No. Antero Midstream (AM) has not issued a K-1 since its March 2019 conversion to a C-corporation; shareholders receive a 1099-DIV.
What Happened: The C-Corp Conversion
On March 12, 2019, Antero Midstream completed its conversion from Antero Midstream Partners LP (a partnership issuing K-1s) to Antero Midstream Corporation (a C-corporation issuing 1099-DIVs).
The conversion was structured as a merger where partnership unitholders received shares in the new corporation. This was a taxable event — unitholders were treated as having sold their partnership units at fair market value and receiving new corporate shares in return.
Key Insight
Tax Impact of the Conversion
For investors who held AM partnership units through the conversion:
- Final K-1: You received a final K-1 for the period January 1 – March 12, 2019
- Section 751 recapture: The conversion triggered section 751 depreciation recapture on cumulative depreciation allocated to you as a partner
- Capital gain/loss: Difference between FMV at conversion and your adjusted partnership basis
- Suspended losses released: All suspended PTP passive losses were released at conversion
- New basis: Your cost basis in AM corporate shares = FMV on conversion date
Warning
AM is a corporation and issues no Schedule K-1; shareholders receive a Form 1099-DIV. Source · checked September 22, 2026
Issuer wording: "Following the simplification transaction in 2019 where Antero Midstream converted to a Delaware Corporation, ownership in AM shares generates a form 1099, not a schedule K-1."
AM Today: What You Get as a Shareholder
As a C-corporation shareholder, AM is significantly simpler than MLP ownership:
- 1099-DIV instead of K-1 — no partnership basis tracking required
- Qualified dividends taxed at 0/15/20% capital gains rates
- Single state filing — report dividends in your state of residence only
- No section 751 risk on sale — standard capital gains treatment
- No UBTI concern for IRA/401(k) accounts
MLPs That DO Issue K-1s
Unlike AM, most midstream MLPs remain structured as partnerships and issue Schedule K-1s. If you own any of these, you need to track your adjusted basis:
- Enterprise Products Partners (EPD) — largest publicly traded MLP
- Energy Transfer (ET) — three partnerships in one K-1
- MPLX LP — Marathon Petroleum's MLP
- Western Midstream (WES) — Occidental-affiliated
- Plains All American (PAA) — PAA gets K-1, PAGP gets 1099
- Cheniere Energy Partners (CQP) — LNG export MLP
See Your Real Basis
If you own any MLP that issues a K-1, the K-1 Basis Tracker calculates your IRS-adjusted basis using your K-1 data. No signup required.
In the K-1 tracker, typing your numbers in uploads nothing; an uploaded K-1 PDF is read by a third-party AI provider. Privacy
Open K-1 Basis TrackerFrequently Asked Questions
No. Antero Midstream (AM) converted from a master limited partnership (MLP) to a C-corporation in March 2019. Since the conversion, AM issues a standard 1099-DIV — not a Schedule K-1. You do not need to track partnership basis or file in multiple states for AM shares.
When AM converted from a partnership to a C-corporation, unitholders received shares in the new C-corp in exchange for their MLP units. This was a taxable event. Your cost basis in the new AM shares was set to the fair market value of the shares on the conversion date (approximately $11.88 per share on March 12, 2019). Check Form 8937 from Antero Midstream for the exact exchange ratio and basis allocation.
No. Since AM is now a C-corporation, you only need to report dividends in your state of residence. The multistate filing requirement ended with the conversion in 2019. If you held AM units before the conversion, you may still have state filing obligations for tax years 2018 and earlier.
Yes. As a C-corporation, AM's dividends are typically qualified dividends taxed at the preferential long-term capital gains rate (0%, 15%, or 20% depending on your income). This is a significant tax advantage compared to the ordinary income treatment of K-1 partnership income.
Disclaimer: This content is for educational and informational purposes only. It does not constitute tax, legal, or financial advice. MLP taxation involves complex rules including basis tracking, §751 recapture, passive activity limitations, and multi-state filing. Consult a qualified tax professional before making tax or investment decisions.
Lucas Andersen is not a CPA, Enrolled Agent, or tax attorney. Information reflects rules as of the date published and may change. Always verify with current IRS guidance.