Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-04

Antero Midstream (AM)

CEO Michael Kennedy was paid $5,382,718 in fiscal year 2025, ↑ up 12.8% from fiscal year 2024, the 1st percentile of its disclosed peer group (SEC filing 0001308179-26-000332 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$11,050,672
Paul Rady total, FY2025
Chairman Emeritus, Former Chairman of the Board of Directors, Chief Executive Officer and President — highest-paid officer; CEO Michael Kennedy: $5,382,718
1st
CEO (Michael Kennedy) pay percentile vs peers
86:1
CEO-to-median pay ratio
96.42%
Say-on-pay support, latest vote

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AM's next annual pay disclosure, estimated April 23, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Paul Rady$271,576—$10,104,349—$669,077—$5,670$11,050,672
Chairman Emeritus, Former Chairman of the Board of Directors, Chief Executive Officer and President
Michael Kennedy242,43404,344,8640789,75005,6705,382,718
Chief Executive Officer and President, Director, Former Sr. Vice President—Finance
Brendan Krueger155,6790——348,300—5,6703,162,030
Sr. Vice President—Finance and Treasurer, Former Chief Financial Officer
Yvette Schultz150,86190,1582,652,3810258,14205,6703,157,212
Sr. Vice President—Legal, Chief Compliance Officer, General Counsel and Corporate Secretary, Director
Justin Agnew79,152—505,207—149,310—4,749738,418
Chief Financial Officer, Vice President—Finance

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Paul Rady$11,050,672$11,088,763$11,315,877↓ −38,091
Michael Kennedy5,382,7184,770,6095,037,463↑ +612,109
Brendan Krueger3,162,0302,406,5522,452,973↑ +755,478
Yvette Schultz3,157,2122,936,6922,989,332↑ +220,520
Justin Agnew738,418———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against AM
5 companies name AM as a compensation peer

The list of companies that name AM as a peer is temporarily unavailable — recheck shortly.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Brooks J. KlimleyIndependent Director$287,468
David H. KeyteChair of the Board$350,284
Janine J. McArdleIndependent Director$272,467
Jeffrey S. MuñozIndependent Director$278,513
John C. MollenkopfIndependent Director$272,467
Michael N. KennedyDirector—
Nancy E. ChisholmIndependent Director$285,593
Peter A. DeaIndependent Director$264,967
W. Howard Keenan JrIndependent Director$264,967
Yvette K. SchultzDirector—
02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Michael KennedyPSU2025-03-0732,99665,991—131,982$1,086,212
Brendan KruegerPSU2025-03-0720,14240,285—80,570663,091
Paul RadyPSU2025-03-0776,734153,468—306,9362,526,083
Yvette SchultzRSU2025-03-07——120,856—1,989,290
Justin AgnewRSU2025-03-07——30,693—505,207
Michael KennedyRSU2025-03-07——197,974—3,258,652
Paul RadyRSU2025-03-07——460,405—7,578,266
Brendan KruegerRSU2025-03-07——120,856—1,989,290
Yvette SchultzPSU2025-03-0720,14240,285—80,570663,091
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Michael Kennedy$3,258,652$1,086,212$025.0%
Brendan Krueger1,989,290663,091025.0%
Paul Rady7,578,2662,526,083025.0%
Yvette Schultz1,989,290663,091025.0%
Justin Agnew505,207000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael KennedyRSU457,904—$8,146,112
Paul RadyRSU1,064,893—18,944,446
Paul RadyPSU675,124—12,010,456
Michael KennedyPSU290,302—5,164,473
Brendan KruegerRSU247,799—4,408,344
Yvette SchultzPSU177,218—3,152,708
Brendan KruegerPSU157,888—2,808,828
Justin AgnewRSU66,648—1,185,668
Yvette SchultzRSU279,535—4,972,928
05

Incentive-plan design — the Compensation Discussion & Analysis

We seek to attract, retain, and motivate exceptional executive talent by providing our executives with a competitive mix of fixed, time-based and performance-based compensation. Our performance-based compensation program focuses on motivating returns and value creation per share, disciplined capital investment, efficient operations, and generation of distributable cash flow.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantCBIZ Compensation Consulting
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-03380,665,34314,131,349886,22096.42%Passed
20252025-06-04357,723,82543,534,941805,85089.15%Passed
20242024-06-05305,267,47890,557,832985,37876.93%Passed
20232023-06-06352,657,21540,668,7271,496,15489.32%Passed
20222022-06-07354,751,13222,861,729789,76793.75%Passed
20212021-06-16339,733,94335,732,664666,26290.32%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0396.42%a
20252025-06-0489.15%b
20242024-06-0576.93%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “Advisory approval of the compensation of the Named Executive Officers Affirmative vote of the holders of a majority of the voting power of the shares present in person, online or represented by proxy at the meeting and entitled to vote on the matter For Against Abstain No Abstentions will have the effect of a vote "against." Broker non-votes will not have any effect.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)86 : 1
CEO total compensation—
Median employee compensation$38,755
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David H. KeyteIndependent · Board Chair · Compensation (Chair) · Nominating & Governance · Conflicts (Chair)$192,500$157,784———$350,284
Brooks J. KlimleyIndependent · Audit · Environmental and Safety (Chair)145,001142,467———287,468
Nancy E. ChisholmIndependent · Audit · Nominating & Governance (Chair) · Conflicts · Environmental and Safety143,126142,467———285,593
Jeffrey S. MuñozIndependent · Audit (Chair) · Nominating & Governance · Environmental and Safety146,875131,638———278,513
Janine J. McArdleIndependent · Audit · Environmental and Safety130,000142,467———272,467
John C. MollenkopfIndependent · Audit · Environmental and Safety130,000142,467———272,467
W. Howard Keenan JrIndependent · Compensation · Nominating & Governance122,500142,467———264,967
Peter A. DeaIndependent · Compensation · Conflicts122,500142,467———264,967
Yvette K. SchultzEmployee director · Environmental and Safety · Newly elected—————0
Michael N. KennedyEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$107,500
Annual equity retainer$142,500
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)27,500 / 20,000
Stock ownership guideline$537,500
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,132,502
Equity awards (grant-date value)$1,144,224
All other compensation$0
Total cost of the board$2,276,726

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Antero Midstream names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Antero Midstream.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1EQT Corporation2025Toby Rice$1$13,552,232$0$2,535,000$16,087,233
2Diamondback Energy Inc.2025Kaes Van t Hof1,109,50011,101,46202,676,35014,931,423
3Coterra Energy Inc.2024Thomas Jorden1,198,55810,628,85002,500,00014,748,960
4Ovintiv Inc.2025Brendan McCracken1,185,0009,900,00502,136,75013,693,140
5APA Corp.2025John Christmann IV1,300,0006,018,4361,897,9963,454,36013,202,517
6Devon Energy Corporation2025Clay Gaspar938,1259,633,68901,612,00012,566,384
7Expand Energy Corporation2025Domenic Dell'Osso947,3468,890,444——9,879,106
8Civitas Resources, Inc.2024M. Christopher Doyle1,431,1506,933,919008,385,769
9Range Resources Corporation2025Dennis Degner932,5006,143,87701,128,0008,375,421
10Murphy Oil Corporation2025Eric Hambly950,0004,917,31501,324,0637,651,445
11Antero Midstream2025Michael Kennedy242,4344,344,8640789,7505,382,718

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Antero Midstreamnot disclosedRSU 75 · PSU 25not disclosedCBIZ Compensation Consulting
APA Corp.189.8%PSU 60 · Options 20 · RSU 20Yes — Relative TSRPearl Meyer & Partners, LLC
Civitas Resources, Inc.not disclosedPSU 70 · RSU 30Yes — Absolute TSRMeridian Compensation Partners, LLC
Coterra Energy Inc.174%PSU 50 · RSU 50Yes — Relative TSRF.W. Cook and Zayla Partners
Devon Energy Corporation124%PSU 60 · RSU 40Yes — Relative TSRMeridian Compensation Partners, LLC
Diamondback Energy Inc.161%PSU 60 · RSU 40Yes — Total Stockholder Return (relative to TSR performance peer group)Meridian
EQT Corporation169%PSU 60 · RSU 40NoMeridian Compensation Partners, LLC
Expand Energy Corporationnot disclosedPSU 70 · RSU 30Yes — Absolute TSRMeridian Compensation Partners, LLC
Murphy Oil Corporationnot disclosednot disclosednot disclosedMeridian Compensation Partners LLC
Ovintiv Inc.140%RSU 50 · PSU 50Yes — Relative TSRFW Cook
Range Resources Corporationnot disclosedPSU 60 · RSU 40Yes — Total Stockholder Return (TSR)Meridian Compensation Partners, LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Antero Midstream in fiscal 2025?
As disclosed, Paul Rady (Chairman Emeritus, Former Chairman of the Board of Directors, Chief Executive Officer and President) was the highest-paid executive at Antero Midstream in fiscal 2025, with total compensation of $11,050,672.
How does Antero Midstream's chief executive pay compare to its disclosed peer group?
As disclosed, Michael Kennedy's total compensation ranked at the 1st percentile of Antero Midstream's disclosed peer group.
What is Antero Midstream's CEO-to-median employee pay ratio?
As disclosed, Antero Midstream's CEO-to-median employee pay ratio was 86:1.
How did shareholders vote on Antero Midstream's executive compensation?
As disclosed, 96.42% of shareholders supported Antero Midstream's executive compensation in the latest say-on-pay vote.
How much does Antero Midstream spend in total on board compensation for fiscal 2025?
As disclosed, Antero Midstream reported total board compensation of $2,276,726 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Paul RadyDEF 14A2026-04-230001308179-26-000332Section “Summary Compensation Table” · page 52. As printed: 11,050,672. Filing ↗
2Section 01, Michael KennedyDEF 14A2026-04-230001308179-26-000332Section “Summary Compensation Table” · page 52. As printed: 5,382,718. Filing ↗machine: r1 · c14 · span 550826–550835
3Section 01, Brendan KruegerDEF 14A2026-04-230001308179-26-000332Section “Summary Compensation Table” · page 52. As printed: 3,162,030. Filing ↗
4Section 01, Yvette SchultzDEF 14A2026-04-230001308179-26-000332Section “Summary Compensation Table” · page 52. As printed: 3,157,212. Filing ↗machine: r4 · c14 · span 554818–554827
5Section 01, Justin AgnewDEF 14A2026-04-230001308179-26-000332Section “Summary Compensation Table” · page 52. As printed: 738,418. Filing ↗
6Section 03, Michael Kennedy PSUDEF 14A2026-04-230001308179-26-000332Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 583502–583511
7Section 03, Brendan Krueger PSUDEF 14A2026-04-230001308179-26-000332Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
8Section 03, Paul Rady PSUDEF 14A2026-04-230001308179-26-000332Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
9Section 03, Yvette Schultz RSUDEF 14A2026-04-230001308179-26-000332Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
10Section 03, Justin Agnew RSUDEF 14A2026-04-230001308179-26-000332Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 599329–599336
11Section 03, Michael Kennedy RSUDEF 14A2026-04-230001308179-26-000332Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 585695–585704
12Section 03, Paul Rady RSUDEF 14A2026-04-230001308179-26-000332Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗machine: span 604324–604333
13Section 03, Brendan Krueger RSUDEF 14A2026-04-230001308179-26-000332Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
14Section 03, Yvette Schultz PSUDEF 14A2026-04-230001308179-26-000332Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. Filing ↗
15Section 07, pay ratioDEF 14A2026-04-230001308179-26-000332Section “CEO Pay Ratio”. As printed: 86 : 1. Filing ↗
16Section 08, David H. KeyteDEF 14A2026-04-230001308179-26-000332Section “Director Compensation”. As printed: 350,284. Filing ↗machine: span 341652–341659
17Section 08, Brooks J. KlimleyDEF 14A2026-04-230001308179-26-000332Section “Director Compensation”. As printed: 287,468. Filing ↗machine: span 342259–342266
18Section 08, Nancy E. ChisholmDEF 14A2026-04-230001308179-26-000332Section “Director Compensation”. As printed: 285,593. Filing ↗machine: span 339903–339910
19Section 08, Jeffrey S. MuñozDEF 14A2026-04-230001308179-26-000332Section “Director Compensation”. As printed: 278,513. Filing ↗machine: span 344304–344311
20Section 08, Janine J. McArdleDEF 14A2026-04-230001308179-26-000332Section “Director Compensation”. As printed: 272,467. Filing ↗machine: span 343440–343447
21Section 08, John C. MollenkopfDEF 14A2026-04-230001308179-26-000332Section “Director Compensation”. As printed: 272,467. Filing ↗machine: span 342833–342840
22Section 08, W. Howard Keenan JrDEF 14A2026-04-230001308179-26-000332Section “Director Compensation”. As printed: 264,967. Filing ↗machine: span 341082–341089
23Section 08, Peter A. DeaDEF 14A2026-04-230001308179-26-000332Section “Director Compensation”. As printed: 264,967. Filing ↗machine: span 340471–340478
24Section 08, Yvette K. SchultzDEF 14A2026-04-230001308179-26-000332Section “Director Compensation”. As printed: 0. Filing ↗
25Section 08, Michael N. KennedyDEF 14A2026-04-230001308179-26-000332Section “Director Compensation”. As printed: 0. Filing ↗
26Section 06, 2026 voteForm 8-K2026-06-040001104659-26-070571Item 5.07 · say-on-pay result. As reported: 96.42% (votes for as printed: 380,665,343). Filing ↗
27Section 06, 2025 voteForm 8-K2025-06-060001104659-25-056939Item 5.07 · say-on-pay result. As reported: 89.15% (votes for as printed: 357,723,825). Filing ↗
28Section 06, 2024 voteForm 8-K2024-06-060001104659-24-069135Item 5.07 · say-on-pay result. As reported: 76.93% (votes for as printed: 305,267,478). Filing ↗
29Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
30Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
31Section 09b board cost (computed)Computed——Cash 1,132,502 + equity 1,144,224 + all other 0 = 2,276,726, summed across the director compensation table rows.machine: formula: Σ = 2,276,726
32EQT Corporation, Section 10b CEO totalDEF 14A2026-02-260001104659-26-020027CEO total compensation as printed in EQT Corporation's own proxy. As printed: 16,087,233. Filing ↗machine: r1 · c48 · span 1446364–1446374
33Diamondback Energy Inc., Section 10b CEO totalDEF 14A2026-04-090001308179-26-000242CEO total compensation as printed in Diamondback Energy Inc.'s own proxy. As printed: 14,931,423. Filing ↗
34Coterra Energy Inc., Section 10b CEO totalDEF 14A2025-03-200001104659-25-026126CEO total compensation as printed in Coterra Energy Inc.'s own proxy. As printed: 14,748,960. Filing ↗machine: span 936374–936384
35Ovintiv Inc., Section 10b CEO totalDEF 14A2026-03-250001193125-26-124351CEO total compensation as printed in Ovintiv Inc.'s own proxy. As printed: 13,693,140. Filing ↗machine: r3 · c31 · span 1274573–1274583
36APA Corp., Section 10b CEO totalDEF 14A2026-04-090001193125-26-149453CEO total compensation as printed in APA Corp.'s own proxy. As printed: 13,202,517. Filing ↗machine: t67 · r2 · c24 · span 1213765–1213775
37Devon Energy Corporation, Section 10b CEO totalDEF 14A2026-05-280001104659-26-067065CEO total compensation as printed in Devon Energy Corporation's own proxy. As printed: 12,566,384. Filing ↗machine: r1 · c22 · span 1488697–1488707
38Expand Energy Corporation, Section 10b CEO totalDEF 14A2026-04-240001104659-26-048155CEO total compensation as printed in Expand Energy Corporation's own proxy. As printed: 9,879,106. Filing ↗
39Civitas Resources, Inc., Section 10b CEO totalDEF 14A2025-04-210001558370-25-005077CEO total compensation as printed in Civitas Resources, Inc.'s own proxy. As printed: 8,385,769. Filing ↗
40Range Resources Corporation, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134699CEO total compensation as printed in Range Resources Corporation's own proxy. As printed: 8,375,421. Filing ↗machine: span 2305762–2305771
41Murphy Oil Corporation, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127236CEO total compensation as printed in Murphy Oil Corporation's own proxy. As printed: 7,651,445. Filing ↗machine: r6 · c39 · span 786403–786412
42Antero Midstream (subject), Section 10b CEO totalDEF 14A2026-04-230001308179-26-000332CEO total compensation as printed in Antero Midstream's own proxy. As printed: 5,382,718. Filing ↗machine: r1 · c14 · span 550826–550835
43Section 10a, Coterra Energy Inc. reciprocityDEF 14A—0001104659-25-026126Coterra Energy Inc.'s most recent proxy was read; its disclosed peer group does not include Antero Midstream. Filing ↗
44Section 10a, Murphy Oil Corporation reciprocityDEF 14A—0001193125-26-127236Murphy Oil Corporation's most recent proxy was read; its disclosed peer group does not include Antero Midstream. Filing ↗
45Section 10a, Devon Energy Corporation reciprocityDEF 14A—0001104659-26-067065Devon Energy Corporation's most recent proxy was read; its disclosed peer group does not include Antero Midstream. Filing ↗
46Section 10a, Range Resources Corporation reciprocityDEF 14A—0001193125-26-134699Range Resources Corporation's most recent proxy was read; its disclosed peer group does not include Antero Midstream. Filing ↗
47Section 10a, Diamondback Energy Inc. reciprocityDEF 14A—0001308179-26-000242Diamondback Energy Inc.'s most recent proxy was read; its disclosed peer group does not include Antero Midstream. Filing ↗
48Section 10a, Civitas Resources, Inc. reciprocityDEF 14A—0001558370-25-005077Civitas Resources, Inc.'s most recent proxy was read; its disclosed peer group does not include Antero Midstream. Filing ↗
49Section 10a, EQT Corporation reciprocityDEF 14A—0001104659-26-020027EQT Corporation's most recent proxy was read; its disclosed peer group does not include Antero Midstream. Filing ↗
50Section 10a, Ovintiv Inc. reciprocityDEF 14A—0001193125-26-124351Ovintiv Inc.'s most recent proxy was read; its disclosed peer group does not include Antero Midstream. Filing ↗
51Section 10a, APA Corp. reciprocityDEF 14A—0001193125-26-149453APA Corp.'s most recent proxy was read; its disclosed peer group does not include Antero Midstream. Filing ↗
52Section 10a, Expand Energy Corporation reciprocityDEF 14A—0001104659-26-048155Expand Energy Corporation's most recent proxy was read; its disclosed peer group does not include Antero Midstream. Filing ↗

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