• Antero Midstream average gross margin for 2023 was 79.5%, a 2.15% increase from 2022.
• Antero Midstream average gross margin for 2022 was 81.25%, a 1.5% decline from 2021.
• Antero Midstream average gross margin for 2021 was 82.49%, a 4.23% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.