DENVER, May 2, 2024 /PRNewswire/ -- Antero Midstream Corporation (NYSE:AM) ("Antero Midstream" or the "Company") today announced a bolt-on acquisition of gathering and compression assets in the Marcellus Shale for $70 million from Summit Midstream Partners LP (NYSE:SMLP). The transaction closed on May 1, 2024 with an effective date of April 1, 2024. In addition, the Company announced that it has called for redemption all of its outstanding 7.875% Senior Notes due 2026 (the "2026 Notes") for redemption on May 16, 2024 (the "Redemption Date"). Bolt-On Acquisition Highlights and Rationale: Estimated to be over 5% accretive to Free Cash Flow after dividends through 2027 Increases Antero Midstream's 2024 Adjusted EBITDA and Free Cash Flow guidance by $15 million and $10 million, respectively Paul Rady, Chairman and CEO said, "This transaction marks our third highly strategic bolt-on acquisition in Appalachia in the last two years. The compression and high pressure gathering assets are already interconnected with Antero Midstream's low pressure gathering system. As a result of this transaction, Antero Midstream now gathers and compresses substantially all of Antero Resources' production." Brendan Krueger, CFO of Antero Midstream, said "Importantly, we were able to internally finance this transaction and the anticipated Free Cash Flow after dividends accretion of the acquisition will continue to position Antero Midstream to achieve our 3.0x Leverage target in 2024.  As a result, we are well positioned to target incremental return of capital to shareholders this year." Marcellus Bolt-On Acquisition Under the terms of the agreement, Antero Midstream acquired the compression and high pressure gas gathering system and associated agreements for $70 million in cash. The assets acquired include two compressor stations and 48 miles of high pressure gas gathering pipelines. The acquired assets are currently connected to Antero Midstream's low pressure gas gathering system and are not expected to require any material capital investment. 2024 Guidance Update Antero Midstream is increasing its 2024 guidance to reflect the announced acquisition. The following is a summary of Antero Midstream's updated 2024 guidance ($ in millions): Twelve Months Ended December 31, 2024 Change vs. Prior Guidance Low High (At midpoint) Net Income $415 $455 +$10 Adjusted Net Income 470 510 +10 Adjusted EBITDA 1,035 1,075