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Utilities

Antero Midstream Executive Compensation (FY25)

AM · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Michael Kennedy
Latest say-on-pay support
=
June 3, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 29, 2026Latest filing (8-K): June 4, 2026
9 filings cited on this page
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214 figures on this page: 207 cited to the filing that reported them, 7 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Michael Kennedy: $4,770,609 → $5,382,718 (12.8% higher)
Say-on-pay support: 89.2% → 96.4% (7.2 points higher)
CEO pay ratio: 281:1 → 86:1 (69.4% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Antero Midstream's chief executive and what were they paid?
Michael Kennedy, Chief Executive Officer and President, Director, Former Sr. Vice President—Finance, received $5,382,718 in total compensation for fiscal 2025. Compared with the $4,770,609 reported for fiscal 2024, Kennedy's total was 12.8% higher.
What was Antero Midstream's say-on-pay result?
The say-on-pay proposal drew 96.4% of votes cast for or against in favor at the meeting held June 3, 2026 for fiscal 2025.
Which companies are in Antero Midstream's peer group?
The disclosed peer group includes APA Corp., Civitas Resources, Inc., Coterra Energy Inc., Devon Energy Corporation and Diamondback Energy Inc., among others.
What is Antero Midstream's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 86:1, against median employee compensation of $38,755.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Paul Rady
Chairman of the Board of Directors, Chief Executive Officer and President
◇◇◇—◇—◇◇
Michael Kennedy
Vice President—Finance
◇◇◇—◇—◇◇
W. Patrick Ash
Vice President—Reserves, Planning & Midstream
◇◇◇—◇—◇◇
Yvette Schultz
Vice President—Legal, Chief Compliance Officer, General Counsel
◇◇◇—◇—◇◇
Brendan Krueger
Chief Financial Officer, Treasurer and Vice President
◇◇◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Paul Rady
Chairman Emeritus, Former Chairman of the Board of Directors, Chief Executive Officer and President
◇—◇—◇—◇◇
Michael Kennedy
Chief Executive Officer and President, Director, Former Sr. Vice President—Finance
◇◇◇—◇—◇◇
Yvette Schultz
Sr. Vice President—Legal, Chief Compliance Officer, General Counsel and Corporate Secretary, Director
◇—◇—◇—◇◇
Brendan Krueger
Sr. Vice President—Finance and Treasurer, Former Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Paul Rady
Chairman Emeritus, Former Chairman of the Board of Directors, Chief Executive Officer and President
◇—◇—◇—◇◇
Michael Kennedy
Chief Executive Officer and President, Director, Former Sr. Vice President—Finance
◇—◇—◇—◇◇
Yvette Schultz
Sr. Vice President—Legal, Chief Compliance Officer, General Counsel and Corporate Secretary, Director
◇—◇—◇—◇◇
Brendan Krueger
Sr. Vice President—Finance and Treasurer, Former Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Paul Rady
Chairman Emeritus, Former Chairman of the Board of Directors, Chief Executive Officer and President
Departed during or after this year
◇—◇—◇—◇◇
Michael Kennedy
Chief Executive Officer and President, Director, Former Sr. Vice President—Finance
◇—◇—◇—◇◇
Brendan Krueger
Sr. Vice President—Finance and Treasurer, Former Chief Financial Officer
◇—◇—◇—◇◇
Yvette Schultz
Sr. Vice President—Legal, Chief Compliance Officer, General Counsel and Corporate Secretary, Director
◇◇◇—◇—◇◇
Justin Agnew
Chief Financial Officer, Vice President—Finance
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Brendan E. KruegerPSU◇◇◇—◇—◇
Brendan E. KruegerRSU◇——◇——◇
Justin J. AgnewRSU◇——◇——◇
Michael N. KennedyPSU◇◇◇—◇—◇
Michael N. KennedyRSU◇——◇——◇
Paul M. RadyPSU◇◇◇—◇—◇
Paul M. RadyRSU◇——◇——◇
Yvette K. SchultzRSU◇——◇——◇
Yvette K. SchultzPSU◇◇◇—◇—◇
Fiscal 2022 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Paul RadyRSU◇◇——
PSU◇◇——
Michael KennedyRSU◇◇——
PSU◇◇——
Yvette SchultzRSU◇◇——
PSU◇◇——
Brendan KruegerRSU◇◇——
PSU◇◇——
Justin AgnewRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David H. Keyte
Board chair
◇◇————◇
Brooks J. Klimley
◇◇————◇
Nancy E. Chisholm
◇◇————◇
Jeffrey S. Muñoz
◇◇————◇
Janine J. McArdle
◇◇————◇
John C. Mollenkopf
◇◇————◇
Peter A. Dea
◇◇————◇
W. Howard Keenan Jr
◇◇————◇
Michael N. Kennedy and Yvette K. Schultz served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance member◇
Committee meeting fee◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • APA Corp. APA
  • Civitas Resources, Inc. CIVI
  • Coterra Energy Inc. CTRA
  • Devon Energy Corporation DVN
  • Diamondback Energy Inc. FANG
  • EQT Corporation EQT
  • Expand Energy Corporation EXE
  • Murphy Oil Corporation MUR
  • Ovintiv Inc. OVV
  • Range Resources Corporation RRC

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 3, 2026=◇◇◇
2024June 4, 2025=◇◇◇
2023June 5, 2024=◇◇◇
2022June 6, 2023=◇◇◇
2021June 7, 2022=◇◇◇
2020June 16, 2021=◇◇◇
2019June 17, 2020=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Michael Kennedy (Chief Executive Officer and President, Director, Former Sr. Vice President—Finance), FY2025 total compensation $5,382,718 (base salary $242,434) [exec_comp, SEC accession 0001308179-26-000332, filed 2026-04-23]

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What this page does not include

Everything above is a fact Antero Midstream disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Antero Midstream sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
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Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
214 figures on this page: 207 cited to the filing that reported them, 7 calculated from figures it prints.
207 cited to the filing
7 calculated from the filing

Documents cited

  1. 0001104659-26-070571
    Proposal No. 3 — Approval, on an Advisory Basis, of the Compensation of the Company’s Named Executive Officers : The voting results were as follows: For Against Abstain Broker Non-Votes
  2. 0001308179-26-000332
    2025 Non-Employee Director Compensation · Grants of Plan-Based Awards for Fiscal Year 2025 · Outstanding Equity Awards at 2025 Fiscal Year-End · Summary Compensation Table
  3. 0001104659-25-056939
    Proposal No. 3 — Approval, on an Advisory Basis, of the Compensation of the Company’s Named Executive Officers : The voting results were as follows: For Against Abstain Broker Non-Votes
  4. 0001104659-24-069135
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001104659-23-069441
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001308179-23-000797
    Summary Compensation Table
  7. 0001104659-22-069357
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001104659-21-084196
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001104659-20-075241
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Antero Midstream executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/AM (accessed 2026).
Short form: data: Velarion

The Antero Midstream brief, $500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $500 for the board report; $900 for both.
Get the executive briefGet the board briefNo account needed.
9 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Utilities rankings

Chief executive pay — UtilitiesCEO pay ratio — UtilitiesSay-on-pay support — Utilities

Peers Antero Midstream discloses

The companies named in AM's own disclosed peer group.

APA Corp.Civitas Resources, Inc.Coterra Energy Inc.Devon Energy CorporationDiamondback Energy Inc.EQT CorporationExpand Energy CorporationMurphy Oil CorporationOvintiv Inc.Range Resources Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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