Capital Expenditures190.7 M $-27.3%

Free Cash Flow916 M $+9.4%

Dividends Paid-437.5 M $-198.8%

Peer Comparison· Oil & Gas Midstream

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
AM	75.6%	71.2%	14.8%	236.7%
ALA	9.1%	-3.8%	12.9%	226.9%
KEY	14.1%	8.5%	5.7%	517.3%
PPL	36.5%	26.0%	10.5%	164.1%
GEI	2.7%	1.1%	1.6%	196.0%
TPZ	94.7%	85.1%	9.7%	206.9%
Industry median	36.3%	9.5%	17.1%	182.4%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
AM	75.6%	71.2%	14.8%	236.7%
DTM	74.1%	40.1%	33.9%	204.1%
VNOM	74.6%	-267.1%	341.7%	-805.6%
GLNG	87.2%	-93.4%	180.6%	289.6%
INSW	45.8%	12.3%	33.4%	82.7%
STNG	57.1%	44.9%	12.2%	118.0%
Industry median	36.3%	9.5%	17.1%	182.4%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.