Exhibit 99.1

Antero Midstream Announces Second Quarter 2022 Financial and Operational Results

Denver, Colorado, July 27, 2022—Antero Midstream Corporation (NYSE: AM) (“Antero Midstream” or the “Company”) today announced its second quarter 2022 financial and operational results. The relevant unaudited condensed consolidated financial statements are included in Antero Midstream’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.

Second Quarter 2022 Earnings Highlights:

Paul Rady, Chairman and CEO said, “During the second quarter Antero Midstream successfully placed on line the Castle Peak compressor station in the liquids-rich Marcellus shale. This compressor station, which added 160 MMcf/d of initial capacity, is the fourth of six compressor stations in Antero Midstream’s liquids-rich midstream corridor in Tyler and Wetzel Counties in West Virginia. Looking forward, we have identified underutilized compressor units and equipment that will be relocated and reused to expand this station by an additional 80 MMcf/d in 2023. This results in approximately $5 million of estimated capital savings on this compressor station alone. Additionally, we have identified further opportunities for compressor unit relocation and reuse that are expected to generate another $15 million of capital savings, or $20 million of total capital savings in 2023 and 2024.”

Mr. Rady added, “We continue to be encouraged by the well results seen in the liquids-rich Marcellus corridor. These recent pads tied into the integrated gathering and processing system drove the increase in volumes during the second quarter. Importantly, the well control and results give us confidence in delivering the planned throughput and EBITDA growth over the next several years.”

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

Second Quarter 2022 Financial Results

Low pressure gathering volumes for the second quarter of 2022 averaged 2,970 MMcf/d, a 3% increase as compared to the prior year quarter. Low pressure gathering volumes were in excess of the growth incentive fee threshold of 2,900 MMcf/d, resulting in a $12 million rebate to Antero Resources. Compression volumes for the second quarter of 2022 averaged 2,776 MMcf/d, a 1% increase compared to the prior year quarter. High pressure gathering volumes averaged 2,819 MMcf/d, in line with the second quarter of 2021. Fresh water delivery volumes averaged 110 MBbl/d during the quarter, a 6% increase compared to the second quarter of 2021.

Gross processing volumes from the processing and fractionation joint venture (the “Joint Venture”) averaged 1,458 MMcf/d for the second quarter of 2022, a 1% increase compared to the prior year quarter. Joint Venture processing capacity was 91% utilized during the quarter based on nameplate processing capacity of 1.6 Bcf/d. Gross Joint Venture fractionation volumes averaged 37 MBbl/d, a 3% decrease compared to the prior year quarter. The decrease in fractionation volumes was attributable to lower third party production volumes in the basin. Joint Venture fractionation capacity was 93% utilized during the quarter based on nameplate fractionation capacity of 40 MBbl/d.

* Not meaningful

For the three months ended June 30, 2022, revenues were $229 million, comprised of $175 million from the Gathering and Processing segment and $54 million from the Water Handling segment, net of $18 million of amortization of customer relationships. Water Handling revenues include $21 million from wastewater handling and high rate water transfer services.

Direct operating expenses for the Gathering and Processing and Water Handling segments were $19 million and $24 million, respectively, for a total of $43 million, compared to $40 million in total direct operating expenses in the prior year quarter. The increase in direct operating expenses was driven by volumetric growth and additional compression capacity placed on line over the past twelve months. Water Handling operating expenses include $20 million from wastewater handling and high rate water transfer services. General and administrative expenses excluding equity-based compensation were $10 million during the second quarter of 2022. Total operating expenses during the second quarter of 2022 included $6 million of equity-based compensation expense, $36 million of depreciation and $4 million of impairment. The increase in depreciation expense was driven primarily by the acceleration of depreciation as a result of the relocation and reuse initiatives at the Castle Peak and future compressor stations.

Net Income was $79 million, or $0.17 per share. Net Income adjusted for amortization of customer relationships, impairment expense, loss on early extinguishment of debt, loss on settlement of asset retirement obligations and gain on asset sale, net of tax effects of reconciling items, or Adjusted Net Income, was $96 million. Adjusted Net Income was $0.20 per share.

The following table reconciles Net Income to Adjusted Net Income (in thousands):

Adjusted EBITDA was $221 million. Interest expense was $45 million, a 4% increase compared to the prior year quarter. Capital expenditures were $70 million, a 1% decrease compared to the prior year quarter. Free Cash Flow before dividends was $105 million, a 5% decrease compared to the prior year quarter. Free Cash Flow after dividends was a $2 million deficit compared to $3 million in the prior year quarter.

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

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

Second Quarter 2022 Operating Update

Gathering and Processing — During the second quarter of 2022, Antero Midstream connected 17 wells to its gathering system. The Company placed in service the Castle Peak compressor station in the liquids-rich Marcellus Shale. The Castle Peak station has an initial capacity of 160 MMcf/d and will be expanded to 240 MMcf/d in 2023 by relocating four underutilized units from an already existing station. Lastly, Antero Midstream continued construction on the Wetzel County high pressure pipeline that will be placed online in the fourth quarter of 2022. These additional infrastructure projects will support the expected throughput growth in the second half of 2022.

Water Handling— Antero Midstream’s water delivery systems serviced 15 well completions during the second quarter of 2022. As disclosed in the first quarter operating update, the second quarter included volumes from completion operations on a seven well pad late during the first quarter that resulted in a portion of those volumes included in the second quarter of 2022.

Capital Investments

Total accrued capital expenditures were $70 million during the second quarter of 2022. Of the $70 million invested in gathering, compression, and water infrastructure, $53 million was in gathering and compression assets and $17 million was in water handling assets. There were no investments in the Joint Venture during the quarter.

Brendan Krueger, CFO of Antero Midstream, said “Antero Midstream once again delivered a strong operational quarter resulting in neutral free cash flow after dividends. Importantly, the third quarter of 2022 marks a critical inflection point in Antero Midstream’s financial strength where we expect to generate Free Cash Flow after dividends for the foreseeable future. This allows us to commence progress on our goals towards absolute debt reduction and leverage reduction towards our 3.0x target, which we believe will generate attractive value for stakeholders across our capital structure.”

Conference Call

A conference call is scheduled on Thursday, July 28, 2022 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. 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 4, 2022 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13726240. 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 4, 2022 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 relationships and impairment expense, excluding gain and loss on asset sale, loss on settlement of asset retirement obligation 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, income tax expense, amortization of customer relationships, depreciation expense, impairment expense, loss (gain) on asset sale, loss on settlement of asset retirement obligation, accretion of asset retirement obligations, and equity-based compensation expense, and loss on early extinguishment of debt, excluding equity in earnings of unconsolidated affiliates, plus distributions from unconsolidated affiliates.

Antero Midstream uses Adjusted EBITDA to assess:

Antero Midstream defines Free Cash Flow before dividends as Adjusted EBITDA less interest expense and accrual-based capital expenditures. Free Cash Flow after dividends is defined as Free Cash Flow before dividends less accrual-based 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 these measures is Net Income. 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.

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

Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash and cash equivalents. Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream’s financial leverage. Antero Midstream defines leverage as Net Debt divided by Adjusted EBITDA for the last twelve months. The GAAP measure most directly comparable to Net Debt is total debt, excluding unamortized debt premiums and debt issuance costs.

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 geopolitical events and world health events, including the COVID-19 pandemic, cybersecurity risk, our ability to achieve our greenhouse gas reduction targets and the costs associated therewith, the state of markets for and availability of verified quality carbon offsets 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, 2021 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2022.

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

(In thousands, except per share amounts)

(Unaudited)

ANTERO MIDSTREAM CORPORATION

Selected Operating Data

(Unaudited)

* Not meaningful or applicable

ANTERO MIDSTREAM CORPORATION

Condensed Consolidated Results of Segment Operations

(Unaudited)

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Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)