Exhibit 99.1

Antero Midstream Announces Second Quarter 2021 Financial and Operational Results

Denver, Colorado, July 28, 2021—Antero Midstream Corporation (NYSE: AM) (“Antero Midstream” or the “Company”) today announced its second quarter 2021 financial and operational results. The relevant consolidated financial statements are included in Antero Midstream’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.

Second Quarter 2021 Earnings Highlights:

Paul Rady, Chairman and CEO said, “Antero Midstream delivered another strong quarter operationally with year-over-year volumetric and Free Cash Flow growth. This was a direct result of Antero Midstream’s focus on operating expense and capital efficiencies, as well as high asset utilization rates across our integrated assets. In addition, Antero Midstream realized consistent volumetric throughput during the quarter, benefitting from Antero Resources’ firm transportation portfolio which allowed it to avoid the volatility in local Appalachian basis.”

Mr. Rady further added, “Antero Midstream continues to demonstrate the ability to deliver attractive returns through organic capital investments. These organic capital investments with high utilization rates have allowed us to consistently generate mid-teen returns on invested capital.”

For a discussion of the non-GAAP financial measures including Adjusted Net Income, Adjusted EBITDA, Free Cash Flow and Net Debt please see “Non-GAAP Financial Measures.”

Second Quarter 2021 Financial Results

Low pressure gathering volumes for the second quarter of 2021 averaged 2,897 MMcf/d, a 1% increase as compared to the prior year quarter. Compression volumes for the second quarter of 2021 averaged 2,744 MMcf/d, a 1% increase as compared to the second quarter of 2020. High pressure gathering volumes for the second quarter of 2021 averaged 2,826 MMcf/d, in line with the second quarter of 2020. Fresh water delivery volumes averaged 104 MBbl/d during the quarter, a 2% increase compared to the second quarter of 2020.

Gross processing volumes from the Company’s processing and fractionation joint venture with MPLX (“Joint Venture”) averaged 1,450 MMcf/d for the second quarter of 2021, a 3% increase compared to the prior year quarter. Joint Venture processing capacity was approximately 100% utilized during the quarter based on nameplate processing capacity of 1.4 Bcf/d. Gross Joint Venture fractionation volumes averaged 38 MBbl/d, a 15% increase compared to the prior year quarter. Joint Venture fractionation capacity was 95% utilized during the quarter relative to total fractionation capacity of 40 MBbl/d.

For the three months ended June 30, 2021, revenues were $233 million, comprised of $193 million from the Gathering and Processing segment and $58 million from the Water Handling segment, net of $18 million of amortization of customer relationships. Water Handling revenues included $20 million from wastewater handling and high rate water transfer services.

Direct operating expenses for the Gathering and Processing and Water Handling segments were $17 million and $23 million, respectively, for a total of $40 million, compared to $42 million in total direct operating expenses in the prior year quarter. Water Handling operating expenses included $19 million from wastewater handling and high rate water transfer services. The decrease in direct operating expenses was driven primarily by lower costs associated with flowback and produced water due to Antero Midstream’s blending operations. General and administrative expenses excluding equity-based compensation were $11 million during the second quarter of 2021. Total operating expenses during the second quarter of 2021 included $3 million of equity compensation expense and $27 million of depreciation. Additionally, there was a $21 million loss on early extinguishment of debt related to the premium paid to refinance the senior notes due 2024 with the $750 million senior notes due 2029.

Net income was $80 million, or $0.17 per share. Net income adjusted for amortization of customer relationships, loss (gain) on asset sale and loss on early extinguishment of debt, net of tax effects of reconciling items, or Adjusted Net Income, was $109 million. Adjusted Net Income per share was $0.23 per share, a 10% increase compared to the prior year quarter.

The following table reconciles Net Income to Adjusted Net Income:

Adjusted EBITDA was $225 million, a 12% increase compared to the prior year quarter. Interest expense was $44 million, a 26% increase compared to the prior year quarter, driven by the issuances of senior notes due 2026 and 2029. Capital expenditures were $71 million, a 20% increase compared to the prior year quarter as Antero Midstream began construction on growth projects supporting the drilling partnership between Antero Resources and QL Capital Partners, an affiliate of Quantum Energy. Free Cash Flow before dividends was $111 million, a 4% increase compared to the prior year quarter and Free Cash Flow after dividends was $3 million compared to a deficit of $40 million in the prior year quarter.

The following table reconciles Net Income to Adjusted EBITDA and Free Cash Flow before and after dividends:

The following table reconciles net cash provided by operating activities to Free Cash Flow before and after dividends:

Second Quarter 2021 Operating Update

Gathering and Processing — During the second quarter of 2021, Antero Midstream connected 23 wells to its gathering system. The Company’s 3.2 Bcf/d of compression capacity was approximately 86% utilized during the quarter. Joint Venture processing capacity of 1.4 Bcf/d was approximately 100% utilized and Joint Venture fractionation capacity was 95% utilized during the quarter. During the second quarter the Joint Venture began commissioning the Smithburg 1 processing plant, which will add 200 MMcf/d of incremental processing capacity in the third quarter of 2021. This expansion of processing capacity will bring the Joint Venture’s total processing capacity to 1.6 Bcf/d.

Water Handling— Antero Midstream’s water delivery systems serviced 17 well completions during the second quarter of 2021, a 23% decrease from the prior year quarter, driven by a reduction in completion activity by Antero Resources as it transitioned to a maintenance capital development program.

Balance Sheet and Liquidity

As of June 30, 2021, Antero Midstream had approximately $514 million drawn on its $2.13 billion bank credit facility, resulting in $1.6 billion of liquidity. Antero Midstream’s Net Debt to trailing twelve months Adjusted EBITDA (“Leverage”) was 3.6x as of June 30, 2021.

Capital Investments

Total accrued capital expenditures including investments in the Joint Venture were $71 million during the second quarter of 2021. Gathering, compression, and water infrastructure capital investments totaled $70 million and investments in unconsolidated affiliates for the Joint Venture were less than $1 million. Of the $70 million invested in gathering, compression, and water infrastructure, $58 million was in gathering and compression assets and $12 million was in water handling assets.

Brendan Krueger, CFO of Antero Midstream, said, “The second quarter represented another strong quarter, generating Free Cash Flow after dividends and ending the quarter with leverage of 3.6x. Importantly, with the recent issuance of the senior notes due 2029, Antero Midstream does not have any senior note maturities within the next five years. This strong balance sheet, combined with Antero Midstream’s scale, cash flow growth and an attractive dividend that is funded within free cash flow provide a differentiated business model.”

Conference Call

A conference call for Antero Midstream is scheduled on Thursday, July 29, 2021 at 10:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results for the quarter. To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference “Antero Midstream”. A telephone replay of the call will be available until Thursday, August 5, 2021 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13720341. To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com. The webcast will be archived for replay until Thursday, August 5, 2021 at 10:00 am MT.

Non-GAAP Financial Measures and Definitions

Antero Midstream uses certain non-GAAP financial measures. Antero Midstream defines Adjusted Net Income as net income plus amortization of customer contracts, impairment expense, and loss (gain) on asset sale and loss on early extinguishment of debt, net of tax effect of reconciling items. Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets. Antero Midstream defines Adjusted EBITDA as net income plus interest expense, provision for income tax expense (benefit), amortization of customer relationships, depreciation expense, impairment expense, accretion, equity-based compensation expense, excluding equity in earnings of unconsolidated affiliates, plus cash distributions from unconsolidated affiliates, loss (gain) on asset sale and loss on early extinguishment of debt.

Antero Midstream uses Adjusted EBITDA to assess:

Antero Midstream defines Free Cash Flow before dividends as Adjusted EBITDA less interest expense and accrued capital expenditures. Free Cash Flow after dividends is defined as Free Cash Flow before dividends less dividends declared for the quarter. Antero Midstream uses Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period.

Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow before and after dividends are non-GAAP financial measures. The GAAP measure most directly comparable to Adjusted EBITDA and Adjusted Net Income is Net Income. The GAAP measure most directly comparable to Free Cash Flow before and after dividends is cash flows provided by (used in) operating activities. Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities. The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by (used in) operating activities. You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP. Antero Midstream’s definitions of such measures may not be comparable to similarly titled measures of other companies.

Antero Midstream defines Net Debt as consolidated total debt less cash and cash equivalents. Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream’s financial leverage.

This release also includes certain non-GAAP financial information for Antero Resources. For a more information regarding those measures, please see Antero Resources’ press release dated today, a copy of which can be found on Antero Resources website, www.anteroresources.com.

The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):

The following table reconciles consolidated total debt to consolidated net debt, excluding debt premiums and issuance costs, (“Net Debt”) as used in this release (in thousands):

The following table reconciles net income to Adjusted EBITDA for the last twelve months as used in this release (in thousands):

Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation’s properties.

This release includes "forward-looking statements.” Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream’s control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding Antero Midstream’s ability to execute its business plan and return capital to its stockholders, information regarding Antero Midstream’s return of capital policy, information regarding long-term financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources’ expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources’ drilling partner and the impact on demand for Antero Midstream’s services as a result of incremental production by Antero Resources, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to our business, most of which are difficult to predict and many of which are beyond Antero Midstream’s control. These risks include, but are not limited to, commodity price volatility, inflation, environmental risks, Antero Resources’ drilling and completion and other operating risks, regulatory changes, the uncertainty inherent in projecting Antero Resources’ future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic, cybersecurity risk, and the other risks described under the heading "Item 1A. Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2020.

For more information, contact Brendan Krueger – CFO of Antero Midstream, at (303) 357-7172 or bkrueger@anteroresources.com.

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Balance Sheets

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Condensed Consolidated Statements of Operations and Comprehensive Income

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Selected Operating Data

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Condensed Consolidated Results of Segment Operations

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Condensed Consolidated Statements of Cash Flows

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