Antero Midstream: Why You Don't Get a K-1 Anymore

Antero Midstream (AM) does NOT issue a K-1. AM converted from a partnership to a C-corporation in March 2019. If you own AM shares today, you receive a 1099-DIV — not a K-1. Your distributions are treated as dividends for tax purposes, not partnership distributions. This page explains what changed and what it means for your tax reporting.

By Lucas Andersen — Last updated March 6, 2026

What Happened in 2019

In March 2019, Antero Midstream completed a “simplification transaction” that merged Antero Midstream Partners LP (the limited partnership) and AMGP (Antero Midstream GP LP, the general partner) into a single Delaware C-corporation: Antero Midstream Corporation (NYSE: AM). Since this conversion, AM is no longer a partnership and does not issue Schedule K-1s.

What This Means for Current Holders

If you own AM shares today, your tax reporting is straightforward:

  • 1099-DIV, not K-1. You receive a 1099-DIV like any other stock.
  • Qualified dividends. AM pays $0.225/quarter ($0.90/year annualized) as a dividend, subject to qualified dividend tax rates (15–20% for most investors).
  • No basis erosion from ROC. Unlike MLP distributions, AM dividends do not reduce your cost basis through return-of-capital mechanics.
  • No §751 exposure. When you sell AM, there is no depreciation recapture taxed as ordinary income — standard capital gains rules apply.
  • No state filing complexity. You do not file state returns in states where Antero operates just because you own AM shares.
  • No UBTI risk in IRAs. AM is safe in any retirement account — no Form 990-T, no UBTI concerns.

What This Means for Former LP Holders Who Converted

If you held Antero Midstream Partners LP units before March 2019 and converted to AM shares, two things happened: (1) You received a partial-year K-1 for the pre-conversion period of 2019 (January through March). (2) You received a 1099-DIV for the post-conversion period of 2019 and every year after. Your basis in the new AM shares was determined by the merger exchange ratio — check Form 8937 on Antero’s investor relations page for the exact calculation.

C-Corp vs MLP: Comparison Table

AM (C-Corp) WES / MPLX / EPD (MLP)
Tax form1099-DIVK-1
Income typeQualified dividendPartnership income/loss
Basis erosion from ROCNoYes
§751 recapture at saleNoYes
State filing from operationsNoPotentially many states
UBTI risk in IRANoneForm 990-T if >$1,000
Tax software complexityLowHigh
Delays tax filing?NoOften (K-1s arrive late)

Why This Page Exists

People search “Antero Midstream K-1” because they remember AM was once a partnership, or because they see AM listed alongside other midstream companies like WES, MPLX, and EPD. This page answers their question honestly: AM does not issue a K-1 anymore. If you are looking for midstream exposure without K-1 complexity, AM is one option. If you specifically want the tax-deferred yield that comes with MLP K-1 distributions, AM does not provide that — it pays ordinary dividends.

Midstream MLPs That DO Issue K-1s

If you are looking for midstream partnerships that still issue K-1s, see our guides for Energy Transfer (ET), Enterprise Products (EPD), MPLX, Western Midstream (WES), Plains All American (PAA), Cheniere (CQP), USAC, BSM, DKL, and CAPL.