Antero Midstream Corporation AM shares declined 0.5% since the third-quarter 2021 earnings announcement on Oct 27. Despite the earnings beat, investors are worried about the pandemic-induced uncertainties affecting upstream operations, which, in turn, will continue to hurt the midstream firm.The company reported third-quarter adjusted earnings per share of 22 cents, beating the Zacks Consensus Estimate of 20 cents. However, the bottom line declined from the year-ago quarter’s 25 cents per share.Total quarterly revenues of $224.8 million surpassed the Zacks Consensus Estimate of $209 million. Yet, the top line declined from $233.4 million in the year-ago quarter.The better-than-expected results can be attributed to higher gross joint venture processing volumes. The positives were partially offset by lower fresh water delivery volumes.Antero Midstream Corporation Price, Consensus and EPS Surprise Antero Midstream Corporation price-consensus-eps-surprise-chart | Antero Midstream Corporation QuoteOperational PerformanceFor third-quarter 2021, average daily compression volumes were recorded at 2,734 million cubic feet (MMcf/d), down from the year-ago level of 2,821 MMcf/d. On a per-Mcf basis, the compression fee was 20 cents, in line with the prior-year quarter.For the reported quarter, high-pressure gathering volumes totaled 2,811 MMcf/d, down from the year-ago period’s 3,008 MMcf/d. On a per-Mcf basis, the average gathering high-pressure fee was 20 cents, declining from the prior-year level of 21 cents.Low-pressure gathering volumes averaged 2,880 MMcf/d, down from the third-quarter 2020 figure of 3,051 MMcf/d. On a per-Mcf basis, the average gathering low-pressure fee was 33 cents, in line with the prior-year level.Fresh water delivery volumes were at 91 MBbls/d, down 18% from the prior-year level of 111 MBbls/d. On a per-barrel basis, the average fresh water distribution fee was $3.96 per barrel for the third quarter, in line with the prior-year level.Gross joint venture processing volumes were at 1,539 MMcf/d, up 4% from the prior-year level of 1,484 MMcf/d. The commissioning of the Smithburg 1 processing plant in the quarter aided the segment. Operating ExpensesFor third-quarter 2021, direct operating expenses were recorded at $39.5 million, up from $38.1 million a year ago. G&A expenses rose to $14.8 million from $13.2 million in the year-ago quarter.Total expenses for the quarter were $83 million, which increased from the third-quarter 2020 levels of $81.6 million.Balance SheetAs of Sep 30, Antero Midstream had no cash and cash equivalents. As of the same date, the company had $3,095.6 million of long-term debt, sequentially up from $3,087.7 million. It had a long-term debt to capitalization of 57.2%.Other DetailsFree cash flow after dividend payments was a $13.4 million deficit for the third quarter.Capital expenditure (accrual basis) was recorded at $81 million, increasing about 120% from the prior-year quarter. Net cash from operations was $185 million for the reported quarter.OutlookFor 2021, Antero Midstream maintains its capital guidance at $240-$260 million. The company has an organic project backlog of $1.05-$1.15 billion for 2021-2025.Antero Midstream is well-positioned to deliver peer-leading free cash flow, with a declining leverage profile in 2021. The company expects to generate more than $6 billion of free cash flow between 2021 and 2025.Zacks Rank & Stocks to ConsiderThe company currently has a Zacks Rank #4 (Sell).Some better-ranked players in the energy space are Pioneer Natural Resources PXD, ConocoPhillips COP and Eni SPA E, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Pioneer Natural’s bottom line for 2021 is expected to surge 68.4% year over year.ConocoPhillips' bottom line for 2021 is expected to increase 37.3% year over year.Eni’s bottom line for 2021 is expected to rise 43.7% year over year. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ConocoPhillips (COP): Free Stock Analysis Report Eni SpA (E): Free Stock Analysis Report Pioneer Natural Resources Company (PXD): Free Stock Analysis Report Antero Midstream Corporation (AM): Free Stock Analysis Report To read this article on Zacks.com click here.