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Companies Antero Midstream Corp

Antero Midstream (AM): executive pay, fiscal 2025

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CEO total pay$5,382,718CEO Michael Kennedy · source
Say-on-pay support96.42%Latest vote · source
CEO vs. named peers1st pct.Of 10 peer CEOs
CEO pay ratio86:1To the median employee · source

CEO pay, last three years

  • $5,037,463FY2023
  • $4,770,609FY2024
  • $5,382,718FY2025

CEO total pay was $5,382,718 in fiscal 2025, up from $4,770,609 in fiscal 2024.

FY2025: salary $242,434 · bonus $0 · stock awards $4,344,864 · option awards $0

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Executives and directors

Full detail

Every table from the filing. Open any section.

Summary compensation table
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 Krueger155,67902,652,381—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.

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
Equity grants and outstanding awards

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

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.

Outstanding equity awards at fiscal year-end 2025

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

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$5

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.

Peer group, and who names Antero Midstream as a peer

Companies that benchmark against AM

5 companies name AM as a compensation peer

Each company listed discloses AM in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named AM in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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.

Peer reciprocity

Of the companies Antero Midstream Corp 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 Corp.

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 Midstream Corp2025Michael 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.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Antero Midstream Corpnot 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.

Say-on-pay history and pay ratio
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.

CEO pay ratio

Ratio (CEO : median employee)86 : 1
CEO total compensation—
Median employee compensation$38,755
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (52 citations)

Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.

  • Section 01, Paul Rady. DEF 14A, filed 2026-04-23. Section “Summary Compensation Table” · page 52. As printed: 11,050,672. View filing ↗
  • Section 01, Michael Kennedy. DEF 14A, filed 2026-04-23. Section “Summary Compensation Table” · page 52. As printed: 5,382,718. View filing ↗
  • Section 01, Brendan Krueger. DEF 14A, filed 2026-04-23. Section “Summary Compensation Table” · page 52. As printed: 3,162,030. View filing ↗
  • Section 01, Yvette Schultz. DEF 14A, filed 2026-04-23. Section “Summary Compensation Table” · page 52. As printed: 3,157,212. View filing ↗
  • Section 01, Justin Agnew. DEF 14A, filed 2026-04-23. Section “Summary Compensation Table” · page 52. As printed: 738,418. View filing ↗
  • Section 03, Michael Kennedy PSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Brendan Krueger PSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Paul Rady PSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Yvette Schultz RSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Justin Agnew RSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Michael Kennedy RSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Paul Rady RSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Brendan Krueger RSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 03, Yvette Schultz PSU. DEF 14A, filed 2026-04-23. Section “Grants of Plan-Based Awards for Fiscal Year 2025” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-04-23. Section “CEO Pay Ratio”. As printed: 86 : 1. View filing ↗
  • Section 08, David H. Keyte. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 350,284. View filing ↗
  • Section 08, Brooks J. Klimley. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 287,468. View filing ↗
  • Section 08, Nancy E. Chisholm. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 285,593. View filing ↗
  • Section 08, Jeffrey S. Muñoz. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 278,513. View filing ↗
  • Section 08, Janine J. McArdle. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 272,467. View filing ↗
  • Section 08, John C. Mollenkopf. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 272,467. View filing ↗
  • Section 08, W. Howard Keenan Jr. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 264,967. View filing ↗
  • Section 08, Peter A. Dea. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 264,967. View filing ↗
  • Section 08, Yvette K. Schultz. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 08, Michael N. Kennedy. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-06-04. Item 5.07 · say-on-pay result. As reported: 96.42% (votes for as printed: 380,665,343). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-06-06. Item 5.07 · say-on-pay result. As reported: 89.15% (votes for as printed: 357,723,825). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-06-06. Item 5.07 · say-on-pay result. As reported: 76.93% (votes for as printed: 305,267,478). View filing ↗
  • Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
  • Section 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).
  • Section 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.
  • EQT Corporation, Section 10b CEO total. DEF 14A, filed 2026-02-26. CEO total compensation as printed in EQT Corporation's own proxy. As printed: 16,087,233. View filing ↗
  • Diamondback Energy Inc., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Diamondback Energy Inc.'s own proxy. As printed: 14,931,423. View filing ↗
  • Coterra Energy Inc., Section 10b CEO total. DEF 14A, filed 2025-03-20. CEO total compensation as printed in Coterra Energy Inc.'s own proxy. As printed: 14,748,960. View filing ↗
  • Ovintiv Inc., Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in Ovintiv Inc.'s own proxy. As printed: 13,693,140. View filing ↗
  • APA Corp., Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in APA Corp.'s own proxy. As printed: 13,202,517. View filing ↗
  • Devon Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-05-28. CEO total compensation as printed in Devon Energy Corporation's own proxy. As printed: 12,566,384. View filing ↗
  • Expand Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Expand Energy Corporation's own proxy. As printed: 9,879,106. View filing ↗
  • Civitas Resources, Inc., Section 10b CEO total. DEF 14A, filed 2025-04-21. CEO total compensation as printed in Civitas Resources, Inc.'s own proxy. As printed: 8,385,769. View filing ↗
  • Range Resources Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Range Resources Corporation's own proxy. As printed: 8,375,421. View filing ↗
  • Murphy Oil Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Murphy Oil Corporation's own proxy. As printed: 7,651,445. View filing ↗
  • Antero Midstream Corp (subject), Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Antero Midstream Corp's own proxy. As printed: 5,382,718. View filing ↗
  • Section 10a, Coterra Energy Inc. reciprocity. DEF 14A. Coterra Energy Inc.'s most recent proxy was read; its disclosed peer group does not include Antero Midstream Corp. View filing ↗
  • Section 10a, Murphy Oil Corporation reciprocity. DEF 14A. Murphy Oil Corporation's most recent proxy was read; its disclosed peer group does not include Antero Midstream Corp. View filing ↗
  • Section 10a, Devon Energy Corporation reciprocity. DEF 14A. Devon Energy Corporation's most recent proxy was read; its disclosed peer group does not include Antero Midstream Corp. View filing ↗
  • Section 10a, Range Resources Corporation reciprocity. DEF 14A. Range Resources Corporation's most recent proxy was read; its disclosed peer group does not include Antero Midstream Corp. View filing ↗
  • Section 10a, Diamondback Energy Inc. reciprocity. DEF 14A. Diamondback Energy Inc.'s most recent proxy was read; its disclosed peer group does not include Antero Midstream Corp. View filing ↗
  • Section 10a, Civitas Resources, Inc. reciprocity. DEF 14A. Civitas Resources, Inc.'s most recent proxy was read; its disclosed peer group does not include Antero Midstream Corp. View filing ↗
  • Section 10a, EQT Corporation reciprocity. DEF 14A. EQT Corporation's most recent proxy was read; its disclosed peer group does not include Antero Midstream Corp. View filing ↗
  • Section 10a, Ovintiv Inc. reciprocity. DEF 14A. Ovintiv Inc.'s most recent proxy was read; its disclosed peer group does not include Antero Midstream Corp. View filing ↗
  • Section 10a, APA Corp. reciprocity. DEF 14A. APA Corp.'s most recent proxy was read; its disclosed peer group does not include Antero Midstream Corp. View filing ↗
  • Section 10a, Expand Energy Corporation reciprocity. DEF 14A. Expand Energy Corporation's most recent proxy was read; its disclosed peer group does not include Antero Midstream Corp. View filing ↗
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