• Antero Midstream average operating margin for 2023 was 58.42%, a 2% increase from 2022.
• Antero Midstream average operating margin for 2022 was 59.61%, a 2.95% decline from 2021.
• Antero Midstream average operating margin for 2021 was 61.42%, a 198.67% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.