Equity Method Investments

6 Months Ended

Jun. 30, 2020

Equity Method Investments.

Equity Method Investments

(6) Equity Method Investments

At June 30, 2020, the Company owned approximately 29.2% of Antero Midstream Corporation’s common stock, which is reflected in Antero’s consolidated financial statements using the equity method of accounting. See Note 3—Deconsolidation of Antero Midstream Partners to the unaudited condensed consolidated financial statements for further discussion on the Transactions.

The following table is a reconciliation of investments in unconsolidated affiliates for the six months ended June 30, 2020 (in thousands):

	Antero Midstream
	Corporation
Balance at December 31, 2019	$	1,055,177
Equity in loss of unconsolidated affiliates		(107,827)
Distributions/dividends from unconsolidated affiliates		(85,511)
Impairment (1)		(610,632)
Elimination of intercompany profit		28,598
Balance at June 30, 2020	$	279,805

(1) Other-than-temporary impairment of investment in Antero Midstream Corporation.

Summarized Financial Information of Antero Midstream Corporation

The following tables present summarized financial information of Antero Midstream Corporation.

Balance Sheet

	December 31,		June 30,
(in thousands)	2019		2020
Current assets	$	108,558		100,669
Noncurrent assets		6,174,320		5,614,386
Total assets	$	6,282,878		5,715,055
Current liabilities	$	242,084		98,145
Noncurrent liabilities		2,897,380		3,093,728
Stockholders' equity		3,143,414		2,523,182
Total liabilities and stockholders' equity	$	6,282,878		5,715,055

Statement of Operations

	For the period
	March 13, 2019		Six months
	through		ended
(in thousands)	June 30, 2019		June 30, 2020
Revenues	$	309,726		463,444
Operating expenses		168,056		847,882
Income (loss) from operations	$	141,670		(384,438)
Net income (loss) attributable to the equity method investment	$	92,471		(304,492)